Product Specific (Level 2):These modules may be customized to a business unit or teams specifications. The elements are meant to give a 360 degree overview of the transactional concept including Shariah foundations, practical commercial examples, accounting, capital management, and adaptations for commercial purposes. The base course is established on a common business problem for all courses to allow comparability. Mock term sheets and the applicability of common banking and financial covenants are raised in the context of each method. All modules include discussions of marketing, accounting, risk management, and contrasts to traditional banking and finance. Examples of Level 2 modules can be found in Appendix 1.
Applications
of Ijara including Forward Leases and Bai al Manfa'a Applications
of Istisna'a, Ju'ala and Istijrar Applications
of Murabaha including Tawarruq and Trade Finance Applications
of Mudaraba and Wakala Applications
of Musharaka Applications
of Salam Integrated
Islamic Financial Operations Islamic Capital
Markets: Syndications, Sukuk and Derivatives Islamic Funds
Structuring & Screening Islamic Treasury
Operations Islamic Trade
Finance: Murabaha, Wakala, Musharaka and Istijrar. Principles
of AAOIFI Accounting 1. Applications of Ijara including Forward Leases and Bai al Manfaa: The course reviews in four days comprehensively the universe of leasing concepts in Shariah as well as their permissible derivatives. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The conditions or shurut relevant and permissible in various structures are discussed in detail. The course may be tailored to focus on retail finance; corporate or real estate finance.
2. Applications of Istisnaa, Juala and Istijrar: The course reviews in four days comprehensively the universe of Shariah concepts, which may be applied for construction, manufacturing or project finance as well as their permissible adaptations. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
3. Applications of Murabaha including Tawarruq and Trade Finance: The course reviews in four days a comprehensive overview of murabaha and related sales concepts; their market adaptations; strengths & weaknesses; and structuring precepts. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The conditions or shurut relevant and permissible in various structures are discussed in detail. The course may be tailored to focus on retail finance; corporate or real estate finance.
4. Applications of Mudaraba and Wakala: The course reviews in four days comprehensively the universe of Shariah concepts which involve a fiduciary as an intermediary whether or that fiduciary is a partner or an agent of the investors. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
5. Applications of Musharaka: The course reviews in four days comprehensively the universe of partnership concepts in Shariah as well as their permissible derivatives such as constant and declining balance musharaka. The questions of how musharaka structures may be applied to debt environments or interpreted as debt will be addressed. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
6. Applications of Salam: The course reviews in four days comprehensively the universe of forward sales in Shariah as well as the means to manage their risks from a financial institution perspective. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
7. Integrated Islamic Financial Operations: The course constructs over four days a de novo bank, applying the comprehensive body of Islamic business vehicles utilized in the modern Islamic banking and financial business. The approach is to review clearly AAOIFI and IFSB accounting and regulatory issues as well as to understand conflicts with existing applied accounting and regulatory standards. The course covers market adaptations; strengths & weaknesses; and structuring precepts in a bank looking at retail finance; corporate, project finance, deposit, and real estate finance.
8. Islamic Capital Markets: Syndications, Sukuk and Derivatives: The course reviews in four days comprehensively the universe of sukuk concepts in Shariah as widely applied in the market. How the concepts are evolving and challenges for market growth are discussed in detail. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
9. Islamic Funds Structuring & Screening: The course reviews in four days comprehensively the means, issues and rules for structuring Shariah compliant investment funds. The conditions or shurut relevant and permissible are covered for various types of funds: structured, equity, sukuk, ijara, real estate. A basic review of AAOIFI accounting issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on equity, structured, or real estate funds.
10. Islamic Treasury Operations: The course reviews in four days comprehensively how a treasury, whether bank, investment bank or sophisticated corporate applies Shariah principles in managing foreign exchange, excess cash and risk management. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course is structured as a live game.
11. Islamic Trade Finance: Murabaha, Wakala, Musharaka and Istijrar. The course reviews in four days comprehensively the universe of trade finance concepts in Shariah as well as their various adaptations. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.
12. Principles of AAOIFI Accounting: The course reviews in four days comprehensively AAOIFI rules and their applications in the Islamic banking and financial markets. How AAOIFI integrates to IFRS and FAS as well as IFSB will be covered. The universe of transactions covered in the prior courses.
A team member who completes courses 1 - 7 and up to two of courses 8 - 12 or has performed self study based on recommended materials and course specific materials (sold separately) will be eligible to sit Part 2 (of three) of the Certified Islamic Financial Analystc examination as administered by SHAPE and REDmoney. All modules include real market case and mini]case studies.
