In part one of this write-up, we emphasized the importance of honesty, integrity, equity, and justice as the foundation of the etiquette of the Islamic finance professional, and as taught by Allah the exalted be He and His sacred prophet (SAW).
We now bring the other etiquettes that are built upon the foundation. They are as follows:
Educational Foundation: Islamic finance professionals must work hard to obtain relevant educational background by pursuing a degree in finance, economics, business, or a related field. Many universities offer specialized programs in Islamic finance or Islamic banking.
Financial expertise: Developing the skill by the Islamic finance professional is also equally imperative. Islamic finance professionals also acquire a solid foundation in conventional finance concepts as well as specialized knowledge in Islamic finance principles, product structures, and regulations.
Analytical skills: They must also develop the ability to analyze financial products, assess risks, and make informed investment decisions in compliance with Islamic principles.
Communication skills: Effective communication is crucial for explaining complex financial concepts to clients and colleagues, especially when dealing with Sharia compliance matters.
Internships: They seek internships or entry-level positions at Islamic banks, financial institutions, consulting firms, or regulatory bodies. This offers practical experience to the professional. This hands-on experience will provide insights into the industry and help you build a professional network.
Certifications and Professional Qualifications: Islamic finance obtain relevant certifications by pursuing certifications specific to Islamic finance, such as the Certified Islamic Finance Executive (CIFE), Certified Sharia Adviser and Auditor (CSAA), or Chartered Islamic Finance Professional (CIFP). These certifications enhance your credibility and marketability.
Attend industry events: They participate in workshops, seminars, conferences, and networking events related to Islamic finance. This enhances their connection with other professionals and stay updated on industry trends.
Online communities: they participate in online forums, social media groups, and professional networks focused on Islamic finance. They also engage in discussions and share insights to expand your network.
Stay updated: Islamic finance is an evolving field. They keep up-to-date with the latest developments, regulations, and trends through continuous learning, reading industry publications, and attending training sessions.
Specialization: As successful Islamic finance professionals gain experience, they consider specializing in a specific area of Islamic finance, such as risk management, product development, Sharia advisory, or regulatory compliance.
Consider international opportunities: Islamic finance operates in various countries around the world. They try to explore opportunities in different jurisdictions to gain a broader perspective on the industry.
Pursue advanced degrees: pursuing a master’s or doctoral degree in Islamic finance, economics, or a related field to deepen one’s expertise and open up higher-level career opportunities is very commendable.
Successful Islamic finance professionals arm themselves with good morals (akhlaaq) as taught by our beloved prophet (SAW), as well as dedication, continuous learning, and a commitment to ethical principles. By following these steps and actively engaging with the industry, they are enabled to establish a rewarding and impactful career in this specialized field. Gandhi Mahatma once said, “There will be enough for our needs but there will never be enough for our greed”. Ryan Freitas also said, “Your reputation is more important than your paycheck and your integrity is worth more than your career”. There is no power and strength except with Allah. May He accept this from us and make it beneficial in this world and the hereafter. Ameen. And Allah knows best!
YAHAYA ILIASU MUSTAPHA
The writer is an Islamic Banking and Finance patron and advocate in Ghana.
Email: yahaya0246873726@gmail.com
Facebook account: facebook.om/Yahaya.iliasu.94
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