the challenge is to provide programmes which keep pace with changes in financial innovation and technology. meeting this need requires rigorous, extended programmes such as the post - graduate programmes in islamic finance and financial engineering with emphasis on islamic banking principles. at the same time, relevant organizations can support such programmes by creating funds to sponsor promising students to pursue formal education, ranging from modular courses in islamic finance to full post - graduate programmes. there is also a need to increase programmes and initiatives that provide education and training in shariah. islamic research organizations and financial institutions need to work towards developing a sufficient number of competent shariah scholars who are equipped with sound knowledge and expertise in both islamic jurisprudence and islamic commercial laws to deal with innovative and cutting - edge products. there is also the need for extensive education of the consumer and business community. this would increase the outreach resulting in increased demand for new and innovative products and approaches. malaysia has implemented a 10 - year structured consumer education programme to increase the level of consumer awareness on the unique characteristics of islamic financial products and the product choices offered by islamic financial service providers. increased awareness will drive the demand for a broader range of islamic products and services customized to their requirements at more competitive prices and through more convenient channels. the outreach has also been targeted at small and medium sized businesses. this process will also prompt the financial industry to increase innovation to strengthen their competitive position. this can be reinforced by market research to enhance the understanding of customers ’ distinct financial needs and their risk tolerance and therefore enable the design of islamic financial instruments that offer tangible benefits and value to customers. in addition, with increased disclosure and transparency on the manner in which islamic financial transactions are being conducted and on how islamic financial contracts are being executed as well as on the risk and return profiles of financial products, this will further strengthen the role of competition. in conclusion, the investment in the future needs to be undertaken by all the relevant entities in the islamic financial sector - the industry, the regulators, the market participants, the academia and the international community. as a co - ordinated and concerted effort it will be mutually reinforcing in elevating the performance of islamic finance. while the increasingly more competitive prevailing environment raises the pressures to produce immediate - term results, it is the investment in human capital and in research and development that will secure the long - term sustainability of the industry. it is these investments that will be the defining element of the future development of islamic finance and its long - term success.

from islamic finance. the combined efforts and collaborative alliances will pave the way for mutually reinforcing developments that will contribute to the overall international finance system and global economic prosperity.