Abstract
Sharī‘ah governance is a unique element of the Islamic financial system in which Ulama (Islamic scholars) play a fundamental role. Deeni Madaris (religious seminaries) are the major channels for the education of the Ulama. This study analyzed and compared the syllabi of Deeni Madaris (religious seminaries) taught in Dars-e-Nizami (full-time) and Takhasus fil Fiqh /Takhasus fil Ifta (specialization in Islamic jurisprudence and Fatwa granting process) as offered by different schools of Islamic thought regarding Islamic finance education. A survey was conducted among the academics of these religious institutions regarding the structure of the syllabus followed in their respective institutions. The questionnaire focused on exploring the respondents’ opinions about the status of the curriculum concerning Islamic finance and their efforts for the inclusion of contemporary studies in it, specifically those regarding Islamic finance and jurisprudence issues.
Highlights
The Islamic finance industry is growing at a modest rate in Pakistan (Shahzad, 2015)
The primary aim is to gauge the curriculum of religious education institutes in the context of the provision of specific and comprehensive study content to students who will later serve as Sharī‘ah governance specialists in Islamic financial institutions
Like other disciplines of education, it is imperative to revise the curriculum of Deeni Madaris at the level of Masters or Takhusus
Summary
The Islamic finance industry is growing at a modest rate in Pakistan (Shahzad, 2015). State Bank of Pakistan (SBP) ensures the Sharī‘ah legitimacy of Islamic banking and finance through the Central Sharī‘ah Advisory Board (Shahzad, 2016). The curriculum of Deeni Madaris or Islamic religious seminaries was not found to emphasize the contemporary theory and practice of Islamic finance, even though they offered the study of Kitab-ul-Buyu’ as one of the core subjects. Madaris as religious and educational institutions have the potential of effectively fulfilling the demand of producing Sharī‘ah experts. They are required to review their curriculum by identifying the gaps with reference to the current Islamic financial practices
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