Foundations of Islamic Banking & Finance

A practical course on Islamic finance. We start with a summary Shariah rules and dive into application of retail and corporate banking solutions, and simple debt capital market (Sukuk) where relevant. IFSB risk profiles of the Shariah contracts are simplified. The course also offers rich discussion and Q&A.

Check out the Course Agenda

Course curriculum

1. About Certified Islamic Finance Analyst (CIFA) Program
2. How the System Works - Watch this to get the full benefit
3. Welcome to the course
4. CIFA Glossary
5. Introduction and Learning Outcomes
1. Welcome to Module 1: Shariah Principles
2. Handout for Module 1
3. Background Reading - Riba
4. Optional Reading: Historical Prohibitions of Interest in Other Nation and Religion
5. 1.1 Doctrine of Permissibility
6. 1.2 Riba: Interest
7. Quiz 1 - M1
8. Background Reading - Gharar
9. 1.3 Gharar: Opacity
10. 1.4.1 Promise vs Contract: Main Discussion
11. 1.4.2 Promise vs Contract: Q&A
12. Quiz 2 - M1
13. Background Reading: Other Prohibitions
14. 1.5 Summary of Prohibited Transactions
15. 1.6.1 Naturally Certain Contracts
16. 1.6.2 Naturally Uncertain Contracts
17. 1.7.1 Exercise 1
18. 1.7.2 Exercise 2 - Debt vs Equity
19. 1.8 Common Questions
20. 1.9 Self Governing Institutions
21. 1.10 Closing Q&A Module 1
22. Quiz 3 - M1
1. Welcome to Module 2: Murabahah & Tawarruq
2. Handout for Module 2
3. 2.1.1 Classical Murabahah vs Murabahah to Purchase Order (MPO)
4. Background Reading: Ownership and Possession in Shariah
5. 2.1.2 Questions on Classical Murabahah vs MPO
6. 2.2 Agency Murabahah
7. Quiz 1 - M2
8. 2.3.1 Auto Murabahah Exercise - Part I
9. 2.3.2 Auto Murabahah Exercise - Part II
10. 2.4.1 Introduction to Tawarruq
11. 2.4.2 Tawarruq Controls & Applications
12. 2.5.1 Introduction to Risk Profile
13. 2.5.2 IFSB Risk Profile for Murabahah
14. Quiz 2 - M2
15. 2.6.1 Exercise 1 - Cash Line using Tawarruq - Part I
16. 2.6.2 Exercise 1 - Cash Line using Tawarruq - Discussion
17. 2.6.3 Exercise 1 - Cash Line using Tawarruq - Part II
18. 2.7 Exercise 2 - Shares Murabahah
19. 2.8.1 Exercise 3 - Loan vs Murabahah vs Tawarruq - Part I
20. 2.8.2 Exercise 3 - Loan vs Murabahah vs Tawarruq - Part II
1. Module 3 Handout
2. 3.1 Salam Summary Rules
3. 3.2 Salam vs Parallel Salam Structure
4. 3.3 Parallel Salam Discussion
5. 3.4 IFSB Salam Risk Profile
6. 3.5.1. Salam for Pre-Export Finance: Part I - Structure
7. 3.5.2 Risk Profile for Salam Against Purchase Undertaking
8. 3.5.3 Salam vs Tawarruq
9. Quiz Module 3
1. Module 4 Handout
2. 4.1 Istisna'a Summary Rules
3. 4.2 Simple vs Parallel Istisna'a
4. 4.3 Istisna'a Risk Profile
5. 4.4.1 Istisna'a Manufacturing Finance Exercise - Structure
6. 4.4.2 Istisna'a Manufacturing Finance Exercise - Questions on Structure
7. 4.4.3 Istisna'a Manufacturing Finance Exercise - Comparison of different tools
8. Quiz Module 4
1. Module 5: Ijarah I Handout
2. 5.1 Ijarah Summary Rules
3. 5.2 Ijarah Structures
4. 5.3 Ijarah Discussion
5. 5.4 IFSB Risk Profile for Ijarah
6. 5.5 Guide to Structuring Islamic Financial Lease
7. 5.6 Ijarah Exercise - Home Finance
8. 5.7 Ijarah vs Murabahah
9. Quiz Module 5
1. Module 6: Ijarah II Handout
2. 6.1.1 Ijarah for Services - Part I
3. 6.1.2 Ijarah for Services - Not Consumed
4. 6.1.3 Ijarah for Services -Discussion Part II
5. 6.2.1 IMBZ part I
6. 6.2.2 IMBZ part II
7. 6.3 Sale n Leaseback
8. 6.4.1 Sukuk Ijarah Part I
9. 6.4.2 Sukuk Ijarah Part II
10. 6.5 Summary of Ijarah Solutions
11. 6.6.1 Final Exercise Part I
12. 6.6.2 Final Exercise Part II
13. Quiz Module 6
1. Module 7 MMW Handout
2. 7.1 NCC vs NUC
3. 7.2 Musharakah Summary Rules
4. 7.3 Musharakah Structure I - Shirkah Al-Aqd
5. 7.4.1 Musharakah Structure II - Shirkah al-Milk
6. 7.4.2 Musharakah Structure II - Questions
7. 7.5 Mudarabah and Wakalah Rules
8. 7.6.1 IFSB Risk Profile - Musharakah & Mudarabah
9. 7.6.2 IFSB Risk Profile - Discussion
10. 7.7.1 Exercise - Mudarabah Working Capital Part I
11. 7.7.2 Exercise - Mudarabah Working Capital Part II
12. Quiz Module 7
1. Module 8 Islamic Deposits Handout
2. 8.1 Types of Islamic Deposits
3. 8.2 How to Price Mudarabah
4. 8.3 Types of Reserves
5. 8.4 Illustration of PER n IRR
6. 8.5 Capital Adequacy
7. 8.6.1 Islamic Interbank Exercise - Part I
8. 8.6.2 Interbank Wakalah
9. 8.6.3 Interbank Murabahah
10. Quiz Module 8
1. Best way to prepare for the exam
2. Study Guide
3. Study Guide Answer
1. Reminder: Best use of Exam Guide
2. Exam Guide
3. Mock Exam
4. Mock Exam Explanations
5. Mock Exam: Let's try it again!
6. Exam Demonstration - Important!
7. Mock Exam - in real exam setting
1. Foundations of Islamic Banking & Finance - Course Evaluation
1. Reminders before you start the exam.
2. Please review before taking the exam - DO NOT CLICK ON CONTINUE
3. Final Exam

About this course

$250.00
122 lessons
10 hours of video content

Instructor(s)

Abdukader Thomas

Group President & CEO

Based in Kuwait, Abdulkader has over 40 years of diversified financial services experience in major markets including Bahrain, New York, London, Los Angeles and Washington, D.C. His areas of activity have included trade finance, real estate finance, securities, and alternative finance at various global and regional financial institutions.

As the general manager of a foreign bank branch in New York, he was responsible for securing the first US banking regulatory approvals of alternative financial instruments in the mortgage and installment credit/sale as banking instruments. Later as the founding member of a de novo bank project, he secured US regulatory approval for Islamic profit sharing deposits. He is an authority on Islamic deal structures and securities.

Along with his team at SHAPE, Abdulkader works on projects that include launching de novo Islamic banks and Islamic banking windows, policies and procedures including Shariah policies, Shariah compliance, product development and structuring. Clients include a diversified universe of financial institutions from North America, the MENA region, Southeast Asia, Africa, and Europe.

He is the co-author of Structuring Islamic Finance Transactions (Euromoney 2005), Islamic Bonds (Euromoney 2004), Sukuk (Sweet & Maxwell 2009), and Managing Funds Flow Risks and Derivatives: Applications in Islamic Institutions (Sweet & Maxwell 2012) and Housing the Nation (Cagamas 2013). Abdulkader served as a technical expert on the Shariah boards of Bank Muscat Meethaq (Oman). He chairs the committee at Sterling Client (Nigeria) and consults for University Islamic Financial (USA). He also serves as an independent director of Alkhabeer Capital in Jeddah. He was previously chairman and director of Sanabel Investment Co. (formerly Alkhabeer International) in Bahrain. He has acted as a member of the international advisory board of the Securities Commission of Malaysia. Abdulkader speaks English, Arabic, French and Spanish.

Shabnam Mokhtar

Group Executive VP

Shabnam spearheads research and development activities at SHAPE. Some of the projects that she managed include: Review and enhancement of Fatwa on Credit Guarantee Scheme delivered by a Scandinavian development fund in Somalia; Research for a bankruptcy case in the US and a criminal case in Canada related to Islamic Finance Service providers; Analysis of Islamic ETF and Islamic structured product to develop an Islamic hedge fund product for a hedge fund manager based in GCC; Review and enhancement of Fatwa on Carbon Trading for a global energy trading firm’s London operation.

Shabnam also manages strategic and business plan formulation for launching of Islamic businesses and delivers customized trainings for clients covering full spectrum of Islamic Finance activities.

With a global clientele experience, Shabnam brings implementation knowledge taking into account the business context, regulation and Shariah views in different markets.

Shabnam serves as the Shariah Committee member for RHB Islamic Bank.

Comprehensive, Well Structured & Interactive

Oloruntoba ALAWODE

The course content was comprehensive and well-structured, covering key topics. The instructors were highly knowledgeable and experience in the field of Islamic finance, their explanations were clear and engaging, making complex concepts accessible. The course materials, including the readings, video lectures and case studies were well curated and instrumental in enhancing my understanding of the subject. One of the major highlights of the course was its balance approach to the theory and practice. The recorded interactive discussions and Q&A sessions added significant value. Overall, my experience with the 'Foundations of Islamic Banking and Finance' course was highly positive. It provided a solid foundation in Islamic finance principles and practices, and I feel well-prepared to pursue further studies or a career in this field. I would highly recommend this course to finance professionals, students, and anyone interested in understanding the unique aspects of Islamic banking. Thank you!

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Great platform to learn Islamic courses

Abisola Aiyenero

This is a really great platform to learn Islamic courses. The courses are well explained by the lecturers, and I have learnt so much in a short period of time. Kudos to Sheikh and Shabnam.

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Islamic Finance Made Easy

Sadiya El-Rufai

To cut the long story short, "very technical" Islamic Finance Instruments deciphered, learn with ease!

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CIFA Foundation is an eye opener for me!

Olaitan LASISI

CIFA Foundation is an eye opener for me. It gave me indepth knowledge of islamic principles and practices. The course provided a fundamental knowledge about the basic principles and practical development in banking and financing in compliance w...

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Enjoyable & Unique

Umar Umar

One of the best courses on Islamic Banking & Finance. It was enjoyable and unique in its training approach.

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Very interesting and educative

Abidemi OLAHAN

It gave me an opportunity to understand the underlying principles that guide Islamic contracts and how IFIs arrive at product development and how each shariah compliance issues were resolved.

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Tremendous Value

Olusesan Ajayi

The course was well delivered by the tutors and added tremendous value. The sessions were very granular and in depth to simplify the rudiments of the course.

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Foundations of Islamic Banking & Finance

Amazu Nwachukwu

The course content is very rich and insightful

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Comprehensive & Insightful

Olumide YUSUF

I am thrilled for the successful completion of the course. This comprehensive and insightful course has equipped me with a profound understanding of the principles and practices that underpin Islamic banking and finance. The course covered a wide range of topics, from the historical context and ethical foundations of Islamic finance to the intricate workings of Sharia-compliant banking operations, investment instruments, and risk management. Each module was meticulously designed to provide both theoretical knowledge and practical skills, ensuring a holistic learning experience.

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Islamic Finance Expertise

Najeem Ewesesan

I think it is a good product put together to help upcoming Islamic Finance Experts like me

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Installment Plan

Two payments of US$125

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Welcome to Foundations of Islamic Banking & Finance

Module 1: Shariah Principles

Module 2: Murabahah & Tawarruq

Module 3: Salam

Module 4: Istisna'a

Module 5: Ijarah - Part I

Module 6 - Ijarah Part II

Module 7 - Musharakah, Mudarabah, Wakalah bil Istithmar (MMW)

Module 8: Islamic Deposits & Investment Account

Study Guide

Exam Guide

Course Evaluation

Final Exam

About this course