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The CIMA Islamic Finance Qualifications 7 th July 2011. John Willsdon Chartered Institute of Management Accountants. General Information Muslim population globally. General Information.

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The CIMA Islamic Finance Qualifications

7th July 2011

John Willsdon

Chartered Institute of Management Accountants

general information
General Information
  • Encouraging demographics are playing their part in driving market demand for Islamic products and services.
      • 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 under-banked 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
General Informationcontinued
  • 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
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
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
diploma in islamic finance
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
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
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
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
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 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
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

T.+44 (0)20 8849 2251

F.+44 (0)20 7663 5442