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Training
The primary objective of the training in Islamic banking
and in Islamic insurance is building the knowledge and the
human resource skills base and enhancing the competency
of personnel serving in this sector with a genuine realisation
of the need to take moraility and professionalism into account
very seriously in all their business dealings .
 

 
  • To support the learning process and competency for employees.
  • To support employers to develop the skills and abilities of their employees and to empower them to reach their potential and in doing so improve the effectiveness of the organisation and the quality of the Shari'ah-compliant services provided.
  • To continually focus on improving the professional skills and abilities of employees in the work place through training and development programmes that emphasise the commitment to Shari'ah-compliant practices in the financial and business dealings
 

The principal aim of the training is to equip those pursuing a career with the knowledge and skills to be able to cope confidently and effectively in a new work environment. Through an understanding of concepts and practical experiences individuals are given the opportunity to apply the knowledge acquired to financial situations they are likely to meet at work dealing with clients seeking Shari'ah-compliant products and services.

The essential aims of the training programmes are to reinforce the knowledge of employees working in the Islamic financial services industry and the Shari'ah-compliant applications and approaches to a wide range of operations and business situations. There is also a focus on the professional aspects of the employees' role, and on research and communication skills, alongside their aspirations and achievements.

 

Islamic banking and finance is already a recognised part of the international financial system. However, the one key contributory factor that is currently affecting the growth of the Islamic financial services industry is the lack of available expertise of people who are well conversant with Islamic and insurance operations and with the principles and objectives of Islamic economics and the Shari'ah requiring them to be wholly committed both materially, and more so morally, to the implementation of the products and services.

Individuals working in the Islamic financial services industry, including the key persons, bring with them their understanding and experience grown out of the conventional banking process, their ‘pursuit', ‘research' and ‘creation' of Islamic product thereafter, are all based on, or are in comparison to, the conventional banking structure. The conventional banking structure is singularly driven by the factor of ‘interest' and other products associated with interest such as unbridled speculation and gambling under the guise of product names such as ‘derivatives' and ‘hedge funds'.

There are two seemingly plus points resulting from this action –

  1. It is easier to market the products, as prospective buyers have a point of comparison with the ‘corresponding' product in the conventional market place (appropriately called ‘benchmarking') and
  2. Minimal time, effort and money are spent in bringing these products to the market.

The principles of Islamic finance derived from the teachings of Islam determine the structures of Shari'ah-compliant products in the market, these structures should have the strength to stand on their own and not in comparison with conventional structures.

Training programmes related to Islamic finance do need to also emphasise the moral dimension while analysing product structures and discussions should avoid drifting to simply explaining how a product is structured in order to make it Shari'ah-compliant. The explanation appears to stop there. Practices also challenge the belief system that is built on the conventional perceptions. However to practice and understand this, would require a paradigm shift in the approach of Islamic financial institutions in investing in training programmes for developing expertise for the manner and new perspectives of human resources connected with the industry.
 
 
 
Employers generally take a very ‘superficial' approach to training and development. By and large, the training function is often seen as a cost not as an investment in people. Although many institutions/organisations categorise the human resources as an ‘asset', but the reason for seeing them as a cost is very likely because all development and training cost for this ‘asset' are charged to ‘expenses'. Developing an ‘asset' must always be seen as an ‘investment' and not an expense.
 
 
 
The Shari'ah aspect of transactions and client dealings is a major challenge for key staff employed in the Islamic financial services industry. A practice-based approach is essential to facilitate their self-empowerment and professional development to advance their careers and to also empower new entrants to deal with clients seeking financial products and services that are Shari'ah-compliant.
 
 
 
IIBI Training workshops allow participants to acquire useful skills and knowledge, increase their visibility, and build a network of relationships beyond their own organisations, as well as to share experiences and practices with others. IIBI works
with Islamic finance professionals from a broad based spectrum of sectors, to provide inter-active programmes to cover a wide range of different training needs. IIBI can also help organisations find solutions for their training needs tailored to suit individual business budgets, taking the hassle out of delivering training solutions and allowing organisations to focus on their core business.

The emphasis on training will be practical and vocational, combining theoretical knowledge with role-playing in an inter-active environment, giving tools and skills that offer participants a strong platform in which to work.
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