KUALA LUMPUR — With the Islamic finance industry worth an estimated $1 trillion and growing rapidly, it is perhaps no surprise that a number of Asia-Pacific nations are among a growing band of countries worldwide to signal their intention to carve out a larger share of the market.
Countries like Malaysia, Indonesia and Singapore, along with Hong Kong, have set their sights on becoming hubs for Islamic finance, where investments are made according to Islamic principles. (Under Shariah, or Islamic law, charging interest and making investments in industries like gambling and alcohol are forbidden.)
While their sectors may be at varying stages of development, they are facing a common predicament: a shortage of professionals skilled in Islamic finance. Continue reading