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

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

26 Pages Posted: 19 Apr 2011 Last revised: 30 Jun 2013

Sayd Farook

Thomson Reuters

Mohammad Omar Farooq

Independent

Date Written: June 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.

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

JEL Classification: Z00

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: https://ssrn.com/abstract=1813483 or http://dx.doi.org/10.2139/ssrn.1813483

Sayd Zubair Farook

Thomson Reuters ( email )

Bahrain

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