Islamic Banking and Finance in the 21st Century: Selected Issues in Human Capital Development

Authors

  • Mohamed Aslam Haneef International Islamic University Malaysia (IIUM)

DOI:

https://doi.org/10.52282/icr.v1i2.748

Abstract

Islamic Banking and Finance (IBF), both in theory and practice, has made great strides over the last 40 years. However, it is not spared from criticism, much of it relating to issues of ‘Islamicity’ and ‘originality’ of mainly IBF practice. One major reason underlying these issues relates to the quality of human resources related to IBF. This article first presents some of the tensions that exist in contemporary IBF. These tensions include debates within the theoretical discourse regarding preferred instruments in IBF. The article also highlights some problems that occur due to the divergence between the theory of IBF and with its practice, leading to a general perception that IBF merely duplicates conventional finance rather than offering any true alternative. The article argues that to resolve these tensions, greater emphasis must be placed on creating qualified human capital at all levels of the IBF discipline and industry. In addition, IBF would be better served if Islam and its shari’ah were viewed as a civilisational framework, rather than a narrow fiqh/law focus. Having a civilisational understanding of Islam, its shari’ah and the Islamic heritage on the one hand, as well as a genuine understanding of modern economics and finance on the other, are necessary pre-requisites to enable IBF to play its role in serving the ummah more effectively in the twenty-first century. Genuine Islamisation of knowledge would produce the human capital desired.

Downloads

Download data is not yet available.

Downloads

Published

2009-12-15

How to Cite

Haneef, Mohamed Aslam. 2009. “Islamic Banking and Finance in the 21st Century: Selected Issues in Human Capital Development”. ICR Journal 1 (2):292-302. https://doi.org/10.52282/icr.v1i2.748.