I agree that Islamic professionals can benefit from knowledge of the Arabic language. It will aid in the quality of dialogue with a broader base of Shariah scholars. Further, it will also help professionals to review the body of knowledge that exists in the Arabic language – not all work has been translated in English. Lastly, command of the language by practitioners will be an added tool for them to do joint research with Shariah scholars for the development of the Islamic industry.
AFAQ KHAN
I agree that in the current environment this makes some sense. However I would propose that all parties involved in this important arena should have the goal of “globalizing” Islamic finance, and making it accessible to all investors everywhere, Muslim/non-Muslim, Arabic/non-Arabic. KHALID HOWLADER Vice-President and senior analyst, Middle East and Islamic Structured Finance, Moody’s Investors Services
The Quran is written in Arabic, so the Arabic language is its natural habitat. There is no question about that. It makes sense therefore – and should not be part of any negotiation or concession – to use the Arabic words and (legal) notions they imply to keep a good and direct contact with the source. On the other hand, the reality is that most of those in the international conventional financial markets do not understand Arabic, and that even today large parts of the international Islamic finance world use a combination of English with the Arabic words and legal notions. Precisely this combination is one of the propellers for the present enhancement. The more people that understand and have access to Islamic finance, the more it can be used and accepted. The expected boost could maybe result in segregation between the international conventional financial markets and the Islamic finance world, and even within the international Islamic finance world itself. It could turn out to be counter-productive. To make that decision could therefore have consequences that could go far beyond a simple (and maybe temporary) image boost. It should be considered carefully. PAUL WOUTERS Partner, Bener
Arabic is the language of the Holy Quran and fiqh jurisprudence. It is not merely desirable, but essential, that Shariah scholars should have a good reading knowledge of it. Bankers and other financial professionals do not necessarily need the language to work in Islamic finance, but an understanding of Arabic terminology for Shariah compliant financial products is important. Now that Islamic banks from the Gulf have entered the Malaysian market, it can be helpful for good business relations for those involved with them to have some basic knowledge of spoken Arabic, if only to exchange greetings. Islamic bankers and finance professionals working in the Gulf are mostly fluent in English, but it is appreciated if non-Arabs can converse a little in Arabic. English is likely to remain the main language for cross border dealings in Islamic finance, as most Muslims are non-Arabs, as are the majority of Islamic bankers and their clients. Iran’s Islamic bank personnel and their clients are much more numerous than those on the Arab side of the Gulf, and the Muslim population of South Asia is substantially greater than that of all the Arab states combined. There is no need for Islamic bankers outside these countries to learn Farsi or Urdu, but English is needed alongside Arabic. PROFESSOR RODNEY WILSON Director of Postgraduate Studies, Durham University
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