Islamic Finance and Investment FINA-330
|Course Name||Islamic Finance and Investment|
|Description||Islamic Finance and Investment is an introductory course intended for those who are interested in learning more about the fundamentals of Islamic finance. It is also the required first step if you are seeking to obtain your Islamic Finance Qualification (IFQ), an internationally recognized accreditation administered by Chartered Institute for Securities and Investment out of the UK. If you wish to write the IFQ, you are required to register separately with the Chartered Institute for Securities and Investment after successfully completing this Islamic Finance and Investment course.
There are no prerequisites or admission requirements for this course, however, it would be beneficial for you to have a financial background and/or a clear understanding of financial and finance concepts. The official Chartered Institute for Securities & Investment workbook cost is included in the tuition fee and is non-refundable.
Islamic Finance and Investment consists of the following modules:
Element 1: The Basis of Islamic Banking and Finance
The principles and concepts which underpin Islam; the place of banking and finance within Islam; the sources and interpretation of Islamic law.
Element 2: An Introduction to Islamic Banking and Finance
The development of the Islamic finance and banking industry; the main components of the Islamic banking industry and its operating structures.
Element 3: Islamic Law of Contracts
Principles of Islamic business including the avoidance of riba and gharar; the concept of wa'd (promise); the elements of a valid contract; the different types of contract; the purchase and sale of currencies.
Element 4: Financial Techniques Applied by Islamic Banks
The nature of Islamic current accounts; the nature of the major contracts - mudaraba, musharaka, murabaha, ijara, salam, istisn&#039;a; the use of letters of credit and guarantees in Islamic finance contracts.
Element 5: Financial Statements for Islamic Banks
The framework of International Financial Reporting Standards; contents of the main financial statements; the need for specific Islamic accounting standards; the role of AAOIFI and IFRS.
Element 6: Islamic Corporate Governance
The different approaches to corporate governance; additional challenges presented by Islamic banks; the role of the Sharia's supervisory board and corporate governance issues in takaful.
Element 7: Islamic Asset and Fund Management
The purpose of investment in Islam; prohibited industries; replicating conventional deposit structures using murabaha and mudaraba; investment funds using ijara; the Islamic stock selection process and the role of the Sharia'a supervisory board.
Element 8: Islamic Bond Market - Sukuk
The nature of sukuk compared with conventional bonds; issuing sukuk; different types of sukuk; AAOIFI standards for sukuk and rating sukuk issues.
Element 9: Islamic Insurance - Takaful
The nature and structure of takaful compared with conventional insurance; remunerating the insurance operator and Sharia'a governance of takaful undertakings.
For those interested in continuing on to write the IFQ exam after successful completion of this course, there is a separate registration process and fee that must be paid directly to Chartered Institute of Securities & Investment to write the IFQ exam. This is not included in the College fees.
This course is mandatory for anyone who wishes to write their IFQ exam. Proof of successful completion (transcript) must be provided to register for the exam.
The course cost includes a non-refundable fee for the Official Chartered Institute of Securities & Investment: Islamic Finance Qualification workbook. This workbook is mandatory.
|Notes||The IFQ is a ground-breaking qualification that covers Islamic finance from both a technical and Sharia;a perspective, providing the first international benchmark in the area of Islamic finance. Aimed at new and existing financing and investment professionals specializing in Sharia;a compliant finance, trade, investment and insurance, the IFQ is primarily a practical Islamic banking qualification, but also covers the legal aspects of Sharia; which underpin all Islamic contracts.|
|Section||Cost||Semester||Start Date||End Date||Meeting Times||Campus|
|There are no sections for this course at this time.|
|Legend for Days
M - Monday T - Tuesday W - Wednesday R - Thursday F - Friday S - Saturday U - Sunday
TBA - To Be Announced