How to Fulfill the Demanding Need of Shariah Talent/ Scholar to Facilitate Islamic Banking Industry Abdul Samad Shariah Advisor The Bank of Khyber
Purity of Transactions and Building Reliance on Islamic Finance
Islamic Finance industry is presently growing at a very high pace. One of the critical issues the industry is facing is the matter of cleanliness in transactions which, in longer run, will ensure reliance of Muslim Ummah in this model of Islamic finance and banking. If this issue, at this stage, is ignored, it may result in a disaster in the name of Islamic Finance.
Strategy to Build Reliance on Islamic Finance and Banking ď Ž
1. 2. 3.
In Pakistan the currently on going process of Shariah compliance is looking at 3 aspects: which is inception and conceptualization of an Islamic product, structuring the rules and principles as according to Shariah, documentation procedures.
To ensure the above three State Bank of Pakistan provides following sound decisions: Every IFI is required to appoint Shariah Advisor with qualified Shariah background. Every IFI is required to appoint Shariah Audit and Shariah Compliance department/unit.
Where we are to day? ď Ž
The present day on-site or off-site supervisory guidelines are not enough to judge and evaluate the functions of Islamic banks and Islamic financial institutions from the Shariah point of view. One structure can not become Shariah compliant on the basis of approval of Shariah Board or Shariah Advisor only until that is properly implemented.
General Issues ď Ž
Westerns Developed a lot of new Institutions on their own design, and we, the Muslims, did not develop any new institution, as we were not in a position for the same. Instead of Developing a new Institution we tried to bring changes in the Western Institutions
General Issues ď Ž
As Muslims were out of the Scene, they did not develop any expertise to counter the situation. We the Muslims did not prepare any HR for the purpose.
Training Establishment of institutions by government and private organization. Implementation of The AAOIFI regulation of a minimum of three Shariah advisors serving on a Shariah Supervisory Board (SSB). Opportunity for fresh graduates. Criteria should be fixed for responsible employees
Biggest Problem We always demand others to do something and ignore ourselves Very few of us would be ready to play their role. We do never ask â€œ What can I do?â€?
Don,t wait for others. Start your own job today. In a nutshell it can be;
Read Books on Islamic Finance Try to understand Quran and Sunnah Try to implement in your own Life Try to work out solutions of problems in the light of Quran and Sunnah Be ready to sacrifice Time, Money, Status, etc for the cause of Islamization