CIMA

The CIMA Islamic Finance
Qualifications
John Willsdon
Chartered Institute of Management Accountants
General Information
Muslim population globally
General Information
Encouraging demographics are playing their part in driving market
demand for Islamic products and services.
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•
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Regions with sizeable Muslim populations continue to offer the best
opportunities for Islamic banks, as the industry penetrates into non traditional
regions.
Muslim nations also present growth opportunities as they are relatively underbanked as compared to their Western counterparts.
The low penetration level of Islamic finance in countries with large Muslim
populations such as Indonesia, India and Pakistan presents considerable
opportunities for further growth and development of the industry as a whole.
As stated above, Islamic Finance is also relevant to non-Muslims
General Information
continued
•The Islamic Finance industry is now valued at greater than $1.1trillion
•Estimated growth rate 15 – 20 % annually
•Continued growth needs to be fed by new human capital
•50,000+ professionals will need to join the industry globally over the
next five to seven years
•The UK and Europe needs to develop suitable human capital to meet
its own demands and to fuel growth elsewhere in the world
CIMA’s Role in Islamic Finance
Education
Asked to create a global educational product:
•Accessible world-wide
•With comprehensive coverage
•Focussing on practical application
•Non-geographically aligned
In response CIMA:
•Launched its Certificate in Islamic finance in 2007
•Currently has more than 700 studying in 57 countries
Restructuring of existing product and
launch of higher qualification continued
Four key facets to the restructuring:
•
Repositioned the Certificate in Islamic Finance to be offered
as the Diploma in Islamic Finance (CDIF)
•
Allowed for the offering of the four component modules of the
Diploma as Certificates in their own right
•
Developed the Advanced Diploma in Islamic Finance (CADIF)
•
Allowed students to use the designations CDIF and CADIF
IF Qualifications Structure
Diploma in Islamic Finance
• Four self-study guides (each one offered as a certificate)
– Islamic commercial law
– Banking and Takaful – products and services
– Islamic capital markets
– Accounting for the Islamic financial institutions
• On-line assessment
Islamic commercial law
• Sources of Islamic Commercial Law
• Methodology of Interpretation of Islamic
Commercial Law
• Salient Features of Islamic Finance
• Formation and Classification of Contracts
• Application of Islamic Contracts in Islamic Finance
• Implementation of Shari’ah Standards, Policies
and Rulings in Islamic Finance
Islamic Banking and Takaful
products and services
•Development of Islamic Financial
System and Institutions
•Deposits, Investment Account and
deposit funds
•Islamic Banking Products and
Services
•Trade Finance & Treasury Products
• Takaful Products and Services
Islamic capital markets
• Overview of Global Islamic Capital Market
Developments
• Essential Shari’ah Principles Governing Islamic
Capital
• Islamic Bonds, Sukuks & Asset Backed Securities
(ABS)
• Islamic Stock Screening Criteria
• Islamic Real Estate Investment Trusts (IREITS) and
Islamic Mutual Funds
• Islamic Structured Products
Accounting for
Islamic financial institutions
• Framework of Financial Reporting of Islamic
Financial Institutions and AAOIFI Financial
Reporting Standards
• Financial Statements of Islamic Financial Institutions
• Accounting for Investment Accounts and Profit
Equalization Reserve
• Accounting for Islamic Financing Contracts
• External Auditors, Shari’ah Board as well as Audit &
Governance Committee
Advanced Diploma in Islamic
Finance
Advanced Diploma designed:
• As a one module self study qualification
• To compliment the knowledge and
understanding gained from the Diploma
• To challenge the students ability to apply the
knowledge gained in the Diploma to real life
situations based around real case studies
• To be assessed on-line
CIMA Islamic Finance Qualifications
Global Islamic Finance qualifications
from CIMA to meet a global demand.
Questions?
Further information
The Chartered Institute
of Management Accountants
26 Chapter Street
London SW1P 4NP
United Kingdom
www.cimaglobal.com/if
T. +44 (0)20 8849 2251
F. +44 (0)20 7663 5442