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LIFE is a professional learning pathway thatcovers all sectors in Islamic Finance namelyIslamic Banking, Takaful and Islamic CapitalMarket. The programme is designed toprovide a learning experience tailored to thecompetency levels of the participants.

LIFE encompasses 3 learning structuresnamely Common Core, Sector core andSpecialised Knowledge and 3 level ofcompetency (level 1, level 2 and level 3).

Entry Requirement

Common Core: This core covers 9 knowledge areas that are common within all sectors inthe industry - Islamic Banking, Islamic Capital Markets and Takaful. These modules arecompulsory.

Sector Core: Sector core covers the main focus of Islamic Finance which are IslamicBanking, Islamic Capital Market and Takaful.

Specialised knowledge: Participants will select a preferred specialization which includesIslamic Banking, Islamic Capital Market, Family Takaful or General Takaful. Participants willtake modules and examination necessary to become a specialist in their selected sector.

The LIFE learning progression is divided into 3 structures:

Programme Learning Progression

Programme Overview

O level/ SPUNational Diploma

*Note: No working experience andrelated degree required

For Sector Core:

For Common Core as follows:

Successfully completed andpassed all common coremodules

For specialised knowledge:

Successfully completed andpassed all modules inselected sector.

COMMON CORE

CC03: SYARIAH ANDMUA’AMALAH

CC05: FINANCIALSTATEMENTS AND ANALYSIS

CC06: DATA ANALYTICS CC08: RISK AND REGULATORYCOMPLIANCE

CC07: GOVERNANCE FORISLAMIC FINANCIAL

INSTITUTIONS CC09: STRATEGIC AND LEADERSHIP

SECTOR CORE

REGULATORY ANDECOSYSTEM

SPECIALISED KNOWLEDGE

ISLAMIC BANKING ISLAMIC CAPITAL MARKET TAKAFUL OPTION 1: FAMILYTAKAFUL

OPTION 2: GENERALTAKAFUL

Actuarial and investment Marketing Retakaful/Reinsurance Risk management Governance and financialreporting Products and underwriting Claim management

Structure of life

Banking business practices 1(Retail and Corporate Banking)Banking business practices 2(Treasury) Banking business practices(Trade Finance) Banking control and compliance(Risk, Audit and Compliance)

CC02: ISLAMIC ECONOMICSCC04: ETHICS AND

PROFESSIONAL CONDUCT

BANKING AND ISLAMIC BANKINGINDUSTRY (LEGAL, REGULATORY

AND BEST PRACTICES)

CC01: FINANCIAL SYSTEM,LEGAL AND

REGULATORY FRAMEWORK

BANKING AND ISLAMIC BANKINGINDUSTRY (OPERATIONS AND

DEVELOPMENT)

ISLAMIC CAPITALMARKET ISLAMIC BANKING TAKAFUL

PRODUCTS

TAKAFUL CONCEPT AND REGULATORY FRAMEWORK

PRODUCTS AND TAKAFULOPERATIONS

Sukuk Equities and private equity Investment managementStructured products andderivatives

Actuarial and investment marketing Retakaful/ Reinsurance Risk management Governance and financial reporting Underwriting and claim management

To choose 2modules only

To choose 2modules only

OR

Option 1

Option 2

To choose 2modules only

CONTENTS

CC03 - 04: Syariah and Mua'amalah + Ethicsand Professional Conduct

29 Jan 21

Common Core SCHEDULE LEVEL PROGRAMME exam

1

CC01 -02: Financial System, Legal andRegulatory Framework + Islamic Economics 02 Oct 20

13 Dec 20

18 Dec 20

CC07 - 09: Governance for Islamic FinancialInstitutions + Risk & Regulatory Compliance +

Strategic and Leadership

CC05 - 06: Financial Statement and Analysis +Data Analytic

CC03 - 04: Syariah and Mua'amalah + Ethicsand Professional Conduct

27 Aug 21

2

CC01 -02: Financial System, Legal andRegulatory Framework + Islamic Economics

2 Apr 21

21 May 21

9 Jul 21

CC07 - 09: Governance for Islamic FinancialInstitutions + Risk & Regulatory Compliance +

Strategic and Leadership

CC05 - 06: Financial Statement and Analysis +Data Analytic

CC03 - 04: Syariah and Mua'amalah + Ethicsand Professional Conduct

18 Feb 21

3

CC01 -02: Financial System, Legal andRegulatory Framework + Islamic Economics

OBJECTIVES

MODE OF LEARNING

Self Study

Self Study

Self StudyIRC - 11 Dec 20

Self Study IRC -06 Aug 21IRC - 20 Aug 21

IRC - 18 June 21IRC - 02 Jul 21

IRC - 21 Jan 21 IRC - 28 Jan 21 IRC - 11 Feb 21

IRC - 17 Sept 21 IRC - 01 Oct 21 IRC - 01 Nov 21IRC - 21 Nov 21IRC - 17 Dec 21 IRC - 31 Dec 21

15 Oct 21

26 Nov 21

7 Jan 21

CC07 - 09: Governance for Islamic FinancialInstitutions + Risk & Regulatory Compliance +

Strategic and Leadership

Online ACCESS

31 Aug - 25 Sept 2020

12 Oct - 06 Nov 2020

23 Nov - 18 Dec 2020

28 Dec 2020 - 22 Jan 2021

01 Mar - 26 Mar 2021

19 Apr - 14 May 2021

7 Jun - 2 Jul 2021

26 Jul - 20 Aug 2021

6 Sept - 1 Oct 2021

22 Oct - 16 Nov 2021

6 Dec - 31 Dec 2021

17 Jan - 11 Feb 2021

CC05 - 06: Financial Statement and Analysis +Data Analytic

Self Study

Self StudyIRC - 26 Mar 21IRC - 30 Apr 21

Self Study

CC01 FINANCIAL SYSTEM LEGAL AND REGULATORY FRAMEWORK

COMMON CORE MODULES

Specify the applicable legislations for Islamic banking andfinance.

Discuss the regulatory framework of Islamic banking andfinance.

Introduction The Financial Ecosystem Regulatory bodies in Islamic Finance and Takaful Legal framework for Islamic Finance Shariah Governance Framework Internal Shariah Audit FrameworkConclusion

Introduction - Current state of the economy Fiscal consolidation Initiatives Brunei Vision 2035

Level 1

Level 2

OBJECTIVESCONTENTS

Evaluate the legal and regulatory issues on Islamic bankingand finance and to discuss potential solutions

Discuss the regulatory framework of Islamic banking andfinance. Specify the applicable legislations for Islamic banking andfinance.

Level 2

Level 1

Brunei Darussalam's Financial Sector Blueprint 2016 - 2025Digital Government strategy 2015 - 2020 BruneiDarussalam National Budget Tenth National Development Plan (2012 - 2017) Introduction to Regulatory and Compliance

Introduction to Legal system Constitution of Brunei Darussalam Sources of Law in Brunei Darussalam Judicial System in Brunei Darussalam Alternative Dispute Resolution Decided Cases

Level 3

Evaluate the legal and regulatory issues on Islamic bankingand Finance to discuss potential solutions

Understand the importance of legal and judicial system inBrunei Darussalam Apply the knowledge from the in basic and intermediatelevels to the legal disputes Apply the overall knowledge on the course to a relevantissue as per decided cases

Level 3

CC02 ISLAMIC ECONOMICS

CONTENTS OBJECTIVES

Islamic World View Economic Systems and Islamic Economic System Shariah: Sources and MaqasidProperty in Islam Ethics and Economics in Islam

The Islamic Economy The Market Institutions Finance in the Islamic Economy Social Financial Institutions Regulatory Institutions

Fiscal Policy Monetary Policy Redistribution Policies Human Developments Sustainability Agenda

Level 1

Level 2

Level 3

Differentiate between the Islamic world view and secularworld view and how they influence economic ideologiesand systems. Elaborate on the different sources of Islamic laws andcategories of Maqasid al- Shariah and their relation toeconomics. Explain the importance of Islamic teachings, ethics andvalues in understanding Islamic economics. Differentiate between Islamic economics and conventionaleconomics based on selected criteria of comparison

Present the Islamic economy and its interconnectedinstitutionsand sectors. Explain key Islamic economic institutions and their keyroles in the Islamic economy. Discuss the distinct features of the regulatory framework ofthe Islamic economy

Explain the roles of the states in the management of theIslamic economy. Discuss issues in the implementation of fiscal, monetaryand development. policies from the Islamic perspectives. Analyse the economic impacts of government policies.

Level 1

Level 2

Level 3

CCO3 SHARI’AH AND MUA’MALAH

CONTENTS OBJECTIVES

Understanding ShariahSources of Shariah Fiqh and Usul Fiqh Rulings of Shariah (Ahkam Al-Shariah) The Objectives of Shariah (Maqasid Al-Shariah)

Overview of Fiqh Muamalah Islamic Legal MaximTheory of Contract (‘Aqd) Types of Contracts General Prohibition in Muamalah

Level 1

Level 2

Describe the meaning of Shariah and the related conceptssuch as fiqh and usul fiqh. Define the relationship between Shariah and itscomponents, its sources as well as the objectives of Shariah. Appraise the application and rulings of Shariah, especiallyin Fiqh Muamalah or Islamic law of transactions.

Describe the principles underlying Islamic transactions anddealings that must be observed in Islamic banking andfinance. Elaborate on the application of Islamic legal maxims in thecontext of commercial dealings conducted or operated byIslamic banking and finance institutions. Explain the theory of Islamic contracts, requirements of acontract and the types of Islamic contracts.

Level 1

Level 2

Requirements of Shariah Contracts in Islamic Finance Sale-based Contracts in Islamic FinanceAl-Ijarah (Lease) Based Contracts in Islamic Finance Partnership-based Contracts in Islamic FinanceSupporting Contracts Conclusion

Level 3

Describe Shariah contracts and principles underlying Islamicfinance products and services. Explain the application of Shariah contracts in Islamic financeproducts and services. Discuss Shariah issues on Islamic finance products andinstruments

Level 3

CC04 ETHICS AND PROFESSIONAL CONDUCT

CONTENTS OBJECTIVES

Introduction to Ethics Introduction to Professionalism Importance of Ethics and Professionalism in the FinancialServices IndustryComplementary Role of Professionals and Professionalism Laws and Regulations are Necessary but InsufficientCorporate and Financial Scandals and Unethical Conduct Conclusion

Shariah Principles of Ethics for Islamic Financial Services Ethical Professional Standards for Islamic FinancePractitionersHow Ethics are Inculcated Within an OrganisationPromoting a Shared Ethics Culture Within an Organisation Strengthening the Communication of Corporate Values  Conclusion

Level 1

Level 2

Define the meaning of ethics and professionalism. Identify the different terminologies relating to ethics andprofessionalism. Explain the importance of ethics and professionalism in thefinancial services industry. Describe example of unethical conducts in financialservices.

Identify the principles of Islamic ethics for financialservices. Explain relevant principles in the codes of ethics for Islamicfinance practitioners. Describe the application of code of ethics in Islamicfinancial services industry. Illustrate the factors for developing and sustaining anethical culture within an Islamic financial institution

Level 1

Level 2

Role of Leadership in Developing Culture Ethical DilemmasEthics and Stakeholder RelationsWhistleblowing Customer Privacy and Data ProtectionConclusion

Level 3

Explain the roles of leaders in building an ethical culture Describe actions to be taken in facing ethical dilemmas Identify the role of ethics in the principle of stakeholdersrelations Illustrate the application of whistle blowers and dataprotection

Level 3

CC05 FINANCIAL STATEMENTS AND ANALYSIS

Finance for Non-Finance Managers 2 Introduction to Financial Management AccountingBasic Ratio AnalysisConclusion

Analysing Financial Activities Analysing Operating activities (Shariah-Compliant andNon-Shariah Compliant) The Accounting and Auditing Organization for IslamicFinancial Institutions (AAOIFI)

Understand types and the accounting implications ofbusiness combinations Explain the basic principles of zakat and taxation

Level 1

Level 2

Level 3

Understand the importance of basic accounting concepts Understand process and activities performed by theaccounting department Understand the types of Financial Statements and theirusage Understand the application of Ratio Analysis

Understand the different types of selected assets andliabilities based on their importance.Understand the basic accounting treatment of the differenttypes of assets and liabilities based on the IFRS.

Financial Statement Analysis Annual Reports and Statements Understanding the Zakat Principles and Techniques forIslamic Financial Institutions

Level 1

Level 2

Level 3

CONTENTS OBJECTIVES

CC06 DATA ANALYTICS

Data and Data Analytics – A PrimerProbability and Distribution FunctionsDescriptive StatisticsSampling Distribution and CentralLimit TheoremHypothesis Testing

Testing MeansTesting ProportionsTesting VariancesCorrelation AnalysisAnalysis of Variance

Introduction to Regression AnalysisBivariate Regression: Specification and EstimationBivariate Regression: Testing and InferencesMultiple Regression: Specification and EstimationMultiple Regression: Testing and Inferences

Level 1

Level 2

Level 3

Describe data and data generation process and their basicstatistics.Undertake hypothesis testing to infer characteristics ofpopulations under study and relations between two ormore variables    Implement steps in data analysis from statements ofhypotheses to inferences and implications using regressionmodels Interpret descriptive and inferential statistics generatedfrom the applications of data modelling techniques

CONTENTS OBJECTIVES

CC07 GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS

CONTENTS OBJECTIVES

Level 1 GovernanceGuidelines on Corporate Governance In IslamicFinancial InstitutionsOrgans in GovernanceGovernance Principles, Processes and Structure Corporate Governance and Shariah GovernanceConclusionLevel 2 Shariah GovernanceShariah FunctionsFinancial and Non-Financial Reporting Conclusion

Level 1 Describe the importance of governance and itsfundamentals. Describe the various organs of governance in Islamicfinancial institutions. Discuss the governance issues in Islamic financialinstitutions. Identify the generic structure and framework of ShariahgovernanceLevel 2 Explain Shariah governance framework for Islamicfinancial institutions. Differentiate and understand Shariah governancepractices in different jurisdictions. Discuss the Shariah functions in Islamic financialinstitutions.Explain the financial and non-financial reporting inIslamic financial institutions.Level 3Explain the management of Shariah non-compliance.Explain the importance of enterprise risk management.Discuss and understand the components of internalcontrol.Describe and appreciate the leadership from the Islamicperspective.Discuss and apply the value-based intermediation inpractice.

Level 3 Management of Shariah Non-ComplianceEnterprise Risk Management (ERM)Leadership from the Islamic Perspective Sustainability and Value-Based Intermediation Conclusion

CONTENTS OBJECTIVES

CC08 RISK AND REGULATORY COMPLIANCE

Risk and Compliance Policies Compliance Responsibilities

Level 3

Introduction to Risk and Risk Management from theIslamic

Fundamentals of Market Risk Fundamentals of Credit RiskFundamentals of Operational Risk Fundamentals of Liquidity Risk

Guideline, Regulatory and Compliance Risk Bank Secrecy Know Your Customer (KYC) Anti-Money Laundering Act (AMLA) and TerroristFinancingForeign Account Tax Compliance Act (FATCA) Criminal Asset Recovery Order (CARO) Regulatory

Level 1

Perspective

Level 2

Identify the concept of risk and risk management fromthe Islamic perspective. Explain the philosophy of risk management from theIslamic perspective

Understand the role of laws, regulations and theimportance of banks to comply with various applicablelaws and regulations Identify the laws and regulations of home and hostcountries Understand the importance of compliance risk. Identify the various types of compliance nature. Discuss the structure and salient features of acompliance framework.Understand the role of the compliancedepartment/officer in managing compliance risks.Relate products to their associated risks.Analyse the best practices in managing compliance risks.Level 3Understand various international standards related tosound risk management practicesIdentify the key critical areas, components andmethodologies in designing risk and complianceframework and policies.Discuss the critical success factors to ensure effectiveimplementation of risk and compliance framework,policies

Level 1

Level 2

CC09 STRATEGIC AND LEADERSHIP

CONTENTS OBJECTIVES

LeadershipLeadership Styles Vision and Mission Strategic Management and Planning Organisational Challenges

Values and CulturesValues Cultures       Emotional Intelligence (EI) in Leaders Implementing a Strategy Mergers and Acquisition Conclusion

Level 2

Level 3

Explain the importance of leadership in an organisation. Develop the right team for your organisation.

Explain the importance of culture in an organisation. Understand how culture is developed within anorganisation.

Level 2

Level 3

COMMON CORE MODULES

CIBFM is the Centre of Excellence for the finance industry inNegara Brunei Darussalam. Under the purview of AutoritiMonetari Brunei Darussalam (AMBD), CIBFM plays animportant role in developing the human capacity in the areasof Islamic banking, finance and management. Accredited by Brunei Darussalam National AccreditationCouncil as a Training Institution, all CIBFM’s trainingprogrammes are recognised as Value Added Qualifications. Inits role to enhance human capacity development, CIBFMorganises high profile events supported by AMBD. CIBFM’s events include the Brunei Darussalam IslamicInvestment Summit (BIIS), the Leadership Conference(LeadCon), the Annual Brunei Darussalam Roundtable and theInternational Banking Conference (IBC).

INTRODUCTION TO

CIBFM