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A PROPOSED FRAMEWORK FOR HUMAN CAPITAL DEVELOPMENT IN THE ISLAMIC FINANCIAL SERVICES INDUSTRY

Year 2009, Volume: 4 Issue: 1, 9 - 26, 01.06.2009

Abstract

This paper discusses the challenges in measuring the gaps and developing human capital to cater for the booming of Islamic financial services industry. While the need for highly trained manpower in the Islamic financial services industry is well-acknowledged, the root of the problem is primarily due to skills mismatch within the Islamic finance industry. This paper proposes a holistic approach to human capital development as the fundamental solution to the skills mismatch within the financial services industry, Islamic and conventional alike. The significant contribution of this paper lies in the competency model which is universal in nature. Programmes run by institutions such as INCEIF, IIUM, IIU Islamabad, IRTI are complementing each other in producing well-balanced and competent manpower for the Islamic financial services industry. Strong government support, effective regulatory agencies, good corporate governance are among the necessary prerequisites. The marriage between the industry and the academia should take the leadership role. We have at the end of the paper proposed a practical action plan. We conclude with a strong call for immediate action to leverage our richly endowed resources so that the Islamic financial services industry could once again lead the world and not remain as a follower.

References

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  • Al-Attas, Syed Muhammad Naquib and Wan Mohd Nor Wan Daud (2007). The ICLIF Leadership Competency Model (LCM): An Islamic Alternative. International Centre for Leadership in Finance (ICLIF), Kuala Lumpur.
  • Aziz, Zeti Akhtar (2007). “The Global Islamic Financial Services Industry.” A speech delivered at the Launch of Kuwait Finance House Research, Dubai, May 14, 2007. Available online: http://www.bis.org/review/r070515b.pdf. Accessed: July 14, 2007.
  • Bank Negara Malaysia. Annual Report. Various Issues. Bank Negara Malaysia, Kuala Lumpur.
  • Bloom B. S. (1956). Taxonomy of Educational Objectives, Handbook I: The Cognitive Domain. David McKay Co Inc., New York.
  • Ernst and Young. 2007. “The Islamic Funds and Investments Report: Assessing the Potential for Growth and Identifying Critical Success Factors.” World Islamic Funds Conference © 2007. Dubai, UAE.
  • Lucas, R.E. (1988). “On the Mechanics of Economic Growth.” Journal of Monetary Economics. 22(1), pp. 3-42.
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  • WTRG Economics. (2006). “Oil Price History and Analysis.” Available online: http://www.wtrg.com/prices.htm. Accessed: August 10, 2007.

A PROPOSED FRAMEWORK FOR HUMAN CAPITAL DEVELOPMENT IN THE ISLAMIC FINANCIAL SERVICES INDUSTRY

Year 2009, Volume: 4 Issue: 1, 9 - 26, 01.06.2009

Abstract

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References

  • Al-Attas, Syed Muhammad Naquib (1978). Islam and Secularism. Muslim Youth Association, Kuala Lumpur, Malaysia.
  • Al-Attas, Syed Muhammad Naquib and Wan Mohd Nor Wan Daud (2007). The ICLIF Leadership Competency Model (LCM): An Islamic Alternative. International Centre for Leadership in Finance (ICLIF), Kuala Lumpur.
  • Aziz, Zeti Akhtar (2007). “The Global Islamic Financial Services Industry.” A speech delivered at the Launch of Kuwait Finance House Research, Dubai, May 14, 2007. Available online: http://www.bis.org/review/r070515b.pdf. Accessed: July 14, 2007.
  • Bank Negara Malaysia. Annual Report. Various Issues. Bank Negara Malaysia, Kuala Lumpur.
  • Bloom B. S. (1956). Taxonomy of Educational Objectives, Handbook I: The Cognitive Domain. David McKay Co Inc., New York.
  • Ernst and Young. 2007. “The Islamic Funds and Investments Report: Assessing the Potential for Growth and Identifying Critical Success Factors.” World Islamic Funds Conference © 2007. Dubai, UAE.
  • Lucas, R.E. (1988). “On the Mechanics of Economic Growth.” Journal of Monetary Economics. 22(1), pp. 3-42.
  • Manpower Inc. (2007). “Confronting the Talent Crunch: 2007.” A Manpower White Paper. Wisconsin: Milwaukee. Available online: http://www.manpower.com. Accessed: August 10, 2007.
  • OECD. (1998). Human Capital Investment: An International Comparison. OECD Publications, Paris.
  • Romer. P. M. (1986). “Increasing Returns and Long-Run Growth.” Journal of Political Economy. 94(5), pp. 1002-1037.
  • Solow, R.M. (1956). “A Contribution to the Theory of Economic Growth.” Quarterly Journal of Economics. 70(1), pp. 65-94.
  • WTRG Economics. (2006). “Oil Price History and Analysis.” Available online: http://www.wtrg.com/prices.htm. Accessed: August 10, 2007.
There are 12 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Agil Natt This is me

Syed Othman Alhabshı This is me

Mohd-pisal Zaınal This is me

Publication Date June 1, 2009
Published in Issue Year 2009 Volume: 4 Issue: 1

Cite

APA Natt, A., Alhabshı, S. O., & Zaınal, M.-p. (2009). A PROPOSED FRAMEWORK FOR HUMAN CAPITAL DEVELOPMENT IN THE ISLAMIC FINANCIAL SERVICES INDUSTRY. Bilgi Ekonomisi Ve Yönetimi Dergisi, 4(1), 9-26.