 | | "These bankers think the wombs of mothers are going to deliver graduated Shari`ah scholars. I tell them you have to take steps," said Yaquby. | MANAMA — As Islamic banking becomes a global phenomenon with more branches at international financial institutions, qualified Muslim advisors are something of a rarity to keep pace with the booming sector, scholars and experts agreed. "There is lots of growing interest and we have many more sophisticated Shari`ah scholars who are graduating now, (but) it's not growing fast enough to meet demand," Sheikh Nizam Yaquby, who sits on the supervisory boards of Islamic banking departments at several international financial institutions, told Reuters on Tuesday, January 22. "This industry is growing phenomenally." Estimated by some experts to be growing by about 15 percent a year, the Islamic banking sector has been forecast by management consultants McKinsey & Co to reach $1 trillion in assets by 2010. Yaquby, who divides his time among several banks including HSBC, Abu Dhabi Islamic Bank, BNP Paribas, Dow Jones, Lloyds TSB, CitiBank, says there are roughly 50 to 60 scholars in the world qualified to advise banks operating internationally on Islamic law. "Ten times as many are required for the Middle East alone." Scholars are essential for the supervision of the industry to guarantee strict compliance with Shari`ah in banking and financial dealings. Instead of interest, Islamic banks operate on the principle of sharing risk and reward among all parties in a business venture. Investment in sectors such as alcohol, pornography and gambling is prohibited. Tough Job Becoming a scholar skilled enough to advise on deals sometimes worth billions of dollars is not easy. Experts say it is not only enough to be expert in Shari`ah and Islamic banking, but a thorough knowledge of conventional laws and banking systems is also required. Yasser Dahlawi of the Shariyah Review Bureau, a consulting firm that advises companies on Shari`ah compliance, said scholars need at least a doctorate and a decade's experience. "You can learn the technical aspects relatively quickly," notes Mansoor Ahmed, a Shari`ah student. "But it's not as easy as that. It does take 15 or 20 years. It requires a lot of experience…mere knowledge will mislead." Sheikh Yaquby stressed that meeting the growing need is not easy. "These bankers think the wombs of mothers are going to deliver graduated Shari`ah scholars," he said. "I tell them you have to take steps." The London-based Chartered Institute of Management Accountants has proposed setting up both a diploma and perhaps a master's degree in conjunction with a university. David Pace, chief finance officer at Bahrain's Unicorn Investment Bank, says the booming industry cannot wait long. "Two to three years is about enough…The lack of scholars does not mean the industry is paralyzed but it slows down development." | 
