London: A nationwide search has been launched in the United Kingdom by Dome Advisory, an international Shariah Advisory Firm of the country, for recruiting talented students in the universities of UK. The students are supposed to come up with a business plan or research idea that will aid the development of Islamic finance.
Dome Advisory is in search of best talent in the shape of those students, regardless of their religion, who may be interested in Islamic finance system and can bring positive initiatives to the system for its progress not only in the UK but across the globe as well.
A well-known Shariah scholar and Non-Executive Director at London-based Dome Advisory, Sheikh Bilal Khan, elaborated, “I want the best brains. We need new blood in the industry and they don’t have to be Muslims”.
“I’m doing the Apprentice basically,” he added.
The Apprentice is a reality television show in the UK and the United States and it is highly popular in both countries. Aspiring young people, in the reality show, compete to win a well-paid apprenticeship with successful business giants like Alan Sugar in the UK version and Donald Trump in the USA.
Islamic finance industry is rapidly growing across the nations and has become the industry of $1 trillion globally by now. According to the safe estimation by Deutsche Bank, Islamic finance industry is likely to nearly double by 2016. The industry has produced several opportunities for the students of Shariah to not to confine their skills just within a mosque but take it into the boardrooms.
However, some experts of Islamic finance said that exploration of young and fresh talent in the industry is one of its biggest stumbling blocks, with no standard career paths and a shortage of financially literate scholars which are acting as gatekeepers to the industry.
Other skills are also necessary with the knowledge of Shariah law in the Islamic finance industry including business acumen, technology and language skills which also play a vital role.
Product development activity is returning to levels seen before the global financial crisis, ranging from complex structured products to new sectors such as the environment.
Bilal Khan said, “The criteria for me is simple: it has to be cutting edge stuff, it has to be environmentally sustainable and socially responsible.”
He highlighted that the applicants neither need to have any specialist background in Islamic finance nor any religious alignments. Their ideas can span any sector from healthcare to the environment as long as it promotes Shariah-compliant activities, he added.
The applicants should remember that Islamic finance complies with religious principles which include a ban on interest and activities such as speculation and gambling.
Dome Advisory will offer a salaried position to the winner of the contest and allow him/her to give a practical shape to his/her idea apart from gaining valuable experience of Islamic finance in the advisory firm.
“Talent doesn’t have a religion, talent doesn’t have a race or a background, talent could be anywhere,” Bilal Khan concluded.