Islamic Banking and Finance Education – Sri Lanka

First Global Knowledge Centre (FGKC), the pioneer in Islamic Banking and Finance education in Sri Lanka has introduced another innovative programme of study in this rapidly expanding field.

Branded as iBanker, this is a unique diploma level course which covers not only Islamic Banking and Finance but also conventional banking, risk management, and investments.

The emerging industry of Islamic Finance needs qualified people who can contribute positively towards the success of the field. But unfortunately statistics show there is an acute shortage of such a knowledgeable workforce at present. One objective of the introduction of this course by FGKC is to assist the industry by filling this void. For those who wish to pursue higher studies in Islamic Banking or Finance the course will be a stepping stone; which is another objective of the course designers.

Another feature of this course is that it covers the syllabus of the popular world recognized Islamic Finance Qualification exam (IFQ) of the Chartered Institute for Securities & Investment, UK. Therefore, this can be considered as a two-in-one programme which allows a student to get a recognized diploma and also to sit the IFQ (UK) exam.

FGKC is the only accredited training provider in Sri Lanka for the prestigious Chartered Institute for Securities & Investment (CISI), UK which offers the Islamic Finance Qualifications (IFQ). It is also accredited to offer IFQ in the Maldives, Qatar, Bangladesh and Pakistan.

The Chartered Institute for Securities & Investment (UK) is the largest and most widely respected professional body for those who work in the securities and investment industry. Formed as the “Securities Institute” in 1992 by the members of the London Stock Exchange, the Institute got charter status in November 2009.

For those who are interested in obtaining professional membership of an internationally recognized body in the shortest possible time, IFQ is the ideal route. The IFQ course at FGKC is of 3 months’ duration and at its conclusion, one can sit the exam which is conducted in collaboration with the British Council, Colombo.

The faculty of First Global comprises of practising and highly qualified experts and academics with a flair for teaching. The students immensely benefit by the lecturers’ industry exposure as they gain an insight into the real life applications of theory learnt.

The facilities of the institution include comfortable AC classrooms, a comprehensive library, IT facilities with access to numerous valuable E-Materials related to Islamic banking, finance and related subjects.
Islamic Banking Finance is an ideal discipline for those who are interested in pursuing a career in a dynamic and vibrant environment.

A world of opportunities awaits those who have the vigour and passion to take up the challenge.
The financial and other career benefits that can accrue from one’s involvement in the industry are tremendous.

source :

The Certificate in Risk Management for Islamic Financial Institutions

The Global Association of Risk Professionals and the Banque du Liban recently announced the development of a new program, the Certificate in Risk Management for Islamic Financial Institutions.

The explosive growth in, and increasing sophistication of Islamic financial products has created the need for standards and guidelines for sound risk management approaches analyzing these financial instruments.

The Certificate is expected to be available in 3Q 2009.

Islamic Finance

The holistic approach to life Islam requires of individuals also affects their approach to business and financial activities. The basic tenets of Sharia’a, the part of Islamic Law that covers practices and activities, dictate that investors cannot engage in transactions that are speculative, pay interest or involve contractual uncertainty.

Globalization of the financial markets and increased wealth in Islamic regions have accelerated the trend of Islamic banking and specialized products that are Sharia’a-compliant.

The expertise in Islamic Finance offered by the Advisory Oversight Committee’s members combined with GARP’s proficiency in creating globally accepted standards on risk management methodologies will result in a benchmark approach to assessing and measuring the financial risks associated with Sharia’a-compliant financial products.

BIBF Appointed Sole Education Partner of ACAMS, USA

Manama, Bahrain- Feb 9, 2009- The Association of Certified Anti-Money Laundering Specialists, Inc. (ACAMS), USA, has appointed the Bahrain Institute of Banking and Finance (BIBF) as its sole education partner in Bahrain to train and certify financial executives and government officials in the field of Anti-Money Laundering and Financial Crime Prevention. A Memorandum of Understanding, to this effect, was signed between Garry Muriwai, Director, BIBF and Gregory J Calpokis, Executive Director, ACAMS.

“The MoU is intended to advance individuals knowledge towards the detection and prevention of money laundering experience,” said Garry Muriwai. “It is a very significant step forward in BIBF’s mission of bringing world-class professional qualifications to Bahrain and the region”.

Gregory Calpokis said that “ACAMS is indeed honored to have BIBF as its educational partner in Bahrain and the region and indicated that ACAMS, in collaboration with BIBF, will consider bringing its next annual conference to Bahrain.

Dr . Sat Paul Parashar, Head of the Center for Banking at BIBF explained that “with the collaboration of ACAMS, BIBF shall be offering first of its kind specialist Methods and Techniques in Anti-Money Laundering (SMAT-AML) program for compliance officers, MLROs and their deputies, internal controllers, auditors and professionals in banking, insurance and other financial institutions, lawyers, and officials from government departments like customs and the enforcement agencies”.

souce bbif

Islamic banking course: a first for Australia

life-bundooraLa Trobe University is planning to introduce the first course in Australia dedicated to Islamic banking and finance, joining a handful of universities in the West embracing this fast-growing segment of global finance.

The Master of Islamic Banking and Finance will provide students with postgraduate training in the technical skills demanded by Global Islamic capital markets and institutions.

Associate Professor Dr Ishaq Bhatti, of La Trobe’s Department of Economics and Finance, says the Masters program will appeal to international students from Asia wanting Islamic financial training in English and to local graduates keen to enter the growing sector in Australia. Several local banks – NAB, Kuwait Finance House, HSBC and Muslim Community Cooperative of Australia are active in the field.

The International Centre of Education in Islamic Finance, a training subsidiary of Bank Negara Malaysia, the equivalent to Australia’s Reserve Bank, will provide industry-based certification for graduates of the La Trobe course, opening up employment opportunities throughout the international banking and finance sector.

‘The Islamic banking and finance market has experienced substantial and unexpected growth in recent years, growing at a rate of ten to fifteen percent per year,’ Dr Bhatti says.

‘Today, more than 260 Islamic financial institutions are operating worldwide, which are claimed to manage assets worth no less than A$500 billion, while the assets held by Islamic financial institutions were only A$8.5 billion in 1985.

‘Such immense growth has brought Islamic finance to the attention of the international banking community, prompting the major banks to set up Islamic financial windows to take advantage of demand for Shariah compliant finance.’

Islamic banking has grown from Shariah law which traditionally bans usury – the charging of interest on loans, Dr Bhatti says. ‘Islamic banking is a community activity. It offers equity and security between lender and borrower. If a borrower runs into financial difficulty, it is the responsibility of the lender to help sort out his problems.’

The bank will reduce payments, offer moratoriums, give free financial planning advice and in some cases pay out the loan through the zakah, a fund set up out of the 2.5 per cent annual contribution from accumulated assets required by Shariah law which seeks to encourage the distribution of wealth.

In his recently-published book, Developments in Islamic Banking, Dr Bhatti calls this approach ‘a paradigm of fairness and equity’, contrasting it with conventional economics which has little interest in promoting benevolent behaviour in the market. The lender in Western financial systems enjoys an exclusive right to get back his rented capital with a predetermined interest income, whereas a borrower may bear interest risks out of all proportion to his abilities.

Islamic banking seeks to redress this imbalance by dividing the risk between lender and borrower. In the more intimate setting of the community, the lender will accompany the borrower and purchase the new car or computer on his or her behalf.

Repayments are set according to a formula which includes the purchase price of the item, the rate of inflation, bank costs and a profit margin. This margin is set at the time of the loan and is not subject to variation.

Similarly, in the case of the residential housing market, the bank will buy a house for the customer and rent it back at market value. Any additional repayments will come off the value of the loan. Western financial institutions have acknowledged the stability of the Islamic banking system and invested heavily in its bonds.

Dr Bhatti makes the point that maximising profit is not the major objective of this system.

‘In the conventional system the bank can lend more than their assets. They then issue bonds which are debit-based products to attract investors.’

Islamic banks are not debt-based but asset-based, he says. This makes their bonds attractive to low-risk investors. Western financial institutions such as Citibank have acknowledged the inherent economic stability of the Islamic banking system and invested heavily in their bonds, Dr Bhatti says.

Rhonda Dredge

The Fairfax Institute in Islamic Finance

tfi2020lgThe Fairfax Institute (TFI) is a Northern Virginia based center of knowledge committed to continuing education and lifelong learning. TFI offers an instructional program to help students, academicians, lifelong learners, and concerned citizens, as well as professionals in government, policymaking, business, and information analysis, to enhance their skills through a better understanding of the laws, traditions, culture, and nuances of Islam and the Muslim world. 

Courses in Islamic Finance

Certificate Program In Islamic Wealth Management            
The certificate program in Islamic Wealth Management consists of four courses.  
Islamic Investing                          
Islamic Finance and Banking                  
Inheritance and Wills                                           
Faith-Based Entrepreneurship    


Association of Business Executives introduces Islamic Finance Modules

z_abeheaderlogoSince the turn of the century, there is huge demand in Shari’ah-compliant financial products and services which has resulted in establishment of a large number of Islamic financial institutions as well as big multinational banks diversifying into Islamic banking. This has naturally led to an international demand for employees who are well versed in the principles and operations of Islamic finance.

ABE has worked closely with the Institute of Islamic Banking & Insurance (IIBI) to develop two optional modules within the existing Business Management qualification. ‘Concepts and Principles of Islamic Economics’ will be available at Diploma level (level 5), and ‘Islamic Finance’ will be available at Advanced Diploma level (level 6). Both modules are accredited by the UK regulatory authorities for qualifications.

Students who pass these two units are eligible for exemptions from certain units of the IIBI’s Post Graduate Diploma course subject to meeting the entry criteria and subsequently, IIBI students can go on to a Masters programme at the University of Durham.

CIMA launches Islamic Finance Qualification

cima_logoThe islamic finance industry is growing at the rate of 20 percent per year with $500 billion worth. This has created in new job opportunities in islamic finance market. To meet this market the Chartered Institute of Management Accountant (UK) and International Institute of Islamic Finance launched first qualification in Islamic Finance in December 2007.


This will be valuble for those who seeking accrediated qualification in Islamic Finance. This will be called as Certificate in Islamic Finance (Cert IF). The certificate has four compulsory study modules. Each is covered by a detailed study guide that will take you through to the final assessments.

Cert IF is a self study, distance learning qualification, and is available for study across the globe. Each module is independent. We recommend that you complete the Islamic Commercial Law module first as it includes knowledge and skills you will require for the three remaining modules.

Robert Jelly, Director of Education at CIMA, says:

‘CIMA has identified that there is considerable demand from the global business community to develop the knowledge and skills required to service this increasingly important market. The CIMA Islamic Finance qualification is the first to be created in conjunction with an Advisory Group made up of academics, practitioners and scholars of Shari’ah, and will assist employers in the City of London and other major financial centres throughout the world in equipping their employees to develop financial products.’.