Islamic Finance Professional Development Course

The course is delivered online (live) with all the flexibility you need. It is designed to get you an insight into the core concepts of Islamic finance, one of the fastest growing segment of the global finance industry.

 

Why learn about Islamic Banking and Finance?

Globally, there is a demand for a fair and just banking system that the Islamic banking and finance industry provides.

As this demand continues to rise, so does the awareness of the timeless principles and values of Islamic finance. Built upon the foundation of Islamic law, which prohibits usurious and speculative activities, the Islamic finance industry prides itself on engaging in business and financial dealings in an ethical manner. The sentiment of this industry is not one of greed, but one of mutual cooperation and partnership through a fair and equitable financial system. The Islamic finance industry has achieved such growth that it is now an astounding 2 trillion-dollar global industry. Not only is this the fastest growing segment of the financial industry, but it is also socially responsible and sustainable as well.

Outcomes:

  • Understand the aims of Islamic finance in contemporary society.
  • To identify and describe the main principles and prohibitions in Islamic banking and finance.
  • To develop an understanding of how different Islamic modes of financing work.
  • Compare and contrast different banking and finance products with respect to different industry standards and practices.
  • Develop confidence in explaining features of each mode of financing.
  • Apply rules of Islamic banking on contemporary transactions and analyze them for Shari'ah compliancy.

List of all course topics is available below. 

Who is this course for?

This course is suited to all participants who want to enhance their understanding of Islamic banking and finance, enter the field or further their career opportunities.

No prior knowledge or qualifications are necessary.

Start date: 26th April 2018.

Course Delivery: Live classes every Thursday from 7pm to 9pm (AEDT). All classes are recorded for later viewing. (Recordings will be available for 12 months)

Length: 10 weeks

Effort: 2-3 hours per week

Level: Intermediate

Course Fees: $195 AUD (approximately $155 US Dollars)

Course Instructor: Almir Colan, Director, Australian Centre for Islamic Finance (AUSCIF)


Certification: To successfully complete a course you must score 75% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official AUSCiF Certificate. (Digital certificate is $50 AUD, Printed certificate is $100 + postage)

Instructor: Almir Colan

Almir Colan is a Director of Australian Centre for Islamic Finance (AUSCIF), Director at Awqaf Australia and Board member at Garden College. Almir is also an adviser to number of institutions that provide Islamic finance and member of a working group at AAOIFI.

Previously, Almir was a consultant lecturer and board member for the Master of Islamic Banking and Finance Course at La Trobe University; Advisory Board Member for the Master of Islamic Banking and Finance Course at La Trobe University; Member of the Advisory Reference Group for the Bachelor of Accounting/Associate Degree of Accounting at NMIT; Executive board member at Islamic Council of Victoria (ICV);

REGISTRATION OPEN

Topics:


Introduction
  • Why Study Islamic Banking and finance?
  • Aims and value proposition
  • Historical overview and development
  • Modern day Islamic banking

 

Islamic Commercial law
  • What is Islamic law or Shari'ah
  • The objectives (maqaasid) of Shari’ah
  • Definition and principles of Islamic jurisprudence
  • Origin and sources of Islamic Law
  • The Shari’ah Perspective on Commercial Transactions (Mu’amalat)
  • Islamic law of contract

 

Islamic perspective on wealth and money
  • Historic perspective and function of money
  • Concept of money and wealth from an Islamic perspective
  • Types of wealth (mal)
  • Understanding the role of capital and entrepreneurship
  • Digital economy: Fintech, Bitcoin, Blockchain, Crowd-funding, peer-to-peer lending and other innovations

 

Prohibited transactions
  • Business ethics and norms
  • The Prohibition of Riba (interest, usury) and the wisdom behind it
  • Different types of Riba (Al-Naseeah & Al-Fadl)
  • Riba in Modern transactions
  • Prohibition of Gharar (uncertainty, speculation)
  • Definitions and examples of Gharar
  • Conditions for Gharar
  • Prohibition of Maisir/Qimar (Games of chance)
  • Other prohibitions

 

Musharaka and Mudaraba modes of financing (Equity based)
  • Equity versus debt modes of financing
  • Musharaka (Equity partnership) as a mode of financing
  • General rulings of Musharaka
  • Distribution of Profit and sharing of loss
  • Musharaka and modern corporations
  • Mudaraba (Investment Partnership) as a mode of financing
  • Business and rules of Mudaraba
  • Commercial banking and deposit products
  • Combination of Musharakah and Mudaraba
  • Project Financing

 

Murabahah and Ijarah modes of financing
  • Basic features of Murabahah (cost plus sale)
  • Murabahah procedure and issues involved
  • Issuer regarding benchmark, defaults, rebate and subject matter.
  • Securitisation of Murabahah
  • Contentious Instruments (Tawarook, Bay-a-Einah, Commodity Murabaha and their derivatives)
  • The Legitimacy of Ijarah (leasing)
  • Late payments, pricing, insurance and termination of Lease
  • Leasing as a mode of financing
  • Securitisation of Ijarah
  • Criticism of current conventional lease contracts

 

Salam and Istisna modes of financing
  • Salam (forward selling contracts) as a Mode of Financing
  • Example in agricultural produce
  • Legitimacy and condition of Istisna (Manufacturing contracts)
  • Istisna as a mode of financing
  • Example in construction and infrastructure projects
  • Other banking products

 

Islamic Financial Markets, funds and Shares
  • Investment principles
  • Fund types and objectives
  • Permissibility of owning shares (stocks)
  • Shariah criteria for listed securities (screening rules)
  • The reality of Day Trading, Forex, Derivatives and other financial instruments

 

Sukuk (investment certificates)
  • Basic rules of Sukuk
  • Difference between Sukuk and bonds
  • Types of Sukuk structures
  • Sukuk issuance in practice
  • Buying and selling Sukuk on the market.

 

Product development
  • Entrepreneurial basis of Islamic finance.
  • Understanding legal, regulatory and tax treatment of new financial products
  • Shari'ah compliance and criticism of Islamic banking
  • Different Industry standards and practices
  • Obtaining rulings and product approval

 

Discussions:
  • Leadership in Islamic finance: Purpose, Transformation and Impact.
  • Understanding Takaful - Islamic Insurance
  • Home financing - challenges
  • Product development - practical issues
  • Entrepreneurship and Shari'ah based business: How to Start, Run and Grow business Islamic way

 

Recommended books:

  • AAOIFI Shari'ah Standards
  • An Introduction to Islamic Finance by Mufti Taqi Usmani
  • Understanding Islamic Finance by Muhammad Ayub
  • Principles of Islamic Jurisprudence by Mohammad Hashim Kamali
  • Islamic Capital Markets: Products and Strategies by Kabir Hassan and Michael Mahlknecht

"Almir Colan’s genuine care, extensive knowledge and creative ways to explain complex issues make his course very engaging, interesting, and highly beneficial. I took the course and I must say, the thoroughness of each subject matter is much more than what you would normally expect from an intensive Islamic Finance course."

Sadia Karim
CEO, Yurizk

"The AusCIF course is spectacular, it provides the student with a concise yet hollistic understanding of the vastly growing Islamic finance industry and its innovative Shariah compliant products. Though what I mostly found intriguing was its practical approach on dealing with everyday transactions. As Muslims we are compelled to further our Islamic knowledge in order to correctly incorporate it into our daily lives, this includes the ability to identify prohibited acts hence avoiding them. I highly advise my brothers and sisters to register to this course, its truely a wonerful opportunity for them to understand the Islamic position concerning transactions."

Sheikh Moustapha Sarakibi
Imam

"I did benefit from your online course a lot, from there I started my research on Islamic banking and finance reporting requirements compliance with Sharia."

Adalat Jurat
Student

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Easy to follow leassons - Flexible online learning - Expert instructor - Latest Islamic Finance standards - Network with other students - Start your journey

If you have any questions email us at [email protected]

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