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Programme Structure (Professional Certificate)

PROGRAMME DETAILS

This module covers the essential of shariah tools required to converse in Islamic banking and finance concepts and appreciate the governance mechanism, audit structures and basic laws in Islamic contracts. Students are expected to gain fundamental skills and understanding how shariah is applied across the most relevant Islamic finance components that is banking, takaful and Islamic capital market

Learning Outcomes

By the end of this course students should be able to :

  • Apply fundamental Shariah principles and legal maxims in business and finance
  • Appraise the foundation of Islamic jurisprudence, theory of contract and Islamic financial transactions
  • Assess the Shariah compliance of products and services through a proper understanding of Islamic jurisprudence, theory of contract, financial transactions, and governance

PROGRAMME DETAILS

Programme Code: PC5043
Medium of instructions: English

This course will examine the Shariah principles that are entrenched in Islamic Banking and Islamic Banking operations. This course will also discuss the legal and regulatory aspects of Islamic Banking and recent developments in this industry. Students will learn how Islamic Banking institutions are managed to ensure its viability and profitability

Learning Outcomes

By the end of this course students should be able to :

  • Examine the fundamental philosophies and Shariah framework of Islamic banking.
  • Explain the conceptual and operational practices of Islamic banking.
  • Explain products and services offered by Islamic Banks.
  • Discuss management issues in Islamic banking institutions.
  • Articulate and critically evaluate contemporary issues pertaining to Islamic banking.

PROGRAMME DETAILS

Programme Code: PC5113
Medium of instructions: English

This module deliberates the detailed requirements and Shariah rules of financial transactions, together with the differing views of the schools of jurisprudence and contemporary scholars. This module also covers a thorough discussion and deliberation on the major Shari’ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital markets, Takaful and wealth planning and management.

Learning Outcomes

By the end of this course students should be able to :

  • Apply Shariah principles governing financial transactions with the practice of the industry
  • Appraise Shariah compliant products based on the resolutions of classical and contemporary scholars
  • Recommend the best approaches to Islamic finance issued based on differing Shariah opinions

PROGRAMME DETAILS

Programme Code: PC5033
Medium of instructions: English

The course critically examines the nature and operational aspects of the Islamic Capital Market including its infrastructure, components and the various types of Islamic Capital instruments. Topics will include the historical development of ICM and it’s in economic development.

Students will be able to analyse contemporary issues in Islamic Capital Market industry in the light of Shariah principles applied.

Learning Outcomes

By the end of this course students should be able to :

  • Understand the framework of financial market and Islamic Capital Market.
  • Recognize the components of ICM, different types of instruments and the Shariah underlying principles applied.
  • Evaluate the conceptual and application of each instrument and product of ICM.
  • Distinguish the differences between Islamic and conventional capital markets.

PROGRAMME DETAILS

Programme Code: PC5053
Medium of instructions: English

An Islamic financial institution (IFI), as a business entity is not exempted from both systematic and unsystematic risks. If all the risks are properly identified, measured and mitigated, an IFI’s overall mission, goals and objectives will not be severely jeopardized. Students are not only being exposed but are also required to learn about the fundamentals of risk and their management. In addition, the current risk environment, risk issues, frameworks, guidelines, standards and strategies will also be discussed.

The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions. In addition, knowledge on risk issues both at macro and micro levels such as risk philosophy, policy, process, framework, guidelines, strategies and regulatory requirements will also be disseminated to students, complete with quantitative tools to measure various types of financial risk, operational risk and capital adequacy. Shariah risk and fiduciary risk that are peculiar to Islamic financial institutions will also be emphasized.

Learning Outcomes

By the end of this course students should be able to :

  • Describe the existence of risks in banking and finance and the concept of risk from the Islamic perspectives.
  • Distinguish the different types of risk and be familiarised with the risk management process, and the regulatory requirements and governance.
  • Apply the quantitative tools and techniques in identifying and measuring the various types of risk.

PROGRAMME DETAILS

Programme Code: PC5083
Medium of instructions: English

This course covers aspect of ethics and professionalism that are critical for developing leadership, governance and management skills. It includes understanding key aspects and application of concepts, principles codes and standards of ethics and professionalism for effective governance of organisation.

Learning Outcomes

By the end of this course students should be able to :

  • Understand the concepts and role of ethics and professionalism in personal, organizational and social behaviour
  • Examine Islamic and secular perspectives when identifying ethical cases and recommending alternatives
  • Demonstrate the ability to apply ethical and professional values in problem solving and decision making
  • Evaluate current issues and emerging trends in the context of ethics and professionalism

PROGRAMME DETAILS

Programme Code: PC5073
Medium of instructions: English

This course examines the key principles of audit and compliance applicable to Islamic Financial Institutions (IFIs). The students will be exposed to shariah governance and internal control frameworks, laws, regulations, guidelines & standards for IFIs.

Learning Outcomes

By the end of this course students should be able to :

  • Evaluate the shariah governance and internal control frameworks, laws, regulations, guidelines & standards for Islamic Financial Institutions (IFIs).
  • Evaluate the shariah non-compliance events and the consequences of it including the implication to IFIs.
  • Perform shariah audit planning based on audit objectives

PROGRAMME DETAILS

Programme Code: PC5133
Medium of instructions: English

The course covers five major components of wealth management: (1) wealth generation which is the primary source of wealth management. Wealth can be in the form of employment income, business and trade. (2) Wealth protection is where all our wealth needs to be protected through takaful or Islamic insurance. (3) Wealth accumulation is a constant process that involves generating more wealth and, in the process we need skills, (4) Wealth purification such as zakat, sadaqah and waqf as in the process we might have tainted our wealth, (5) Wealth Management from Islamic perspective

Different investment avenues such as real estate, securities, fixed income instruments and structured products. Other topics to be covered will be wealth protection through insurance and takaful; wealth distribution through zakat, waqf, inheritance and finally tax and retirement planning.

Learning Outcomes

By the end of this course students should be able to :

  • Appraise the differences between Islamic and conventional wealth management, with reference to Shariah compliance.
  • Evaluate investment strategies utilizing Shariah compliant instruments.
  • Apply Islamic wealth planning and management concepts for financial sustainability.

PROGRAMME DETAILS

Programme Code: PC5143
Medium of instructions: English

The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah and explains why insurance is forbidden and hence the advent of takaful. It discusses the various takaful business models, products and the key operational process of takaful. The study of the regulatory environment in various jurisdictions is a must for all takaful students as the industry is highly regulated.

The actuary plays a key role in the takaful organization and its position is a requirement in most jurisdictions. The study of the actuarial principles and concepts would include areas of product design, pricing, underwriting, investments and reserving.

Learning Outcomes

By the end of this course students should be able to :

  • Understand Shariah concepts which underlies takaful and how to integrate Shariah attributes in takaful operations.
  • Elucidate the key processes in managing takaful operations.
  • Understand in-depth and articulate statutory and regulatory requirements in takaful.
  • Understand and demonstrate the use of actuarial concepts and techniques in takaful.
  • Demonstrate the application of takaful in various personal and business situations.
  • Able to promote takaful.

Duration of Study

  • 14 Weeks (Jan and Sept) or 7 Weeks (June) There will be Webinar (e-tutorial) sessions of at least 1 ½ hours for each session.
  • Intakes are in January, June and September.
  • Bank Negara Malaysia
  • Finance Accreditation Agency (FAA)
  • International Shari’ah Research Academy for Islamic Finance
  • Securities Commission Malaysia (SC)
  • Shariah Advisory Council
  • Chartered Institute of Islamic Finance Professionals
  • Malaysia International Islamic Financial Centre (MIFC)
  • Islamic Banking and Finance Institute Malaysia