Introduction

The Islamic Finance Qualification issued by CISI is an internationally recognized professional certification specializing in Islamic finance. It aims to assess candidates’ knowledge of a practical and comprehensive understanding of Islamic finance principles and the impact of Sharia on business contexts and financial transactions.

The qualification also seeks to enable professionals to work with a high level of competence in Islamic finance, investment, and Takaful (Islamic insurance) sectors by building integrated knowledge that combines theoretical foundations with practical applications in Islamic financial markets.

The exam is designed to assess candidates’ understanding of the key elements of Islamic finance, which include:

• General principles of Islamic finance
• Islamic contracts and their types
• Islamic principles of commercial transactions
• Asset management in Islam and socially responsible investment
• Sukuk
• Takaful (Islamic insurance)
• Governance in Islamic financial institutions

Course Objectives

This course aims to enable participants to gain a comprehensive and applied understanding of Islamic finance principles and prepare them to work efficiently in the Islamic financial sector by achieving the following objectives:

• Understand the fundamental principles and Sharia frameworks of Islamic finance
• Understand the impact of Sharia on financial transactions and activities
• Differentiate between Islamic and conventional finance in terms of concepts and applications
• Gain knowledge of Islamic contracts, their types, and their application in financial institutions
• Understand asset management mechanisms in Islam and the concepts of socially responsible investment
• Understand Sukuk structuring and its role in Islamic capital markets
• Understand the Takaful system (Islamic insurance) and its operational principles
• Identify the foundations of Sharia governance in Islamic financial institutions
• Prepare participants to successfully pass the professional certification exam

Course Modules

Module 1: Fundamentals of Islamic Banking and Finance

• Fundamentals of Islamic banking and finance

Module 2: Introduction to Islamic Banking Services and Finance

• Introduction to Islamic banking services and finance

Module 3: Islamic Principles of Commercial Transactions

• Islamic teachings related to business conduct
• Riba (interest/usury)
• Gharar (excessive uncertainty)
• Rules of exchange

Module 4: Basic Contracts and Their Applications

• Contracts (concept and types)
• Exchange contracts
• Trust-based contracts
• Foreign exchange
• Accounting treatment

Module 5: Financial Contracts and Techniques in Islamic Banks

• Types of contracts
• Sources of funds in Islamic banks
• Wakalah (agency)
• Mudarabah (profit-sharing)
• Musharakah (partnership)
• Murabaha (cost-plus financing)
• Ijarah (leasing)
• Salam
• Istisna’a
• Letters of credit
• Promise and undertaking
• Arbun (Down payment / earnest money)

Module 6: Islamic Asset Management and Socially Responsible Investment

• Comparison between Islamic and conventional finance
• Islamic investment
• Selection of Sharia-compliant investments
• Investment funds
• Fund management
• Types of funds

Module 7: Sukuk Market

• Characteristics of Sukuk
• Structuring of Sukuk transactions
• Regulatory frameworks governing Sukuk
• Capital market considerations

Module 8: Islamic Insurance (Takaful)

• History of Takaful
• Types of Takaful
• Takaful structure
• Industry considerations

Module 9: Sharia Governance of Companies

• Corporate governance
• Sharia Supervisory Board
• Standards and regulations governing corporate governance
• Investment account holders
• Governance in the Takaful sector

Target Audience

• Employees of Islamic and conventional banks seeking specialization in Islamic finance
• Investment and asset management professionals
• Employees of Takaful insurance companies
• Accountants and financial auditors
• Compliance and Sharia supervision staff
• Risk and finance analysts
• Individuals seeking entry into or career transition to Islamic finance
• Capital market, Sukuk, and investment professionals
• Financial advisors and banking consultants