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This has led to the existence of many regulations on various issues. For example, there are several forms of tax to be accounted for,hence all parties involved should form a Global Shariah Advisory Council.
This will not only result in the resilience and stability of the IFSI but will pave the way for the Islamic Financial system to move forward and facilitate greater cross-border financing. Failure to provide efficient Shariah governance, either through law or legislation, would lead to radical disruption to the industry.
On the education front, research suggests that the lack of cooperation between the academia and industry to develop a wholesome curriculum in Islamic Finance has resulted in a mismatch between the graduates produced and the skills required by the industry.
Graduates go through a system which is more theoretical than practical and are therefore, are not suitably equipped for the industry.
Additionally, new systems and technologies will provide the bedrock for the Islamic Finance Services Industry IFSI to become more competitive and efficient and to deliver value, and ultimately to restore confidence and trust.
The Islamic finance services industry is a very specialised field and acquiring the right competencies and skills sets is critical.
A lack of qualified Islamic Finance graduates with the required talents by the industry could impact industry growth.
This further reinforces research findings released by various parties on the shortage of skills for the industry.
The scarcity in talents in Islamic Finance poses a significant impact on the industry as the contribution to the growth of Islamic financial assets will be greatly affected. The importance of global benchmarked standards for Islamic Finance and Training cannot be overemphasised.
It identifies the required activities and tasks that are necessary to successfully identify, define, select, apply and improve benchmarking for the training programmes offered to IF practitioners. The absence of these protocols that can be universally understood and adopted decreases the compatibility and interoperability of IF services that fuel the development of the industry.
Another challenge that is more visible now is the unavailability of an international accreditation body for Islamic finance. Acquiring document proof of employee training such as accredited programmes is essential for any regulated industry such as the Islamic Finance which should not differ across economies and jurisdictions as they are derived from Shariah.
Diversity of regulations and operations across borders require careful studies and review before a common understanding can be achieved for best practices. This is particularly so in the Islamic financial industry where understanding of Shariah and practices could differ from different practitioners and countries.
As it stands, the Islamic finance sector remains a demand-driven market with scarce supply.
This is more pronounced in Asia than other countries due to the extent of its growth in the region, and this should compel the industry to act. If these issues remain unresolved, the growth in Islamic Finance could be short-lived.Nov 22, · The New Straits Times Press (Malaysia) Berhad, a print media company, publishes newspapers in Malaysia.
The company produces educational pullouts for enhancing the English Language proficiency Location: Balai Berita Bangsar 31 Jalan Riong Kuala Lumpur, Malaysia.
Jul 25, · The unit manager didn’t share that sense of urgency so didn’t organize the senior team around fixing the issues—training for that unit wasn’t going to stick. Training and development. EAST ASIA AND PACIFIC. Overview: In , terrorist attacks occurred in Australia, Indonesia, Malaysia, the Philippines, and Thailand.
ISIS-affiliated operatives attempted but failed to conduct additional attacks in Indonesia and the Philippines, and a number of other terrorist attacks were foiled by arresting or deporting individuals who were in various stages of attack planning in these.
Schools, higher education and TVET institutions engage in skills development for work, but just as, or even more, important, are apprenticeships, enterprise-based training, professional development, informal learning in the workplace, and government and nongovernment training programmes.
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