Refreshing Education in Islamic Finance

Article By: Daud Vicary Abdullah

Islamic Finance and Education

As some of you may be aware I am making a slight career change starting in the beginning of August.  This involves my running an Institution of Higher Education dedicated solely to Islamic Finance.  As a result of this impending change, I thought that it may be very worthwhile to explore the area of Education once again, to see if I needed to do any recalibration with regard to the ideas that I started sharing with you about six months ago.

I still believe strongly that it is Education that will alter Perceptions about Islamic Finance. I also believe that Education takes place at many levels and needs to speak to the listening of the audience.

You will recall that I indicated three prime levels.

  1. The first at Industry Thought Leader and Scholar level so as to ensure momentum with fresh ideas is maintained.
  2. The second at Industry and Interested Practitioner level so that the ideas may be executed more easily.
  3. The third, at the General Public level, starting with Primary School children, so that as many as possible get the chance to understand the value proposition of Islamic Finance.

My new role will certainly allow me to have a good run at levels one and two as the Institution I will be heading is primarily targeting post-graduate research and producing Chartered professionals who are ready to add value to the industry.

My proposed opening address to both faculty and students will cover the 4 P’s:-

  1. People
  2. Participation
  3. Performance
  4. Process

In particular, I will be highlighting the need to attract and retain the best People,  both students and Faculty.  I will be seeking for a spirit of Partcipation between, students, staff, industry practitioners, regulators and other centres of academia so that the dots can be joined up. I will lay down clear expectations with regard to Performance (I come from the school of thought where “you cannot manage what you cannot measure.” I will also be ensuring that transparent processes are in place to support the first three P’s!

To this end, dear readers, as industry participants, I will need your help and contributions in a couple of areas.
Here are TWO QUESTIONS for you:

  1. Firstly, I would like to hear what your priorities are with regard to producing competent industry professionals who can hit the road running and make an immediate contribution to your business.
    — What skills do they need to possess?
    — What, from your point of view, would  make them really useful?
  2. Secondly, with regard to research, what are the key topics that need to be investigated and researched by Master’s and Doctoral students in order to make a direct contribution to the improvement of the Islamic Finance Industry?

I would really appreciate your input so that you can help me to assess the scale of the job in hand.

As ever, there is much to do and not a moment to lose.

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9 thoughts on “Refreshing Education in Islamic Finance

  1. Sharifah Raudhah Alqudsy says:

    Assalamualaikum Bro Daud,
    I make doa that your intention and plan will go accordingly.

    My take on the kind of skills that any one wishing to engage with the public, educate them and inspire them to take relevant and timely decision, need to also have all the soft skills like persuasion, networking and rapport building.Professionals with these skills would be great ambassadors to the Islamic Finance industry.Using hikmah, adaab and a simple liking for other people would make such a huge, welcomed difference to the industry, still seen today by layman (and customers like me) as dry and too heavy for our liking.

    A great balancing act too, otherwise Islamic finance would remain as discussion topic at big conferences and not converting fast enough as part of our comfortable and proud identity and lifestyle.

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