The CIFP Programme is aimed at producing high calibre professionals with the necessary technical skills and knowledge in Islamic Finance, specifically in the areas of Islamic banking and Takaful.

The programme combines industry specialists and renowned scholars to provide you with a highly qualified teaching faculty to ensure a holistic balance between academic learning and industrial practical experience.

Divided into three parts, each part offers comprehensive papers that will strategically prepare candidates to build knowledge, skills, competencies and experience as they enter the Islamic finance industry.

Candidates may apply to study at the INCEIF campus or take up this programme through distance learning.

These recommended readings will supplement your studies throughout your course at INCEIF.

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IE 1001 Islamic Economics
The paper provides an understanding of Islamic economics by considering the implications of the application of Shariah law for the economic and financial systems, an overview of Islamic economy by highlighting the the different works of Muslim scholars in the field, compares the different sources of knowledge for economics, stresses the importance of Islamic worldview to Islamic economics, familiarizes students with the economic thought of Muslim thinkers, compares the Islamic economic system with the other systems, explains how consumption and production are carried in Islam, provides a clear explanation about the concept of money from Islamic point of view, examines the nature and scope of Islamic economics and finance and its relationship with conventional economics and finance, and highlights the development of historical Islamic economic institutions such as zakah, jizah, kharaj, takaful, sadaqah and waqf and to highlight their economic roles.

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IB1004 ISLAMIC FINANCIAL INSTITUTIONS AND MARKETS
This Paper examines the structure of Islamic financial markets, instruments, and institutions. Topics include the historical development of Islamic financial institutions and markets, the roles of central bank in the conduct of monetary policy within the dual banking system, the role of banks and other financial intermediaries and the trading practices for and valuation of financial instruments, including equity, debts, futures, etc.

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SH1003 SHARIAH RULES IN FINANCIAL TRANSACTIONS
Besides highlighting the requirements of Shariah in commercial transactions, this paper will cover five categories of Shariah principles governing commercial transactions. Students shall be exposed to the application and mechanism of the most widely used Shariah principles such as mudarabah, murabahah, bai bithaman ajil / bai muajal, musharakah, salam, istisna, ijarah, bai al-inah, tawarruq, hiwalah, kafalah, wakalah, wadiah, ijarah and rahn.

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IB 1005 DEPOSITS AND FINANCING OPERATIONS OF ISLAMIC BANKS
The paper provides the students with an understanding of the various financial instruments offered by Islamic banking companies, the risks associated with Islamic banking products, and the legal aspects of Islamic banking products.

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TK1003 WEALTH PLANNING AND MANAGEMENT
The paper covers the concepts of wealth, its generation, enhancement and distribution from both conventional and Islamic perspectives as part of the processes of wealth planning. It will be followed by the details of wealth allocation processes; wealth generation and enhancement through investments in securities and real estate; in wealth protection through insurance and takaful; in planning for the future through estate, tax and retirement planning and in estate distribution through wills and law of inheritance. The legal framework and issues will also be brought up as useful tools for would be wealth planners and consultants.

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IB1006 ISLAMIC CAPITAL MARKET
This paper critically examines the nature and theory of Islamic capital markets and the structure of capital market instruments. Topics include the historical development of Islamic capital markets and its role in economic development, and Islamic capital mobilization via several Shariah compliant products in the equity and debt markets.

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SH1002 SHARIAH ASPECTS OF BUSINESS AND FINANCE
Shariah aspects of business and finance consist of three major parts which are: (a) Islamic Jurisprudence including sources of Shariah, Ahkam al-Shariah, Legal maxims and Maqasid al Shariah; (b) Shariah audit and compliance includes Hisbah, Shariah standards, Shariah issues and Shariah audit; and (c) theory of Islamic contract include general theory of Contract, Ahliyyah/capacity, Formation of contract, Terms and conditions, Performance of contract, and Breach and remedies.

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IE1002 REPORTING OF ISLAMIC FINANCIAL TRANSACTIONS
The paper starts of by introducing accounting and accountability concepts from the Qur’an and Sunnah and relates it to the need for Islamic accounting by pointing out the limitations of conventional financial accounting. It then contrasts financial statements of Islamic and conventional banks. A quick review of Islamic financial contracts and their use by Islamic banks follows as at this stage students would not have the knowledge of Islamic financial contracts in detail. The course then looks at the details of how financial transactions are accounted and reported by Islamic financial institutions including mudaraba, murabaha, ijara, salam, istisna, bba, zakat takaful and sukuk. A user view of accounting is emphasized as opposed to a preparer view to be in line with the objective of the paper. Finally, the paper ends with a review of practices and issues in shariah review and auditing in Islamic Financial Institutions.

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IB2001 STRUCTURING FINANCIAL REQUIREMENTS
The paper aims to provide an understanding of customer's needs and to develop the ability to structure Islamic Financial solutions. It provides the students with an understanding of customers' needs and develop the ability to structure Islamic financial solutions accordingly. Students would be taught the detailed process of structuring financial solutions which can then be applied in any sector.

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IB2003 MANAGING ISLAMIC FINANCIAL INSTITUTIONS
This paper covers all aspects of managing an Islamic financial institution. Students would be exposed to topics in organizational development, customer relationship management, strategic management, financial management, channel distribution management, and ethical issues in management in accordance with Shari'ah.

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IB2002 RISK MANAGEMENT OF ISLAMIC FINANCIAL INSTITUTIONS
This paper deals with all aspects of risk to which Islamic financial institutions are exposed to, and focuses on identifying, measuring and mitigating risks within a banking paradigm. Other topics discussed will include Basle II and treasury product development and management. The paper thus provides students with an understanding of Islamic operations and risk management, assessment of market risk exposures, development and application of risk control and mitigation risk, ability to design appropriate reporting requirements, and for the student to be significantly conscious of the shariah decision and boundaries and ability to differentiate conventional and Islamic practices.

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TK 2002 TAKAFUL AND ACTUARIAL PRACTICES
The paper exposes students to the basic concept of takaful, Shariah principles applied in building various takaful models in operation, the different aspects of takaful operations such as product development, underwriting, claims management, surplus distribution, risk management and actuarial concepts and practices.

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SH2002 SHARIAH ISSUES IN MODERN ISLAMIC FINANCE
This paper will cover three major areas; 1) Shariah issues in banking 2) Shariah issues in capital market 3) Shariah issues in wealth management. By completing this paper, the students would be able to fully understand some of the major Shariah issues faced by Islamic finance sector in implementing Shariah concepts and principles in real practices. It is hoped that by appreciating these issues, the students would be in a position to devise necessary steps/strategies to address the issues in appropriate manners. Additionally the knowledge acquired through this paper will enable the students to pay attention to the Shariah aspects mentioned in the product development process.

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IE 2001 ETHICS AND GOVERNANCE
The aim of this paper is to guide candidates in understanding the concept, evolution and role of corporate governance in a market based economy, especially in the case of Islamic Financial Institutions. The objective is to appreciate the importance of self governance coupled with compliance (shariah and non shariah), best practices and strategic alignment to long term shareholder and investor value. With the knowledge and understanding of issues, it is expected that candidates will be able to grasp the governance implication of policies and decisions. The Chartered Finance professional will be able to provide ideas in terms of execution of governance framework at the operational level.

Candidates with at least five (5) years working experience in financial services industry and/or related industry may apply for exemption from Articleship. In lieu of Articleship, the Candidates must submit a Professional Practice Paper (PPP). For Candidates where there is no Islamic financial services industry in the country of residence, these Candidates, with or without five (5) years working experience will be allowed to undertake the PPP in lieu of articleship.

To apply for the exemption, please click here to download the Articleship Exemption Form.