Misconceptions Around Islamic Finance & Lack of Strategic Focus on Human Capital

Yurizk Current Issues in Islamic Finance, Human Resources in Islamic Finance, Islamic Banking, Islamic Economy, Islamic Finance, Islamic Finance Education, New & Noteworthy Leave a Comment

Key take aways:

There are widespread misunderstanding and misconceptions about Islamic Finance.

Translates to: Lack of knowledge and access to information by general mass including lack of strategic communication and promotional efforts by the industry.

INCEIF is so far the only dedicated post-graduate university for Islamic Finance based in Malaysia serving the needs of a global human capital challenge. 

Translates to: Lack of strategic focus on human capital development initiatives as compared to other service areas within Islamic Finance industry. [note: there are many other universities with programs in post-graduate levels for IF, but have not been able to position themselves as dedicated Islamic Finance university as of yet]

 The interview was conducted by Bloomberg, a US based leading Financial Services, Mass Media and Technology company.

Translates to: The attention paid by global media on Islamic Finance which has been growing faster than any other financial sector and thereby cannot be ignored by leading media agencies.

In the interview INCEIF president talks about his funny experience in the US.

Translates to: The widespread ignorance in socio-cultural-religious diversity by US general mass which has been working as a barrier to explore Islamic Finance, a potential massive market within its home.

 The interview sheds light on the limited capacity of developing quality human capital for the Islamic Finance industry by giving example of the disparity between demand of the industry and supply by the providers.

Translates to: A new education paradigm and opeartional methodology needed to bridge not only this demand and supply gap, but to fulfill the needs of the future from both quantity and quality perspective.

 World Bank is working with INCEIF with mutual interest.

Translates to: Anyone and everyone can be a stakeholder and beneficiary of Islamic Finance because the underlying values and end results of Islamic Financial service which are primarily justice, ethics, and morality are shared among humanity and it’s not just serving the needs of the Muslims.

Observation:

The idea of Islamic Finance emerged 40 years ago, however there has not been a dedicated ‘Global Islamic Finance Education Forum‘ or ‘World Islamic Economy Education Summit‘ yet.

 Translates to: Negligence in strategic efforts towards building human capital for Islamic Economy for the future.

What can be the way forward? WATCH HERE

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