Apparently, Malaysia has received numerous recognitions in recent years from the global banking and finance fraternity in its effort in developing a viable Islamic banking and finance industry. The country’s Islamic banking and financial industry has always been regarded as a global model for a modern and dynamic industry. Notably, among the achievements that the country has achieved for the last three decades are in term of the growth in Islamic banks and financial institutions assets, the increase in market shares of products and services to the total banking and financial system, formulation of legal frameworks and various standards, development of infrastructure and institutional capacity, education and training facilities, and many others.
On the international Islamic banking and financial front, Malaysia also dominates the global market for sukuk, and in fact, the country was the first in the world that issued first sovereign sukuk in 2002. Currently, Malaysia’s sukuk issuance accounted for almost three-quarters of total global sukuk issuance. Malaysia is also home to the Islamic Financial Services Board (IFSB), an international standard-setting body. In addition, Malaysia is a renown destination for the international community in learning and gaining the knowledge and expertise on Islamic banking and finance. This success story reflects the relentless and concerted efforts of the government and monetary and financial authorities in Malaysia, in particular Bank Negara Malaysia and the Securities Commission. This success list by no mean exhaustive and will continue to grow in line with the expanding global and domestic banking and financial environment.
Notwithstanding, one of the many contributions from the growing success of Islamic banking and financial industry in Malaysia that warrants to be highlighted is the recognition given to the graduates of Islamic-based tertiary qualifications. Before the establishment of the first Islamic Bank in Malaysia for some thirty years ago, graduates with Islamic-based qualifications, such as studies in Islamic Jurisprudence or Shariah, fiqh, fiqh Muamalat or other branches of studies that are related to Islam, may find difficulties in finding a job in the mainstream economy. Their contribution was restricted towards fundamental religious matters, and their job opportunities were very limited. There were perceptions that these graduates only qualify to contribute by being “Ustaz” (religious teacher), and work in religious school or teach Islamic subject in national schools. Some may work in religious departments or become “Iman” in the mosque. Undoubtedly, these are noble professions; and they earned decent salary for sustainable living. Due to this, if one chooses to study about religion, one may be considered as having no prospect, if we talk in term of professionalism, and monetary rewards coming with it. In this regard, it was obvious that thirty years ago, we hardly find a person with Shariah, or Fiqh background working in a bank.
This perception has been transformed in recent years amidst the rapid growth of Islamic banking and finance industry in Malaysia and also globally. The growth of the industry has created an increasing demand for graduates with Islamic-based qualification to work in the mainstream industry of the economy. Shariah-qualified persons are highly needed because Islamic banks and financial institutions must adhere strictly to comply with Shariah rulings, which are guided by the establishment of various Shariah compliance frameworks to guide the institutions’ activities. The Employment Outlook and Salary Guide 2012/2013 published by Kelly Services had reported that the current salary of Shariah professional in Islamic banking and financial institution is very competitive and on par with other professionals. Based on the report, the Head of Shariah in banking & financial industry is currently earn a minimum salary of RM8,000 and of maximum RM20,000 per month. At this salary scale, the Shariah professional’s salary is on par with other professionals, for example in the area of Information and Communication Technology (ICT), Accounting & finance, Administration, Marketing, Investment and other professionals in other industries with the same number of years in experience (5 – 10 years) and qualification levels (Degree or Masters). Compared within the banking and financial industry itself, the salary scale is on the higher bracket of middle management level. The report asserted that as Malaysia has become a key Islamic banking and financial hub of Asia, the need for specialised talent in this sector has intensified, with strong emphasis is placed on the four core sectors in Islamic finance, i.e., Islamic banking, Takaful, Islamic capital market and Islamic money market.
Indeed, the Islamic banking and financial industry in Malaysia has not only grown in term of size and infrastructure, by also enable the industry to recognise the value of Islamic-based qualifications, and elevate the status of Islamic-based qualifications in the mainstream economy. Based on the employment and salary trend, it seems that Shariah professional may one day become a profession of choice that will attract many young and talented Muslim generations, similar to what the previous Muslims generations used to aspire, in becoming doctors, engineers, accountants, or lawyers. Indeed, this aspiration is very much needed, in order to support further expansion of Islamic banking and financial industry in Malaysia.