The Islamic Finance Qualification (IFQ) expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance.

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1 The Islamic Finance Qualification (IFQ) expands upon knowledge gained from the Fundamentals of Islamic Banking and Finance. It is a global qualification that covers Islamic finance from both a technical and a Shariah perspective, providing the first international benchmark in the area of Islamic finance. It provides an understanding of the influence of Shariah in a business context and prepares candidates to hold key positions in Islamic finance and takaful (Islamic insurance) industries.

2 Learning Outcome Knowledge: Understanding: Application: Candidates will be able to recall information such as facts, rules and principles. Candidates to demonstrate comprehension of an issue, fact, rule or principle. Candidates to be able to use their knowledge in a given set of circumstance to present a clear and detailed explanation of a situation, rule or principle. Programme Outline The Basis of Islamic Banking and Finance An Introduction to Islamic Banking and Finance Islamic Principles of Exchange Basic Contracts and Techniques Applied by Islamic Banks Islamic Asset Management and Socially Responsible Investing (SRI) Sukuk Market Islamic Insurance- Takaful Islamic Corporate Governance Programme Modules MODULE 1: THE BASIS OF ISLAMIC BANKING AND FINANCE 1. Conceptual Framework Islamic Commercial Ethics Charitable Distribution Wealth Creation Enterprise and Asset Bias 2. Islamic Fundamentals Shariah and Its Role The Sources of Shariah Primary Resource Secondary Resource Schools of Thought Bodies of Interpretation MODULE 2: AN INTRODUCTION TO ISLAMIC BANKING AND FINANCE 1. History of Islamic Finance 2. Differences and similarities between Islamic and conventional finance 3. Structure and Scope of the Islamic Finance Industry 4. Operational structure of Islamic Banks 5. Methods of income generation 6. Bodies of Interpretation MODULE 3: ISLAMIC PRINCIPLES OF EXCHANGE 1. Islamic Teachings Related to Business 2. Principles of Islamic Contracting 3. Major Prohibitions Riba Nature of Riba Types of Riba Gharar Nature of Gharar Types of Gharar 4. Rules of Exchange No Profit without Liability Do Not Sell What You Do Not Have No Debt for Debt Two Sales in One Challenges for Product Innovation

3 MODULE 4: BASIC CONTRACTS AND THEIR TREATMENT 1. Contracts Types of Undertakings What constitutes a contract (Contract Elements) 2. Contracts of Exchange Musawama Murabaha Murabaha with promise to purchase Salam and Parallel Salam Istisna and Parallel Istisna 3. Contracts allowing the transfer of the Usufruct Ijara Ijara Muntahya Bitamleek, Ijara Mawsofa belthema 4. Partnership Contracts Mushakara Diminishing Mushakara Mudaraba 5. Security Contracts Hawala Kafala Rahn 6. Agency Contract (Wakala) Wakala 7. The rules regarding foreign exchange transactions 8. Accounting Treatment MODULE 7: SUKUK MARKET 1. Definition and Characteristics of Sukuk Conventional debts securities and Sukuk Differences between Sukuk and Conventional Debts Securities 2. Structuring Sukuk Transactions The basic Sukuk Issuance process Calculating Sukuk return 3. Different Types of Sukuk AAOFI Classification of Sukuk 4. Main Types of Sukuk (Most Common) Sukuk al Murabaha Sukuk al Ijarah Sukuk al Wakala Sukuk al Musharaka Sukuk al Istisna Sukuk al Salam 5. Capital market considerations relating to Sukuk Rating the issue Distribution MODULE 5: FINANCIAL CONTRACTS AND TECHNIQUES APPLIED BY ISLAMIC BANKS 1. Sources of Funds 2. Uses of Funds 3. Mudaraba Sharia a Standards Application of the Mudaraba Contract to Deposits Return in a Mudaraba Contract Two-Tier Mudaraba Structure Restricted and Unrestricted Investment Accounts 4. Application of Wa d 5. Musharaka Sharia a Standards Permanent or Continous Musharaka Diminishing Musharaka 6. Murabaha Sharia a Standards Murabaha: The Installment Credit Rules Contract MODULE 8: ISLAMIC INSURANCE TAKAFUL 1. Introduction 2. Types of Takaful Undertaking General and Family Takaful 3. Structures of Takaful Undertakings Introduction The Two-Tier Structure and Its Mechanism Fiqh Contracts used in Takaful Summary 4. Underwriting Surplus and Technical Provisions Definitions Application of Takaful 5. Insurance Industry Considerations General Takaful (Non-Life) Life or Family Takaful Internal Risk-Pooling Arrangement 6. Reinsurance and Retakaful 7. Shariah Governance and Compliance MODULE 6: ISLAMIC ASSET AND FUND MANAGEMENT 1. Asset Management 2. Selection of Sharia a Compliant Investments Industry Screen Financial Screen Application of the Industry and Financial Screen Non-Compliance 3. The Definition of a Fund Shariah Complaint Fund 4. Islamic Fund Management Structures 5. Types of Funds Fixed-Income funds Lease funds Commodity funds Real Estate funds Equity funds Exchange-traded fund Hedge funds MODULE 9: ISLAMIC CORPORATE GOVERNANCE 1. Introduction to Corporate Governance 2. Corporate Governance in Financial Institutions 3. Sharia a Supervisory Board Role of SSB The Advisory Role The Approval Role The Audit Role SSB Membership Governance and Reporting Shariah Executive Committee and Internal Shariah Experts Other Duties and Guidance 4. Internal Sharia a Audit (AAOIFI Requirements) 5. Governance Standards 6. Shariah Compliance and Investment Account Holders Rights of IAHs IAH and Shareholders UIAHs and RIAHs 7. Implications for Islamic Insurance (Takaful) Introduction: Nature and Structure of Takaful Corporate Governance Issues in Takaful

4 Programme Leader FAROUK ABDULLAH ALWYNI Farouk is a trainer, lecturer, and financial consultant. He spent most of his Islamic finance career in the Jeddah-based Islamic Development Bank Headquarters handling hundreds of US$ million IDB trade finance operations in many countries in Asia & CIS countries such as Bangladesh, Indonesia, Iran, Kazakhstan, the Maldives, and Tajikistan ( ). Prior to running PT. Alwyni International Consulting (AIC) in 2012 ( Farouk was a member of the executive management of PT. Al-Ijarah Indonesia Finance (ALIF), the first Islamic leasing company in the country (owned jointly by Bank Muamalat Indonesia and Gulf Islamic financial institutions), in and PT. Bank Muamalat Indonesia (BMI) in where he initiated and implemented a number of new initiatives. Farouk serves as the chairman and co-founder of Center for Islamic Studies in Finance, Economics, and Development (CISFED), a Jakarta based think tank whose objective is to develop an integrated paradigm in addressing Indonesian and global development issues ( He also lectures in PERBANAS (Indonesia s National Banking Association) Institute Graduate School of Management (MM Program PERBANAS Institute) and the Graduate School of Management (MM Program), the Faculty of Economics & Business, the University of Indonesia (MM-FEB-UI) on Islamic finance and banking subjects. He served as a country correspondent for Kuala Lumpur based - Islamic Finance News in Farouk obtained his Bachelor in Banking & Financial Management from PERBANAS Institute (Jakarta-Indonesia), MA in Economics from New York University (USA), and MBA in International Banking & Finance from the University of Birmingham (UK). Currently, he is also pursuing his PhD research on Islamic-based development in the University of Science Malaysia (Penang, Malaysia). Farouk has a Diploma in Islamic Finance from Chartered Institute of Management Accountant (CIMA), London, UK & an Islamic Finance Qualification (IFQ) from Chartered Institute for Securities & Investment (CISI), London, UK. Farouk speaks and writes about Islamic finance & economic issues in local as well as international forum and media. He regularly appears in a major Indonesian television network on a variety of finance, economic, and social issues. He is in the 2016's, 2017's, and 2018's list of ISLAMICA500 ( This list is a collection of individuals considered influential in the development of Islamic Economy or as the title of this guidebooks says "The 500 who make the Islamic Economy.

5 Please Register here: 1 Name Islamic Finance Qualification (IFQ) PROGRAMME FEES Stakeholders Non-stakeholders 2 Name 3 Name Approved by: Signature Name Programme Fee IMPORTANT NOTE Stakeholders are participants from MOFE, AMBD and all domestic banks in Brunei Darussalam. TERMS AND CONDITIONS The Programme fee is inclusive of workshop material(s), refreshment and certificate. Payment must be made upon receipt of invoice issued by CIBFM. $ 880 $1,150 Exam Fee $1,050 $1,150 CIBFM operates a strict NO CANCELLATION POLICY once the receipt of registration has been issued. However, CIBFM will welcome and accept replacements. CIBFM reserves the right to amend, change or cancel the programme at any given time. We will immediately notify participants and organisations if any such changes are to be made. Please your completed form to registration@cibfmbrunei.com

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