The IFQ syllabus is comprehensive and covers the following elements:
• 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’a; the use of letters of credit and guarantees in Islamic finance contracts.
• Element 5: Islamic Asset and Fund Management
The purpose of investment in Islam; prohibited industries; structuring Islamic investment funds; the Islamic stock selection process and the role of the shari’a supervisory board.
• Element 6: Sukuk Market
The nature of sukuk compared with conventional securities; issuing sukuk; different types of sukuk; AAOIFI standards for sukuk and rating sukuk issues.
• Element 7: Islamic Insurance – Takaful
The nature and structure of takaful compared with conventional insurance; remunerating the insurance operator and shari’a governance of takaful undertakings.
• Element 8: 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 9: Islamic Corporate Governance
The different approaches to corporate governance; additional challenges presented by Islamic banks; the role of the shari’a supervisory board and corporate governance issues in takaful.
A comprehensive workbook, produced specifically for the IFQ (approx 400 pages), has been approved by the ACIF panel of experts for use in preparation for the examination. The workbook includes the following:
- Full coverage of the syllabus, with text written and reviewed by senior industry practitioners to help candidates prepare for the exam and understand their role
- Revision questions at the end of each chapter are designed to test knowledge and encourage candidates to give written answers, thereby increasing subject retention
- Clear explanations, graphics, tables and examples to ensure complex subject matter is easily understood and absorbed
- A syllabus learning map to help candidates find specific learning objectives in the workbook
- A comprehensive glossary of Islamic financial terms.
- A workbook plan providing a list of chapter headings and recommended study time for each section