The Star:
There’s an in-demand MBA course at the University of Toronto’s Rotman School of Management that essentially teaches back-to-basics banking for Canadian businesses. Students who enroll learn the merits of being conservative with investments, ways in which their businesses can participate in this sector and will discover the theory that pushes people to save and spend wisely – a concept that has been around for centuries.
Islamic Finance is one of the quickest growing segments of the financial-services industry. Walid Hejazi, professor of International Competitiveness at Rotman, and academic director and developer of the course, says the class introduces new business perspectives to students. “It’s a tremendously misunderstood approach in Canada that has nothing to do with religion,” he says.
Toronto’s Rotman School of Management
“Islamic finance, like conventional finance, is simply an approach to solving the economic problems we currently have. The course appeals to a wide spectrum of students, and my classroom is diverse,” says Hejazi. “The focus of the course is to provide insight into foreign investment and business opportunity in Canada. I’ve taught Christian, Jewish, Muslim students and more.”
The course – aimed at professionals who work in finance, such as controllers, accountants, investors, financial analysts, entrepreneurs and lawyers – doesn’t delve into the beliefs that Muslims hold. Instead, it focuses on attracting foreign investment, conducting business overseas and meeting the growing demand for sharia-compliant investment products in Canada (Islamic law prohibits usury). This is the only MBA course of its kind currently offered in the country, and Hejazi says he believes it offers students a leg up when sharia-compliant finance departments start getting the recognition in Canada that they have in other countries.