The scarcity in talents in Islamic Finance poses a significant impact on the industry as the contribution to the growth of Islamic financial assets will be greatly affected.
As it stands, the Islamic finance sector remains a demand-driven market with scarce supply. Another challenge that is more visible now is the unavailability of an international accreditation body for Islamic finance.
The Islamic finance services industry is a very specialised field and acquiring the right competencies and skills sets is critical.
This has led to the existence of many regulations on various issues. For example, there are several forms of tax to be accounted for,hence all parties involved should form a Global Shariah Advisory Council.
It was established to develop highly qualified knowledge workers in the financial services industry. Launched in Augustthe Asian Banking School ABS is tasked to enhance professionalism, productivity and capability of banking talent.
Having worked for several banks in the UK, he founded and built several companies that eventually listed on the London Stock Exchange. It identifies the required activities and tasks that are necessary to successfully identify, define, select, apply and improve benchmarking for the training programmes offered to IF practitioners.
These are management-training programmes that are based on specific areas within a bank. These are courses on specific banking topics.
Acquiring document proof of employee training such as accredited programmes is essential for any regulated industry such as the Islamic Finance which should not differ across economies and jurisdictions as they are derived from Shariah.