This Week's Herman Trend Alert

Nail-Painting Robot Coming
to a Salon Near You

 

  The Herman Trend Alert

June 27, 2012

Global Shortage of Islamic Financial Professionals

There are many shortages of skilled workers worldwide; we call them "pockets of workforce crisis". This Herman Trend Alert is the first of many we will feature over the next few months.

According to Chief Executive Officer of the AlHuda Centre of Islamic Banking and Finance, there is a critical shortage of 50,000 Islamic Finance Experts to serve the emerging market of Islamic Banking and Finance. During his speech, Muhammad Zubair Mughal at the recent "Moscow Halal Expo", added that due to the recent international financial crises in conventional banking and finance, society is looking for an alternative. The economic crises have had much less impact on the Islamic finance industry, thus it perfectly positioned to have greater success.

He said there is an immediate need for education in Islamic banking and finance internationally. At this time, 38 universities in the world are producing approximately 5000 graduates of Islamic banking and finance every year, while the demand around the globe is actually 10 times more. Recently, financial institutions have tried to take conventional bankers and training them in some of the essentials of Islamic banking and finance. He believes this approach is not working.

To establish a strong Islamic banking and finance system, graduates must have complete knowledge of Islamic banking and finance with full command of Shari'ah*, Fiqah**, and Islamic financial products. The Quran expressly forbids borrowing money or collecting interest.

Mughal believes that a four-pronged approach should be adopted to educate large numbers of professionals in this field: 1) Universities or Colleges must graduate well-trained students in their Masters and Post Graduate Diploma programs in Islamic banking and finance. 2) At the post graduate level, offer one-year diploma and six months certificate courses on these topics. 3) Provide online programs to raise awareness of the topics worldwide. 4) Public workshops, trainings, and publications in the field should encourage grassroots recognition.

Given the explosion of Islamic populations around the world, it is easy to understand this growing shortage. Not only will the demand for Islamic banking professionals intensify, however it will also create pressure on conventional banks to diversify their employee populations as well as their product offerings.

*Shari'ah means Islamic Law, derived from the direct teachings of Mohammed.

**Fiqah means knowledge of Islamic Law as it applies to finance and banking.


© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 1.336.210.3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."

HEAR JOYCE SPEAK TOMORROW AT 11:30 AM EDT
Tomorrow morning, Joyce will be a Fireside Chat Speakers at the Brightside Business Women Empowerment Virtual Conference where she will talk about how business women can use the insights from her new, groundbreaking book, EXPERIENCE RULES, to be successful. Register for FREE at https://brightsideglobaltrade.org/women.

GET COACHING FOR YOUR PEOPLE FOR LESS THAN $1/DAY!
Gain access to dozens of coaches for the same low price. Find out more by visiting https://ingomu.com/joyceg

JOYCE IS ON THE RADIO EVERYDAY NOW
To listen to Joyce's TV shows on the radio, simply visit RadioFutures.com. Joyce's show is streaming every day at 3:00PM Pacific Time.

To read this Herman Trend Alert on the web: https://hermangroup.com/alert/archive_3-29-2023.html.


Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers.

New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert.

Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service.


Subscribe or Unsubscribe to weekly Herman Trend Alert
View this week's Herman Trend Alert
Archived Weekly Herman Trend Alerts

                                                                                                                                                                                                                                                                                                                                                                         


[ Home · About · Products · Resources · Media ]

 

7112 Viridian Lane
Austin, TX 78739
Voice: 336-210-3548
Toll Free in US & Canada: 800-227-3566
E-mail: info@hermangroup.com


  © The Herman Group. All rights reserved.

Web site design by WebEditor Design Services, Inc.