A study by Jha and Whalley (1999) argues that the main environmental issue generally affecting the developing world is degradation, as opposed to the common belief that pollution is the principal factor of environmental decay which is predominantly applicable to industrialised countries. Degradation comprises of the following key areas; soil erosion, declining soil quality due to pesticide residue, exploitation of open access resources due to ill-defined property rights, and congestion and traffic. Other perverse forms of degradation are deforestation and desertification. While Africa continues to suffer economic stagnation, the factors that result in environmental degradation are continually on the increase. Some of the factors, such as burning of fossil fuels which release carbon dioxide, are possible causes of global warming, although to a lesser extent when compared to emissions of greenhouse gases by industrial activities. Specifically, the predominant ways that these factors affect the ecosystem are as follows; Soil erosion involves the washing away of tracts of land due mainly to human activities. Such activities, while providing a source of livelihood for many, do not have safeguards to preserve the land for long-term use. Typical activities include clearing of land for crop growing and animal grazing. Related to soil erosion is the declining soil quality due to pesticide residue. This in turn leads to more clearing of virgin land once fertility reduces on existing land. Exploitation of open access resources due to ill-defined property rights presents environmental management in Africa with tremendous challenges.
The potential for Islamic banks to progressively chart into this new territory would need to be supported by a state of readiness in terms of the capabilities of the industry to venture into a  2  BIS central bankers’ speeches  diversification into such business offerings. In preparing for a business landscape with different complexities, talent development in Islamic finance will need to be accorded with an even greater priority. Existing talent needs to be equipped with the necessary skills to support the expansion into areas of specialisation that include investment intermediation. Stronger knowledge in the value propositions of the investment instruments require a greater understanding on the risks associated with business ventures in the respective growth areas, including in the non-traditional markets. This would require determining the viability of such business and investment proposals. Additionally, at the management level, and the directors and Shariah scholars of Islamic financial institutions need to be adequately equipped with the necessary knowledge so as to have an understanding important for steering the business to the new directions of the industry. To realise the vision of a highly competent and high performing workforce in the Islamic financial sector, of equal importance is the standards of quality of the education programmes in Islamic finance and to raise the level of professionalism of Islamic finance practitioners. The Finance Accreditation Agency, an international and independent quality assurance and accreditation body for the financial services industry that was established in Malaysia in 2012, has raised the bar for Islamic finance talent and professionals.