Training Islamic Banking and Finance Professionals

Any discussion on Islamic banking and finance is never complete without lamenting on the shortage of skilled IBF professionals. This lack of expert human resources is due to so much demand chasing so few talents. But before we dwell further on the matter, we should first define what an IBF professional is.

To be an IBF professional as a person must first;

• Appreciate the values promoted by Islam;
• Understands why Islam forbids certain things and/or activities; and
• Must never think/behave/act like a conventional banker.

How do we achieve this? How do we mould such a banker?

We should start form the very basics. These professionals must be told and reminded from the very beginning that Islamic and conventional banking are two distinctly different financial models. They should not in any circumstances apply conventional banking practices into Islamic banking. These professionals must be trained to look at Islamic banking from the Islamic banking angle and not from the perspective of conventional banking.

The Shariah based financial model, as the name suggests, is guided by the rules of Shariah and what can or cannot be done is determined by Islamic law. Therefore, in order to effectively promote Islamic banking and finance, the promoter must understand and acknowledge the governing rules. One need not be a Muslim to understand and appreciate Islamic law; the only thing needed is an open mind.

Understanding Islamic law would also mean understanding the mechanics of Islamic financial transactions, why certain activities are prohibited and why certain things need to be done in a certain way.

For the industry to prosper, all its components must be equipped with the necessary expertise. Therefore, when talking about IBF professionals, we should not be just looking at the bankers. The scope must be expanded to include the solicitors, accountants, rating agencies, trustees, media, investors and the regulators.

Shariah based finance is actually very simple and straight forward. We will complicate things every time we practice Islamic banking the conventional way.