Discovery consists of seeing what everybody has seen and thinking what nobody has thought.Albert Von S.
Do we need exponential results for Islamic Finance industry? If you are not sure what I am talking about, please watch this video first.
As the title of this post suggests, there are primarily two ways to drive innovation; one is through ‘research’ and the other is through ‘entrepreneurship’. Since the beginning of the history of modern Islamic Banking and Finance, heavy focus has been put on ‘research’ and it never ended. Some years it was emphasized more, some years less. But this is the box where Islamic Finance has found itself comfortably. Why? My guess is because there is less risk. The idea of ‘risk sharing’ can be taught in the classrooms as theory, that’s fine but applying that in reality, requires more thought – I find this as a general approach of the Islamic Finance industry.
We talk about eco-system a lot. But before we can think about entire system, isn’t it more appropriate to curve out the end goal of that eco-system? Wouldn’t it be easier to find individual elements of that eco-system once we are clear on the end goal?
In this video (watch below), presented in February 2015 at Dubai Government Summit, LinkedIn co-founder Allen Blue talks about the changing nature of workforce, developing and retaining human capital and also how entrepreneurship can be a driver of innovation for the new economic reality for sustainable development of organizations, industries and even countries . Those who are active in the human capital development sector of Islamic Finance, the points shared in this video may bring new insight with many benefits. Sometimes if we get out of the sound bites of the conference rooms and look from outside to think and reflect, we may get new perspectives and new solutions for old problems.