Using Education to Support Islamic Finance Growth

According to Maszlee, high-quality education is a prerequisite to ensure continuous growth and development in IF

From its establishment in 1983 until today, Islamic finance (IF) has become a mainstream proponent of the Malaysian financial system, with 16 Islamic banks and 15 takaful operators now present in the market.

IF is known both at home and abroad for its ethical stance and emphasis on good values rather than focusing purely on making profits.

“Given its principles and philosophical underpinning, IF naturally has the potential to take the lead and strive towards an ethical, moral and also sustainable model for finance,” Education Minister Dr Maszlee Malik (picture) said in a recent lecture note at Durham University in Durham, UK.

While much has been done to boost the industry at home, the need for education to play a role in supporting the growth of IF is more urgent now than ever. Islamic moral economy, being the bedrock of IF, should rightfully contribute to socio-economic growth through human-centred and sustainable development.