What is the Islamic Finance Qualification?
The Islamic Finance Qualification (IFQ) is a ground-breaking qualification that covers Islamic finance from both a technical and a Shari’a perspective, providing the first international benchmark in the area of Islamic finance.
The IFQ was launched in 2007 as an initiative between the Securities and Investment Institute (SII) and the Ecole Superieur de Commerce (ESA).
The IFQ covers the 9 broad areas listed below with case studies being assessed at the end of the course.
Element 1 Introduction to Islam
Element 2 Introduction to Islamic Banking & Finance
Element 3 Islamic Law of Contracts
Element 4 Financial Techniques Applied by Islamic Banks
Element 5 Financial Statements for Islamic Banks
Element 6 Islamic Corporate Governance
Element 7 Islamic Asset & Fund Management
Element 8 Islamic Bond Markets - Sukuk
Element 9 Islamic Insurance - Takaful
Element 10 Case Studies
Who is the qualification aimed at?
The IFQ is designed for those seeking a career in Islamic finance and for those staff working in Sharia’a compliant finance trade, investment and insurance, as well as individuals who want to know more about Islamic finance for general interest.
The qualification mainly targets professionals already working in the conventional and Islamic finance industries but is also available for candidates who are not yet in employment.
The qualification will assure regulators, employers and consumer that candidates and employers can perform their role according to Islamic banking (Sharia) requirements. The IFQ is designed to equip staff with an understanding of the influence of Sharia in a business context and prepare them to hold key positions in the Islamic finance and Takaful (Islamic insurance) industries.
Why choose the IFQ route to a better job in Islamic banking ?
A number of courses which exist for this area are Postgraduate-type courses which include extensive discussion of academic and theoretical issues. In contrast, the IFQ is for people working in Islamic finance.
The IFQ is jobs-focused and requires candidates to demonstrate a practical understanding of Islamic finance.
There is no other Islamic finance qualification which covers Islamic finance from both a technical and Sharia’a aspect which offers the degree of international portability and professional competence as that of the IFQ.
The IFQ provides the first international benchmark in the area of Islamic finance and it is aimed at both existing employees, new employees as well as individuals seeking a career in Islamic Finance.
The IFQ is the first Islamic finance qualification where the assessment is by Computer Based Testing in a secure system with instant results. The examination is available globally. The Computer Based Testing network used is available worldwide.
Key features of the IFQ
- Staff gain a basic knowledge of the general principles of the Sharia’a (Fiqh al Muamalat) and its application to Islamic banking and finance.
- Staff acquire knowledge of the different Islamic finance contracts and products from both a technical and a Sharia’a perspective.
- Staff expand their understanding of the practices used in the Islamic financial markets and the principles behind investment decisions.
- Equipping staff with the IFQ indicates that a company is willing to contribute to the development and promotion of high ethical standards of employees working in the Islamic financial services industry.
- The syllabus, workbook, other teaching materials and examinations have been developed with the support and collaboration of a panel of internationally-recognised experts in Islamic finance.
- The qualification is reviewed annually to reflect developments in the fast-changing world of Islamic financial services.
- The qualification was initiated and is supported by the Central Bank of Lebanon (Banque du Liban).
- Staff gain a prestigious qualification from both the Securities & Investment Institute (recognised by the UK government education regulator) and the Ecole Supérieure des Affaires, which is managed by the Paris Chamber of Commerce and Industry.
- The qualification is available internationally.