Islamic Finance Qualification

The Islamic Finance Qualification (IFQ) was created in 2006 by the Securities and Investment Institute in conjunction with the École supérieure des Affaires in Beirut. It is a benchmark qualification underpinned by the tenets of Sharia'a, Islam's legal and ethical code of conduct. For investment professionals specialising in Sharia'a compliant finance, this qualification is a milestone to making Islamic finance services mainstream in the UK and keeping the City at the centre of the financial world.Why Islamic Finance?Due to the massive influx of financing into Islamic nations and the influence of Sharia'a on business, Islamic finance is a dynamic and rapidly growing sector of international finance. As of 2007, most of the major Western financial institutions have IF-compatible products and subsidiaries. Islamic financial institutions have assets of more than $3000 billion and another $400 billion in financial investments.Click herefor more information on the examination.


IFQ course content

An Introduction to Islamic Banking and Finance

• A brief overview of Islam and sources of Islamic law
• Origin, history, current status and future of the Islamic financial industry

Islamic Law of Contracts

• Fundamental guiding principles of Islamic banking and finance: Halal vs Haram and prohibitions related to Riba, Gharar and Qimar
• An introduction to different Islamic legal contracts Musawamah, Musharakah, Mudaramah, Murabaha, Wakala, Salam, Istisna, Arboon, Ijara, Wakala, etc.

Financial Techniques Applied by Islamic Financial Institutions

• Sources and utilisation of funds by Islamic financial institutions
• Practical applications of various Islamic contracts and principles in Islamic financial operations

Financial Statements for Islamic Banks

• Need for special accounting treatment of Islamic financial transactions
• International and Islamic Accounting Standards: similarities and differences

Islamic Corporate Governance

• Perception about Corporate Governance and the case for Corporate Governance in the Islamic financial industry
• Current practices of Corporate Governance in the Islamic financial industry

Islamic Asset and Fund Management

• An introduction to Islamic asset and fund management activities practiced by Islamic institutions
• Understanding various Islamic structures; equity, real estate, trade finance, hedge funds, private equity funds etc.

Islamic Bind Market - Sukuk

• An introduction to Sukuk and an overview of the existing market
• Various Sukuk structures and their applications

Islamic Insurance - Takaful

• An introduction to the fundamental basis of Takaful and its forms: General and Family Takaful
• Different models and Takaful operations: Wakala and Mudaraba