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This paper discusses the challenges in measuring the gaps and developing human capital to cater for the booming of Islamic financial services industry. While the need for highly trained manpower in the Islamic financial services industry is well-acknowledged, the root of the problem is primarily due to skills mismatch within the Islamic finance industry. This paper proposes a holistic approach to human capital development as the fundamental solution to the skills mismatch within the financial services industry, Islamic and conventional alike. The significant contribution of this paper lies in the competency model which is universal in nature. Programmes run by institutions such as INCEIF, IIUM, IIU Islamabad, IRTI are complementing each other in producing well-balanced and competent manpower for the Islamic financial services industry. Strong government support, effective regulatory agencies, good corporate governance are among the necessary prerequisites. The marriage between the industry and the academia should take the leadership role. We have at the end of the paper proposed a practical action plan. We conclude with a strong call for immediate action to leverage our richly endowed resources so that the Islamic financial services industry could once again lead the world and not remain as a follower.