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Aston Business School (Birmingham, UK) launched a ground-breaking Islamic Finance and Business Centre this week (Tuesday 12 January) - the first of its kind in Europe.

The Centre has been developed as a result of a £1.5 million grant from Dubai-based business Surgi-Tech and aims to establish Birmingham as the centre for Islamic finance in the UK. The largest financial gift on record for the University, it will be used to develop qualifications and advance research in the Islamic finance field.

To be named after the director of Surgi-Tech, the El Shaarani Centre for Islamic Finance and Business will develop a suite of qualifications on Islamic finance for 2010, including undergraduate, postgraduate, PhD and executive programmes. It will also continue with research into Islamic Finance and Shariah-compliant business, developing Islamic finance solutions for business and providing an advisory service to the government and the commercial sector.

The sponsorship came as a result of Aston Business School's excellent global reputation* and the prestige of associating a Middle Eastern company with a UK university.

Dr El Shaarani, CEO of Surgi Tech Group, Dubai, said:
"We are honoured to sponsor a UK business school as prestigious as Aston and help to fund research that will explore the role of Islamic finance in the future global financial system. We believe that the creation of this centre will result in the development of new financial tools that will attract greater foreign investment to the West Midlands region. We look forward to continuing a prosperous relationship with Aston University."

Dr Omneya Abdelsalam, Director of the Islamic Finance and Business Centre, Aston University, added:
"We'd like to take this opportunity to thank the Surgi-Tech Group for their generous support.

"With their assistance, Aston has established this Centre to meet the growing interest in Shariah-complaint finance across the world. Through the Centre, we will educate the next generation of Islamic economists and business leaders - both nationally and internationally. Our research will allow us to investigate how mainstream financial institutions can learn from Islamic finance practices in their recovery from and avoidance of the next global economic crisis. "

With the collapse of the conventional banking system, businesses have turned to the more conservative Islamic Finance approach, which doesn't permit the sale of debts or interest and encourages the sharing of risks and rewards. The El Shaarani Centre for Islamic Finance and Business plans to exploit Birmingham's large concentration of professional financial and legal services and culturally diverse business community to reposition the city as a centre for Islamic finance.

A suite of executive education programmes in Islamic finance will be launched by Aston Business School in summer 2010, followed by a Masters qualification in the subject in October.

*Among 1% of business schools across the world with triple accreditation by the Association of MBAs (AMBA), The Association to Advance Collegiate Schools of Business (AACSB) and the European Quality Improvement System (EQUIS), excellent league table rankings<http://www1.aston.ac.uk/aston-business-school/about-abs/rankings/> and a five star rating in the 2008 Research Assessment Exercise<http://www1.aston.ac.uk/research/rae/> (RAE).

The Birmingham professional and financial services community includes significant representation from international financial advice companies such as PricewaterhouseCoopers, KPMG, Deloitte & Touche and Ernst & Young; a hugely successful legal sector with representation including Wragge & Co., Pinsent Masons, Eversheds, Hammonds and DLA; extensive operations by the major UK clearing banks and an increasing presence from non UK banks including ICICI Bank, State Bank of India, Handelsbank and Landisbanki. A particularly welcome newcomer to the City is the Islamic Bank of Britain which established its HQ here in 2004.

Birmingham's professional service suppliers are outward looking and the depth and quality of expertise is the foundation for a growth in corporate deal making. The competitive strengths of the sector are complemented by the city's accessibility, the diversity and international outlook of the city's workforce and the growing appeal of Birmingham's quality of life as a place to live, work and study.

Birmingham's economy has experienced buoyant growth over the past five years to become the UK's leading financial and professional services centre outside London. In Birmingham alone the sector currently employs over 115,000 people, and is projected to increase by over 20,000 jobs in the next 10 years.*

Launch of first Islamic Finance and Business Centre in Europe - Aston Business School