Articles

It is often contended by academics and practitioners in the Islamic finance industry that the global financial crisis would not have happened if the international financial markets had followed the principles of Shari'ah, especially in the asset securitization sphere. This article attempts to respond to these assertions by examining the factors that contributed to the global financial crisis alongside an analysis of how Islamic finance could have been of value in its aversion.

The contemporary Islamic finance market has passed through initial developmental stages evidencing its possibility as well as its viability. Before the industry can evidence the next stage, durability, and certainly before it can offer solutions to conventional finance, a number of additional steps must be taken, including regulatory and accounting improvements and a taxation equivalence.1 This article, however, is focused on another such step, the challenge of Islamic finance education: developing faculty who educate legal practitioners and preparing legal practitioners themselves.

The issue of Islamic Economics research needs wider attention from the academia and Islamic finance industry. The article provides a framework about how Islamic Economics Education and research can be integrated. The Author goes unto say that development of Islamic economics education is hindered by western influence and lack of trained people having deep knowledge of sharia and contemporary economics. . Academia needs to revisit the curricula offered by universities in order to formulate new curriculum.

The Islamic finance industry is growing rapidly; as a result, the demand for education and professional development is growing rapidly also. Specifically, there is a need for qualified Shari'ah scholars and staff. As a result, the Institute of Islamic Banking and Insurance has entered into a Memorandum of Understanding (MoU) with Metropolitan Consulting S.A.E to provide education and training within Egypt's Islamic finance industry.

The paper discussed the important issues such as the worldview difference between secular world and Islamic world, revelation-reason relationship, and the question of methodology. There is fundamental difference that western world separates the mundane from spiritual while Islamic world keeps two unified.

Over the past three decades, Islamic finance has been the fastest growing segment of the global financial system. Though it may be expected that education and training have kept pace with this fast growing market, this paper finds that the current state of Islamic finance education at the graduate level is in a very unsatisfactory state. Using Malaysia as an illustrative case, the paper looks at the range, sufficiency and quality of Islamic finance education.

Several education hubs have emerged in the last decade in Asia and the Middle East. These ambitious policy initiatives share a common interest in cross-border higher education even though diverse rationales underpin their development. While some claim to be an international education hub, others claim to be a regional education hub or simultaneously international and regional. Considerable rhetoric and assumptions of uniformity exist in the discourse of education hub development.

The remarkable growth in the Islamic Finance industry has given rise to demand for Islamic finance education and trained professionals. According to estimate at least 50000 professionals are needed in the industry. There are around 40 universities offering Undergraduate, Post Graduate and doctoral programs in Islamic Finance. Several other approaches such as Training & Workshops, Distance Learning Programs and publications can be used to develop Islamic Finance Professionals.

Muslims make up 53% of the population of Malaysia, but Islamic banks capture only 1.5% of the country’s banking industry. What is the cause of this imbalance? Islamic banks are not being marketing appropriately. Although almost 100% of the