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Institute of Financial Consultants

Certificate in Islamic Finance

The Certificate in Islamic Finance provide’s a basis of sound theoretical
knowledge combined with professional experience giving you a strong
edge in your financial career.
Introduction to Islamic Finance
Islamic Finance has become one of the world’s fastest
growing financial sectors as investors show an increasing
desire for a variety of Islamic financial instruments. From
Kuala Lumpur to Dubai, from Los Angeles to London,
some 300 Islamic banks and other financial instituations
are operating in some 50 countries, with total assets that
top USD400 billion.
Besides the institutional pool of wealth the rapidly
expanding middle class in both Asia and the Middle East
is fuelling the appetite for more sophisticated financial
products and services, including consumer finance and
wealth management. Asia alone is home to more than
2.4 million high net worth individuals controlling an
estimated amount of USD7.2 trillion in financial assets.
This group is growing at seven per cent per year, second
only to those in the Middle East, which number about
300,000 and are growing at nine per cent per year.
'Traditionally, investors in Asia and the Middle East have
looked to the developed Western markets to meet
their investment needs, in view of the more developed
financial markets and the range of assets classes.
Increasingly, however, there is a growing interest and
search for proven returns on investment in other parts of
the world. This has been a global phenomenon for some
years now, characterized by excess liquidity and low
yields in the traditional markets.
The Institute of Financial Consultants hopes to build on
the success of Islamic Banking in mostly Muslim
countries, as well as European and North American
countries that have sizable Muslim populations. By
completing this course a financial advisor will be in a very
good position to offer consulting services to Muslims and
Islamic Financial Institutions.
The certificate in Islamic Finance will provide a basis of
sound theoretical knowledge and combined with
professional experience will provide an excellent basis for
planning opportunities.
1
 Course Content

Financial Accounting Statements Governance

> Objectives of Financial Accounting for Islamic Banks & > Shari’a Supervisory Board: Appointment, Composition
Financial Institutions and Report
> Concepts of Financial Accounting for Islamic Banks & > Shari’a Review.
Financial Institutions > Internal Shari’a Review

Financial Accounting Standards Ethics

> General Presentation and Disclosure in the Financial > Code of Ethics for Accountants and Auditors of Islamic
> Statements of Islamic Banks and Financial Institutions Financial Institutions
> Murabaha and Murabaha to the Purchase Order
> Mudaraba Financing
> Musharaka Financing Certification Routes
> Disclosure of Bases for Profit Allocation Between
> Owners’ Equity and Investment account Holders
> Equity of Investment Account Holders and Their There are two routes for this Certification
Equivalent
> Salam and Parallel Salam i. Assignment based:
> Ijarah and Ijarah Muntahia Bittamleek Six assignments need to be submitted
> Zakah
> Istisna’a and Parallel Istisna’a ii. A dissertation of not more than 15,000 words.
> Provisions and Reserves
> General Presentation and Disclosure in the Financial The dissertation title will need to be submitted for
> Statements of Islamic Insurance Companies. approval. For guidance the most recent title approved by
> Disclosure of Bases IFC is:

Auditing “The Islamic Financial System and its Operative Capacity

> Objectives and Principles of Auditing in the Global Economy”.
> The Auditors Report
> Terms of Audit Engagement > Assessment:
> Testing by an External Auditor for Compliance with Passmark 70%
Shari’a Rules and Principles.
 Study Material

Text Books

Accounting, Auditing and Governance Standards for Islamic

Institutations
This book can be purchased directly from:

Accounting and Auditing Organisation for Islamic Financial Institutions

PO Box 1176
Manama, BAHRAIN

email: aaoifi@batelco.com.bh
website: www.aaoifi.org

Supplementary Books:

Islamic Finance: The Regulatory Challenge

by Rifaat Ahmed Abdel Karim and Simon Archer
ISBN: 0-470 - 82189-2

An Introduction to Islamic Finance: Theory and Practice

By Zamir Iqbal and Abbas Mirakhor
ISBN: 0-470-82188-4

The supplementary books can be purchased from the IFC Online Book
Store - CLICK HERE
 For further information contact:

The Administrator
Instituteof Financial Consultants
Suite 420-1090 West Pender Street
Vancouver, British Columbia
V6E 2N7, CANADA

email: info@ifconsultants.org

fax: 604 687 1221

website: www.ifconsultants.org

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