SHARĪʿAH GOVERNANCE, EXPERTISE AND PROFESSION: EDUCATIONAL CHALLENGES IN ISLAMIC FINANCE

The shortage of qualified Sharīʿah practitioners (scholars) is a major challenge facing the Islamic finance industry, which relies on the high concentration of a few top scholars/practitioners for Sharīʿah compliance assurance. A good number of the top practitioners have risen to prominence in the absence of any recognized standard or requirement for this profession. Their qualification and training which equip them with the necessary skills to be effective in dealing with the complexities and linkages in a modern economy and financial system is an important area of concern.

These challenges can be addressed in the long-run by taking a number of steps: (a) establishing educational and training institutions with relevant programmes; (b) designing curriculum and setting standards for qualifying Sharīʿah practitioners as a professional pool to serve the industry; and (c) forming a professional body to recognise and certify Sharīʿah practitioners just as is done in any modern professional discipline. This conceptual paper examines the pertinent issues and delineates a brief outline of a qualification framework to initiate the relevant discourse.