Islamic finance in critical need of talent

Posted by on Jul 5th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

The lack of experienced staff and the recent explosive demand for Shariah-compliant products makes it especially hard for the Islamic finance industry to find new employees. The global phenomenon is that an estimated one million professionals are required to fill various positions in the Islamic finance institutions worldwide by 2020. Managers face the challenge of staff being poached on a regular basis. Companies should consider a much more open approach to talent management by facilitating long-term career development by facilitating internal mobility and moves between suppliers, customers and even the competitors. Moreover, the current shortage of trained and qualified manpower in the Islamic finance sector has led to an eventual spiralling of wages, which in the long term does not benefit the industry. Getting the right people in the right roles is central, so pinching has become common place to meet those ends.

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