The Chartered Insurance Institute and Islamic Insurance Association of London have joined forces with the University of Bolton to launch an MBA in Islamic Finance.

The part-time two-year graduate degree focuses on management and commerce.

It’s aimed at helping insurance professionals move into senior positions at organisations that follow Islamic principles, the CII says.

Applicants need at least two years’ relevant work experience and a UK honours degree, postgraduate degree or equivalent.

The MBA will cover concepts of Islamic Law and the application of legal principles in Islamic business transactions.

Students will be taught how to assess Islamic financial products and operations, identify risk elements and mitigating techniques relating to Islamic banking.

A masters’ level dissertation must be submitted to achieve the MBA.

Max Taylor, chair of the Islamic Insurance Association of London, said: “We are extremely pleased to have played our part in the creation of this MBA, which will provide a recognised qualification in an ever more important area of the global risk and insurance profession.

“The Involvement of the University of Bolton and the Chartered Insurance Institute ensures this course will set the standard for a qualification which we believe will be recognised and valued by employers across the industry.

“We very much hope this will be seen as an attractive opportunity for students across the world to utilise the MBA in their efforts to pursue a career within Islamic insurance and it forms a significant part of the Islamic Insurance Association of London’s efforts to create the foundations for the establishment of sharia-compliant capacity within the London market.”

“As the University’s partners in this MBA we will work with Professor Abdel Haq and his team to ensure that students have access to the expertise within the London market.”

Sian Fisher, chief executive of the Chartered Insurance Institute, said: “This qualification combines the specialist understanding of Islamic insurance and risk management with the core University of Bolton MBA suite of modules supporting critical business and leadership skills.”