Abstract

http://ssrn.com/abstract=1813483
 
 

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Shariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance


Sayd Farook


Thomson Reuters

Mohammad Omar Farooq


Independent

June 2013

ISRA International Journal of Islamic Finance, Vol. 5, No. 1, pp. 137-160, 2013

Abstract:     
The shortage of qualified Shariah practitioners (scholars) is a major challenge facing the Islamic finance industry, which relies on the high concentration of a few top scholars/practitioners for Shariah compliance assurance. A good number of the top practitioners have risen to prominence in the absence of any recognized standard or requirement for this profession. Their qualification and training which equip them with the necessary skills to be effective in dealing with the complexities and linkages in a modern economy and financial system is an important area of concern. These challenges can be addressed in the long-run by taking a number of steps: (a) establishing educational and training institutions with relevant programmes; (b) designing curriculum and setting standards for qualifying Shariah practitioners as a professional pool to serve the industry; and (c) forming a professional body to recognise and certify Shariah practitioners just as is done in any modern professional discipline. This conceptual paper examines the pertinent issues and delineates a brief outline of a qualification framework to initiate the relevant discourse.

Number of Pages in PDF File: 26

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

JEL Classification: Z00

Accepted Paper Series


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Date posted: April 19, 2011 ; Last revised: June 30, 2013

Suggested Citation

Farook, Sayd and Farooq, Mohammad Omar, Shariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance (June 2013). ISRA International Journal of Islamic Finance, Vol. 5, No. 1, pp. 137-160, 2013. Available at SSRN: http://ssrn.com/abstract=1813483 or http://dx.doi.org/10.2139/ssrn.1813483

Contact Information

Sayd Zubair Farook
Thomson Reuters ( email )
Bahrain
Mohammad Omar Farooq (Contact Author)
Independent ( email )
No Address Available
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