What are the syllabus and learning outcomes for the IFQ ?
Syllabus
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
Element 1: An Introduction to Islam
The principles and concepts which underpin Islam; the placing of banking and finance within Islam; the sources and interpretation of Islamic law; introduction to the role of the Sharia’a Supervisory Board.
Element 2: An introduction to Islamic Banking and Finance
The basis of Islamic banking and finance; the development of the Islamic finance and banking industry; the main components of the Islamic banking industry and its operating structures. (3% of the exam).
Element 3: Islamic Law of Contracts
Principles of Islamic business including the avoidance of riba and gharar; the concept of Wa’d (promise); the elements of a valid contract; the different types of contract; the purchase and sale of currencies. (14% of the exam).
Element 4: Financial Techniques Applied by Islamic Banks
The nature of Islamic current accounts; the nature of the major contracts — Mudaraba, Musharaka, Murabaha, Ijara, Salam, Istisn’a; the use of letters of credit and guarantees in Islamic finance contracts. (29% of the exam)
Element 5: Financial Statements for Islamic Banks
The framework of International Financial Reporting Standards; contents of the main financial statements; the need for specific Islamic accounting standards; and the role of AAOIFI and IFRS. (10% of the exam)
Element 6: Islamic Corporate Governance
The different approaches to corporate governance; additional challenges presented by Islamic banks; the role of the Sharia’a Supervisory Board and corporate governance issues in Takaful. (8% of the exam)
Element 7: Islamic Asset and Fund Management
The purpose of investment in Islam; prohibited industries; replicating conventional deposit structures using Murabaha and Mudaraba; investment funds using Ijara; the Islamic stock selection process and the role of the Sharia’a Supervisory Board. (10% of the exam)
Element 8: Islamic Bond Market - Sukuk
The nature of Sukuk compared with conventional bonds; issuing Sukuk; different types of Sukuk; AAOI Fl standards for Sukuk and rating Sukuk issues. (12% of the exam)
Element 9: Islamic Insurance - Takaful
The nature and structure of Takaful compared with conventional insurance; remunerating the insurance operator and Sharia’a governance of Takaful undertakings. (8% of the exam)
Element 10: Case Studies in Islamic Finance
Case studies in Islamic finance. (6% of the exam)
Learning outcomes
Apart from obtaining an internationally acclaimed Islamic Finance Qualification staff will also:
- Appreciate the rationale behind the development of the Islamic finance industry
- Be able to assess the nature and scope of the Islamic finance industry in relation to its conventional counterpart
- Develop an appropriate level of understanding of the main principles of Islamic banking and finance
- Acquire essential knowledge about the key Islamic financial contracts, as used by the industry
- Expose the participants to a wider range of Islamic banking and finance instruments available to the industry players
- Provide an understanding of the primary tools for structuring Islamic financial transactions
- Be familiarised with the Islamic financial infrastructure , international financial institutions and regulatory bodies
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