The Rise and Fall of Islamic Finance Education

This paper explores the evolution and challenges of Islamic finance education, arguing that the discipline has drifted away from its intellectual purpose. Initially developed to meet the needs of a growing Islamic finance sector, the field became divided between those emphasizing idealized religious principles and those pursuing practical industry relevance. This tension led to declining academic depth, reduced student interest, and a reliance on short-term training focused narrowly on jurisprudence. By tracing the historical development of Islamic economics and finance thought, the paper shows how early ideals failed to adapt to modern financial realities. It concludes by calling for a reorientation toward an interdisciplinary, conceptually grounded, theoretically and empirically informed framework that balances the "what is" with the "what ought to be," ensuring Islamic finance develops as a distinct and self-sustaining academic discipline.