The Certificate Qualification in Islamic Finance is a ground-breaking programme that covers Islamic Finance from both a technical and a Sharia’s perspective, providing the first international benchmark in the area of Islamic Finance. It provides candidates with an understanding of the influence of Sharia in a business context and prepares candidates to hold key positions in the Islamic Finance and takaful (Islamic Insurance) industries. The qualification is appropriate for existing and new employees and those seeking a career in Islamic finance. Since its launch, the exam has been taken in over 40 countries. This certificate qualification is locally accredited by the Malta Qualifications Council (MQC) at EQF Level 4.

Assessment Structure & Study Time The IFQ is a two-hour, 100 MCQ exam and the pass mark is 70%. Preparation is carried out through using the accompany-ing workbook, and the full course requires approximately 130 hours of personal study time. The exam is delivered through computer based testing at Computer Domain in Mosta. Candidates sitting for the exam will be required to answer up to 10% additional trial questions that will not be separately identified and do not contribute to the result. Candidates will be given proportionately more time to complete the test.

Endorsed by the Financial Skills Partnership (UK) The IFQ features on the FSP Recommended List of Examinations. The FSP is an employer-led body with a remit to provide advice and guidance to employers in the financial services sector in suitable qualifications for their staff.

Advisory Council for Islamic Finance The IFQ was initiated by the Central Bank of Lebanon and was jointly created by l’Ecole Superieure des Affaires (ESA) and the CISI. These bodies convened the Advisory Council for Islamic Finance (ACIF), a group of experts, to develop the qualification. The ACIF oversees the IFQ. The ACIF chairman is Raed H. Charafeddine, First Vice-Governor, Central Bank of Lebanon.

Syllabus 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 sharia’s 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 sharia’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 sharia’a supervisory board and corporate governance issues in takaful.

ifs Malta, G’Mangia Hill, Pieta PTA 1316 T: 21240335 E: info@ifsmalta.org W: www.ifsmalta.org

Registration Form

CISI Fee One time CISI Registration Fee [ ] € 40 IFQ Islamic Financial Qualification (registration & certification)* [ __ ] € 380 Islamic Financial Qualification (hard copy workbook) [ __ ] € 125

Resit fee [ __ ] € 300 * the above fees include examination sitting and certification

ifs Malta, G’Mangia Hill, Pieta PTA 1316 T: 21240335 E: info@ifsmalta.org W: www.ifsmalta.org

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Refund Policy: Full refund is offered prior to start of course, deducting a €50 administration fee. No refund applicable once the course has started. Membership: Registration entitles you to become a full registered local member of the ifs Malta. This membership is free and valid for a maximum period of twelve months, after which the Committee will evaluate and consider whether to extend such membership for another fixed period or for an indefinite period of time. Renewal of membership is valid for an additional twelve month period. The local membership is subject to review by the Com-mittee at any time. Data Protection Notice: ifs Malta holds and processes your personal data in order to give you the full benefits of being a student, for administratio n purposes and to inform you of any future ifs Malta events, services and other related information. In instances where employers sponsor their employees for all or parts of the course/s, ifs Malta is bound to inform such employers upon the performance and results of their relevant employees if any assessment parts are carried out. ifs Malta does not sell or give your personal data to any other third party. In the eventuality that ifs Malta would need to give any personal data to a third party, you will on a case-by-case basis, be duly informed and you will also be given the opportunity to refuse that such data be given. You have the right to request access to and rectification of, the personal data concerning you that is held by ifs Malta.