Islamic finance has been growing steadily at an estimated rate of 10–15% per year and is currently estimated to have assets of around $1 trillion US dollars. As such, it has become an increasingly attractive sector within the financial industry. To be able to understand Islamic finance, it is necessary to understand the principles it is based on, and the fact that Sharia’a governs all aspects of a Muslim’s life. The purpose of this course is to help understand the main Islamic principles and concepts in relation to Islamic banking and finance.
- Intellectual exploration of components of Islamic finance
- Thorough understanding of ethical underpinnings of Islamic finance.
- Explore the role of Qur’an and Sunnah in interpreting Islamic finance.
- Introduction to authorities and institutional bodies overseeing Islamic finance regulations.
- Path towards achieving globally recognized IFQ Qualification.
WHO SHOULD ATTEND?
All Islamic finance institution practitioners (including Banks, Takaful and Investment Companies). Conventional banking practitioner wishing to learn the basics of Islamic finance including:
- Investment bankers
- Asset and equity managers
- Wealth Managers
- Fund Managers
- Stock Brokers
- Accountants and internal auditors
- Risk Managers
- Understand the ethical underpinning of Islamic finance: moral guidance governing property and wealth given through the Quran;
- Learn about the role of Sharia’a, as well as its Primary (Qur’an and Sunnah) and Secondary Sources (Ijma’, Ijtihad).
- Get introduced to the authorities able to interpret the Quran and Sunnah, as well as explore their role
- Know the infrastructure bodies overseeing and/ or supporting Islamic finance and banking: the regulators (central banks or other authorities); the standard-setters (AAOIFI and IFSB); other institutions supporting the development of Islamic finance and banking (IIFM, GCIBFI, IIRA, IILM, and IDB Group)
- Explore other components of the Islamic finance industry: Sharia’a compliant equity markets; the market for Sukuk (Islamic bonds); Islamic Investment Funds; Islamic insurance companies – Takaful; the Waqf properties (Islamic charitable trust); Zakat funds (funds constituted of charitable obligatory tax); Islamic microfinance; purification of haram income
ISLAMIC FINANCE QUALIFICATION CERTIFICATION
The CISI is the largest and most widely respected professional body for the securities and investment industry in the growing number of financial center’s globally. With the highest standards of professionalism , CISI Offers the following three elements in the wider financial services area: Knowledge, Skills and Behavior.
Formed in 1992 by London Stock Exchange practitioners, CISI has a global community of more than 40,000 members in 121 countries, where more than 41,000 exams were sat in the 2015 calendar year.
- Length 5 days
- Level Advanced Training
- Industry Finance & Accounting
- Prerequisites None
- Association CISI - Chartered Institute for Securities & Investment
- Language English
- This program is worth 35 NASBA CPE credits
ELEMENT 1 The Basis of Islamic Banking and Finance
- The ethical underpinning of Islamic finance
- The role of the Sharia’a
- Qur’an and Sunnah approaches to Islamic Finance
ELEMENT 2 An Introduction to Islamic Banking and Finance
- The development of Islamic finance and banking
- Main functions of Islamic banks
- Operating structures and organisational forms adopted by the Islamic Financial Services Industry
- Institutional bodies overseeing and/or supporting Islamic finance and banking
ELEMENT 3 Islamic Law of Contracts
- The ethical precepts relating to Islamic business
- The major prohibitions in Islamic Finance (Riba, Gharar)
- The classification of and conditions applied to contracts with respect to their effect: Sahih, Fasid and Batil
- The nature of the security contracts: Hawala, Kafala, Rahn
ELEMENT 4 Financial Contracts and Techniques Applied by Islamic Banks
- The distinction between a conventional bank intermediary and an Islamic intermediary
- The operation of current accounts in Islamic banking
- Fund Management in Islamic Finance
- The use of Ijara Mawsoofa Bil Thimma (Forward Lease)
ELEMENT 5 Islamic Investment Management
- The Islamic investment guidelines
- Islamic contracts in structuring Islamic investment funds
- The approaches used to manage the market risk of portfolios and equity funds
- The benefits of direct investments: Shares and Real Estate