Talent Management And Corporate Governance: The Case Of Islamic Finance
Islamic banking and finance business is regarded as one of the fastest growing segments in global financial services. Islamic finance has become systemically important in many markets and too big to ignore in others i.e. Europe and the Americas. While the recent financial crisis gave Islamic finance an opportunity to prove its resilience, it also highlighted the need to address important challenges facing Islamic finance industry. One such prominent challenge highlighted in this study is the shortage of well-versed advisors/scholars, who specialize in canon law (known as Shariah) and jurisprudence with a background of economics and finance. Furthermore, the analysis suggests that such ambidextrous human capital is short in supply and as a result Islamic finance industry is controlled by a handful of scholars. Such concentration within the system may pose additional risk to the governance of Islamic finance sector which is reported to represent a US$1000 billion industry.Lastly, the study argues for in-house talent grooming through intensive training programmes, encourages shadow learning and long-term investments in human capital which are essential for Islamic finance to remain the highest bidders in the war for ambidextrous talent. Such timely measures may also help Islamic finance industry to deviate from the clutches of handful of dollar-scholars.
Keywords- Ambidextrous human capital, Petrodollar, Dollar scholar, Knowledge-arrogance.