Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ...

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The Islamic Finance Qualification (IFQ) expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It is a global qualification that covers Islamic finance from both a technical and a Shariah perspective, providing the first international benchmark in the area of Islamic finance. It provides an understanding of the influence of Shariah in a business context and prepares candidates to hold key positions in Islamic finance and takaful (Islamic insurance) industries. Islamic Financial Qualification (IFQ) 4-7 March 2019

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Transcript of Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ...

  • The Islamic Finance Qualification (IFQ) expands upon knowledge

    gained from the Fundamentals of Islamic Banking and Finance. It

    is a global qualification that covers Islamic finance from both a

    technical and a Shariah perspective, providing the first

    international benchmark in the area of Islamic finance.

    It provides an understanding of the influence of Shariah in a

    business context and prepares candidates to hold key positions in

    Islamic finance and takaful (Islamic insurance) industries.

    Islamic Financial Qualification (IFQ)

    4-7 March 2019

  • Learning Outcome

    Knowledge: Candidates will be able to recall information such as facts, rules

    and principles.

    Understanding: Candidates to demonstrate comprehension of an issue, fact, rule or

    principle.

    Application: Candidates to be able to use their knowledge in a given set of

    circumstance to present a clear and detailed explanation of a

    situation, rule or principle.

    Programme Outline

    The Basis of Islamic Banking and Finance

    An Introduction to Islamic Banking and Finance

    Islamic Principles of Exchange

    Basic Contracts and Techniques Applied by Islamic Banks

    Islamic Asset Management and Socially Responsible Investing (SRI)

    Sukuk Market

    Islamic Insurance- Takaful

    Islamic Corporate Governance

    MODULE 1: THE BASIS OF ISLAMIC

    BANKING AND FINANCE

    1. Conceptual Framework

    Islamic Commercial Ethics

    Charitable Distribution

    Wealth Creation

    Enterprise and Asset Bias

    2. Islamic Fundamentals

    Shariah and Its Role

    The Sources of Shariah

    Primary Resource

    Secondary Resource

    Schools of Thought

    Bodies of Interpretation

    Programme Modules

    MODULE 2: AN INTRODUCTION TO ISLAMIC

    BANKING AND FINANCE

    1. History of Islamic Finance

    2. Differences and similarities between

    Islamic and conventional finance

    3. Structure and Scope of the Islamic

    Finance Industry

    4. Operational structure of Islamic Banks

    5. Methods of income generation

    6. Bodies of Interpretation

    MODULE 3: ISLAMIC PRINCIPLES OF

    EXCHANGE

    1. Islamic Teachings Related to Business

    2. Principles of Islamic Contracting

    3. Major Prohibitions

    Riba

    Nature of Riba

    Types of Riba

    Gharar

    Nature of Gharar

    Types of Gharar

    4. Rules of Exchange

    No Profit without Liability

    Do Not Sell What You Do Not Have

    No Debt for Debt

    Two Sales in One

    Challenges for Product Innovation

  • MODULE 4: BASIC CONTRACTS AND THEIR

    TREATMENT

    1. Contracts

    Types of Undertakings

    What constitutes a contract

    (Contract Elements)

    2. Contracts of Exchange

    Musawama

    Murabaha – Murabaha with

    promise to purchase

    Salam and Parallel Salam

    Istisna and Parallel Istisna

    3. Contracts allowing the transfer of the

    Usufruct

    Ijara – Ijara Muntahya Bitamleek,

    Ijara Mawsofa belthema

    4. Partnership Contracts

    Mushakara – Diminishing

    Mushakara

    Mudaraba

    5. Security Contracts

    Hawala

    Kafala

    Rahn

    6. Agency Contract (Wakala)

    Wakala

    7. The rules regarding foreign exchange

    transactions

    8. Accounting Treatment

    MODULE 5: FINANCIAL CONTRACTS AND

    TECHNIQUES APPLIED BY ISLAMIC BANKS

    1. Sources of Funds

    2. Uses of Funds

    3. Mudaraba – Sharia’a Standards

    Application of the Mudaraba

    Contract to Deposits

    Return in a Mudaraba Contract

    Two-Tier Mudaraba Structure

    Restricted and Unrestricted

    Investment Accounts

    4. Application of Wa’d

    5. Musharaka – Sharia’a Standards

    Permanent or Continous

    Musharaka

    Diminishing Musharaka

    6. Murabaha – Sharia’a Standards

    Murabaha: The Installment Credit

    Rules Contract

    MODULE 6: ISLAMIC ASSET AND FUND

    MANAGEMENT

    1. Asset Management

    2. Selection of Sharia’a Compliant

    Investments

    Industry Screen

    Financial Screen

    Application of the Industry and

    Financial Screen

    Non-Compliance

    3. The Definition of a Fund

    Shariah Complaint Fund

    4. Islamic Fund Management Structures

    5. Types of Funds

    Fixed-Income funds

    Lease funds

    Commodity funds

    Real Estate funds

    Equity funds

    Exchange-traded fund

    Hedge funds

    MODULE 7: SUKUK MARKET

    1. Definition and Characteristics of Sukuk

    Conventional debts securities and

    Sukuk

    Differences between Sukuk and

    Conventional Debts Securities

    2. Structuring Sukuk Transactions

    The basic Sukuk Issuance process

    Calculating Sukuk return

    3. Different Types of Sukuk

    AAOFI Classification of Sukuk

    4. Main Types of Sukuk (Most Common)

    Sukuk al Murabaha

    Sukuk al Ijarah

    Sukuk al Wakala

    Sukuk al Musharaka

    Sukuk al Istisna’

    Sukuk al Salam

    5. Capital market considerations relating to

    Sukuk

    Rating the issue

    Distribution

    MODULE 8: ISLAMIC INSURANCE –

    TAKAFUL

    1. Introduction

    2. Types of Takaful Undertaking

    General and Family Takaful

    3. Structures of Takaful Undertakings

    Introduction

    The Two-Tier Structure and Its

    Mechanism

    Fiqh Contracts used in Takaful –

    Summary

    4. Underwriting Surplus and Technical

    Provisions

    Definitions

    Application of Takaful

    5. Insurance Industry Considerations

    General Takaful (Non-Life)

    Life or Family Takaful

    Internal Risk-Pooling Arrangement

    6. Reinsurance and Retakaful

    7. Shariah Governance and Compliance

    MODULE 9: ISLAMIC CORPORATE

    GOVERNANCE

    1. Introduction to Corporate Governance

    2. Corporate Governance in Financial

    Institutions

    3. Sharia’a Supervisory Board

    Role of SSB

    The Advisory Role

    The Approval Role

    The Audit Role

    SSB Membership

    Governance and Reporting

    Shariah Executive Committee and

    Internal Shariah Experts

    Other Duties and Guidance

    4. Internal Sharia’a Audit (AAOIFI

    Requirements)

    5. Governance Standards

    6. Shariah Compliance and Investment

    Account Holders

    Rights of IAHs

    IAH and Shareholders

    UIAHs and RIAHs

    7. Implications for Islamic Insurance

    (Takaful)

    Introduction: Nature and Structure

    of Takaful

    Corporate Governance Issues in

    Takaful

  • Programme Leader

    FAROUK ABDULLAH ALWYNI

    Farouk is a trainer, lecturer, and financial consultant. He spent most of his Islamic finance career in

    the Jeddah-based Islamic Development Bank Headquarters handling hundreds of US$ million IDB

    trade finance operations in many countries in Asia & CIS countries such as Bangladesh, Indonesia,

    Iran, Kazakhstan, the Maldives, and Tajikistan (1998-2007).

    Prior to running PT. Alwyni International Consulting (AIC) in 2012 (www.alwynicapital.co.id), Farouk

    was a member of the executive management of PT. Al-Ijarah Indonesia Finance (ALIF), the first

    Islamic leasing company in the country (owned jointly by Bank Muamalat Indonesia and Gulf

    Islamic financial institutions), in 2007-2009 and PT. Bank Muamalat Indonesia (BMI) in 2009-2011

    where he initiated and implemented a number of new initiatives.

    Farouk serves as the chairman and co-founder of Center for Islamic Studies in Finance,

    Economics, and Development (CISFED), a Jakarta based think tank whose objective is to develop

    an integrated paradigm in addressing Indonesian and global development issues

    (www.cisfed.org). He also lectures in PERBANAS (Indonesia’s National Banking Association)

    Institute Graduate School of Management (MM Program – PERBANAS Institute) and the Graduate

    School of Management (MM Program), the Faculty of Economics & Business, the University of

    Indonesia (MM-FEB-UI) on Islamic finance and banking subjects. He served as a country

    correspondent for Kuala Lumpur based - Islamic Finance News in 2013-2017.

    Farouk obtained his Bachelor in Banking & Financial Management from PERBANAS Institute

    (Jakarta-Indonesia), MA in Economics from New York University (USA), and MBA in International

    Banking & Finance from the University of Birmingham (UK). Currently, he is also pursuing his PhD

    research on Islamic-based development in the University of Science Malaysia (Penang, Malaysia).

    Farouk has a Diploma in Islamic Finance from Chartered Institute of Management Accountant

    (CIMA), London, UK & an Islamic Finance Qualification (IFQ) from Chartered Institute for Securities

    & Investment (CISI), London, UK. Farouk speaks and writes about Islamic finance & economic

    issues in local as well as international forum and media. He regularly appears in a major

    Indonesian television network on a variety of finance, economic, and social issues. He is in the

    2016's, 2017's, and 2018's list of ISLAMICA500 (www.Islamica500.com). This list is a collection of

    individuals considered influential in the development of Islamic Economy or as the title of this

    guidebooks says "The 500 who make the Islamic Economy.”

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    Islamic Finance Qualification

    (IFQ)

    PROGRAMME FEES

    IMPORTANT NOTE

    Stakeholders are participants from

    MOFE, AMBD and all domestic banks in

    Brunei Darussalam.

    TERMS AND CONDITIONS

    The Programme fee is inclusive of workshop

    material(s), refreshment and certificate.

    Payment must be made upon receipt of

    invoice issued by CIBFM.

    CIBFM operates a strict NO CANCELLATION

    POLICY once the receipt of registration has

    been issued. However, CIBFM will welcome

    and accept replacements.

    CIBFM reserves the right to amend, change

    or cancel the programme at any given time.

    We will immediately notify participants and

    organisations if any such changes are to be

    made.

    Please email your completed form to

    [email protected]

    Stakeholders Non-stakeholders

    $ 880 $1,150 Programme

    Fee

    Exam Fee $1,050 $1,150