Data Science for Islamic Finance: An Introduction

Overview of the Program:

The business operational ideology is witnessing major shifts – from traditional decision making to being data-driven. This is true for the traditional financial sphere. The financial industry has been quick in reacting to the changing era and is heavily investing in data science. By leveraging machine learning, AI, robotic process automation, and data analytics techniques, financial institutions (be it banks, fund management companies, insurance, and others) are noticing significant performance improvements. Islamic finance industry is not different. Though the domain has been evolving for a few years, big data has created an urgent demand for people with data science skills in the Islamic financial world.

Therefore, this program will offer a sound understanding of data science and its application in relation to Islamic finance. This program is designed to satisfy the knowledge requirements of banks, insurance companies, fund management firms, regulatory bodies, policy making organizations, startups, research organizations and universities. The knowledge and understanding in this program are reinforced through quizzes and case studies.

Key Takeaways for Students:

·         Have a holistic view on the data science domain with regards to the Islamic finance industry

·         Understand the journey of going from data to decisions and tackling analytical projects

·         Comprehend the issues and challenges facing data analytics

·         Develop the know-how of using one the leading visualization software packages (Tableau)

·         Appreciate the power of data through various empirical evidence

·         Understand the use-cases of data science in Islamic finance

Program Outline:

1.       Unpacking Data Science (3 Hours)

a)       Foundations of data science?

b)      Introduction to the different data science divisions

c)       Talking about famous data game changers

d)      How to apply data science solutions

2.       Data Visualization (3 Hours)

a)       Understanding the benefits of visualizing data

b)      Creating interactive dashboards

c)       Best practices when visualizing data

3.       Islamic Finance and Data Science (3 Hours)

a)       Islamic finance framework

b)      Current use cases of data science in Islamic finance

c)       Future Potential of Data Science in Islamic finance

Who should attend (Participants):

This important course is designed for middle and senior professionals as well as academicians, students, and regulators who are interested in having a general understanding and overview of data science for Islamic finance, including:

·         Finance Managers and Controllers

·         Strategy Directors and Managers

·         Budget, Corporate, Business and Financial Analysts

·         Project Managers and Risk Analysts

·         Investment and Management Accountants

·         Heads of Business Units and Business Planners

·         Financial Advisors and Corporate Analysts

·         Business Analysts

·         Academic Researchers

·         Regulators and policy makers

·         University Faculty Members and Students