Islamic finance professional programme structure: development and prospects

Purpose - This paper aims to describe the development and prospects of an Islamic finance professional programme structure (IFPPS). Design/methodology/approach - This paper is conceptual in nature. It begins with a review of issues leading to the development of IFPPS by the Finance Accreditation Agency (FAA). The process of developing the IFPPS is then delineated, followed by discussions on its intended benefits, the challenges encountered, as well as ways the issues and challenges can be addressed. Findings - The benefits of IFPPS to different stakeholders are highlighted, with consideration given to its strategic roles in addressing the issues and challenges put forth. Research limitations/implications - Because this paper focuses on the conceptual development of IFPPS, its actual application will further reinforce its value. The outcomes will be presented in the form of case studies in a subsequent publication to contribute to theory and practice. Practical implications - Having a knowledgeable and skilled workforce through continuous learning and development is key to sustaining the growth of the Islamic financial services industry (IFSI). One possible way is through the adoption of a unified structure, such as the IFPPS which links quality learning to competencies of IFSI practitioners. In addition, the IFPPS possess characteristics which could potentially serve to facilitate the development of sectorial-based national qualifications framework for Islamic finance, making harmonisation in terms of the design, development, delivery and assessment of different learning programmes and qualifications possible. Originality/value - A uniformed structure that guides learning and development of practitioner-based Islamic finance programmes is long overdue. With the rapid growth of the IFSI, coupled with the concomitant need for a competent workforce to meet business requirements, the time has come for the development of the IFPPS for the IFSI. The development of IFPPS represents the first of its kind for the IFSI. Once the professional qualifications standards are fully developed and implemented, it is expected to bring enormous benefits to different stakeholders involved in Islamic finance learning and practice.