Islamic Finance is a type of financing activities that must comply with Sharia (Islamic Law).The concept can also refer to the investments that are permissible under Sharia.

The common practices of Islamic Finance and banking came into existence along with the foundation of Islam. However, the establishment of formal Islamic Finance occurred only in the 20th century. Nowadays, the Islamic Finance sector grows at 15%-25% per year, while Islamic financial institutions oversee over $2 trillion.

Keeping in view growing importance of Islamic Finance in the Corporate Sector, ICMA Pakistan is launching a comprehensive Certification in Islamic Finance.

• Islamic Economics
• (a) Principles of Islamic Economics System and Shariah Boundaries.
• b) Comparison of Islamic Economic System with Socialism & Capitalism.
• Islamic Banking and Finance industry
• a) Philosophy of Islamic Banking.
• b) Evolution of Islamic Banking and its growth - locally & internationally
• c) Overview of AAOIFI, IFSB, IFAAS

• Islamic Law of Contract:
• a) Types of Contract
• b) Element of Contracts
• c) Rules regarding offer and acceptance, Subject matter,Consideration & Parties to the Contract.
• d) Difference between contract and promise
• e) Concept of Khiyar (options) and Its types
• Riba, Qimar and Gharrar& Its Prohibitions
• a) What is Riba (Interest)?
• b) Prohibition of Riba in Islam.
• c) Types of Riba
• d) Riba in Modern Banking and Finance.
• e) Qimar
• f) Gharrar

• Islamic Banking Mode - Trade Based Murabahah, Musawamah, Salam &Istisna
• a) Concept of Murabahah, Istisna, Salam under the purview of AAOIFI Shari'ah Standard.
• b) Application & Documentation of Murabahah ,Istisna and Salam in Islamic Banking

• Islamic Banking Modes - Rental based Concept of Ijarah, and Diminishing Musharakah under the purview of AAOIFI Shari'ah Standard, and SBP Guidelines.
• b) Application & Documentation of Ijarah, and Diminishing Musharakah.

• Islamic banking Modes - Partnership based Modes
• a) Concept of Musharakah and Mudaraba under the purview of AAOIFI Shari'ah Standard
• b) Shariah Basis of Deposit Accounts in Islamic Banking
• c) Deposit Pool Management in Islamic Banking
• Abbreviations
• 1) AAOFI: Accounting and Auditing Organizationfor Islamic
• 2) SBP: State Bank of Pakistan
• 3) IFSB: Islamic Financial Services Board
• 4) IFAS: Islamic Financial Accounting Standards

• Shariah Compliant Alternative of Running Finance and Trade Finance in Islamic Banking
• a) Concept of Running Finance
• b) Running Musharakah - Shariah Compliant alternative of Running Finance
• c) Calculation of Running Musharakah
• d) Import Financing in Islamic Banking
• e) Export Financing in Islamic Banking

• Takaful (Islamic Insurance)
• a) Introduction and Features of Takaful
• b) Structural & Operational details of Takaful
• c) Structure of Takaful Products and re-Takaful
• d) Industry overview and management of Takaful companies

• Investment Banking & Islamic Capital Market, Treasury Fund Management in Islamic banking
• a) Introduction of Sukuk (Islamic Bond)
• b) Mechanism and Structuring of Sukuk
• c) Issues and Challenges in Shariah Compliant Syndication and Secularization.
• d) Latest Trends & brief overview of AAOIFI standards of Sukuk
• e) Introduction of Islamic Capital Market
• f) Concept of asset portfolio management
• g) Islamic Mutual funds and its types
• h) Shariah screening Criteria of Shares
• i) Dividend Purification
• j) Treasury Operations of an Islamic Financial Institution

• Risk Management in Islam Banking & Finance
• a) Introduction of Risk and Its Management.
• b) Concept of Risk and Its Type
• c) Islamic Perspective for Risk Management
• d) Fundamentals of risk Management in Islam.
• e) Risk Management of Islamic Banking
• f) IFSB Standard on risk management.

• Regulatory, legal and accounting Framework for Islamic Banking Institution
• a) Review of BCO 1964 - Enabling clauses for Islamic Banking
• b) Shariah Governance Framework for IBIs.
• C) Overview of Accounting Standards of Murabahah and Ijarah.
• d) Balance sheet of Islamic Banking Institutions
• g) Disclosures and notes to the accounts Financial Institutions

• MBA/ M.Com/M.phil /MS (Accounting & Finance)
• B Com/BS/BBA (Accounting & Finance)
• ACMA/FCMA, ACA/FCA, ACCA, APFA, ACIS, CFA and members of any other accounting body.
• Any other qualification with relevant experience.

• Participants must achieve 50% or above in the final exam to be eligible for the award of the Certification.
• The candidates will be required to undertake a 1.5 hours computer based examination (CBE) of each level consisting of 50 MCQs of 2 marks each.
• The participants who would not be able to achieve 50% may reappear to qualify the certifications successfully.

Mode of session:

Physical/Online

CPD Hours :

40 Hours

Investment:

Rs-20,000/-