Islamic Instruments for Sustainable Human Capital Development

Afroza Bulbul Afrin, Mohammad Obaidur Rahman, Kazi Farzana Sumi, Zubair Hossain

Abstract


Over the years, the terms used to describe staff and employees in businesses have altered and been being changed. We have moved from "personnel" to "human resources" (HR) and now to "human capital". The term human capital is recognition that people in organizations and occupations are more significant and essential than physical assets like cars and money. Organizations are investing thousands of dollars behind developing human resources. In spite of having ample attempts, still the world is aching from lack of spiritual and moral leaders/manpower both in business and non-business sectors. However, all of those attempts and theories, being used to develop human capital, are from a conventional view. Though Islam has a great command to convert the human being into human capital, there is no such model developed from an Islamic perspective. To minimize the gap, the researchers have conducted the present study to develop a comprehensive theoretical model for sustainable human capital development. The present study is a theoretical one and relevant secondary data have been used in appropriate places to address the objectives of the study. The researchers hope that the findings of this present study will help the practitioners and the Muslim Ummah as well to develop their manpower according to their needs. And also the model will help them to build such a nation who will be full of spirituality, morality and intellectuality. One of the limitations of this study is that the proposed model is not empirically tested; rather it is a conceptual paper.

Aus. J. Isla. Finan. & Busi. Vol 1(1), October 2015, P 1-12


Keywords


Human capital; Sustainable development; Dimensions of human development; Comprehensive model for SHCD; Islamic Instruments for HCD

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