The MIFP was introduced in June 2014 to replace the flagship Chartered Islamic Finance Practice which was first offered by INCEIF in 2006. The MIFP includes courses and modules such as Financial Management, Quantitative Method, Financial and Managerial Accounting and Structuring Financial Requirements. There is one elective paper, Islamic Wealth Planning and Management. Those specific to Islamic finance include:
Economics for Islamic Finance
In this course students develop a critical understanding of the development of Islamic economic and finance theory and become more appreciative of the contributions made by Muslim thinkers. The Quran and sunnah are key referral materials.
In this course students develop a critical understanding of the development of Islamic economic and finance theory and become more appreciative of the contributions made by Muslim thinkers. The Quran and sunnah are key referral materials.
Shariah Aspects of Business and Finance
This module consists of three major parts, Islamic Jurisprudence covering the sources of shari'ah, ahkam al-shariah, legal maxims and maqasid al shari’ah; theory of the Islamic contract, covering the general theory of contracts, ahliyyah/capacity, formation of contracts, terms and conditions, performance of contracts. The third part is about compliance, covering hisbah, ijtihad, fatwa, the shari’ah board, and shari’ah non-compliance risk.
Shariah Rules in Islamic Financial Transactions
This module aims to guide students to analyse the application and mechanism of the most widely used shari'ah principles/transactions in Islamic finance such as muḍarabah, murabahah, baiʾ bi thaman ajil / baiʾ muajjal, salam, istisnaʿ, ijarah, baiʾ al-ʾinah, tawarruq, hawalah, kafalah, wakalah, wadiah, and rahn. The module will cover the concept of each contract along with their types, pillars, terms and conditions to ensure shari'ah compliance in execution and application.
Ethics and Governance
This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market-based economy. This course will cover conventional and Islamic perspectives to the concepts of corporations as legal entities and how they ought to be regulated, guided, and led.
This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market-based economy. This course will cover conventional and Islamic perspectives to the concepts of corporations as legal entities and how they ought to be regulated, guided, and led.
Accounting for Islamic Finance
The course begins with a discussion of accounting in the Islamic and conventional perspectives. A comparative study of financial statements of Islamic financial institutions, prepared under AAOIFI and IFRS standards, is carried out to distinguish differences and relevance and to evaluate their “Islamicity”.
The course begins with a discussion of accounting in the Islamic and conventional perspectives. A comparative study of financial statements of Islamic financial institutions, prepared under AAOIFI and IFRS standards, is carried out to distinguish differences and relevance and to evaluate their “Islamicity”.
Islamic Insurance
The course examines risk from the Islamic perspective and ways of mitigating it in accordance with shari'ah. It discusses the various takaful business models, products and the key operational process of takaful.
The course examines risk from the Islamic perspective and ways of mitigating it in accordance with shari'ah. It discusses the various takaful business models, products and the key operational process of takaful.
Islamic Banking Practices
This course will examine the shari'ah principles that are entrenched in Islamic banking and Islamic banking operations. This course will also discuss the legal and regulatory aspects of Islamic banking and recent developments in this industry.
This course will examine the shari'ah principles that are entrenched in Islamic banking and Islamic banking operations. This course will also discuss the legal and regulatory aspects of Islamic banking and recent developments in this industry.
Risk Management for Islamic Financial Institutions
The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions.
The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions.
Islamic Capital Market
This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and shari’ah frameworks of Islamic capital markets within a dual-banking environment.
Financial Services Marketing
The course aims to equip students with the foundation of marketing principles which covers the core concepts of marketing, the marketing process, the environmental scanning and the marketing mix. This is further deliberated to the application of shari'ah principles and rules in ensuring that the financial services marketing upholds shari'ah values.
This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and shari’ah frameworks of Islamic capital markets within a dual-banking environment.
Financial Services Marketing
The course aims to equip students with the foundation of marketing principles which covers the core concepts of marketing, the marketing process, the environmental scanning and the marketing mix. This is further deliberated to the application of shari'ah principles and rules in ensuring that the financial services marketing upholds shari'ah values.
Shariah Issues in Islamic Finance
This module discusses major shari’ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital market, takaful, wealth planning and management.
This module discusses major shari’ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital market, takaful, wealth planning and management.
Shariah Audit and Compliance
This module focuses on the degree of shari'ah compliance in the Islamic financial institutions in the marketplace. The module covers different aspects of shari'ah audit including the concept, the process, shari'ah requirements and legal requirements.
Commercial Law and Legal Documentation for Islamic Financial Services
The course covers basic knowledge about the requirements of legal documentation for Islamic financing facilities and services and how these differ from documentation from conventional loans.