Governments worldwide are already taking steps to address this concern – but more collective effort is needed to make any significant progress – in closing the gap between the rich and the poor. The third challenge is the retreat in globalisation. Increasingly inward-looking political sentiment poses serious threat to trade liberalisation – which has formed the global economy’s growth engine since the 1980s. Two decades ago, trade liberalisation enabled developing countries such as China and India to achieve exceptional growth, and in the process, unshackling millions from deep poverty. The calls for trade protectionism that are rife in the advanced economies today is therefore a major concern. If left unaddressed, the upsurge in protectionism and insular policies may lead to a reverse in globalisation, which would be detrimental to living standards. I have painted a rather bleak picture that depicts the fragile state of today’s world. Various forces at play have led us to where we are now – finance being one of them. While finance has lifted the lives of many, some argue that it has derailed from its intended objectives, leading to many economic, environmental and social problems that we face today. They argue that the global economy is very much driven by global financial capital, with most of it managed by financial entities that are attuned to financial risk and return considerations. Beyond these considerations, the non-financial impacts of an investment or ‘externalities’, such as rain forest destruction; water and air pollution are rarely considered and often simply ignored.

For the industry, attracting quality talent with a passion in creating greater good through Islamic finance helps in building a more sustainable business model. Such top-notch talent is essential in driving and executing innovative business strategies that will realise the full potential of Islamic finance. For the talent themselves – such career opportunities will increase their engagement and commitment – hence driving their productivity to achieve tangible results. With a more demanding future ahead of us, greater talent preparation is also required to effectively provide and implement solutions to real world problems. A much broader set of competencies that go beyond knowledge in the application of Islamic finance principles provides a stronger foundation to achieve this aim. This includes wider skills and knowledge ranging from green financing to conducting holistic assessments of credit linked to value-based intermediation. Knowledge of behavioural finance can also be used to “nudge” customers into making good financial decisions. Only with constant renewal and transformation of Islamic finance professionals that we can remain ahead of the curve. Fourth, which is my final point, is that the march towards globalisation of Islamic finance must continue. A reflection on the past traces us to the origins of Islamic finance, with its roots in supporting international trade and commerce. An overview of modern day Islamic finance however – with the exception of sukuk – appears to be more domestic centric. It is timely for Islamic finance to play a more prominent role in mobilising capital to strengthen global trade and investment linkages.