Download - Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

Transcript
Page 1: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

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

Page 2: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

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

Page 3: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

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

Page 4: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

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.”

Page 5: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It

Please Register here:

1 Name

Position Department Email Telephone

2 Name

Position Department Email Telephone

3 Name

Position Department Email

Telephone

Approved by:

Signature

Name

Position

Department

Email

Telephone

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

Page 6: Islamic Financial 4 7 Qualification (IFQ) March 2019 · The Islamic Finance Qualification IFQ expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It