Q I AM a 22-year-old physiotherapist and I have worked in an established organisation for almost two years.
However, I have always had a flair and passion for finance. Lately, I have been investing in funds and stocks. I enjoy monitoring stock markets, foreign exchange movements and interest rate changes.

I have decided to make a career switch so I can pursue my passion before it is too late.

I am particularly interested in a career in the Islamic banking sector. In Singapore, where can I pursue a career in Islamic banking?

Do banks offer any scholarships in this area or programmes that include subsidised Islamic banking courses?

Which universities offering Islamic banking courses are recognised by the banks?

Can I enter the Islamic banking sector with my degree in physiotherapy? If the answer is yes, what positions can I look at?

A With the recent developments and growth in Islamic banking in this region, coupled with your personal interest in finance, it is certainly a good decision to consider a career in this area.

Islamic banking refers to a system of banking that is consistent with the principles of Islamic law, or syariah, and that is guided by Islamic economics.

In general, Islamic law prohibits usury, the collection and payment of interest, or riba, and investments in businesses that are considered unlawful or contrary to Islamic values.

There are several local and foreign banks in Singapore that offer Islamic banking products and services. Worldwide, there are currently about 300 Islamic banks and financial institutions.

These institutions are required to separate funds and activities related to Islamic banking transactions from those that fall under their conventional banking businesses, to prevent any co-mingling of funds.

To switch from your present career in physiotherapy to one in the banking and finance sector, you might wish to begin with an introductory course on banking and finance. This would provide you with some fundamental knowledge of the industry.

To equip yourself with more specific industry knowledge, you should also consider courses in Islamic banking and finance offered by either local or foreign institutions. Such courses range from short training seminars that last just a few days to diploma or degree programmes that might take one to three years to complete.

You could check out courses offered by the Institute of Islamic Banking & Insurance in London or the Centre for Islamic Management Studies in Singapore, among others.

When assessing candidates, employers - whether Islamic financial institutions or otherwise - would consider the value that these candidates would bring and the contributions they could make to the organisation.

As you are making a career switch, you must be prepared to consider entry-level positions, given your lack of actual experience in the banking industry.

The types of positions available in Islamic banking are similar to those in non-Islamic banking. Depending on your aptitude and qualifications, you could take up front-line positions in sales or relationship management, or middle- or back-office roles in operations, finance or compliance.

In the meantime, you should also speak to any friends or contacts working in the sector, in particular the Islamic banking industry, so you can better understand the nature of the work and make a more informed decision before you pursue this career switch.

Evelyn Teo
Managing Director
HeadStart

Advice provided in this column is not meant as a substitute for comprehensive professional advice. E-mail questions to a1admin@sph.com.sg.