International Institute of Islamic Bankers
Certification in Islamic Banking and Finance
Our Mission
‘To strengthen the foundations of the global Islamic financial industry by delivering authentic
knowledge about Islamic finance to individuals’
We have certain professional attributes, which guide us throughout our journey:
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Challenge the way it’s done
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Stand up and be a role model
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Help others succeed
Governance
Working under the umbrella of Meezan Bank Limited, IIIB reflects the surety of being properly
governed. Customer satisfaction in terms of value, costing and satisfaction is management’s top
priority.
About Us
Meezan Bank Ltd (MBL) aims to establish Islamic banking and finance as the financial system of first
choice and free mankind from the wrath of Riba. To achieve the desired aim, it is of paramount
importance to have educational initiatives that will increase the awareness, interest and knowledge in
Islamic banking and finance locally and globally.
MBL has taken such an educational initiative by forming International Institute of Islamic Bankers
(IIIB). The institute is an Islamic banking and finance learning, development and awareness initiative
by MBL which is being supervised by our honorable Shari’ah Advisor Dr. Imran Ashraf Usmani.
IIIB provides a common platform to a global network of students, researchers, bankers and finance
professionals interested in this exciting field. IIIB is an Islamic banking & finance learning,
development & awareness initiative by MBL. IIIB truly recognizes the importance of the practicality
of the knowledge provided to its students and therefore it has adopted an approach which is based on
sound principles with sound practice.
Our course contents are regularly updated with the current changes in the Islamic Banking Industry.
Moreover, we are committed to upholding the highest ethical and professional standards, and to
maintaining public confidence in Islamic banking and finance.
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 1 of 8
Our IIIB Team
Dr. Muhammad Imran Ashraf Usmani (Chairman Shari’ah Expert Panel)
Muhammad Imran Usmani, son of Justice (r) Mufti Muhammad Taqi Usmani, holds LLB, M. Phil,
and Ph.D in Islamic Finance and graduated as a scholar (Alimiyyah degree) and Takhassus
(Specialization) in Islamic Fiqh and fatwa from Jamia Darul-Uloom, Karachi. From the inception of
Meezan Bank he is the In-house Shariah Advisor and Head of Product Development and Shariah
Compliance department of Meezan Bank, where he supervises in-house training for the different
courses, audit & compliance, R&D and advisory for Shariah based banking. Dr. Usmani has been
serving as instructor of different subjects of Shariah and as administrator of some divisions of Jamia
Darul-Uloom, Karachi since 1990 and is visiting faculty member of MBA/PhD students of Karachi
University and IBA.
Dr. Usmani also serves as an advisor/member of Shariah Boards of the State Bank of Pakistan, HSBC
Amanah Finance, Guidance Financial Group USA, Lloyds TSB Bank UK, Japan Bank for
International Cooperation (JABIC), Credit Suisse Switzerland, RBS Global, Future Growth Albaraka
Equity Fund South Africa, AIG Takaful, ACR Retakaful Malaysia, Capitas Group USA, Bank of
London and Middle East Kuwait, BMI Bank Bahrain, Al Khaliji Bank Qatar, Sarasin Bank
Switzerland, DCD group Dubai and other Mutual and Property funds and international Sukuk. He is
also an Executive Board Member of International Islamic Financial Market (IIFM) Bahrain and
International Center for Education in Islamic Finance (INCEIF) Malaysia, Institute of Business
Administration (IBA) and Center for Islamic Economics (CIE). Dr Usmani is author of many books
related with Islamic Finance and other subjects of Shariah. He has been presenting papers in many
national and international seminars and has delivered lectures in various academic institutions such as
Harvard, LSE, IBA, LUMS and others.
Mr. Bilal Ahmed Qazi (Shari’ah Expert Panel Member)
Bilal Ahmed Qazi has done his Al-Aalamiyyah (a degree recognized by the Higher Education
Commision Pakistan as a Masters in Arabic and Islamiyyat) in 2003 from Jamiah-tul-Uloom UlIslamiyah Binori Town. Then he completed specialization (‫ )التخصص‬in Islamic Jurisprudence from
Jamia Darul-uloom, Karchi. He has also completed his MBA from Institute of Business
Administration (IBA), Karachi. He has written above 1,500 fatawas on various issues. These fatawas
have been reviewed by as accomplished the scholars as Justice Mufti Muhammad Taqi Usmani, Mufti
Mahmood Ashraf Usmani, and Mufti Abdur Rauf Sakharwi. His thesis for final year of specialization
was on Istisna which is one of the modes of Islamic Financing. Moreover, he has been working in
Meezan Bank since 2006 as a research scholar and has been the Shariah Advisor of NAFA Islamic
Funds, and KASB Islamic Income Fund. He is also a lecturer in CIE (Centre for Islamic Economics, a
division of Jamia Darul-uloom Karachi).
Mr. Ahmed Ali Siddiqui (Head of Faculty)
Mr. Siddiqui holds a Bachelors & Masters degree in Business Administration from Institute of
Business Administration (IBA), Karachi with six gold medals. His areas of specialization include MIS
& Islamic Finance.
Currently, Mr. Siddiqui is working as Executive Vice President at Meezan Bank Limited. He holds
the title of Manager, Product Development & Shariah Compliance (PDSC) and Secretary, Shariah
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
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Supervisory Board. His previous assignment includes launching of Car Ijarah – Islamic car financing
scheme & Easy Home – Islamic Housing Finance as Product Manager. The job responsibilities
include managing product development initiatives, formulation of policy guidelines, Islamic banking
training, Shariah audit & review of bank’s activities along with the Shariah Advisor and managing
external product development advisory services.
Mr. Siddiqui is also actively involved in Islamic banking training activities and has conducted various
training sessions, corporate workshops & seminars on Islamic Banking & Islamic Financial Products
for Meezan Bank both locally and abroad. He is also a frequent speaker on Islamic banking at
National Institute of Banking & Finance (State Bank of Pakistan), Institute of Bankers Pakistan (IBP),
Trade Development Authority of Pakistan (TDAP) and Center of Islamic Economics (CIE) Karachi.
Currently, Mr. Siddiqui is also a member of the Advisory team for Center of Islamic Economics (CIE)
- Jamia Darul uloom Karachi, Federation of Pakistan Chamber of Commerce and Industry (FPCCI)
Committee on Islamic Banking & Takaful, and a visiting faculty member at IBA.
Mr. Muhammad Farhan ul Haq Usmani (Faculty Member)
Mr. Muhammad Farhan ul Haq Usmani holds a Baccalaureate in Business Administration,
Commerce, Masters and M. Phil. in Economics from University of Karachi, Pakistan. He is also a
Certified Islamic Banker from Center of Islamic Economics, Karachi (A Division of Jamia Dar ul
Uloom Karachi, Chaired by Justice Muhammad Taqi Usmani). Mr. Usmani is Government of
Pakistan’s PhD Scholar in Islamic Banking & Finance at University of Karachi, under the supervision
of Dr. Muhammad Imran Ashraf Usmani. His area of research includes Islamic Capital Markets,
Shariah Compliant Funds & Asset Management and Shariah Audit & Compliance. Mr. Usmani joined
Meezan Bank Limited in the year 2005 where his main areas of responsibility include Capital Market
Product Development & Implementation, Shariah Compliance & Audit, and Islamic Financial,
Capital Markets & Asset Management Advisory. Mr. Usmani is also a nominated member of Karachi
Stock Exchange’s product development & Index Committee of KMI 30 Index, Pakistan’s First ever
Shariah Compliant Index and a proposed KMI All Shares Index besides being a senior member of the
Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) committee on Islamic
Banking & Takaful.
Mr. Shaikh Muhammad Asif (Faculty Member)
Mr. Shaikh Muhammad Asif holds a Masters degree in Business Administration from SZABIST
(Karachi) and a Bachelors degree in Computer Science from University of Sindh with two gold
medals. Mr. Shaikh is also a certified Islamic Banking professional from National Institute of Banking
& Finance (NIBAF), a subsidiary of State Bank of Pakistan (SBP) and holds a Post Graduate Diploma
in Islamic Banking & Finance from Guidance Institute in collaboration with Pakistan Air Force –
Karachi Institute of Economics & Technology (PAF – KIET). With diversified work experience in
Islamic Banking industry, Mr. Shaikh is currently contributing as Assistant Vice President while
leading a dedicated team of Islamic Financial Advisory Services. His main areas of responsibilities
include product development, refinement and implementation of complete suite of financial products
coupled with relationship management and assistance in providing Shariah related technical services
to Islamic financial advisory services clientele. His previous assignment within the department
includes leading the team of Shariah audit, compliance and internal Shariah controls. Prior to joining
MBL in 2009, Mr. Shaikh served as Asst. Relationship Manager in Corporate Banking department of
Bank Alfalah Limited – Islamic Banking Group for two years.
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 3 of 8
Mr. Nasir Razak (Course Coordinator)
Mr. Nasir Razak holds Baccalaureate in Business Administration with specialization in Marketing
from Institute of Business Administration (IBA) and Masters in Business Administration from
Karachi School for Business & Leadership (KSBL). Mr. Razak has distinctions in Corporate Strategy
and Marketing Management in his MBA. He is currently working as an Assistant Relationship
Manager in Islamic Financial Advisory Services (IFAS) division of Product Development & Shariah
Compliance (PDSC). His main area of responsibilities includes IIIB, relationship management with
IFAS clientele, Shariah Stock Screening, Shariah Technical Services and Support for Fund
Management companies, Shariah Audit and Compliance review.
Mr. Muddasir Ali Soomro (Course Coordinator)
Mr. Soomro holds Baccalaureate in Business Administration with specialization in Finance from
Institute of Business Administration (IBA) and Masters in Business Administration from Karachi
School for Business & Leadership (KSBL). Mr. Soomro is a bronze medalist of the inaugural batch of
KSBL. Mr. Soomro also led the KSBL team to win 6th Local CFA Research Challenge Pakistan and
represented Pakistan in Regional CFA Research Challenge in Singapore. Currently, he is working as
an Assistant Relationship Manager in Islamic Financial Advisory Services (IFAS) unit of Product
Development & Shariah Compliance (PDSC) department at Meezan Bank. His main area of
responsibilities includes relationship management with IFAS clientele, Shariah Technical Services
and Support to Banking clients, Compliance Review, Business Development, Product Structuring and
Refinement. He is actively involved in conducting primary researches for various SME and
Agricultural sectors for introducing Islamic Micro-Finance Products.
Course Contents
IIIB is currently offering a ‘Certification in Islamic Banking and Finance’ which has duration of four
months. This practical case-study based interactive course has been designed by experienced industry
professionals and aims to provide a thorough knowledge of Islamic Financial Industry and assist in
building strong grounds in this fast growing field.
The Unique selling features for this course are:
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Course certified by Meezan Bank Limited
Unique case-study based course designed by current industry practitioners
One-to-one short sessions with renowned Shari’ah scholars & industry experts
Competitive pricing – especially for group registrations
MODULE – 1
(CONCEPT BUILDING)
1.
ISLAMIC BANKING INTRODUCTION, BACKGROUND AND GLOBAL SCENARIO:
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Evolution of Islamic Banking
Global perspective of Islamic Banking
Islamic banking in Pakistan
Islamic Banking- A success story
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 4 of 8
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Causes of the recent financial crisis & its remedies
Differentiating factors of Islamic Banking from conventional banking
2. THE ISLAMIC ECONOMIC SYSTEM:
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3.
FACTORS OF PRODUCTION IN ISLAM, CAPITALISM & SOCIALISM:
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The economic philosophy of Islam
The importance of economic goals
Real nature of wealth & property
The factors of production in Islamic & conventional systems
Difference between capitalism, socialism & Islamic economic system
Objectives of distribution and wealth
VIEWS OF ISLAM ON SAVINGS & WEALTH:
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Insight on the mechanism of savings & wealth in Islam
5. CLASSIFICATION OF RIBA:
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6.
Riba – Definition & Types
Riba in Quran
Riba in Hadith
The laws of Riba-al-fadl
LAW OF CONTRACT:
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Essential elements of a contract
Significance of contracts in Islam
Types of contracts
Uqood.e.Muawadha & Uqood.e.Ghair Muawadha (Compensatory & Non-Compensatory
Contracts)
7. RULES OF SALE:
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Definition, Subject matter, price, delivery & possession
Types of sale
Valid sale & its elements
Rules of sale
Gambling & other risks
Significance of promise to sell
MODULE – 2
(ISLAMIC MODES OF FINANCE - l)
1.
MURABAHA:
 Introduction to Murabaha
 Murabaha- Applications in Islamic Financial Institutions
 Murabaha- Terminology & its variants
 Rules & steps in Murabaha Financing
 Stages of Murabaha – Promise, Acquisition, Execution & Post-Execution
 Murabaha to Purchase order
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 5 of 8
2. MURABAHA DOCUMENTATION & APPLICATIONS OF MURABAHA:
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3.
MURABAHA PROCESS FLOWS & CALCULATION:
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4.
Concept and definition of Salam
Sight bill negotiation
Uses of Salam
Trade finance products
Agricultural financing
IMPORT FINANCING:
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7.
Concept and definition of Istisna
Product structure for Istisna as a mode of finance
Legal documentation in Istisna
Risks associated with Istisna
Risk mitigation and Case studies
SALAM:
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6.
Calculation of cost/profit in Murabaha transactions
Steps & documentation sequence for Murabaha Financing
Full & Partial Declaration
Case Studies
INTRODUCTION TO ISTISNA:
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5.
Murabaha- Documentation & scope
Practical Issues in Murabaha
Responsibilities of: Customers, Relationship Managers, Credit Administrative Officers
Murabaha Monitoring, Rectification & related Murabaha Controls
Import financing in conventional Banks & Islamic Financial Institutions
Import financing through Murabaha, Ijara & Musharakah
EXPORT FINANCING
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Pre-shipment financing
Post shipment financing
Export financing through Murabaha
MODULE – 3
(ISLAMIC MODES OF FINANCE - ll)
1.
IJARAH
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Concept, Subject matter & Process of Ijarah
Rules governing of lease rentals
Differentiating factors between Ijarah & Conventional Lease
Promise to lease
Acquisition of the asset
Transfer of ownership
Guarantees in Ijarah contract
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 6 of 8
2.
IJARAH DOCUMENTATION AND PRACTICAL ISSUES:
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Practical application of Ijarah in Islamic Banks
Sales and lease back mechanism
Important guidelines for proper documentation
Practical issues and mistakes in Ijarah
Mistakes rectification
3. PRACTICAL APPLICATION:
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Current practices of Ijarah
Ijarah financing for assets imported via sight Letter of Credit & Usuance Letter of Credit
Case studies
4. TIJARAH:
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Concept of Tijarah
Salient features of Tijarah
Finished Goods as a mode of finance in Tijarah
Risk mitigation in finished goods financing
Tijarah process flow
Legal documentation in Tijarah
Case study
5. MUSHARAKAH:
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Definition, Structure, Types of Mushrakah
Basic rules governing Musharakah
Termination & Constructive Liquidation
Collateral in Musharakah
Musharakah management and liability
Application of Musharakah as a mode of financing
6. DIMINISHING MUSHARAKAH:
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Concept and basic structure of Diminishing Musharakah
Shari’ah principles governing Musharakah
Diminishing Musharakah in trade and other businesses
Application of Diminishing Musharakah
Documentation of Diminishing Musharakah
7. DIMINISHING MUSHARAKAH DOCUMENTATION:
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Application of Diminishing Musharakah
Documentation of Diminishing Musharakah
Case studies
MODULE – 4
(DEPOSIT STRUCTURE, ISLAMIC INVESTMENTS, TAKAFUL & QUALITY
ASSURANCE)
1.
MUDARABAH:
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Definition and types of Mudarabah
Different capacities of Mudarib
Distribution of profit and loss in Mudarabah
Difference between Mudarabah and Musharakah
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
Page 7 of 8
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2.
STRUCTURE OF MUDARABAH BASED DEPOSIT PRODUCTS:
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Mudarabah based deposit product structure
Funds utilization & profit distribution
Weightages and profit calculation
Premium payments
ISLAMIC INVESTMENT FUNDS:
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4.
Termination of Mudarabah
Concept of Investment funds
Concept & structure of Islamic Investment fund
Basic conditions for Islamic Investment fund
Types of Islamic Investment funds
SUKUK:
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Introduction to Sukuk
Shari’ah perspective on securitization
Types of Sukuk
Securitization of Ijarah
5. PROJECT FINANCING:
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Proposed methods for Shari’ah Compliant project financing
Basic principles governing Shari’ah Compliant project financing
Practical Application
Bridge financing
Private Equity & Venture Capital
Shari’ah Compliant Equity Investments
6. TAKAFUL:
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Introduction to conventional Insurance
How Qimar & Riba exists in conventional Insurance
Takaful Introduction & modes of Takaful
Models of Takaful
Concept of free Takaful
Application of Takaful
SHARI’AH AUDIT & COMPLIANCE IN ISLAMIC FINANCIAL INSTITUTIONS:
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Purpose of Shari’ah Audit
Guidelines for Shari’ah Auditing
Strategic Importance of Shari’ah Audit & Compliance
Composition of Shari’ah Compliance manuals
Shari’ah Audit documentations
General guidelines for the Shari’ah Audit
Audit guidelines for major modes of financing
Please visit www.iiib.org for further details regarding the course. Alternatively you can write to us at
[email protected] or call us at 021-38103500 Ext: 2404, 2444.
© International Institute of Islamic Bankers | www.iiib.org
Certification in Islamic Banking & Finance
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