This report was released in August during the CIBAFI Annual General Meeting, and Al-Baraka Group Annual Conference which took place in Jeddah, Kingdom of Saudi Arabia.
The report exposed a severe shortage of appropriately qualified Sharia Scholars, where some of the incumbents sit on more than 100 Sharia Boards, which naturally limits the time and attention they can dedicate to each of the institutions they serve. The research suggested that the number of scholars currently needed is between double and triple the existing number, depending whether there needs to be three or five members on each Board, and the projected need for the next 5 years is five times the current numbers.
The key role of the Sharia Boards have in the Islamic Financial Industry cannot be understated, and this shortage presents high risks, and poses a critical threat to its growth in the future.
The report concluded with eight recommendations that the regulatory bodies as well as public and private sector institutions need to implement in order to ensure a continued smooth growth of the Industry.
This report was the first joint production between BDO Jordan-IFAS, and CIBAFI after they signed a Memorandum of Understanding in June, 2010.