Abstract

Shortage of human capital has been identified in the Islamic financial industry. It is believed that the infusion of critical thinking would boost the students’ level of professional field-related knowledge and provide them with the necessary confidence, the key to professional performance measurement. This study incorporates critical thinking into the curriculum of BWSR2013 “Risk Management and Takaful Planning”. The class syllabus was divided into two sections, with each preliminary section followed by a quiz and pilot data collection, and final data collection. A SemPLS was run on SmartPLS. The results showed that lack of critical thinking in Islamic finance curricula might eventually result in a shortage of skilled professionals in the Islamic financial industry. The findings showed a great correlation between knowledge acquisition, competency and critical thinking. The students’ own perceptions also indicated that the infusion of critical thinking contributed to their increased confidence (self-assurance) in the subject matter learned in this course. The results of the analysis showed that investment in teaching Islamic Finance on part with critical thinking was of utmost importance for the success of the finance industry. Competent professionals are much needed in this field and will continue to remain an unfulfilled ideal if the current system of learning and teaching Islamic Finance continues as it is. The level of confidence and self-assurance of the students can only increase if students learn how to think critically and are capable of providing solutions to real-life problems. The findings showed that the regular graduates lacked expertise also lacked confidence in their own skills. However, no significant relationship between expectation and self-assurance could be ascertained. It is recommended that this study is replicated on a large scale to vindicate the wider positive implications of critical thinking in Islamic finance training curricula.  

Keywords: knowledge, perceptions, critical thinking, the Islamic finance industry, students, capabilities, curriculum.

JEL Classification: A22, А23.

Cite as: Olorogun, L., Yunusa, N., Audu, H. G., & Mohammed, A. A. (2018). Management of educational innovations: effects of infusing “critical thinking” into Islamic finance curricula. Marketing and Management of Innovations, 2, 69-78. https://doi.org/10.21272/mmi.2018.2-06

This work is licensed under a Creative Commons Attribution 4.0 International License

References

1. African Times (2018). IMF adopts CPIFR assessment standard for Islamic banking. May 25, retrieved June 9, 2018, https://africatimes.com/2018/05/25/imf-adopts-cpifr-assessment-standard-for-islamic-banking/
2. Aizikovitsh, E., & Amita, M. (2010). Evaluating an infusion approach to the teaching of critical thinking skills through mathematics. Procedia Social and Behavioral Sciences 2 (2010) 3818–3822/
3. Aizikovitsh-Udi, E., & Cheng, D. (2015). Developing Critical Thinking Skills from Dispositions to Abilities: Mathematics Education from Early Childhood to High School. Creative Education, 6, 455-462. http://dx.doi.org/10.4236/ce.2015.64045
4. Anthony, R. (2009). What about Thinking? The Inquisitive Mind and Philosophical Talent. 大阪大学大学教育実践センター紀要. 6, Pp.33-41. http://hdl.handle.net/11094/7633
5. Annuar, N. (2015a). Human Capital: What does the industry really need? Vol. 1(1), May. Pp. 1-2. Retrieved 15 November 2015, www.ifneducation.com
6. Annuar. N. (2015b). Human capital: A mounting demand in the industry. Vol.1(3), September. Pp. 1-3. Retrieved 15 November 2015, www.ifneducation.com
7. Annuar, N. (2015c). A recruiter’s perspective: An insight into the requirements of the Malaysian Islamic finance job market. Islamic Finance News, Vol. 1(3), September. Pp. 4-5. www.ifneducation.com
8. Annuar, N. (2015d). Rising demand for Islamic finance credentials signals the start of an improvement. Islamic Finance News, Vol. 1(5), November. Retrieved 15 November 2015, www.ifneducation.com/issue/volume-1-issue-5
9. Annuar, A. (2015e). The dearth in Islamic finance. Vol. 1(1), May, p.3. Retrieved 15 November 2015, www.ifneducation.com  
10. Belcher, A. R., Hall, B. M., Kelley, K. & Pressey, K. L. (2015). An Analysis of Faculty Promotion of Critical Thinking and Peer Interaction within Threaded Discussions. Online Learning, Vol.19(4), pp. 27-44.
11. deNoyelles, A., Reyes-Foster, B. (2015). Using Word Clouds in Online Discussions to Support Critical Thinking and Engagement. Online Learning, Vol.19(4), pp.13-24.
12. Dominguez, C., Nascimento, M. M., Payan-Carreira, R., Cruz, G., Silva, H., Lopes, J., Morais, M. da F. A. & Morais, E. (2015). Adding value to the learning process through online peer review activities: towards the elaboration of a methodology to promote critical thinking in future engineers. European Journal of Engineering Education, Vol. 40(5), pp.573-591
13. Emir, S. (2013). Consultancy and Research Center www.edam.com.tr/estp Contributions of Teachers’ Thinking Styles to Critical Thinking Dispositions (Istanbul-Fatih Sample). Educational Sciences: Theory & Practice, 13(1), pp. 337-347.
14. Facione, P. A. (2011). Critical Thinking: What It is and Why it Counts. Insight Assessment: Millbrae, CA: Measured Reasons and The California Academic Press. Retrieved 16 March 2016.
15. Fani, T. (2011). Overcoming Barriers to Teaching Critical Thinking. 1st international conference on the Future of Education, Florence, Italy, June 16–17.
16. Fuad, N.M., Zubaidah, S., Mahanal, S., & Suarsini, E. (2017). Improving Junior High Schools’ Critical Thinking Skills Based on Test Three Different Models of Learning. International Journal of Instruction, 10(1), pp. 101-116.
17. Garrison, D. R., Anderson, T & Archer, W. (2001). Critical thinking, cognitive presence, and computer conferencing in distance education. American Journal of Distance Education, Vol. 15(1), pp.7-23, DOI: 10.1080/08923640109527071
18. Green, P. (2014). Measuring Service Quality in Higher Education: \A South African Case Study. Journal of International Education Research, Vol. 10(2), pp. 131-142.
19. Hanaysha, J. R. M., Abdullah, H. H. & Warokka, A. (2011). Service Quality and Students’ Satisfaction at Higher Learning Institutions: The Competing Dimensions of Malaysian Universities’ Competitiveness. Journal of Southeast Asian Research  Vol. 2011 (2011). DOI: 10.5171/2011.855931. http://www.ibimapublishing.com/journals/JSAR/jsar.html    
20. Hashemi,  M.  R., & Ghanizadeh, A. (2012). Critical discourse analysis and critical thinking: an experimental study in an EFL context. System, 40(1), 37-47.
21. Islamic Finance News (2018). IMF to develop alternative assessment criteria for Islamic banking. May 28, retrieved May 28, 2018, www.IslamicFinancenews.com
22. Kloppers, M. & Grosser, M. (2014). The Critical Thinking Dispositions of Prospective Mathematics Teachers at a South African University: New Directions for Teacher Training. Int. J Edu Sci., 7(3): 413-427.
23. Kontic, L. (2014). Measuring Service Quality in Higher Education:  The Case of Serbia. International Conference on Human Capital without Boarders: Management, Knowledge and Learning for Quality of Life. 25-27, Portoroz, Slovenia International Conference. Retrieved 16 March 20, 2016, www.toknowpress.net/ISBN/978-961-6914-09-3/…/ML14-610.pdf      
24. Ku, K. Y. L. (2009). Assessing students’ critical thinking performance:  Urging for measurements using a multi-response format. Thinking Skills and Creativity, 4, 70-76.
25. Lai, E. R. (2011). Critical Thinking: A Literature Review. A Pearson Research Report, Retrieved, 16 March 2016.
26. Lin, Y. (2014). Infusion of Critical Thinking into L2 Classes: A Case Study in a Chinese High School. Thesis Submitted for the Degree of Doctor of Philosophy, Integrated PhD in Education and Applied Linguistics, Newcastle University. Retrieved 16 March 2016, https://theses.ncl.ac.uk/dspace/bitstream/10443/2377/1/Lin,%20Y.%2014.pdf
27. Lipman, M. (2003). Thinking in Education (2nd Eds.). Cambridge: Cambridge University Press
28. Mimbs, C. A. (2005). Teaching from the critical thinking, problem-based curricular approach: strategies, challenges, and recommendations. Journal of Family and Consumer Sciences Education, 23(2), 7-18.
29. Maurer, B. (2010). Form versus substance: AAOIFI projects and Islamic fundamentals in the case of Sukuk. Journal of Islamic Accounting and Business Research, 1(1), 32-41.
30. Monecke, A. & Leisch, F. (2012). semPLS: Structural Equation Modeling Using Partial Least Squares. Journal of Statistical Software, Vol. 48(3), pp.1-32, http://www.jstatsoft.org/
31. Monroy-Licht, A., Collante-Padilla, A., & González-Hernandez, R. (2016). An Environmental Management Project: Situated Learning to Enhance Critical Thinking Skills in College Students. Transformative Dialogues: Teaching & Learning Journal, Vol. 8(3), pp.1-13.
32. Nagappan, R. (2001). The Teaching of High-Order Thinking Skills in Malaysia. Journal of Southeast Asian Education, Vol. 2(1), pp.1-21.
33. Nussbaum,M.C.(2011).Creating Capabilities. London: The Belknap Press of Harvard University Press.
34. Pereda, M., Airey, D., & Bennett, M. (2007). Service quality in overseas education: The experience of overseas students. Journal of Hospitality, Leisure, Sport and Tourism Education, 6(2), 55-67.
35. Sanz Pounce, R., Paris Cancio, J.S., & Sanchez Gordella, J.E (2018). The Capabilities Approach and Values of Sustainability: Towards and Inclusive Pedagogy. Journal of Innovation & Knowledge, (3), pp. 76-81.
36. Rasli, A., Shekarchizadeh, A., & Iqbal, M. J. (2012). Perception of Service Quality in Higher Education: Perspective of Iranian Students in Malaysian Universities. International Journal of Academic Research in Management, Vol. 1(1), pp. 10-25
37. Saarmann, L., Freitas, L., Rapps, J., & Reigel, B. (1992). The relationship of education to critical thinking ability and values among nurses: Socialization into professional nursing. Journal of Professional Nursing, Vol. 8(1), pp. 26–34. DOI: http://dx.doi.org/10.1016/8755-7223(92)90114-E
38. Shep, S. J., Sheehan, M., & McKinley, D. (2013). Exploring Digital Technologies and Historical Thinking in undergraduate learning and teaching at VUW. Wellington: Victoria University Report. Retrieved 16 March 2016, www.victoria.ac.nz/…thinking/Report-
39. Stassen, M. L. A., Herrington, A., & Henderson, L. (2011). Defining Critical Thinking in Higher Education: Determining Assessment Fit. Improve the Academy, Judith Miller, editor. Vol. 30, pp.126-141.
40. Thompson, C. (2011). Critical Thinking across the Curriculum:  Process over Output. International Journal of Humanities and Social Science, Vol. 1(9), pp. 1-7.
41. Yang, S. C. & Chung, T. (2009). Experimental study of teaching critical thinking in civic education in Taiwanese junior high school. British Journal of Educational Psychology, 79, 29–55.
42. Yousapronpaiboon, K. (2014). SERVQUAL: Measuring higher education service quality in Thailand. Procedia – Social and Behavioral Sciences 116(2014), pp. 1088-1095