The course starts with the overview of Conventional & its differences with Conventional Banking. It than covers the History of Islamic Banking, Market Perceptions & performance of Islamic Finance Industry, Analysis on Islamic Interest Free Banking, Current Economical System & its problems, Comparison of Capitalism & Socialism, Philosophy of Islamic Economical System, Islamic Model for distribution of wealth, Comparison of factors of Production in Conventional & Islamic Economical Systems. This course gives in depth study of Sources of Sharia, Ijtihad, Riba & its types, Commercial Interest, Usury, Simple & Compound Interests, Markup, Profit, Gharar and Gambling.

This course also gives profound overview of Islamic Financial Contracts such as Bai, Bai Wafa, Bai Salam, Bai Istisna & Bai Muajjal, and orders regarding Wakalah, Amanah, Wadia, Rihn, Hawala & Kifala. This course ends with the sanctity and overview of Islamic modes of finance such as Modarabah, Musarakah, Salam, Istisna, Morabaha, Ijarah and Diminishing Musharakah.

This course focuses on Islamic Modes of Financing. The program starts with Mudarabah – a Equity Based Product & explains its basic rules, conditions of sale, steps of Mudarabah Financing, its contractual mechanism, important Issues in Mudarabah financing, its applications, its model agreement and relevant Case studies. Course than consider Musharakah – a Equity Based Product in which participants study Shirkah & its types, rules related to Musharkah, conditions for termination of Musharkah, issues related to Musharkah, its model agreement & relevant case studies. Another form of Musharakah is than studied i.e. Diminishing Musharakah, its differences with Musharakha, types & features of Diminishing Musharakah, its structure, its implementation in house financing & other case studies.

This course than discusses Murabaha – a Equity Based Product, its contract, types, conditions for termination, its rulings, requirements related to profit, its comparison with Musharakah, its model agreement and case studies. After Murabaha, another major financial instrument is discussed i.e. Ijarah – a Semi Debt based product. The course explains its types of Ijarah, its basic rules, its contractual mechanism, explanation of Ijarah Wa Iqtina, Ijarah lease agreement and case studies related to Ijarah financing. Course then focuses on Salam – a Trade Based Product, its conditions, its comparison & combination with Murabaha, its types, its lease agreement & case studies associated to Salam. At the end of this course, Istisna – a Trade Based Product is discussed, including its contractual mechanism, its model agreement & case studies.

The course covers many practical areas towards Islamic Commercial & Investment Banking. They includes implementation of Islamic Finance, Musharakah accounts in Islamic Bank, Financing Projects through Islamic Banks, Islamic Financing for Imports & Exports and use of Musharakah for working capital. Course then covers Accounting for Islamic Banks and Islamic Banking products, such as, information needs for accounting society, accounting theories for Islamic Financial system, valuation of assets, time value of money & determination of profit, trust & investment deposits, comparison of accounting for several modes of finance and Qard-e-hasana.

This course also gives an in-depth study of AAOIFI and its standards for Shariah & Accounting, AAOIFI Shariah Standards & its major rulings, introduction to AAOIFI accounting standards, Zakat accounting and factors affecting Islamic financial reporting. Course than covers several areas in Islamic Investments, such as: Sukuk, Shares, Bonds, Securitization, Islamic Investment Funds, etc. Program than focuses on Risk Management in the light of Shariah rulings, its policies, procedures adopted by IFIs for Risk Management, guidelines issued by Islamic Financial services Board and its application process.

CIB Eligibility & Fee

I worked 15 years in a conventional bank. Then I decided to join Certified Islamic Banker program at AIMS. This certification was recommended to me by a friend. What attracted me to this program was its diverse objectives and curriculum. I think that the best thing about training is its comprehensive curriculum. Lectures are challenging but very resourceful and helpful. Faculty comprise of renowned practitioners of Islamic Finance industry and they deliver good knowledge of the subject. Currently I am working as a department head, in an Islamic Bank in Bahrain.