About 85 per cent of educational and awareness initiatives on Islamic finance are potentially contributing towards skill building for the industry, said a research report.
The Global Islamic Finance Education (GIFE) 2013 also pointed out that only 15 per cent initiatives in education and knowledge dissemination are potentially facilitating research and development.
The report on Global Islamic Finance Education and human capital development in Islamic finance industry was released by Yurizk, a leading provider of information in Islamic finance education.
“GIFE 2013 is a wake up call for all the stakeholders of emerging Islamic finance industry,” said Muath Mubarak, head of finance and corporate strategy of First Global Group.
Human capital development is a critical challenge for Islamic finance industry and previously there was no comprehensive study that addresses the major issues and at the same time backs the insight with collective data, he said.
GIFE 2013 has bridged that gap of information and brought critical insight into the challenges facing Islamic Finance industry in human resources development and the industry’s long term sustainability, said Mubarak.
The report found that there are 742 institutions globally that are involved in education and knowledge dissemination in Islamic Finance.
The top countries by the number of Islamic finance education and knowledge service providers are Pakistan, Malaysia, United Kingdom, US and UAE, it said.
UK leads Islamic finance education in Europe with 53 per cent of the total Islamic finance education and knowledge services providers, while the UAE leads in the Mena region with 30 per cent of the providers in the region.
The research report highlighted key challenges that are affecting Islamic finance education and the industry’s growth and long term sustainability concerns. It also contains views and opinions of industry thought leaders, academic scholars, practitioners on various issues of Islamic finance education.