Certified Islamic Finance Analyst
(CIFA, Wealth Management)
Certified Islamic Finance Analyst (CIFA) is a comprehensive, three
(3) level Islamic finance certification. Developed by an experienced
team of Islamic Finance Experts with the vision to produce and
nurture Islamic Finance leaders in the industry around the globe.
Nurturing Islamic Finance Leaders
The CIFA approach immerses candidates in real market case studies. The qualification will equip candidates with practical Sharia’a knowledge as properly applied in modern Islamic Finance. The modules build and Integrate skills relating to
the marketing, accounting, risk management, and practical application of Islamic
finance.
Foundations of
Islamic Finance
and IFSB Risk
Management
Islamic
Funds
Wealth
Management
Islamic Finance
Operations
Asset & Liability
Management
Integrated
Management Skills
Integrated Asset &
Liability
Management
Takaful
Fund Structuring
& Screening
Integrated Wealth
Management
LEVEL 1
EXAM
LEVEL 2
EXAM
LEVEL 3 EXAM
STUDY METHODS
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In-person training:
Trainings are usually 2-3 days/module with lectures, interactive games and assessment
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Online Learning:
Foundations of Islamic Finance and IFSB Risk Management
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Access for 12 months per module
10 to 20 hours online tuitions
Mock test
2 opportunities of module test
• Understanding Istisna’a
What are the principles of Islamic finance?
How is money organized in Islamic institutions? • Analyzing Istisna’a risk profiles
ASSESSMENT & CERTIFICATION
• Understanding Ijara. Understanding
ThereMurabaha.
are two level of assessment for CIFA. They are:

Module Test: It is a 1.5 to 2 hours test available at•the end
of each module.
You may
takeprofiles.
them anytime you are
Analyzing
Ijara
risk
Introduction to IFSB
Standards
ready.
Wakala,
Musharaka
Mudaraba
Analyzing Murabaha
risk profiles
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Comprehensive
Level Examination: 2 to 3 hours•
examUnderstanding
that covers all the modules
in the level,
available twiceand
a
year. The passing mark is 50% . Upon completion, you will be entitled to CIFA Level Certification.
• Analyzing Risk Profile in Equity Based InstruUnderstanding Tawarruq
ments
Analyzing Tawarruq risk profiles
• Liability side of Islamic Banks’ Balance Sheet
Understanding Salam
Analyzing Salam risk profiles
Islamic Wealth Management &
Private Banking
• Key Sharia’a Principles Affecting Islamic Wealth & Private
Banking
• Understanding Investor Goals
• Deposits
• Introduction to Investments
• Fund & Asset Management
• Leveraged Investments
• Margins and Leveraged Investing
• Performance Measurement
Islamic Funds
Takaful
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Fund Organization Tools: Fund
Strategies
Building a Fund Model
Implementing the Fund Model
REITs v. REOCs v. Real Estate
Funds
ETFs
Venture Capital & Private Equity
The Final Fund Product
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How does Conventional Insurance Work
The History and Origins of Takaful.
Understanding the Basic Takaful Model 1: Wakala Takaful management concept.
Understanding the Basic Takaful Model 2: The Mudaraba Takaful concept.
Understanding the Basic Takaful Model 3: The Mixed Wakala / Mudaraba concept.
Regulation of and Accounting for Takaful In
Saudi Arabia and other countries
Investment Issues relating to Takaful funds
& Distribution of Takaful surplus
Retakaful and Reinsurance
Islamic Finance Operations
Key Issues Relating to Bank Operations &
Processing
• Differences between Islamic vs conventional
banking
• Islamic banking products
• Understanding Murabaha Transactions and
documentation points.
• Processing transactions under Tawarruq. Profits and Profit Sharing Investment Accounts
• Introduction to Investment Accounts & Fixed Deposits
• The Traditional Profit Sharing Investment Account
(Mudaraba)
• Wakala Investment Accounts
• Sharai’a Issues relating to Savings Accounts and
their “Rewards” or “Pricing”
Key Transactions and their Processing
• key rules and documentation points for ijara
• key rules and documentation points for
istisna’a
• key rules and documentation points for Musharaka, Mudaraba and Wakala.
• Current & Savings Accounts.
• key rules and documentation points for Musharaka, Mudaraba and Wakala Deposit Frontiers, Governance and Balance Sheet/
Capital Integration
• Structured Deposits
• Governance & Risks
• Pricing & Cost of Funds
• Building a Liability Structure
Specialized transactions
• The rules of Letters of Credit in
Sharia’a. Treasury Transactions
• Basic rules, documentation and processin
• treasury for transactions:
 Tawarruq & Synthetic deposits using Murabaha
 Wakala placements
 Mudaraba placements
• Repayment and recovery processing issues for
treasury products
• Settling Islamic securities and commodity
transactions at maturity
• Late payment management
• Legal issues with treasury products
Asset & Liability Management
Key Regulations; and Simple Deposit Structures
• Deposit structures
• Key Deposit Concepts
• Understanding Core Deposits
• Current Accounts
• Saving Accounts
Islamic Funds Structuring & Screening
Key Principles & Applied Screens
• Key Concepts applied to Funds
• Understanding Fund Selection – Listed Securities
• Understanding Islamic Ethical and Financial
Screens
• Selecting and Managing Managers
Funds and Real Estate
• Real Estate Fund Structures
• Real Estate Screens
• Leverage applied to or in Real Estate Funds
• The Special Problem of Real Estate Stocks & REITs
Alternative Investment Classes
• Fixed Income Sukuk Funds / Leasing Funds
• Private Equity Funds
• Hedge Funds & Funds of Funds
• Evaluating Fund Performance
CIFA Level 3: Integration
In this level, the delegates must be able to strategically apply their specialist product knowledge in
new markets or structuring needs of a client. The
following are summary of focus areas in the core
and specialized subjects at this level. CORE subjects: There will be two core subjects at
the integration level.
The first course, Integrated Management Skills,
will provide delegates with an overview of tools
available to plan and evaluate capacity and performance of institution. It will also cover issues like
staff incentive. This will supply the delegates with
strategic decision making tool if an institution is
going to develop into new markets of offer new
products. We will discuss basic principles to illustrate the important concepts and use case studies to
show how the principles are applied in commercial
banking, investment banking and wealth management. The second course, Governance for IFIs,
covers issues like control, audit, regulation, negligence etc at the institution level. This will allow the
delegates to see how their unit interacts or impacts
the overall institution. Similar to the first approach,
we will cover basic principles and supplement this
with case studies in the different tracks. Specialized Subject:
Integrated Wealth and Fund Management: In this
course, we discuss issues like brokerage and trading, client/asset strategic allocation, funds that
don’t have traction, non performing fund and product development
For more information:
Meteb Alanazi
The Institute of Banking
Shariah Compliant Banking Programs
PO Box 10820
Riyadh11443
Tel:+ 966 1 463 3000 ext 5299
Fax: + 966 1 466 2368
Email: [email protected]
STUDY METHODS
- In-person training:
Trainings are usually 2-3 days/module with
lectures, interactive games and assessment
- Online Learning:
• Access for 12 months per module
• 10 to 20 hours online tuitions
• Mock test
• 2 opportunities of module test
ASSESSMENT & CERTIFICATION
There are two levels of assessment for CIFA.
They are:
• Module Test: It is a 1.5 to 2 hours test available
at the end of each module. You may take them
anytime you are ready.
• Comprehensive Level Examination: 2 to 3
hours exam that covers all the modules in the
level, available twice a year. The passing mark
is 50% . Upon completion, you will be entitled
to CIFA Level Certification.