Introduction to Islamic Finance – Second Level
“The Introduction to Islamic Finance – Second level” course is the second course of a three-part series that gives a thorough explanation on the fundamental principles of selected areas in Islamic finance. This includes a discussion on various Islamic finance products such as Islamic mutual funds, Islamic credit cards, Islamic trade finance products, Wadi’ah-based products, Wakalah-based products, Rahn-based products, and Ju’alah-based products. An introduction to accounting, auditing, and governance standards for Islamic financial institutions is also included in the course agenda.
Upon successful completion of this course, participants will be able to:
- Present an overview of the contemporary issues related to Islamic finance
- Explain the supplementary Islamic nominate contracts, such as Wadi’ah, Ju’alah, Rahn and Wakalah and discuss how they are applied to Islamic finance products either as an individual product or as a complimentary along with other contracts
- Present and discuss key Islamic finance products such as Islamic credit cards and Islamic mutual funds, explain the Islamic nominate contract underlying them, and compare and contrast it with its conventional counterpart
- Explain the application of hybrid Islamic nominate contracts
- Explain the Islamic trade finance landscape, detail the products that shape it, and identify its key processes
- Describe the features and distinctions of Islamic accounting, auditing, and corporate governance as per the standards of AAOIFI, and risk management in Islamic financial institutions as per the Standards of IFSB
- A recap of part 1 of the Introduction to Islamic finance series
- Supplementary Islamic nominate contracts (Wadi’ah yad Amanah and Wadi’ah yad Dhamanah, Ju’alah, Wakalah, ar-Rahn, Hawala) and hybrid Islamic nominate contracts
- An introduction to Islamic credit cards
- An introduction to Islamic mutual funds
- An introduction to products of Islamic trade finance (letter of guarantee and letter of credit)
- An introduction to Islamic accounting, auditing, and corporate governance standards of AAOIFI
- An introduction to risk management in Islamic financial institutions
This course is aimed at individuals who are interested in a career in the area of Islamic finance or have recently started their career in this field. It is also recommended as a refresher course for those already acquainted with Islamic finance as it covers a multitude of selected areas in the field and discusses the current issues facing the industry.
The course is conducted using a combination of lectures, discussions, case studies, and an end-of-course assessment.