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Islamic Finance Qualification (IFQ)

This 4 day training event is designed to provide an understanding of the principles, nature and form of Islamic Banking.


Course Description
The Islamic Finance Qualification (IFQ) is a ground-breaking qualification that covers Islamic finance from both a technical and Sharia’a perspective, providing the first international benchmark in the area of Islamic finance. Aimed at new and existing investment professionals specialising in Sharia’a compliant finance, trade, investment and insurance, the IFQ is primarily a practical Islamic banking qualification, but also covers the legal aspects of Sharia’a which underpin all Islamic contracts.

Learning Objective
To equip candidates with a practical understanding of Islamic finance
To provide candidates with an understanding of the influence of Sharia’a in a business context
To prepare candidates to hold key positions in the Islamic finance and Takaful (Islamic Insurance) industries.

Who Should Attend
The qualification is appropriate for existing employees, new employees and those seeking a career in Islamic finance.

Classroom lectures and interactive practical workshop format intended to affirm the learning objectives.

Course Content
Session 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.

Session 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.

Session 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.

Session 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.

Session 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.

Session 6: Islamic Corporate Governance
o 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.

Session 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.

Session 8: Islamic Bond Market - Sukuk
The nature of Sukuk compared with conventional bonds; issuing Sukuk; different types of Sukuk; AAOIFI standards for Sukuk and rating Sukuk issues.

Session 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.

Session 10: Case Studies in Islamic Finance
Case studies in Islamic finance.

State of the art facilities
Delegates can study in our comfortable hi-tech learning environment in London, near Liverpool Street Station.

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Islamic Finance Qualification

Course Venue: London EC2