In the light of the economic financial crisis, Effat University has opened on Monday the Executive Master in Islamic Financial Management (XIFM), in collaboration with Ecole Supérieure des Affaires (ESA), and the Rotterdam School of Management (RSM). The XIFM program will teach the Islamic financial techniques for students and help them to acquire the tools that can enable them to optimize their use in the contemporary context of modern finance. Dr. Haifa Jamal Al-Laial, dean of Effat University for girls, said that XIFM program is considered as a golden opportunity to support financial institutions in the Kingdom, and will bridge the gap between the academic world and community's needs. “The cooperation with the Ecole Superieure des Affaires in Beruit and the Rotterdam School of Management at Erasmus University, considering as two well-established educational institutions degrees as joint founders to our university in developing the capabilities and potential of professionals working in top financial managerial positions”, Al-Laial said. She added that this innovative program does not only deal with the technical aspects of Islamic finance. It is the first time that two academic institutions decide to go beyond and to deal with issues of management and decision making for both our students at the College of Business and the community at large. According to Dr. Muhammad Al-Jasser, governor of Saudi Arabian Monetary Agency (SAMA), Islamic finance is now moving to a new stage whereby, rather than being driven by individuals' decisions based on faith. It is now competing on its own merits in terms of efficient products and services in the global marketplace. “The XIFM program will be not restricted to Effat University students, but will be available for male and female outside the university,” he said Dr. Eman Mohamed, chair of the Extension Programs Department, said this is a great opportunity for professionals willing to reach a top managerial position in the professional fields related to Islamic finance. “The Master program is designed to meet the needs of the industry and to educate managers of Islamic and conventional banks and thus enable them to assess risk, evaluate performance, and make effective decisions in the field of Islamic financial products,” he said. “Male and female students should get Bachelor's Degrees in law, accounting, business administration and finance. They should have Tofel Exam and G.mat exam,” Dr. Mohamed added. “The program will open on Oct. 25, 2009, where students will take a practical effective training by traveling to Ecole Superieure des Affaires school in Beruit in the first year and be allowed to practice selling and buying in the stock market room.” The total costs for the XFIM program will reach $35,000, distributed in 840 hours for two years.
