Course Overview
Islamic banking is based on the principles of Islamic/Sharia law, guided by Islamic economics. Islamic law prohibits interest, and hence it is a non-interest banking system.
Some of the modes of this banking system include profit sharing and loss bearing (Mudarabah), safekeeping (Wadiah), joint ventures (Musharaka), cost plus (Murabahah), leasing (Ijara), etc.
It also prohibits investment in businesses that provide products and/or services against Islamic principles. Historically, these prohibitions have been applied in Islamic countries to control and prevent un-Islamic practices.
This Zoe training course will empower you with detailed information about Islamic banking and finance. The content covers all important facets of this type of banking and imparts exposure to all areas required to pursue a career in this field.
Through this course, you would be able to assume responsibilities at par with other certified Islamic banking and finance professionals and compete at a global level.
Course Objectives
The key objective of this Certified Islamic Banking and Finance Professional course is to empower professionals to—
- acquire the necessary knowledge about Islamic banking and finance
- apply the knowledge and experience gained through the course to enhance operations in Islamic banking and finance
- understand Sharia law and Islamic principles to ensure these are followed throughout one’s organisation
- structure and define products and/or services in line with Islamic principles and Sharia law
- know market/industry requirements as well as Sharia law to ensure that one’s organisation is compliant in all functional aspects
- comprehensively understand the various modes of Islamic banking and finance, thus gaining skill and experience to work in any or multiple facets of this banking system
- coach other professionals on practices of Islamic banking and finance
- review current operations within the organisation to check for risks relating to un-Islamic practices, thus preventing the organisation from various challenges
- effectively multitask and manage one or more modes of finance as per Sharia law, thereby successfully fulfilling greater opportunities for one’s organisation and promoting one’s progression across
- gain confidence and experience to perform at par with other formally certified professionals in the industry, fostering career progression
Training Methodology
Zoe Talent Solutions is a renowned training institution that truly believes in offering well-suited training as per the audience’s professional backgrounds. Thus, before commencement of each session, the content is thoroughly reviewed to check for amendments.
Training is delivered by highly experienced professionals. To enhance learning, the trainees are assigned activities and projects in groups, which also fosters interaction among the trainees and trainer. Role-plays, case study discussions, experience sharing, etc. are some effective approaches adopted during the training.
This effective, useful approach to training is used by Zoe Talent Solutions for all its courses and is called the Do–Review–Learn–Apply Model.
Organisational Benefits
With professionals undergoing this Certified Islamic Banking and Finance Professional course, organisations will derive the benefits listed below:
- Trained, experienced professionals managing critical aspects of Islamic banking and finance, in strict accordance with Sharia law
- Training of other employees on best practices and principles to be followed in Islamic banking and finance
- Enhanced operations to ensure adherence with market standards and Sharia law, thus promoting organisational credibility
- Effective review and audits by trained professionals to check for any risks of un-Islamic practices or activities
- Well-structured and competitive products and/or services resolving customer needs in accordance with Islamic principles and Sharia law
- Well-managed modes of finance by professionals well versed with concepts and principles of Islamic banking and finance
- Customer satisfaction and loyalty because of good services and solutions in line with principles and law outlined for Islamic banking and finance
- Formal education of professionals within the organisation whose performance at par with other certified professionals will help the organisation serve as per expected standards and benchmarks
Personal Benefits
Professionals opting for this Certified Islamic Banking and Finance Professional training course will benefit in the ways listed below:
- Comprehensive information and knowledge about Islamic banking and finance as well as Islamic principles and Sharia law
- Greater understanding and awareness to check existing processes and operations within one’s organisation to ensure adherence to standards and benchmarks required for Islamic banking and finance
- Increased knowledge and skill to coach other professionals regarding requirements and expectations of Islamic banking and finance as per Islamic principles and Sharia law
- Enhanced skill and capabilities to structure and define products and services for one’s organisation to ensure that these meet customer needs and also comply with expected standards and principles
- Better multitasking skills and understanding to work in any or multiple modes of Islamic banking or finance, thus proving one’s potential to undertake managerial responsibilities promoting career progression
- Greater foresight and attention to detail to check current systems and practices for any risks to the organisation due to un-Islamic practices
- Improved skills and capabilities to work at par with other formally certified professionals in the industry, competing at a global level
Who Should Attend?
- Finance professionals working in banks, corporates or other financial institutions and related to functions of Islamic banking and finance
- Managers and leaders overseeing functions related to Islamic banking and finance
- Top management of financial institutions who need to thoroughly understand Islamic banking and finance to be able to take strategic decisions for the organisation in adherence with these
- Legal and financial advisors providing expert advice to financial institutions regarding Islamic banking and finance
- Compliance officers and internal and external auditors responsible for checking adherence with Islamic principles and Sharia law
- Any other professional interested in knowing more about Islamic banking and finance
Course Outline
This Certified Islamic Banking and Finance Professional course covers the following aspects of Islamic banking and finance:
Module 1 – Principles Related to Islamic Banking and Finance Areas
- Scriptural basis
- Interest and credit sales
- Types of Islamic lending
- Time value of money
- Early payment of debt
- Islamic laws on trading
- Justification for Islamic banking
Module 2 – Major Types of Islamic Finance
- Profit sharing (Mudharabah)
- Safekeeping (Wadiah)
- Joint venture (Musharakah)
- Cost plus finance (Murabahah)
- Leasing (Ijara)
- International fund transfer system (Hawala)
- Islamic insurance (Takaful)
- Islamic bonds (Sukuk)
Module 3 – Types of Islamic Investments
- Equities
- Fixed-income funds
- Retirement investments
- Sukuk
Module 4 – Activities Prohibited by Islamic Banking and Finance
- Paying or charging interest
- Investing in businesses of forbidden activities
- Charging extra for late payment
- Gambling (Maisir)
- Uncertainty (Gharar)
- Engaging in transactions lacking material finality
Module 5 – Advantages of Islamic Finance
- Assists in financial inclusion
- Reduces impact of harmful products and practices
- Fosters financial justice
- Encourages investment stability
- Accelerates economic development
Module 6 – Disadvantages of Islamic Finance
- More risks for depositors
- Higher costs
- Principal agent problems
- Inadequate financing
- Limited supply
- Insurance with pitfalls
- Less scope for diversification and hedging
Module 7 – Challenges of Islamic Finance
- Lack of human capital
- Sharia standardisation and harmonisation
- Lack of public awareness
- Sharia law and legal framework
- Regulation and supervision
- Access to finance
- Monetary policy and liquidity management
- Tax policy
- Benchmark
Module 8 – Difference Between Conventional and Islamic Commercial Banks
- Oversight of a Sharia board
- Concepts of money/basis of transactions
- Relationships with clients or customers
- Investments in the bank
