Shariah Governance for Islamic Finance: Challenges and Pragmatic Solutions

Abstract:     
One of the foremost challenges faced by the Islamic finance industry is the shortage of qualified Shariah scholars and the high concentration of a few top scholars serving the industry. There are also issues with even existing scholars in terms of their qualification and training to be effective in dealing with the complexities and linkages in a modern economy. While the problem cannot be fixed overnight, by establishing educational and training institutions with relevant designing of curriculum and setting standards for qualifying Shariah scholars as a professional pool to serve the industry, the challenge can be overcome in the long run. This conceptual paper examines the pertinent issues and presents a brief outline of a qualification framework to initiate the relevant discourse.

Number of Pages in PDF File: 19

Keywords: Islamic Finance, Shariah Governance, Shariah scholars, Islamic Banking

JEL Classification: Z00

working papers series