Muhammad Arif
Muhammad Arif: Chairman Centre of Advisory Services for Islamic Banking and Finance (CAIF), Former Head of FSCD SBP, Former Head of Research ArifHabib Investments and Member IFSB Task Force for development of Islamic Money Market, Former Member of Access to Justice Fund Supreme Court of Pakistan.

Need of Islamic Banking and Finance-Education & Training 

Islamic banking faces an increasing problem of Human Resources with the start of the perspective to open Islamic banks, according to a careful estimate more than 50000 Islamic financial professional are needed in Islamic Financial industry. The need of human resources is growing indeed but the Human Resources are not growing in line with the opening of Islamic banks. It is a fact that a person cannot become an Islamic banker just by studying a few books or One week training, it needs many things in collective. To become an Islamic banker, one needs to spend life in this field and gain experience. We do not have enough trained professionals in the field of Islamic banking and finance but we also need to replace the conventional staff from Islamic Banks, so that Islamic Bank can be performed accordance to Islamic principles. We need suitable people and it will take time to the problem to be solved, the human capital can be trained in this field in accordance with the demand. Education will indeed raise standards in Islamic finance.

Currently, in accordance with a careful approximation, around 40 Universities all over the world are providing Post Graduate, PhD and Bachelor level programs on Islamic Banking and Finance, these universities are producing approximately 5000 professional every year while the demand of the Islamic Financial professional are 10 times high, it is an immediate need to fulfill the demand and supply gap from the Islamic Financial Industry. Some renowned international institutions who are providing Islamic financial education are , International Institute of Islamic Banking and Finance (IIIBF), La Trobe University, IIUM Institute of Islamic Banking and Finance (IIIBF), Durham University, Effat University, The Markfield Institute of Higher Education, Qatar Faculty of Islamic Studies, London School of Business and Finance, Salford University, University College of Bahrain, The University of Bedfordshire, Aston Business School, Islamic Research and Training Institute(IRTI), Bangor Business School at Bangor University, University of Reading, University Of Wales, The University of East London, Paris-Dauphine University, The International Centre for Education in Islamic Finance (INCEIF) Malaysia, Monash University Australia, University College of Bahrain, University Islam Sultan Sharif Ali (Unissa) – Brunie, College of Business UUM – Malaysia, University of Sharjah, MDIS Uzbekistan, University of Wales UK, Selangor International Islamic University College (KUIS) Malaysia.

With reference to Pakistan, almost 10 institutions are offering masters level program in Islamic Banking and Finance. IBA, Dadabhoy Institute of Higher Education, KASBIT, Sheikh Zayed Islamic Center, International Islamic University Islamabad, Riphah International University, AlHuda Center of Islamic Banking and Economics (AlHuda CIBE) and PAF Karachi Institute of Economics & Technology are some well-known name of institutions in Pakistan.

Several approaches can be used in order to produce the quality Human Resource for Islamic Banking and Finance industry. The approaches and techniques can be:

  • University Degree Programs
  • Specialized Trainings and Workshops
  • Distance Learning Programs
  • Publications, Webinars & other Media

As stated earlier, different Universities and Colleges are providing the education facility in the field of Islamic Banking and Finance. There is a need of more institutes providing degrees in this field with an aim of enabling the candidate to deeply understand the Islamic Banking operating system and the concepts of Islamic Finance.

In addition to this, training is an effective tool for Human Resource Development (HRD) as well as for achieving the goals of an organization. Islamic banking is a Shari’ah-based interest-free banking system. It has to operate in a way that benefits society as a whole. Its features and functional procedures are quite distinctive than that of the traditional banking system. To satisfy the objectives of the Islamic banking and to face the challenge of the next century, the job of Islamic banking is becoming more complicated and more technical day by day. The personnel of Islamic banks require special Attitude, Skill and Knowledge, which can be developed through proper training. It is obvious that a large number of appropriately trained employees would result in increased output and reduced costs, further resulting in maximum utilization of human resources, which will ultimately benefit the entire nation.

Many institutions are providing Distance Learning Program on Islamic Banking and Finance. Through this mode, masses can be educated in a flexible and convenient manner. As Muslim are not only limited in Asia or Africa but they also reside in all over the world, so we can educate the Muslims and Finance professional globally through Distance learning programs. In addition to this, publications can also be used as a medium to educate masses about the latest news and updates on Islamic Banking and Finance.

We are sure that Islamic Banking system can be strengthened in better way by promoting Islamic Banking Education and Trainings. But for that we have to find experienced teachers and to change curriculum in the light of market requirements. But unfortunately we see most of the teachers of high profiles with no market or banking experience. This needs to be corrected.


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