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.

This course covers all the major areas in Islamic Insurance or Takaful. Course explains Islamic Law for Islamic Insurance, Sources of Sharia for Insurance, associated definitions such as Al-Gharar, Al-Maiser, Al-Riba, Hiba, Tabarru, Liability, Fidya, Al-Wakala, Waqf and Al-Mudharabah. Course explains the Foundation of insurance in the Islamic economy, its philosophy, development scenario and its comparison with conventional insurance. Course also explains all Forms of Takaful, which are adopted and implemented in different regions. Participants also learn the types and operational mechanism of Takaful Models, such as Modaraba Model, Wakala Model & Wakala Waqf Model.

Course than explains types of Takaful Business (Family and General), their objectives, principals and operation flowcharts. It covers Retakaful, its working mechanism and its philosophy in Islam. It than explains the Accounting Standards for Takaful companies and their differences with Conventional Insurance; balance sheet, Profit loss accounts and cash flow statements for Takaful Business. It than explains policies, role of agents, operations, management, issues and challenges for Motor Insurance, Marine Insurance, Fire Insurance & Machine Insurance.

Course covers Financial Engineering and Evaluation of new financial instruments, scope in financial engineering; Guidelines for Financial Contract Design; Sukuk and Islamic Reals Estate Investment Trusts (I-REITS); Development and current practices of Liquidity Management Instruments Islamic Banks; Recent developments in IFI Theory & Practices such as modeling and pricing Islamic Financial Products.

Program also covers the challenges in Islamic Risk Management; Islamic Funds Management, its development, legal framework, regulatory structure, performing funds management business, roles of Shariah Adviser for Islamic Funds and Issues, Challenges & Analytics in Islamic Fixed Income; Shariah Audit and Governance for Islamic Finance; Process and procedures in Shariah Compliance; and Prudential Standards & Guidelines.

CIFE Eligibility & Fee

The diversity of practical knowledge & theory modules at AIMS, makes them different from other institutions. I enrolled at AIMS after completing my MBA. During study of my first course of this certificate, I particularly enjoyed history, sources & approach of Islamic Economical system - provided by Islam 1400 years ago for the establishment of Financial System according to today's life. There are excellent educational resources available at AIMS. On completing my certificate, I easily got an opportunity in an Islamic Investment company in USA. I found this an invaluable experience & great insight.

After 10 years of work in marketing, I decided to switch my field and enrolled in CIFE. I thanks AIMS, its Learning Model and the faculty for their online educational support. CIFE is more than a training. Through this training, I learned each and every aspect required for a good career in an Islamic Finance industry. After completing this program, I joined a Bank in Jeddah and shortly accepted a great offer from a newly established Islamic Bank in Dubai as a Product Development Manager. I’m happy that I am earning a lot. I strongly recommend this experience to everyone who wants to be successful not only in their jobs but in their lives.