“Make Me An Islamic Banker”

The qualifications you will need to succeed in Islamic Finance…

What is an Islamic Banker / Financier?

Islamic banking refers to a system of banking that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest. In addition, Islamic law prohibits investing in businesses that are considered unlawful (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values).

Islamic Bankers deal with the structuring, syndication and underwriting of Islamic compliant financial products. There are a range of roles involved in this growing sector.

“That sounds very fancy, but what does that all mean?”

Well, to secure a career in Islamic Finance you will need to know, so keep reading to find out how…

How do I become an Islamic Banker / Financier?

Islamic Banking positions are very competitive and careers are reserved for the most dedicated students and graduates. The financial rewards are huge and becoming an Islamic Banker will require you to go the extra mile. If this is the career path for you, you will want to get the industry standard qualification…

What qualification do I get?

You will need to train for the CISI (Formerly SII) Islamic Finance Qualification (IFQ). The CISI Islamic Finance Qualification is the benchmark competency exams for individuals working in regulated firms who will be involved in Islamic Finance.

For investment professionals specialising in Sharia’a compliant finance, this qualification is a milestone to making Islamic finance services mainstream in the UK and keeping the City at the centre of the financial world.

What is the CISI Islamic Finance Qualification?

To work in Islamic Finance / Banking you will need to sit one paper to complete the Islamic Finance Qualification.

IFQ course content

An Introduction to Islamic Banking and Finance

• A brief overview of Islam and sources of Islamic law
• Origin, history, current status and future of the Islamic financial industry

Islamic Law of Contracts

• Fundamental guiding principles of Islamic banking and finance: Halal vs Haram and prohibitions related to Riba, Gharar and Qimar
• An introduction to different Islamic legal contracts Musawamah, Musharakah, Mudaramah, Murabaha, Wakala, Salam, Istisna, Arboon, Ijara, Wakala, etc.

Financial Techniques Applied by Islamic Financial Institutions

• Sources and utilisation of funds by Islamic financial institutions
• Practical applications of various Islamic contracts and principles in Islamic financial operations

Financial Statements for Islamic Banks

• Need for special accounting treatment of Islamic financial transactions
• International and Islamic Accounting Standards: similarities and differences

Islamic Corporate Governance

• Perception about Corporate Governance and the case for Corporate Governance in the Islamic financial industry
• Current practices of Corporate Governance in the Islamic financial industry

Islamic Asset and Fund Management

• An introduction to Islamic asset and fund management activities practiced by Islamic institutions
• Understanding various Islamic structures; equity, real estate, trade finance, hedge funds, private equity funds etc.

Islamic Bind Market – Sukuk

• An introduction to Sukuk and an overview of the existing market
• Various Sukuk structures and their applications

Islamic Insurance – Takaful

• An introduction to the fundamental basis of Takaful and its forms: General and Family Takaful
• Different models and Takaful operations: Wakala and Mudaraba

Why get the Islamic Finance Qualification?

Due to the massive influx of financing into Islamic nations and the influence of Sharia’a on business, Islamic finance is a dynamic and rapidly growing sector of international finance. As of 2007, most of the major Western financial institutions have IF-compatible products and subsidiaries. Islamic financial institutions have assets of more than $3000 billion and another $400 billion in financial investments. It can be very competitive and obtaining the benchmark qualification will be necessary.

When can I take the CISI Islamic Finance Qualification?

As the exams are computer based they can be taken at any of the specified test centres any time throughout the year.

Where can I study the CISI Islamic Finance Qualification?

We recommend using 7city to undertake your training as they will support you from day one through to passing the exam.

Tutor Support
7cityexpert tutor faculty are always on hand to answer queries and provide tips on studying and the exams. Each tutor has extensive teaching experience and first hand knowledge of the capital markets. They are committed to you throughout your training and will do all they can to ensure you pass your exam first time.

Helpdesk
All your queries, whether administrative, technical, or simply questions about the exam, are logged in our Helpdesk system, ensuring you always get a personal and prompt response. You can also log your own queries into the Helpdesk via your 7c-online account.

7city Pass Assurance
7city are on hand to provide you with all the support and guidance you need to pass your exam first time. If however you are unsuccessful in passing your exam after attending a 7city IFQ classroom course, you can attend another equivalent classroom course absolutely free.

Study Materials
7City study materials are recognised as the most effective, comprehensive and concise on the market and ensure you are guided from the beginning to the end of your study journey.

Through your 7c online™ account you can access classroom recordings, online mocks, practice question banks, email a day and the online helpdesk. Active analysis of your work patterns and performance guides your study and is seamlessly integrated into your online account, ensuring a cohesive learning experience.

Recordings
Classroom sessions are available as recordings to watch via your 7c-online account. Complete with the tutors’ annotations, they re-create the classroom environment and are ideal for re-capping and future playback after the course.

Mobile Learning
Classroom recordings are also available as downloadable podcasts in MP3 or MP4 format – ideal for learning on the move!

Email-a-day
Email-a-day delivers bite-sized practice questions to your desktop from the day you enrol on the course to the exam day itself. It will identify your weak spots, sending targeted content and advice to remedy problem areas and giving you a convenient and easy way to stay on top of your studies.

Questions and Online Mocks

7city’s extensive online question contains hundreds of constantly updated practice questions. By taking mock exams at key times, you can keep on top of your learning and be constantly sharpening your mind for the real thing.

How can I get the best price on the CISI Islamic Finance Qualification?

We are able to offer you qualifications cheaper than anywhere else due to our unique relationship with 7City, who is a leading qualifications provider, so you get the best training available.

If you would like to find out more about training in London or through distance learning you can get an exclusive discount if you contact 7city Learning on 0845 0727620 or email qualifications@7city.com

You must quote Benedix as a reference to claim your discount

If you would like a personal consultation with regards to qualification choices contact a consultant at Benedix.

Return to Professional Qualifications Page