 Q1 : What is INCEIF? |
The establishment of International Centre for Education in Islamic Finance or INCEIF by Bank Negara Malaysia, the central bank of Malaysia, in March 2006 represents an investment in human capital to support the global development of the Islamic financial industry.
INCEIF's flagship Chartered Islamic Finance Professional programme or CIFP prepares individuals to be well versed with Shariah principles that will be embedded in all papers and a strong knowledge of corporate finance.
Balancing academic learning with practical industry experience, INCEIF aims to be an international nucleus for tertiary education in Islamic finance, training and research.
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Q2 :What are the programmes offered at INCEIF? |
- The Chartered Islamic Finance Professional – This is an online post-graduate professional qualification programme where the main mode of study is via the Internet.
- The Masters in Islamic Finance – This is a face-to-face programme designed for academics and practitioners interested in in-depth research on Islamic economics, finance and Shariah.
- The PhD in Islamic Finance – This is a face-to-face programme structured to allow students to develop the technical and intellectual ability for in-depth research in a broad range of areas on Islamic finance.
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Q3 :What is CIFP? |
CIFP is the acronym for Chartered Islamic Finance Professional. students of the CIFP programme are exposed to on-site and online learning or eLearning, and the latest teaching techniques (i.e. simulation, management games and real business and working environment).
CIFP is the world's first certifications on Islamic finance. The papers offered are designed and taught by a teaching faculty comprising renowned international and local scholars in the area of Shariah and finance as well as Islamic financial services industry experts.
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Q4 : Is CIFP internationally recognised? |
At INCEIF, we are working towards getting the industry recognition, which means we hope that the quality of our graduates when they join the job market would be very high indeed that future CIFP graduates would be welcomed anywhere they go. Nonetheless, the programme has attracted a wide interest among professionals and academics worldwide and to date we have a range of candidates from 56 countries. Internationally, we have candidates in the programme from a list of central banks including from Indonesia, Sudan, Syria and Pakistan. In Malaysia, the banking industry is represented as members of our various committees.
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Q5 :What is the difference between CIFP and other Bank Negara Malaysia required certifications such as CCP? |
Certified Credit Professional (CCP) is a professional certification for the credit personnel (credit appraisal, credit approval, credit audit) in the banking and finance industry.
CIFP is a professional certification for anyone who wants to acquire the expertise in a broad spectrum of the Islamic banking and finance services industry including takaful and capital markets.
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Q6 : What is the language used for INCEIF's programmes/CIFP? |
Currently, English language is used for communications and teaching of the programmes.
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Q7 :How many intakes are there in a year? |
There are three intakes for the CIFP programme in a year.
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The first is in January with the final examination in May. Students have a choice of sitting for a maximum of eight papers (for Part I students)/ six papers (Part II) or a minimum of two papers for this semester’s final examination.
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The second is the short semester in June with the final examination in July. Students have a choice of sitting for two papers or a minimum of one paper for this semester’s final examination.
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The third is in September with the final examination in December. Students have a choice of sitting for the same maximum number of papers (as per above) or a minimum of two papers for this semester’s final examination.
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Q8 :What does a student get upon registration? |
A study kit (reading materials) comprising eight papers that are required for Part 1, a study guide and a password to get onto the Learning Management System (LMS) which is a software package that enables the management and delivery of learning content and resources to students. The LMS usually performs student registration, the delivery and tracking e-learning courses and content, tracks learners progress, record test scores, succession planning, virtual live classes and resource allocation such as venue, rooms, textbooks, academic timetable, examination schedules and instructors.
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Q9 : How much is the total fee for CIFP? |
Please click here for total fee for CIFP.
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Q10 : Is there a minimum amount of papers that a student has to sign up for? |
Yes. A minimum of two (2) papers are required.
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Q11 : Is it compulsory for the student to attend the tutorial? |
Attendance is optional as the emphasis of the programme is on self study.
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Q12 :What is the maximum length of time allowed for a student to complete Part I, Part II and Part III of CIFP? |
For Part 1 and 2, a student is allowed a minimum of 6 months and a maximum of three years to complete each part. Part 3, an articleship programme which involves practical experience, is to be completed in six months.
Overall, CIFP must be completed within a minimum of 18 months and a maximum of six and a half years.
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Q13 : What is an articleship programme? |
The articleship programme is designed to provide students with practical experience in the Islamic financial services industry for a period of six months. For those based in Malaysia, INCEIF will arrange for the students to undergo attachment at institutions in Malaysia or they can arrange to undergo attachment at their preferred institutions which must be pre-approved by INCEIF. For students outside Malaysia, you may arrange for your own articleship. Upon your request, INCEIF can provide a supporting letter on this matter to be addressed to the targeted institutions.
For students who are already employed at the time of the articleship, you may continue working at your workplace and may convert a six month period of their employment to articleship, if arrangements are made with INCEIF.
Students with 5 years relevant experience, however, can apply for exemption from the articleship.
For Part III students who are undergoing articleship, you must prepare a 2,500 to 3,000-word Articleship Final Report detailing your activities, learning outcomes and required skills during your six-month articleship. For Part III students who are exempted from the articleship, you must prepare a 5,000 to 7,500-word Islamic Finance-themed Professional Practice Paper for the final assessment before you can be considered to have completed your CIFP programme.
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Q14 :What is the registration deadline for a student if he/ she wants to sit for the examinations? |
He/ she has to register two (2) months before the examination date.
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Q15 : What does the final examination comprises? |
The three-hour final examination comprises 20 multiple choice questions, 5 short essays and 3 long essays.
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Q16 : How will a CIFP student based outside Kuala Lumpur undergo the final examination? |
INCEIF will appoint a representative to invigilate the examinations in the city where the student lives.
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Q17 :How many times can a CIFP student re-sit for a paper if he fails? |
If a student fails a paper, there is no limit to the number of time he can re-sit the exam. The only condition is that he must pass the paper within the maximum three years allocated to complete each part of Part I and Part II. If he fails to do so within the stipulated time, he has to sit for the exams for each Part all over again.
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Q18 :Can a student get exemptions on the papers taught? |
Exemptions will be considered for all 14 papers in Part I and Part II on a case to case basis and subject to approval from INCEIF's Academics Division.
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Q19 :Can a student withdraw from Account II of Employees Provident Fund to pay for CIFP? |
Yes. To apply for withdrawal under this scheme, the student should request for the “Letter for EPF withdrawal” from INCEIF which will state the details of the CIFP papers the student have registered for and the amount to be paid to INCEIF. This can be done by emailing admission@inceif.org. There are 2 ways to withdraw from EPF:
- The student may choose to pay all the fees due to INCEIF in advance and request for the reimbursement on the amount that you have paid.
- The student may register for the necessary papers and EPF shall pay the necessary amount directly to INCEIF.
Students may withdraw the maximum amount of the total fees or all of the balance in Account II, whichever is lower.
For more information, please visit or call the nearest EPF office at:
Employees Provident Fund
Bangunan KWSP
Jalan Raja Laut
50350 Kuala Lumpur
e-mail: enquiry@epf.gov.my.
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Q20 : Are scholarships provided for the CIFP programme? |
Scholarships are available to both foreign and local students by Bank Negara Malaysia. Contact us for more details.
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Q21 : Accommodation & Living Costs |
How much will I need in addition to tuition fees for living in Kuala Lumpur?
Living costs in Kuala Lumpur can vary considerably depending on your lifestyle and the area and type of your accommodation. On average we would recommend that a single person should allow approximately RM1,000 – RM1,500 per month for living expenses; this figure is inclusive of accommodation costs, and assumes sharing a house or apartment with others. The living costs for married candidates and those with children will be higher.
How easy is it to find accommodation in Kuala Lumpur?
Rented accommodation in Kuala Lumpur is easy to find, however the quality and location will determine the price. The rent would be around RM600-RM1000 per month for a one bedroom flat/apartment. We normally advise candidates to arrive at least two weeks before the programme starts to allow time to find accommodation. The Academic and Student Affairs Office will give you advice and information on how to find suitable accommodation, and put you in touch with fellow candidates who are looking to share a flat.
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INCEIF Leaders
