Certified Islamic Finance Analyst
(CIFA, Investment Banking)
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
Treasury
Project
Finance
Islamic Finance
Operations
Asset & Liability
Management
Integrated Asset &
Liability
Management
Integrated
Management
Skills
LEVEL 1
EXAM
Capital
Market
LEVEL 2
EXAM
Applied Capital
Market
Integrated
Capital Market
LEVEL 3 EXAM
STUDY METHODS

In-personFinance
training:
Foundations of Islamic
and IFSB Risk Management
Trainings are usually 2-3 days/module with lectures, interactive games and assessment

Online Learning:
• Understanding Istisna’a
What are the principles of Islamic finance?

Access for 12 months per module
• Analyzing Istisna’a risk profiles
How is money organized

10 toin
20 Islamic
hours online institutions?
tuitions

Mock
test
• Understanding Ijara. Understanding Murabaha.

2 opportunities of module test
• Analyzing Ijara risk profiles.
Introduction to IFSB Standards
ASSESSMENT & CERTIFICATION
• Understanding Wakala, Musharaka and Mudaraba
Analyzing Murabaha
There are two risk
level ofprofiles
assessment for CIFA. They are:

Module Test: It is a 1.5 to 2 hours test available at
of each module.
You may
take themin
anytime
you areBased Instru•the end
Analyzing
Risk
Profile
Equity
Understanding Tawarruq
ready.
ments
Analyzing Tawarruq
risk profiles

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.
•
Liability
side of Islamic Banks’ Balance Sheet
Understanding Salam
Analyzing Salam risk profiles
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Foundations of Islamic Finance and IFSB Risk Management
Islamic Treasury
Islamic Capital Markets
Islamic Project Finance
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Islamic Money Market 1, Murabaha as a treasury placement
method
Islamic Money Market 2, cash
murabaha or tawarruq.
Islamic Money Market 3: Alternative money market tools
Introduction to Foreign Exchange
& Spot Foreign Exchange
Forward Foreign Exchange: long
murabaha, tawarruq, salam, and
promises.
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•
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Sukuk
Key Sukuk Structures (murabaha,
salam and istisna’a)
Key Sukuk Structures 2: Islamic
leasing contracts
Key Sukuk Structures 3: (musharaka and mudaraba) and agency
(wakala) contracts
Sukuk in Market
Sukuk Administration
Problems with Sukuk and Recovery
Issues
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Murabaha & Cash Murabaha:
Musharakah, Mudarabah and
Wakalah:
Salam & Istisna:
Ijara Methods:
Applied Ijara Methods
Musharaka, Mudaraba, and
Wakala
Hedging Project Finance
Risks:
Islamic Finance Operations
Key Issues Relating to Bank Operations &
Processing
• 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
• rules of Letters of Credit in Sharia’a. Treasury Transactions
• Basic rules, documentation and processing
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
Applied Capital Market
Syndicated Transactions
• Basic Syndication Terms and Conditions
• Syndicating Murabaha & Tawarruq
• Syndicating Complex Transactions
Review of Sukuk Concepts and Discussion of Debt
Sukuk
• Key Sukuk Concepts
• Sukuk al Murabaha
• Sukuk al Salam & Sukuk al Istisna’a
• Sukuk Al Ijara
Equity Based Sukuk and Securitization
• Equity Sukuk Models: Musharaka, Mudaraba and
Wakala.
• Legal, Tax and Infrastructure Concerns for the Islamic Capital Markets
• Securitization
• Future Flow and Hybrid Securities
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 Investment Banking: In this elective we
focus on advance corporate finance issues which
include restructuring advisory, merger & acquisition advisory, Leveraged Buy Out (LBO), Management Buy Out (MBO) and underwriting.
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.