- Duration: TBA
The Islamic Finance Qualification (IFQTM) is managed through an IFQ Institute established by the partnership between the Chartered Institute for Securities & Investment (CISI) and the École Supérieure des Affaires (ESA).
The Islamic Finance Qualification (IFQTM) covers Islamic finance from both a technical and Shariah perspective, providing the first international benchmark in the area of Islamic finance.
Aim of the IFQTM Examination
- To provide an international benchmark qualification that will equip candidates with a practical understanding of Islamic finance, including Sukuk, Takaful, Mudaraba, Musharaka and Murabaha – and much more;
- To provide candidates with an understanding of the influence of Shariah in a business context;
- To prepare candidates to hold key positions in the Islamic finance and Takaful (Islamic Insurance).
IFQ course content
- The general principles of Islamic finance
- Islamic contracts
- Islamic banking activities
- Financial statements in Islamic banks
- Governance in Islamic institutions
- Islamic investment funds
- Islamic Bond Market - Sukuk
- Islamic Insurance - Takaful
There are no prerequisites for this qualification.
The qualification is aimed at staff working in Shariah compliant finance, trade, investment and insurance, but is also available for candidates who are not yet in employment or those seeking a career in Islamic finance.
Islamic Finance in Today’s Markets
An Islamic economic system is a collection of institutions, i.e., formal and informal rules of conduct and their enforcement characteristics, designed by the Law-Giver (God) through rules prescribed in the Quran, operationalized by the Sunnah of the Prophet and extended to new situations by Ijtihad- to deal with the allocation of scarce resources, production and exchange of Goods and services and distribution of the resulting income and wealth. The Islamic economic system is a rule-based system funded on the principles of preservation of property rights and sanctity of contracts.
The Islamic economic system has a set of core contracts, which serve as building blocks for designing more complex and sophisticated instruments.
“In its nascent history spanning three decades, Islamic finance has undergone rapid growth and transformation. Froman industry striving to fulfill the religious obligations of the Muslim community, it is now a multi-billion dollar industry driven by well-defined business considerations and profit optimization, whilst steadfastly upholding the Islamic principles. Indeed, this progress has been achieved against a challenging global financial and economic environment”, Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia.
The Islamic capital market, in particular, the Islamic debt market, has also experienced rapid growth since its emergence in the 1990s. New innovative Islamic financial instruments such as Islamic asset-backed securities have also emerged and the financial structures underlying Islamic securities have become more diversified. The number of Shariah-based unit trust funds has also grown consistently over the years.