Pakistan Observer

‘World needs 50,000 Islamic finance experts’

Tariq Khattak

Wednesday, June 20, 2012 - Islamabad—In accordance with the growing industry of Islamic Banking and Finance, the whole world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic Banking and Finance may be easily promoted. These thoughts were expressed by Mr. Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance, during his speech on the topic of “Importance of Islamic Finance Education” in “Moscow Halal Expo” held in Moscow. He said that due to the malfunctioning of conventional banking and finance, the world is moving rapidly towards alternative system of banking and finance and undoubtedly, the Islamic banking and finance system is the first and the foremost choice of people in this regard because the global financial crisis had very fewer impact on Islamic finance industry which is the assurance of its future success, said a press release issued here today.

He said that education of Islamic banking and finance is badly needed internationally. At this time, 38 universities in the world are producing approximately 5000 graduates of Islamic banking and finance per annum, whereas relatively its demand is 10 times more around the globe. If this demand and supply would not be balanced in short time then Islamic banking and finance industry may face many obstacles in its growth and promotion. In the recent era, conventional bankers are being provided with trainings having some of the essentials of Islamic banking and finance in order to adjust them in Islamic financial system which is a wrong approach and is creating many reservations in financial industry. He further said that in order to establish Islamic banking and finance system on strong pillars, it is needed to produce graduates with complete knowledge of Islamic banking and finance having full command on Shari’ah, Fiqah and banking. In this regard, AlHuda Centre of Islamic Banking and Economics has introduced its MBA and Post Graduate Diploma on Islamic banking and finance based on the mode of Distance learning so that the people of countries which currently do not have any facilities of Islamic banking and finance could get advantage of this facility from their office or home and strengthen the rapidly emerging market of Islamic banking.

He said that 4 types of approaches should be adopted in order to educate masses in the field of Islamic banking and finance. 1) Graduation, Masters and Post Graduate Diploma programs on Islamic banking and finance should be arranged at University or College level in order to produce incumbents who could fulfill the responsibilities in Islamic financial institutions at managerial level in an excellent manner. 2) At post graduate level, one year diploma and six months certificate courses on different topics like Islamic banking, Sukuk (Islamic Bond), Takaful (Islamic Insurance), Islamic Fund and Islamic Microfinance should be arranged so that the experts in these fields could be produced. 3) Online programs on Islamic banking and finance should be promoted so that the awareness of Islamic banking and finance may be promoted worldwide as only 20 countries are providing education in this field. 4) Workshops, trainings and publications in the field of Islamic banking and finance should be promoted in order to encourage awareness among masses regarding this.

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