Shariah Governance, Expertise and Profession: Educational Challenges in Islamic Finance
Mohammad Omar Farooq
ISRA International Journal of Islamic Finance, Vol. 5, No. 1, pp. 137-160, 2013
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
Date posted: April 19, 2011 ; Last revised: June 30, 2013