Increased collaborations between international certification bodies like the Accounting and Auditing Organization for Islamic Financial Institutions, AAIOFI and professional institutions like the Chartered Institute of Bankers of Nigeria, CIBN, can go a long way to address the scarcity of talents in the Non-Interest Finance industry in Nigeria. Dr. Adam Abubakar, Associate Professor of Islamic Finance, and Lead Consultant on Islamic Finance at ANUTI Ethical Consulting Limited, made this point while giving his views on the scarcity of talent in non-interest finance.

He believed mentorship programmes can be designed to build capacity in the industry through seasoned experts.  Speaking further he said regulators like the Nigeria Universities Commission (NUC) and the National Board of Technical Education (NBTE) should introduce non-interest finance diplomas, undergraduate and postgraduate programs, while non-interest financial institutions from their corporate social responsibilities should sponsor some of the certifications and training. 

On the prospects for non-interest finance education in Nigeria, he said the industry is growing at a double-digit rate. “With more investments and support non-interest finance education has bright prospects in Nigeria.”

“There is a need for synergy between institutions, operators, practitioners, and noninterest financial institutions, in order to be able to combine the theory and practical components of non-interest finance,” He noted. 

This can also be achieved through the integration of the curriculum in universities, which can offer students the opportunity to build a career in the non-interest finance industry.   

He highlighted the factors responsible for the scarcity of talent in Islamic Finance:

1. The novelty of the non-interest finance industry. He said the institutions that offer Islamic finance knowledge in Nigeria are still few and it takes time to build human capital. He pointed out that no polytechnic offers O.N.D certificate for Islamic Banking and Finance apart from Bayero University Kano, University of Lagos Business School, and Ahmadu Bello University, Zaria.  
2. Lack of proper awareness 
3. Lack of mentorship by people who are knowledgeable about non-interest finance. 

Speaking on the skills to acquire for successful careers in Islamic Finance, Dr. Abubakar said apart from having a BSC degree, graduates who want to work in Islamic Banking and Finance, must have the basic principles of Islamic finance and modern banking operations. 

He cited the international institute of Islamic Banking of Bayero University, Institute of Islamic Finance Professionals, Nungu Business School, and other international training like INCEIF, Chartered Institute of Securities and Investment (CISI), UK as institutions offering professional training in Islamic finance. 

On the lingering Academic Staff Union of Universities (ASUU) strike that is now in its seventh month, he called on ASUU to review its approach and explore ways to resolve the crisis and bring the government to a place of accountability.

He decried the fact that public schools in Nigeria from the primary, and secondary to the tertiary levels have been on a steady decline in the country. 

The Non-Interest Financial Consultant urged students to use the period of the strike, to acquire new skills and develop their entrepreneurial capacity.

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