Challenges and Prospects in Adopting Ideal Methodologies in Teaching Islamic Finance

Abstract

Islamic finance continues to gain increasing interest from both Muslims and non-Muslims alike. Courses in Islamic finance are being taught in many universities. The conventional methodology is largely being adopted in teaching these courses. This has posed great challenges, as such methodology was not originally designed to cater to Islamic finance courses. What is the nature of these challenges and what are the prospects of adopting best methodologies in teaching Islamic finance? The extant literature has largely been silent in answering these pertinent research questions. The present study has adopted library research to examine the extent of the challenges and to propose the best methodologies that could be adopted in teaching Islamic finance. Based on the survey of the literature, the study has identified four gaps in it, which include the dearth of research on Islamic finance pedagogy, and the literature has barely examined the learning theories in Islamic finance. Furthermore, the study has identified five challenges, namely that the teaching methods are detached from sound theoretical grounding and industry practices; the teaching methods and curriculum are not balanced in terms of knowledge content and industrial practices; and there is shortage of talent academics, among others. The analysis of the challenges and gaps culminated in proposing a tri-perspective approach which comprises: teaching methods seeking high industrial exposure and high knowledge content curriculum, student-centered trained faculty, and research to support learning and address teaching method challenges from a holistic perspective. The study concludes with the way forward and suggestions for future research.