Never Late at Any Age

A greater part of my experience in conventional banking is in credit and marketing. Therefore, if I am asked of the main thing I learned it is the fact that the whole thing was faulty in the sense that everything was only bank-focused. Customers’ well-being is omitted. Only top businesses tend to survive long term because they enjoy concessions not available to the ordinary customers. The rich get richer. The summary of it reveal the harmful effects of interest.

Each step of my learning Islamic finance presented solution to a problem I earlier only mentally considered. I was part of a scheme for agricultural development through bank credit. After many years, agricultural outputs did not show the desired increase and many farmers were even worse off. What went wrong? The desired goals obviously escaped conventional banking solutions. I came to realise that Islamic finance with financing modes for even the poorest is the solution to such programs.

I see the main difference between the less developed markets and Western banking markets as simply education. In the Western market, the banks deal with an enlightened customer base unlike in the less developed markets where the majority are at best half-literates. Secondly, the options at the disposal of the customers are more in the Western market unlike in less developed markets where they are few and to the customers, it is "take it or leave it".

To pursue a career in Islamic banking and finance one does not need a separate university degree. After the first basic education, all one needs is to develop the interest then pursue courses offered by Ethica Institute. Apart from being up-to-date in AAOIFI compliance, the courses cover both the theory and the practical aspects. I found out that the latter is completely absent in university degrees.

Although I am 58 I am still pursuing learning Islamic finance. There are so many things one can do in the field at any age. Apart from job assignments, there are numerous niche areas to be filled as in areas of consultancy and research. I also found out that the more I learned the more I understand businesses around me. For example, I have an uncle in the transport business. His arrangement was for a fixed amount to unfailingly be delivered to him by every client on a weekly basis while he retains total ownership of the vehicles. I was able to correct this arrangement to be more in line with Islamic contracts and the parties were happier.

With knowledge of Islamic finance, you see businesses differently and the feeling alone is amazing which keeps inspiring me to learn more.

For youngsters joining the industry my advice is to start early once you have the entry academic requirement. Then I strongly recommend pursuing courses. Simply, become an ‘Ethica baby’ and obtain their three certificates.

Definitely my perspectives could have been much better if I had seen things through an Islamic finance lens earlier in my career. Imagine how far one could go spending 27 years vigorously learning and practicing Islamic finance. But it is never late at any age.

by Jamo Haruna

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