Certified Islamic Finance Analyst
(CIFA, Commercial 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
Asset & Liability
Management
Integrated
Management
Skills
Islamic
Trade
Finance
Islamic
Corporate
Finance
Islamic Finance
Operations
Integrated Asset
& Liability
Management
Islamic
Retail
Finance
LEVEL 2
EXAM
Islamic Finance
Methods
Integrated
Islamic
Corporate
Finance
LEVEL 1
EXAM
Integrated
Islamic Retail
Finance
LEVEL 3
EXAM
STUDY METHODS

In-person training:
Trainings are usually 2-3 days/module with lectures, interactive games and assessment

Online Learning:
Foundations of Islamic
Finance and IFSB Risk Management
Access for 12 months per module

•
•
•
•
•
•
•
•
•
10 to 20 hours online tuitions

Mock test
• Understanding Istisna’a
What are the principles
of Islamic finance?

2 opportunities of module test
How is money organized in Islamic institutions? • Analyzing Istisna’a risk profiles
ASSESSMENT & CERTIFICATION
• Understanding Ijara. Understanding
Murabaha.
There are two
level of assessment for CIFA. They are:

Module Test: It is a 1.5 to 2 hours test available at the end
module. You may
takerisk
them anytime
you are
•of each
Analyzing
Ijara
profiles.
Introduction toready.
IFSB Standards
Understanding
Musharaka
and Mudaraba

Comprehensive
Examination: 2 to 3 hours exam •
that covers
all the modules inWakala,
the level, available
twice a
Analyzing Murabaha
risk Level
profiles
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 Retail Finance
Islamic Corporate Finance
Islamic Trade Finance
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Murabaha and its Credit Applications
Automobile Finance
Introduction to Deposits
Housing and Real Estate Finance
Profit Sharing Investment Accounts
Credit Lines
Credit Cards
Financing Future Needs
•
•
•
•
•
•
•
•
Murabaha, murabaha for asset
acquisition.
Murabaha Derivatives
Sales Contracts as Financing
Tools
Ijara
Salam & Istisna’a
Partnership & Agency Partnership & Agency, syndicated
financings.
Sukuk & Capital Markets
The Trouble with Derivatives
•
•
Documentary Collections:
Letters of Credit
Islamic Alternatives
Pre-Export Finance
Post –Import Finance & Forfaiting
Islamic Currency Hedge?
Common Trade Finance Problems
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 Finance Methods
• Key Rules underlying Murabaha and the Regulatory Environment
• Practical applications of Murabaha/Sales Contracts
• Murabaha for Liquidity management: Tawarruq
• Equity Based Financing, Deposits & Trade Finance
• Musharaka, Mudaraba, Wakala
• Deposits & The Sources & Uses of Funds at An
Islamic Bank
• Trade Finance with and without Letters of Credit
• Syndicated Trade Finance
• Ijara
• Salam
• Istisna’a
• Crafting Complex Transactions
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 Commercial Banking: We will examine
through case studies the strategic evaluation process involved in offering new products. This may
cover retail and corporate banking. We may also
discuss how corporate bankers may help clients in
divestiture and restructuring of their business (spin
off and carve out financing).
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.