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Training and development needs of Islamic banking & finance – The need for full-scale social revival

A REVOLUTIONARY CONCEPT

When we start the topic of training and development of Islamic Banking & Finance, first of all, we must keep in mind that in actual sense, it is the revolutionary concept and directly relates to the change of the social behavior. Therefore, we must look at this aspect in a very broad sense. It must not be related only to the training of banking staff and some professionals and management but we must train the whole society so that proper planning and serious consideration are required in this respect as it is a clash with the prevalent economic structure of the world and unfortunately, our society, corporate sector and general bankers etc. do not even generally know the principles and basis of Islamic Economics, banking and finance.

Here, we have to tell and inform people regarding the reasons due to which we have to leave the conventional economics, banking and business structure so that the society can understand the difference between the two.

CONSIDERATIONS & MECHANISM OF TRAINING

While giving and thinking of training and delivering knowledge in this respect, the knowledge and clarity of the following aspects and realities must also be known to the people. In this way, the audience may get grip and proper understanding of the concepts and understanding the objectives and importance of the practice and implementation of Islamic Banking & Finance.

1- It is a fact that Islamic Banking & Finance has its roots in Islamic Economics and Islamic Economics is derived from Shariah and Islamic Jurisprudence. We cannot jump directly to the theory and practices of Islamic Banking & Finance without introduction and knowledge of Islamic Economics and Shariah.

2- The knowledge and understanding of principles, base and structure of conventional economics, banking and finance and portray the deficiencies and faults both from the Shariah and economic point of view to the maximum necessary extent.

3- The brief history of the activities done in the field of Islamic Banking & Finance must be delivered as people could know the extent of research.

SEGMENTS FOR TRAINING & DEVELOPMENT

As mentioned earlier, we must consider delivery of knowledge according to different segments of the society. In this respect, we may divide segments of the society as under:

TRAINING OF GENERAL PUBLIC

This task may be accomplished through print media, electronic media, Friday and Eid sermons etc. as public may get suitable awareness and equip with necessary knowledge that need to understand the practice and need of Islamic Banking and finance into the society and the world.

At the level of customers of Islamic banks, the customers must be taught about the mechanism and different products and services in an effective and convincing manner. Through the mutual collaboration of central bank and the Islamic banks, the comprehensive and brief information brochures must be published to guide the customers.

EMPLOYEES’ TRAINING & DEVELOPMENT

When we come to training and development of employees of Islamic Financial Institutions, we have to do general and specific need analyses of employees working in different departments. The basic and uniform conceptual training must be given to each and every employee and specific training may be conducted with respect to their work.

TRAINING FOR REGULATORS & POLICY MAKERS

It is mandatory for regulators, government officials and policy makers etc must be trained and equipped with the necessary knowledge so that the proper policies and regulations as the efficient and effective implementation could be done in this respect.

ACADEMIC REVAMPING

There is a very major and pivotal task that must be accomplished. We must train people at the grass root level through revamping of education and academic structure. Unfortunately, the curriculum of economic and business education in Pakistan is bogus and captured by the conventional economic and business education and Islamic Economics, banking and business concepts have not been taught in the mainstream curriculum rather than merely launching of optional courses, diplomas and degrees etc in this respect. This behavior clearly shows that the concept of Islamic economics, banking and finance is still be taken as a secondary concept and conventional economics, banking and finance as primary concepts.

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