RANKING METHODOLOGY FOR UNIVERSITIES OFFERING ISLAMIC ECONOMICS AND FINANCE PROGRAMME: A PROPOSAL Miranti Kartika Dewi

RANKING METHODOLOGY FOR UNIVERSITIES OFFERING ISLAMIC
ECONOMICS AND FINANCE PROGRAMME: A PROPOSAL
Miranti Kartika Dewi
Center for Islamic Economics and Business (PEBS) / Department of Accounting
Faculty of Economics, University of Indonesia
UI Campus, 16424 Depok, Jawa Barat, Indonesia
Ph. 00-62-813-154-12-831
Email: miranti_k_dewi@yahoo.com
Ilham Reza Ferdian
Master of Science on Finance Programme
Kuliyyah of Economics and Management Sciences
International Islamic University Malaysia
Gombak Campus, 53100 Kuala Lumpur, Malaysia
Ph. 00-60-17-35-35-503
Email: iref.468@gmail.com
ABSTRACT
University rankings have become increasingly popular in present years. The rankings may imply quality and
performances of the universities’ academic, research, administrative, or even alumni. Additionally, the rankings are often used by universities to market themselves and by prospective students to choose the best ones. The fact, however, reveals that most universities offering Islamic economics and finance programme were not on the top of the ranking list. This does not always mean that the universities are not performing. Rather, it may be caused by the methodology used presently is somehow needed to be adjusted. This paper humbly aims to propose methodology that can be used by ranking institutions to rank the universities offering Islamic economics and finance programme in the world. After comparing and making necessary adjustments on existing universities ranking methodologies, this study come with eight indicators to rank universities offering Islamic economics and finance programmes. Shall the methodology adapted, the new-established universities ranking list that is fairer to the Islamic economics and finance programme can be issued. 

Keywords: University ranking, Ranking methodology, Islamic Economics, banking, and finance

1. Introduction
In current years, ranking of university has turned out to be increasingly popular and become an obvious part of academic life. Many parties, including general public, media, as well as universities themselves, accepted it
widely. In general, ranking of university may give assurance on quality and transparency conducted in the
university sector. It may also be used as reference for students as well as donator who are looking for guidance in evaluating the quality of different universities. History of university ranking development has shown that there are two major issuers of university ranking: institution and media. In its early development stage, raking of university was created since 1920s in the USA to rank quality of graduate programmes offered in the country. While US News and World Report started publishing "America's Best Colleges Ranking" by media in 1983. After years of development, nowadays there are two global ranking lists which have fascinated much public attention. These two ranking lists including the Shanghai ranking of world class universities, published by the Jiao Tong University in Shanghai since 2003 (Shanghai ranking list), and the Times Higher Education Supplement ranking of world universities, published since 2004 (THES ranking list).
In recent times, university ranking to identify and assess the universities’ quality is conducted by using many methodologies – some of them are controversial since it is still blurred what precisely they assess and what
influence they will have on the university standard and practice. Most of the time, university ranking concentrated not only on universities as a whole, but also on some specific fields within the universities, such as teaching, research, subject areas (such as economics, psychology, law) or programmes (such as Bachelor Degree, Master Degree – MBA, Executive MBA, MSc or MA).
The development of Islamic economics and finance directs a call for high quality human resources.
Universities offering such programmes are gradually started to mushroom in many parts of the world, including in Malaysia, Indonesia, Pakistan, Bahrain, or even in Australia and the United Kingdom. Most of them are adopting the commodification approach and the surface-learning method driven by market demand in developing their curriculum (Kasri, 2008). However, until today, we are yet to see any lists which rank these universities in term of the Islamic economics and finance programmes. Therefore, since these universities are focused on the specific areas, it is then important to propose a guideline for ranking such universities. This paper is humbly aim to provide the guideline by making comparison of existing university ranking methodologies and inserting some adjustments with regard to the nature of Islamic economics and finance education programmes.
2. Motivation and Methodology
The study has a main objective to develop a ranking methodology which is suitable for universities offering
Islamic economics and finance programme. In order to meet the objective, this study will comparison method by making observation on the university ranking methodologies developed by leading international university
ranking institution, and consider their appropriateness to be used in ranking universities which are specifically
offered Islamic economics and finance programmes.
3. Findings and Discussion
3.1. Education of Islamic Economics and Finance
Development of Islamic economics has reached its third decade now after the First International Conference
on Islamic Economics held in Makkah in 1976. Currently, when many parts of the world are attempting to
update their economic system to support Islamic economic and finance, they need high quality human
resources who able to carry the growth. In this case, education institutions are significantly essential. Many
universities are starting to offer programmes on Islamic economics and finance in their undergraduate, master
or even doctoral programmes. Nienhaus (2007) noted that master level programmes, particularly MBA and
MA/MSc in Islamic banking and finance, are among the most popular programs offered by those learning
institutions.
Although the education institutions, especially universities have tried to support the rapid
development of Islamic economic and finance, some critics are appointed to them. Some of the critics notated
that the universities are having tendency on producing students according to the market requirements, rather
than developing human resources who can support the development of original ideas from Islamic economic
and finance. Not only that, critics also come from students who enroll in the Islamic economics and finance
programme that they are not satisfied with the course structure which give less emphasize on the practical
aspects of theories.
From the issues above, it is important for the universities to make reflection on what they are offered
in order to support the development of Islamic economic and finance. While self-reflection is somehow bias,
assessment by independent institution can be a more objective one. This assessment later can be rank in order
to find out which university is performing better than others, thus it can be a mean to develop healthy
competition among them with the main objective to be able to offer better education in supporting the growth
of Islamic economic and finance.
3.2. Survey of Existing Ranking Methodology
As discussed above, the universities offering Islamic economics, banking, and finance programme also need
to be qualified in teaching, research, as well as producing of high-quality graduates. Thus, it is enviable to
start the proposal with a survey of common methodologies used to rate the universities in general. Inaddition, it is somehow more comfortable to make necessary adjustment from mainstream methodologies
rather than to build from scratch.

Pesantren-based development: Islam, education, and economic development in Indonesia

by Buresh, Scott Allen, Ph.D., University of Virginia

Abstract (Summary)

This study is an examination of the degree to which three traditional Islamic institutions, pesantren , in West Java, Indonesia have successfully become agents of educational, social, and economic development in the rural areas in which they are located. I will argue that it is the historical strength of the pesantren as educational institutions and their adaptability to their social context that has provided their leaders, known as kyai , with the framework, not only to survive in the modern context, but also to become one of the leading advocates for the comprehensive improvement of the standard of living in rural Indonesia.

In selecting three pesantren, Pesantren Cipasung in Tasikmalaya, Pesantren Raudlatut Tholibin in Cirebon, and Pesantren Pertanian Darul Fallah in Bogor, I was able to gain a regional as well as a local perspective on how kyai and their constituencies are drawing on the strengths of their traditions to engage modernity with flexibility and resilience. The social, political, and economic challenges they face in representing the increasingly marginalized rural sector of society are daunting. The majority of kyai have been able to adapt educationally, thereby playing a vital, ongoing educational role for a large percentage of Indonesia's

population. Economic adaptation has proven much more difficult. Those kyai , like Kyai Ilyas Ruhyat, who have maintained a strong commitment to their religious and educational values have demonstrated a neo-modern resiliency in the economic and political arenas as well. Those who have neglected their educational mission or who have failed to adapt it to the modern context have struggled to remain viable.

The challenges kyai and their followers are facing are relevant to the viability of sustainable, people-centered development in the Islamic world. Many kyai have embraced a neo-modern approach in Fazlur Rahman's terms (1982) to applying their Islamic faith with passion and yet tolerance. For this reason their successes and/or failures are crucial to the choices Muslims are making, not only in Indonesia, but also globally and the viability of non-revivalist alternatives to engaging modernity with faith.

Bruce Sacerdote, Edward L. Glaeser

Education and Religion

(287 K)

NBER Working Paper No. 8080 Issued in January 2001 NBER Program(s):   LE In the United States, religious attendance rises sharply with education across individuals, but religious attendance declines sharply with education across denominations. This puzzle is explained if education both increases the returns to social connection and reduces the extent of religious belief. The positive effect of education on sociability explains the positive education-religion relationship. The negative effect of education on religious belief causes more educated individuals to sort into less fervent religions, which explains the negative relationship between education and religion across denominations. Cross-country differences in the impact of education on religious belief can explain the large cross-country variation in the education-religion connection. These cross-country differences in the education-belief relationship can be explained by political factors (such as communism) which lead some countries to use state-controlled education to discredit religion. Published: Glaeser, Edward L. and Bruce I. Sacerdote. "Education and Religion." Journal of Human Capital 2, 2 (Summer 2008): 188-215. This paper is available as PDF (287 K) or via email. Machine-readable bibliographic record - MARC, RIS, BibTeX

Are We Ready For a New Paradigm?

Every morning we see new developments happening in the field of education. Some researcher talks about the need for sight words, while the other talks about phonics, some advocate the need to promote thinking skills, some stand for memorizing skills and the list goes on and on. These things show that there is good amount of awareness on the need for ‘good’ education. I also think that the people around the globe have started believing in the power of educated mass. While I am glad as an enthusiastic learner, I am left with lots of questions and wonderments. School brochures are filled with attractive lines like Multiple Intelligence enabled classrooms, World class curriculum, Teachers catering to emotional intelligence, activity based classrooms, child centered curriculum, result oriented coaching, etc. Parents get attracted to those captions and admit their children. School managements adopt such kind of frameworks, strategies and techniques with all good intentions but how is it ensured that their classrooms are geared up to meet the respective requirements. Are there are some benchmarks set in those areas by the schools with clear timelines? How do such frameworks, strategies or techniques reflect in the school’s vision and philosophy?  A school is comprised of various stakeholders that include management, parents, teachers and students. Every stakeholder is important and plays a significant role in the development of the child. It doesn’t stop there. It is important that the stakeholders develop themselves as well. More importantly what about the teachers who play a key role in the development of children?

How many school managements think about teacher empowerment? No doubts some schools focus on training teachers. What kind of follow ups are done after the training? How many school managements ensure that the practices brought in as a result of training gets sustained? What measures are taken to do so?  Above all do schools see this as an intellectual investment than a training fund for the staff which has to be spent in some way? While such things could help managements to review and refine their approach, there are also some aspects which the teachers could look into?

Teachers are provided with an opportunity to get themselves empowered with. Do teachers realize the need to get empowered with? Do they see such opportunities as doors that could keep them abreast of the latest developments in their profession than looking at it as extra workload? How many teachers visualize the power of their influence among children?

I believe such kind of questions could help schools and teachers to self- reflect. Such kind of reflections and subsequent realizations could lead to actions which in turn could pave way to a new paradigm in education.

Are we ready for a new paradigm?

EDUCATION

Projects

The Bank’s portfolio of education projects is wide ranging. Individual projects may expand pre-school coverage, improve the supply and quality of primary (or secondary) school teachers, improve the supply and quality of textbooks, promote health and nutrition through the school system, provide girls scholarships for secondary school, design financing systems for higher education, or strengthen school management. http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTEDUCATION/0,,contentMDK:22295369~menuPK:4679417~pagePK:210058~piPK:210062~theSitePK:282386,00.html