Deuband and Islamic banking
Deuband and Islamic banking: A marriage of charity and markets and its implications for educational reform and poverty alleviation
It is reported that Deuband has started a countrywide
initiative for Islamic banking training in India http://goo.gl/7aNcyM.
Deuband's excellence in organizing charity
Deuband is one of the most important stakeholders of the Indian and Pakistani societies. In the first place it must be acknowledged that the Deuband oriented Madaris are providing educational services to about 6 million poorest of the poor children of Pakistan. India, Bangladesh and Indonesia are some of the other countries where Madaris also play a similarly significant role in their respective societies. In Pakistan, like the other countries cited, Madaris are financed by charities, awqaf and zakat contributed by the public annually (over Rs. 96 billion). Hence Madaris are not a source of burden on the government resources and need all encouragement and appreciation for offering educational services to the poorest of the poor.
Deuband is one of the most important stakeholders of the Indian and Pakistani societies. In the first place it must be acknowledged that the Deuband oriented Madaris are providing educational services to about 6 million poorest of the poor children of Pakistan. India, Bangladesh and Indonesia are some of the other countries where Madaris also play a similarly significant role in their respective societies. In Pakistan, like the other countries cited, Madaris are financed by charities, awqaf and zakat contributed by the public annually (over Rs. 96 billion). Hence Madaris are not a source of burden on the government resources and need all encouragement and appreciation for offering educational services to the poorest of the poor.
Deuband's aversion to markets
However, in the recent past, there has been a serious problem with the curriculum of Madaris in that it is merely historical in content and inspiration and is completely out of touch with the modern needs of the society and markets. Therefore, the Madaris do not prepare their graduates to participate in the development process, to contribute to it and to benefit from it.
Thus reforming the curriculum of the Madaris has been the center of many proposals for enhancing the positive role of Madaris in our societies (for the large intellectual and policy work done all over the world on this subject, see, this Google search result: http://www.google.com/search?hl=en&q=madaris+reform&btnG=Search) However, all the suggestions for curriculum reform are vehemently rejected by the Management of the Madaris on the pretext that these proposals are conscious and systematic attempts in "secularization" and Western indoctrination. It is in this perspective that the initiative of the Deuband to start India wide training on Islamic banking shall be considered as a truly revolutionary reform and a change of the intellectual mind set.
A possible marriage of charity and markets
However, in the recent past, there has been a serious problem with the curriculum of Madaris in that it is merely historical in content and inspiration and is completely out of touch with the modern needs of the society and markets. Therefore, the Madaris do not prepare their graduates to participate in the development process, to contribute to it and to benefit from it.
Thus reforming the curriculum of the Madaris has been the center of many proposals for enhancing the positive role of Madaris in our societies (for the large intellectual and policy work done all over the world on this subject, see, this Google search result: http://www.google.com/search?hl=en&q=madaris+reform&btnG=Search) However, all the suggestions for curriculum reform are vehemently rejected by the Management of the Madaris on the pretext that these proposals are conscious and systematic attempts in "secularization" and Western indoctrination. It is in this perspective that the initiative of the Deuband to start India wide training on Islamic banking shall be considered as a truly revolutionary reform and a change of the intellectual mind set.
A possible marriage of charity and markets
Therefore, we suggest that the federal government of
Pakistan shall encourage similar approaches among the Madaris of our own
country for introducing the following
courses in their curriculum at various stages:
Islamic Accounting and Auditing Standards
Islamic Financial Management
Islamic Banking
Shariah Supervision of Businesses
Strategic Management of Awqaf and Zakat Organizations
Islamic Economics
Islamic Capital Markets and Asset Management
Numerous other related courses.
Introduction of these and related courses will develop
professional competencies of the Madaris graduates in the modern management
sciences. On the other hand, the booming global Shariah-based businesses will
beneficially employ the new breed of the professionals.
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