"The move to launch such a program was driven by the emerging need for industry specific knowledge in the field of Islamic finance in Sri Lanka," said Fawas Farook, General Manager, Amana Global.

"Malaysia has been in the forefront of the development of Islamic finance and is known to be a hub for industry best practices and knowledge on the topic.”

Amana Global will work in partnership with First International Consultancy (Malaysia), which has experience in Islamic finance training, he added.

In the initial stage Amana Global, together with IBFIM, will offer short term courses for the public and corporate entities, including customised programs or modules.

“We believe this approach will best suit the present need for learning and application due to higher levels of interaction and dealing with issues that are client specific,” Farook said.

Islamic finance is gaining momentum in the island with many conventional banking and finance companies offering Shari’ah based products, the statement said.

The growing acceptance of Islamic finance as a viable option for businesses and individuals alike meant there was a need for more competent people and awareness of the products.

“We believe there is much capacity to be built to take Islamic finance forward through learning and practice. This is what we hope to achieve stemming from our pioneering thinking,” said Farook.

Islamic finance is little more than a decade old in Sri Lanka and is growing rapidly, but there were not enough professionals with knowledge and practice in the field.

Ash Sheik Murshid Mulafer, who is an active member of many Shari’ah councils in Sri Lanka including Amana Takaful, said it was important to acquire and build adequate before entering into any business.

“A sound foundation is essential for managers and leaders to appreciate the intention of Islamic finance and achieve its true objectives,” he said.

IBFIM in Malaysia is as an industry-owned and regulator linked institute dedicated to producing well-trained, highly competent personnel and executives with the required talent in Islamic finance.

Its mandate stems from the Financial Sector Master Plan of Bank Negara, Malaysia's central bank, to increase the pool of bankers and Takaful operators who are knowledgeable and competent in the country.

Chief executive of IBFIM, Dato Dr. Adnan Alias said they also offer a course titled Certified Islamic Finance Qualification (CIFQ).