Executive Professional Master in Islamic Finance

The Executive Professional Master in Islamic Finance was launched in 2012 by the General Council for Islamic Banks and Financial Institutions (CIBAFI) as one of its professional development initiatives. It aims to develop a set of skills for Islamic finance professionals in the field of Islamic banking and finance, by providing candidates with the necessary technical knowledge of Islamic banking operations and Shariah rules governing them.

Program Features

Fiqh AcademyIslamic Research and Training Institute

(IRTI)

Saleh Kamel Centre for Islamic

Economy (Azhar University)

International Shari'ah Reserch Academy

for Islamic Finance (ISRA)

Islamic Economics Institute - King

Abdulaziz University

TrainersQualified trainers, who have practical experience and academic qualifications, deliver the programme.

LanguageThe primary language of the program is Arabic.

Exams and EvaluationEach training module is accompanied by a test, passing rate is 60%, the overall Passing rate for the Executive Professional Master in Islamic Finance is 70%. All trainees are sub-ject to a comprehensive test.

Requirements for the registration in the Professional Executive Master’s Program in Islamic FinanceA candidate must possess a Bachelor’s degree in relevant field for enrolment in this pro-gramme.

The Accreditation Board

Programme Details

1. Certified Islamic Banker Module• An Introduction to Islamic Finance

Transactions• Islamic Banking System• Islamic Finance Operations• Islamic Investment Operations• Islamic Banking Services • Shariah Supervision

2. Capital Markets Module • Definition of the Islamic Financial Market

and its Role• Financial Instruments in the Capital Markets• Rules and Procedures for the Capital Markets• Investment Funds• Configuration and Management of Securities

Portfolios• Evaluation of Financial Securities

3. Trade Finance Module• Definition of the Islamic Trade Finance• Letters of Credit• Bank Guarantees and Letters of Guarantee• Documentary Bills • Remittances

4. Financial Accounting Module• Introduction to Accountancy• Accounting and Financial Statements of

Islamic Banks• Introduction to Islamic Banking Accounting• Accounting Treatments for the Operations of

Bank Deposits• Accounting Treatments for the Deferred sale• Accounting Treatments for Murabaha

Operations

5. The Basics of Shariah Audit Module• Monitoring and Auditing Systems in Islamic

Financial Institutions • Shariah Compliance and its Impact • Shariah Auditing Mechanisms • Procedures of Shariah Auditing and

Reporting to the Shariah Board• Report and Shariah Board Resolutions • Professional Framework of the External

Shariah Audit

6. Legal Requirements for Islamic Finance Module

• Methodology to Understand the Characteristics of Contemporary Financial Transactions Aligning Law and Fiqh

• Legal Systems and the Shariah Compliance Requirements in Islamic Banking. A Comparative Analysis

• The Legal Aspects of Islamic Financing Contracts

• Legal Issues in Islamic Financial Institutions• Legal Structures to Protect Unrestricted

Investment Accounts Holders• Introduction to Arbitration • Arbitration Islamic Finance• International Islamic Center for

Reconciliation and Arbitration - Case Study

7. Elective Modules8. Project Paper

Elective Modules

The programme offers some elective modules. These modules will be selected by the International Center for Training in accordance with the programme requirements.

1.Governance and Compliance Module• Corporate Governance in Islamic Banks• Supporting Environment for Effective Corporate

Governance in Islamic Banks and Financial Institutions• International Standards for Corporate Governance• Compliance in Islamic Banks• Compliance in Islamic Banking Operations

2. Risk Management Module• Introduction to Risk in Financial Institutions• Types of Risks in Financial Institutions• Risk Management in Accordance with International

Standards• Credit Risk Management in Islamic Financial Institutions• Market Risk Management in Islamic Financial Institutions• Operational Risk Management in Islamic Financial

Institutions• Liquidity Risk Management in Islamic Financial Institutions

3. Takaful Module• Fundamentals of Insurance• Commercial Insurance Contract• Islamic Insurance Contracts and The Practices • Islamic Reinsurance• Fiqh of Islamic Insurance• Financial Statements Disclosures for Islamic Insurance

Companies.• Shariah Supervision of Insurance Companies• Takaful Insurance Applications by Islamic Banks• Opportunities and Challenges Facing the Takaful Industry

Note:1. Upon successful completion, each candidate must prepare a project paper

within one week after approving the topic.2. Upon successful completion, graduates will receive their certificates within 3

months after submitting their project papers.