{"id":5674,"date":"2023-07-04T12:35:28","date_gmt":"2023-07-04T12:35:28","guid":{"rendered":"https:\/\/ethis.co\/blog\/?p=5674"},"modified":"2023-07-07T06:35:59","modified_gmt":"2023-07-07T06:35:59","slug":"digital-competency-framework-islamic-banking","status":"publish","type":"post","link":"https:\/\/ethis.co\/blog\/digital-competency-framework-islamic-banking\/","title":{"rendered":"A New Digital Competency Framework for Islamic Banking and Finance"},"content":{"rendered":"\n

By Fazna Fazmi<\/em><\/strong><\/p>\n\n\n\n

From youngsters to experienced professionals, people of all ages are being taught to think of themselves as “competent,” and this idea is permeating our culture. Modern human resources departments at companies and cutting-edge colleges are experimenting with competency-based education and are good examples of this kind of learning environment.<\/p>\n\n\n\n

The Holy Quran narrates the story of Prophet Musa as to how he was hired by Shuaib based on his competency level. The story begins with Musa, who after escaping Egypt, enters the town of Madyan and helps two women struggling to water their sheep. <\/p>\n\n\n\n

Their father invites Musa to reward him, and at that instance, one of the daughters says: “O my father, hire him. Indeed, the best one you can hire is the strong and the trustworthy.”[Surah Al-Qasas 26]. The above Quranic verse indicates that even Islam encourages choosing competent people to do the right job the right way. <\/p>\n\n\n\n

\"Digital<\/figure>\n\n\n\n

Islamic Banks and Financial Institutions need to follow these steps too. Finding and training employees is vital with ever-growing technology and new trends emerging. Even though Shariah’s rulings do not change, the world is changing. The way the world does banking is different from the yesteryear generation. Cryptocurrency, cloud financing, and blockchain technology are taking the lead in the industry, and Islamic Banks should evolve accordingly by adapting to the precise Sharia’h interpretation. <\/p>\n\n\n\n

It is essential to develop competency with a design thinking mindset. It is a process for solving problems by prioritising the consumer’s needs above all else. It must rely on observing, with empathy, how people interact with their environments and employs an iterative, hands-on approach to creating innovative solutions. <\/p>\n\n\n\n

In order to provide innovative solutions for sprouting consumer needs using design thinking, Islamic Banking and Finance institutions should develop a competency framework.<\/p>\n\n\n\n

\"A<\/figure>\n\n\n\n

In such a framework, three attributes can be discussed:<\/p>\n\n\n\n

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Table of Contents<\/p>\n