Theory, Practice and Education
Edited by Mohamed Ariff and Munawar Iqbal
Chapter 14: Human Capital Development in Islamic Finance: Initiatives and Challenges
Syed Hamid Aljunid 1.0 INTRODUCTION The chief of Bank Negara, the central bank of Malaysia, at the ceremony to mark the establishment of the International Center for Education in Islamic Finance in 2006, alluded to the fast growth of the Islamic finance industry during the previous ten years. This observation is all the more relevant as the industry was in the process of being integrated within the international financial system as shown by the increasing demand for Shari’ah (Islamic common laws)-compliant products and services that had been designed over some four decades. The establishment of the training centre was aimed at creating a sustainable and competitive growth in the industry by training and certifying programmes/courses on human capital development. A call has been made at least in that country to properly plan both training and certification through the collaborative efforts of the regulators, the industry players and training institutions, including the tertiary institutions. In order for any country to foster finance industry development, some other countries with majority Muslim populations should take the first steps to develop the Islamic finance industry to the level that will lead to the creation of training and certification institutions in this new form of banking. That requires efforts to train the right kind of professionals who are not only certified in terms of skills and competencies, but must be given exposure to the leadership and ethical aspects for the good governance of managing ethic-based Islamic financial products in competition with the conventional banks,...
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