EXPLORING MULTI-DOMAINS OF ISLAMIC FINANCE EDUCATION CURRICULUM

Abstract

With exponential growth in the Islamic financial services industry
(IFSI), issues on the quality of Islamic finance curriculum and
professional development, relevant to the sustainability of the IFSI
have been raised in both academia and industry. In particular, the
definitions of Islamic finance and program nomenclature of Islamic
finance programmes need clarification and systemization to facilitate
the development of meaningful and coherent Islamic finance
education initiatives. The fundamentals of Islamic education and its
relevance to Islamic finance, are highlighted in this concept paper to
emphasize the importance of the nature of man as an ethical being,
infused with right and proper knowledge in Islamic finance
education. Derived principles involving finance behaviour with
reference to ‘efficiency’ or ‘opportunistic gains’ are re-examined in
the light of Shari’ah based on the sources of belief, values and
practice of the Religion of Islam. This is to facilitate clarity in the
definition of Islamic finance and the purpose of Islamic finance
education. Furthermore, the Malaysian Qualifications Agency
(MQA) Muamalat Islamic Finance (MIF) Standard was analysed to
explore the domains for an inclusive Islamic finance curriculum
domain framework to facilitate the development of ‘fit and proper’
Islamic finance educators and professionals. Shari’ah prescribed
guiding principles and rulings are then discussed within the legal
and economic perspectives of banking, capital markets and
takaful/insurance. This paper reaffirms the essence of Islamic finance
education, given proper adab and akhlaq, in realizing the goals of
the maqasid al-Shari’ah in Islamic finance.