Diploma in Islamic Finance
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Now a dynamic area of the international financial services sector and with a rising demand for a more ethical approach to finance, Islamic finance is set to continue increasing in importance over the next decade. Following the successful review of the original CIMA Certificate in Islamic Finance we took the opportunity to develop the structure of the qualification and how it is offered to reflect the changing requirements for Islamic finance in business. Students can now specialise in areas of their choice which provides a more relevant and focused learning and development.
Islamic banking is seen as an alternative to traditional finance.
With the Islamic banking market valued at over USD1.1 trillion, combined with the estimated growth rate of up to 20% year on year, the need for human capital to bring Islamic finance to the level at which it deserves and meet its markets demands is higher than ever. At least 50,000 professionals are needed within the industry over the next seven years.
‘There is a real global shortage of people with demonstrable expertise in the complexities of Islamic finance’
Dr Mohd Daud Bakar, renowned Syariah expert, and president and CEO of the International Institute of Islamic Finance
To help fuel growth in Islamic finance, and to help the industry meet its shortage of qualified professionals, CIMA's Islamic finance qualifications are designed to appeal to both those who are completely new to this area of finance, and those who are fully experienced and are keen to develop their expertise to a higher level.
CIMA's Islamic Finance qualifications have won awards to recognise their world-leading status in the industry:
- 'Best training institution' at the 2015 Islamic Business & Finance Awards for our outstanding contribution towards the training and education of professionals in the field of Islamic finance.
- 'Best Islamic finance education provider 2013' from the Global Islamic Finance Awards (GIFA) committee.
The CIMA qualifications in Islamic Finance consist of the:
1) Certificate in Islamic Commercial Law
2) Certificate in Islamic Banking and Takaful
3) Certificate Islamic Capital Markets and Instruments
4) Certificate in Accounting for Islamic Financial Institutions
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The Diploma in Islamic Finance are for those with a good knowledge of one or more of the key areas of Islamic finance but who require or benefit from a broader knowledge. The Diploma will also increase your confidence when dealing with Islamic financial institutions or when coming to grips with the products and services offered by this sector.
- Extensive knowledge on the commercial law underpinning Islamic finance
- An understanding of the requirements for Shari'ah compliance and the regulations that govern Islamic finance
- Knowledge of the Arabic terminology which is unique to this sector of finance.
This CPD program is eligible for a digital badge.
The qualifications in Islamic finance are all self study, distance learning qualifications which allow you to progress at your own pace.
This qualification assumes little or no prior knowledge of Islamic finance. It is designed for:
- People who wish to begin a career in Islamic finance.
- People who are already working in Islamic finance, but need a recognised qualification.
- People who have an interest in Islamic finance.
- Companies who wish to develop their staff in the principles of Islamic finance to increase staff performance.
What will you gain?
Understanding of Shari’ah compliance and the requirements and regulations which form the foundation of Islamic finance. You will also get a better understanding of the Arabic terminology used in Islamic finance.
- Online study, on demand for each of the certificates.
- Access to the e-learning portal for 1 year
- Online support materials
Unlimited exam attempts
All learning resources available in the CGMA Store qualify for CPD for CIMA members.
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||This is a digital product. You will have access to the content for a year after purchase date.
The International Institute of Islamic Finance Incorporated
The International Institute of Islamic Finance Incorporated (IIIF) Inc. was established to fulfil the global need for human development in Islamic finance. IIIF offers flexible learning opportunities and equips industry with the relevant skills and expertise in Islamic finance. IIIF undertakes research that sets the pace and landscape for Islamic finance. It has a strong and established panel of consultants and Shari’ah scholars who are experienced in various aspects of Islamic banking and finance industry.
Dr. Mohd Daud Bakar
Dr. Mohd Daud Bakar is the President/CEO of International Institute of Islamic Finance (IIIF) Inc. (BVI) and Amanie Business Solutions Sdn. Bhd. He currently sits as a Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority and the International Islamic Liquidity Management Corporation (IILM).
He is also a Shariah board member of various financial institutions, including the National Bank of Oman (Oman), Noor Islamic Bank (Dubai), Amundi Asset Management (France), Morgan Stanley (Dubai), Bank of London and Middle East (London), BNP Paribas (Bahrain), Bank Al Khair (Bahrain), Islamic Bank of Asia (Singapore), Dow Jones Islamic Market Index (New York), Financial Guidance (USA).
He has published a number of articles in various academic journals and has made many presentations in various conferences both local and overseas. On the recognition side, Dr Mohd Daud has been honored with “The Asset Triple A Industry Leadership Award” at The Asset Triple A Islamic Finance Award 2014 by The Asset magazine.
Dr. Syed Musa Alhabshi
He is an Associate Professor at the Institute of Islamic Banking and Finance, IIUM and was previously Dean of Institute of Islamic Banking and Finance (2014), IIUM and Dean of Graduate School of Business, University Tun Abdul Razak (2012-2013). He is also a Fellow Consultant with Amanie Business Solutions & International Institute of Islamic Finance Inc in providing advisory, research and training services to the Islamic financial services industry. He also currently serves as an Independent Board member of Takaful Ikhlas and MNRB Re-Takaful Companies in Malaysia as well as Shari’ah committee of both Takaful companies and Bank of Tokyo Mitsubishi Bank.
What Islamic Finance qualifications does CIMA offer?
CIMA offer a variety of qualifications to meet the requirements of most students.
The key qualifications are:
- The CIMA Certificates in Islamic Finance:
- Certificate in Islamic commercial law
- Certificate in banking and takaful
- Certificate in Islamic capital markets and Instruments
- Certificate in accounting for Islamic financial Institutions
- The CIMA Diploma in Islamic Finance (CDIF):
The CDIF comprises four modules which can be studied separately as the individual certificates above and which, if completed successfully, will result in the award of a “certificate” in that module e.g. Certificate in Islamic Commercial Law.
What level of knowledge should i possess prior to starting the program
It is not necessary to have a detailed knowledge of the body of Islamic Finance upon initiation of the program, but you should possess a familiarity with financial reporting and accounting principles.
How long will it take me to complete all of courses ?
This varies from person to person, but it is estimated that a commitment of approximately 160 hours will be required for most individuals to successfully complete the program.
I have prior experience in working with Islamic Finance. Will I be allowed to test out of certain courses while still earning the certificate?
Successful completion of each module is required to earn CPE credit and a digital badge. NASBA standards do not allow for “testing out of” a course to earn credit.
What is a digital badge, and how do I use it?
Your certificate will be issued electronically as a digital badge. For information on how digital badges work, please see this video and our Digital Badge AICPA page.
When will I receive a my digital badge?
You will receive an email within 5 business days of completing the program with instructions to accept and share your digital badge with your professional network.
Once I successfully complete the program and obtain my digital badge, is there a period for which it is active?
No a Digital badge on Islamic Finance has no time frame
Who do I contact for additional information?
For general inquiries, please call or WhatsApp our team at +919643308079 If you are interested in Corporate licence/bulk buying purchases email firstname.lastname@example.org
Students who complete this course within a year will get a Digital Badge from AICPA
There are 25 modules, at end of each module is MCQ, you need to score 70% to clear that module. Once you complete all modules, you get your digital badge directly. You can take the online assessment as many times as you want. Limit is 1 year.
Profesisonals who earn the Islamic Finance Diploma demonstrate their knowledge of all four Islamic Finance Certificates - Islamic Commercial Law, Banking and Takaful, Islamic Capital Markets and Instruments and Accounting for Islamic Financial Institutions. Badge earners have extensive understanding of the theory that underpins Islamic finance, the requirements for Shari'ah compliance and understand the regulations which govern it.
View a sample Digital Badge here