Is there a shortage of Islamic scholars who can interpret Islamic Finance?
Absolutely. I believe at present there are less than fifty fully-qualified Shariah scholars who are well versed in banking in addition to the Law. The problem is that Islamic scholars fall into two camps, ones who are simply Islamic scholars and those who understand banking. Looking at those – let’s say, 50 – you will see them on the board of all the different banks. Some scholars sit on 30 or 40 boards, so they are really stretched thinly. One of the concerns in the industry is that as it continues to grow, will there be enough Islamic scholars to go around? There is a big push right now with organisations such as The Bahrain Institute of Banking (BIBF) in Bahrain, The Islamic Finance Services Board (IFSB) working towards building this next generation of Islamic scholars, because most of them are well into their 50s and 60s or 70s and there is nothing in the age 30-40 category. It is just a matter of time before the shortage constrains industry growth. How difficult is it to integrate
