Muslim business leaders from around the world meet in Kuala Lumpur as Ethica Institute of Islamic Finance from Dubai describes its online revenue model for academic institutions.Has the $8 trillion Halal economy understood the concept of scalability? Something that has been so central to the phenomenal success of Silicon Valley continues to elude the Halal industry. Scalability refers to the ability to grow revenue with little to no increase in costs. Amazon is scalable; a bookstore is not. E-learning is scalable; classrooms are not.
So too, a single online training program can teach a thousand professionals as effectively as a single individual. Of course, face to face training will always have its place. To move, inspire and answer questions in real time the physical classroom is unmatched. But nothing comes close to e-learning for rapidly training professionals in a booming sector like the Halal industry.
This is why, according to experts, the Halal economy needs to more effectively leverage the innate scalability of the internet. Hundreds of the world’s leading Halal industry experts have descended on Kuala Lumpur this week to discuss this year’s World Halal Summit theme: “Energizing the Halal Ecosystem.” Ethica Institute of Islamic Finance from Dubai was invited to the panel “Online Training as a Revenue Model for Academic Institutions” to share insights and demonstrate how academic institutions can build human capital in preparation for a burgeoning Halal economy.
At the World Halal Summit on Thursday, Ethica Institute of Islamic Finance will share insights from its journey on how it trained and certified professionals in 64 countries from over 160 institutions, and how it manages to reduce per employee training cost by up to $3,000 per employee per year for corporates, and saves clients over 20,000 man hours in training and development.
World Halal Summit’s Conference Director, Abdalhamid Evans, said, “We invited Ethica because their success in this field makes an excellent case study for academic institutions as well as private sector trainers wanting to offer online courses in the Halal sector. There are clear opportunities to offer training courses for the Halal product and services sector, and online training opens up a new and expanding horizon.”
Ethica’s spokesperson said, “The convenience, reliability, and efficiency of online training delivery is unsurpassed. But the online user is very picky. Getting the right user experience is paramount: a combination of pace, engagement and rigor define good delivery.”
Online tracking and assessment tools also enable HR and learning managers to monitor what their employees are doing — when, where, and how often they access the training, how well they progress, and how quickly they get certified. What gets measured gets managed, as the saying goes.
