PROGRAM WRITE-UP

Course Title Associate Qualification in Islamic Finance (AQIF)

Duration 8 days
Contact Hours 56 hours
About the Associate Qualification in Islamic Finance (AQIF) is designed specifically for
Program meeting industry needs and standards. AQIF is developed in order to equip and
assist working adults as well as industry practitioners in enhancing their
competencies, skills and knowledge in Islamic finance. Designed for all levels of
industry practitioners, from new executives to promising managers, each module
aims to deliver what an Islamic finance practitioners need most – knowledge in
the basic foundation and philosophy of Islamic finance and its applications in
Islamic finance operations.
Upon completion of AQIF, candidates are prepared for higher qualification
leading to Certified Qualification Islamic Finance (CQIF) with specialization in
Islamic Banking, Takaful, Islamic Capital Markets or Islamic Wealth Management.

At the end of the program, participants should be able to :

Learning
Outcomes
▪ Identify and apply the Sharī’ah fundamentals related to contracts in
operations and product related transactions.
▪ Analyze the mechanisms and various structures of Islamic finance.
▪ Differentiate between conventional and Islamic finance products and
operations.

Modules Dates
Program Structure

Module 1: Philosophy and Fundamentals of 2 days

Sharī’ah for Islamic Finance

Module 2: Application of Sharī’ah in Islamic 2 days

Finance

Module 3: Ethics in Islamic Finance 1 day

Module 4: Legal Aspects & Governance in 1 day

Islamic Finance

Module 5: Islamic Finance Architecture 2 days

AQIF Examination 3 hours

(date to be determined)
 Entry Specifically, AQIF is meant for all levels of Islamic finance practitioners,
Requirement professionals, academicians, lawyers, regulators and the like, a requirement of
Malaysia’s SPM or equivalent is imposed.

Method of ▪ Classroom training

Instruction ▪ Hands-on / Practical Approach
Method of ▪ Hundred (100) Multiple Choice Questions
Assessment ▪ Passing mark 60%
Certification and
IBFIM
Awarding Body
Attendance
Requirement Require 100% attendance to be eligible to sit for AQIF assessment

Medium of
Instruction English

Proposed Trainers ▪ UniKl’s Lecturers (From IF section)

Time Module 1: Philosophy and Fundamentals of Sharī’ah for Islamic Finance

(Day 1) Trainer: Puan Nur Syairah Ani

8.30 a.m. Registration

8:45 a.m. Pre Test

9:00 a.m. Introduction to Sharī‘ah and Fiqh

❖ Sharī‘ah and Fiqh
❖ Relationship between Sharī‘ah and Fiqh
❖ Salient features of Sharī‘ah
❖ Objectives of Sharī‘ah (Maqasid Al- Sharī‘ah)

Trainer: To be determined

10:30 a.m. Coffee Break

10:45 a.m. Rule-Making Process (Ijtihād) in Islamic Law

❖ Ijtihād and Uṣūl Fiqh
❖ Historical Development of Ijtihād
❖ Sources of Sharī‘ah

1:00 p.m. Lunch

2:00 p.m. Rule-Making Process (Ijtihād) in Islamic Law – cont.

❖ Qawaid Fiqhiyyah (Islamic Legal Maxim)
❖ Relationship between Qawaid Fiqhiyyah and Uṣūl Al Fiqh
❖ Siyasah Shariyyah

3:30 p.m. Coffee Break

 3:45 p.m. The Rule-Making Process in Modern Islamic Banking & Finance

❖ Sharī‘ah Governance System in Islamic Banking and Finance in Malaysia

❖ Roles and Duties of Sharī‘ah Advisory Council of Securities Commission and
Bank Negara Malaysia
❖ Roles and Duties of Sharī‘ah Committee (Islamic Bank and Takaful)
❖ Roles and Duties of Sharī‘ah Advisor (Islamic Capital Market)
❖ Roles and Duties of Sharī‘ah Officer (Islamic Bank and Takaful)

4:30 p.m. End of Day One

Time Module 1: Philosophy and Fundamentals of Sharī’ah for Islamic Finance

(Day 2) Trainer: Puan Nur Syairah Ani

9:00 a.m. Overview of Fiqh Al-Mu‘āmalāt Al-Māliyyah

❖ Salient Features of Mu‘āmalāt
❖ Importance of Mu‘āmalāt
❖ Relationship between Mu‘āmalāt and Islamic Economics

10:30 a.m. Coffee Break

10:45 a.m. Overview of Fiqh Al-Mu‘āmalāt Al-Māliyyah – cont.

❖ Basic Principles in Mu‘āmalāt
❖ General Prohibitions in Mu‘āmalāt Contracts

1:00 p.m. Lunch

2:00 p.m. Islamic Economics and Fundamentals of Islamic Banking and Finance
❖ Definition of Economics and Economic Principles of Islam
❖ View of Islām on the Economic Problems
❖ Development of Islamic Banking and Finance

3:30 p.m. Coffee Break

3:45 p.m. Islamic Economics and Fundamentals of Islamic Banking and Finance
– cont.
❖ Differences between Islamic and Conventional Banking
❖ Insight of the Sharī‘ah Aspect in the Implementation of Islamic Banking

4:15 p.m. Post Test

4:30 p.m. End of Module 1

Time Module 2: Application of Sharī’ah in IslamicFinance
(day 1) Trainer: Prof. Dr. Nazirudin Abdullah
8.30 a.m. Registration

8:45 a.m. Pre Test

9:00 a.m. The Main Theories of Mu‘āmalāt Contracts

❖ Theory of Milkiyyah
❖ Theory of Māl
❖ Theory of Haqq
❖ Theory of Aqad

10:30 a.m. Coffee Break

10:45 a.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance

❖ Classification of Mu‘āmalāt Contract
• Exchange Contracts
• Partnership Contracts
• Other Contracts and Principles

❖ Exchange Contract: Sale

• Essential Elements and Necessary Conditions
• Trading of Gold and Silver
• Bay’ Sarf
• Bay’ Dayn

1:00 p.m. Lunch

2:00 p.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
❖ Exchange Contract: Sale
• Bay’ Tawarruq
• Bay’ Murābaḥah,
• Bay’ Tawliyah
• Bay’ Wadi’ah

3:30 p.m. Coffee Break

3:45 p.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
• Bay Istisna’
• Bay’ Salam
• Bay’ ‘Īnah
• Bay’ Bithaman Ājil
• Bay’ Istijrār

4:30 p.m. End of Day One

Time Module 2: Application of Sharī’ah in IslamicFinance

(Day 2) Trainer: Prof. Dr. Nazirudin Abdullah
9:00 a.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
❖ Exchange Contract: Lease
• Essential Elements and Necessary Conditions
• Ijārah Mausufah fi Dhimmah
• Ijārah Muntahiya bi al-Tamlīk / Kirā‘ wa Iqtinā‘
• Ijārah Thumma Bay’

10:30 a.m. Coffee Break

10:45 a.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
❖ Partnership Contracts
• Mushārakah
• Muḍārabah
• Musāqah
• Muzāra‘ah

1:00 p.m. Lunch

2:00 p.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
❖ Other Contracts and Principles
• Rahn
• Kafālah
• Wakālah
• Ḥawālah
• Qard
• Tabarru‘
• Hibah

3:30 p.m. Coffee Break

3:45 p.m. Application of Mu‘āmalāt Contracts & Principles in Islamic Finance – cont.
❖ Other Contracts and Principles
• Ibrā’ / Tanāzul
• Muqāsah
• Urbūn
• Hāmish Jiddiyyah
• Wa‘d
• Ta‘wīḍ and Gharāmah
• Zakāh
• Waqaf

4:15 p.m. Post Test

4:30 p.m. End of Program

 Time Module 3: Ethics in Islamic Finance
(Day 1) Trainer: Dr. Morni Hayati Jaafar Sidik
8.30 a.m. Registration

8:45 a.m. Pre Test

9:00 a.m. A Broad Understanding of Ethics

❖ Ethical Norms
❖ Importance of Ethics in Business
❖ Personal Ethical Attitudes
❖ Types of Ethics

10:30 a.m. Coffee Break

10:45 a.m. Akhlāq (Islamic Ethics)

❖ Akhlāq and its Related Concepts
❖ Akhlāq Axioms
❖ Akhlāqial in all areas of Human Activities
❖ Akhlāq Guidelines in Business

1:00 p.m. Lunch

2:00 p.m. Ethics for Islamic Finance

❖ Sharī’ah Values
❖ Maqāṣid Al Sharī’ah
❖ Principles of Sharī’ah Compliance
❖ Corporate Governance

3:30 p.m. Coffee Break

3:45 p.m. Ethics in Banking

❖ Financial Consumer Protection
❖ Product Transparency & Disclosure
❖ Responsible Financing
❖ Fair Debt Collection Practices

4:15 p.m. Post Test

4:30 p.m. End of Program

Time Module 4: Legal Aspects & Governance inIslamic Finance
(Day 1) Trainer: Dr. Morni Hayati Jaafar Sidik
8:30 a.m. Registration

8:45 a.m. Pre Test

9:00 a.m. Malaysia Legal And Regulatory Framework For Islamic Financial
Institutions
❖ Regulatory Framework in Islamic Banking
❖ Regulatory Framework in Islamic Capital Market
❖ Regulatory Framework in Labuan

10:30 a.m. Coffee Break

11:00 a.m. Role Of Regulators and Shariah Advisory Council

❖ Bank Negara Malaysia
❖ Securities Commission
❖ Labuan Financial Services Authority
❖ Bursa Malaysia Berhad
❖ The Shariah Advisory Council of Bank Negara Malaysia

International Standard-Setting Organisations

❖ Basel Committee for Banking Supervision
❖ Islamic Financial Services Board
❖ Accounting and Auditing Organization for Islamic Financial Institutions

1:00 p.m. Lunch

2.00p.m. Corporate Governance In Islamic Financial Institutions

❖ BNM Guidelines on Corporate Governance for Licensed Islamic Banks
❖ IFSB Guiding principles on Corporate Governance for Institutions Offering
Only Islamic Financial Services

Sharī'ah Governance Framework

❖ IFSB-10: Guiding Principles On Sharī'ah Governance Systems
❖ BNM’s Sharī'ah Governance Framework
❖ Sharī'ah Committee’s Report
❖ Sharī'ah in Islamic Financial Services Act 2013

3:30 p.m. Coffee Break

4:00 p.m. Corporate Governance & Sharī’ah Governance : Issues And Challenges
❖ Issues In Corporate Governance of Islamic Banks
❖ Challenges In Implementing Sharī'ah Governance
❖ Case Studies - Corporate Governance Failures

4:15 p.m. Post Test

4:30 p.m. End of Program

 Time Module 5: Islamic Finance Architecture
(Day 1) Trainer: Assoc. Prof. Dr. Zalina Zainudin
8:00 a.m. Registration

8:45 a.m. Pre Test

9:00 a.m. Islamic Finance Architecture: Islamic Banking

❖ Introduction to Islamic Banking
❖ Islamic Banking Evolution
❖ Product Development and Underlying Contracts in Islamic Banking
❖ Islamic Banking Governance and Legal Framework
❖ Issues and Challenges

10:30 a.m. Coffee Break

10:45 a.m. Islamic Finance Architecture: Islamic Banking-continued

1:00 p.m. Lunch

2:00 p.m. Islamic Finance Architecture: Islamic Capital Market

❖ Introduction to Capital Market
❖ Capital Market Evolution
❖ Product Development and Underlying Contracts in Capital Market
❖ Capital Market Governance and Legal Framework
❖ Issues and Challenges

3:30 p.m. Coffee Break

3:45 p.m. Islamic Finance Architecture: Islamic Capital Market - continued

4:30 p.m. End of Day One

Time Module 5: Islamic Finance Architecture

(Day 2)

9:00 a.m. Islamic Finance Architecture: Takaful

❖ Introduction to Takaful
❖ Takaful Evolution
❖ Product Development and Underlying Contracts in Takaful
❖ Takaful Governance and Legal Framework
❖ Issues and Challenges

10:30 a.m. Coffee Break

10:45 a.m. Islamic Finance Architecture: Takaful – continued

1:00 p.m. Lunch

2:00 p.m. Islamic Finance Architecture: Islamic Wealth Management

❖ Introduction to Wealth Management
❖ Wealth Management Evolution
❖ Pillars and Underlying Concepts in Wealth Management
❖ Wealth Management Governance and Legal Framework
❖ Issues and Challenges

3:30 p.m. Coffee Break

3:45 p.m. Islamic Finance Architecture: Islamic Wealth Management – continued

4:15 p.m. Post Test

4:30 p.m. End of Program