Renowned Shari’ah scholar and Islamic Finance expert, Prof. Irfan Shahid gave a lecture on “Importance of Islamic Finance in Career Development” in Chennai. While addressing the audience, he said that acquiring knowledge of Islamic Finance (Ilmul Muamilat) is mandatory for every Muslim.
Islamic Finance is a branch of Muamilat (Business), an inbuilt and essential part of knowledge. The Qur’ān lays stress on acquiring knowledge without any condition of time, age and gender. When a person is capable of comprehending the teachings of Islam, he should gain the knowledge about Islam, especially the knowledge of Muamilat. It is an integral part of Islam. More than 30 per cent ayaat in the Qur’ān discuss human behaviour and Muamilat. Those who are doing business according to the Qur’ān and Hadith will be raised along with martyrs and truthful people on the Day of Judgment; it is promised by Prophet Muhammad (peace and blessings of Allah be to him).
Prof Shahid said that nowadays students ask about Job Security even before joining any course in Islamic Finance but they do not ask about job guarantee before joining any medical, engineering and commerce course.
Islamic Trade (Muamilat) has a very significant role to play in the spread of Islam in countries like India, China, Malaysia, Indonesia and Africa. There are a plenty of opportunities in Islamic Finance industry in the Middle East and North African countries but conventional bankers that are operating in Islamic Banking are playing with the sentiments of Muslim people. They are not giving a chance to Muslim youth to work in Islamic banks. Many banks prefer to keep non-Muslim employees or Muslim graduates with no degree in Islamic Finance. To practise in medicine one requires proper education and knowledge in Medicine but in case of Islamic Finance, bankers keep employees who do not have any background in Islamic Finance.
Prof Shahid said that Muslim Shari’ah scholars should raise their voice against this injustice. In order to stop this practice, Muslim consumers should ask educational credential of the employees of the bank. If the bank fails to show the proper qualification of their employees, people should not open accounts with this bank.
Islamic Banking Regulator also should take a positive measure to counter this discrimination. Prof Shahid said this measure may create a lot of demand for Islamic Finance graduates in the Market. Banker Magazine published a research article on the potential of Islamic Banking in which they recorded more than 15% annual growth in Islamic Finance industry. Currently more than 500 institutions are working in Islamic Finance industry in 72 countries yet there is no job for Islamic Finance graduates; it is a matter of concern. A UK-based accounting Firm CIMA predicted 50000 vacancies in Islamic Finance Industry by 2020. Prof Shahid said that Muslim graduates should not study Islamic Finance for worldly benefits only; they should consider it for the purpose of hereafter as well.