Certified Islamic Financial Analyst

http://www.shapefinancial.com/cifa/index.asp

SHAPE™ now offers a comprehensive three level certification program to develop financial service professionals with a deep and on-going knowledge of Islamic finance. The elements of the program are meant to assure that users understand and retain the Islamic rules applied to finance, banking, and investment. The program addresses the global Islamic financial markets.

Introductory (Level I):

These courses are structured to be delivered in two or three day blocks. The contents are designed to assist individuals who may be completely unfamiliar with Islamic banking and finance and the contents are useful to create building blocks for new team members. All modules include discussions of marketing, accounting, risk management, and contrasts to traditional banking and finance. All modules include real market case and mini-case studies. Examples of Level 1 modules can be found in Appendix 1.

Foundations of Islamic Banking and Finance
Introduction to AAOIFI Accounting
Introduction to Islamic Capital Markets
Introduction to Islamic Corporate Finance
Introduction to Islamic Funds
Introduction to Islamic Project Finance
Introduction to Islamic Principles of Risk Management
Introduction to Islamic Retail Finance
Introduction to Islamic Trade Finance
Introduction to Islamic Treasury and Capital Markets
Introduction to Islamic Wealth Management
Introduction to Takaful
Islamic Banking & Governance Issues for the Bank Director
Islamic Finance Marketing
Processing Islamic Banking Transactions (Operations)

1. Foundations of Islamic Banking and Finance: This course introduces fundamental concepts and principles relating to Islamic banking and finance. The character of Islamic finance is rooted in Islamic commercial law as opposed to the concepts of lending money. This two day course covers how the Islamic market functions with its unique rules and solves financing and banking problems is introduced based on the core Islamic rules of contract and the rules of sarf or monetary exchange.

A variation of this course is offered as Islamic Banking & Finance for the Non�]Professional. This two day course focuses solely on helping managers who do not normally have direct roles in Islamic finance or financial functions to understand the character of Islamic finance; its origins, its rules; and distinctions from traditional finance. A simple review of the core Islamic rules of contract and the rules of sarf or monetary exchange is applied with examples of applied Islamic financial structures.

2. Introduction to AAOIFI Accounting: This two day course covers the reasons for unique Islamic accounting standards. Simple examples for the non�]accounting executive are given to illustrate the AAOIFI standards in a manner that builds on the two day Foundations of Islamic Banking and Finance course and its transaction examples.

3. Introduction to Islamic Capital Markets: The modern Islamic finance capital market is being born at this time. In the past decade, Islamic scholars and bankers have learned how to create Islamic securities and how to securitize many Islamic asset classes. This two day course surveys the principles, issues and processes which apply. The structure is geared to the non-investment banking executive. The course builds on the two day Foundations of Islamic Banking and Finance course.

4. Introduction to Islamic Corporate Finance: The course builds on the two day Foundations of Islamic Banking and Finance course. The course extrapolates the core concepts in a case environment with the delegates building a balance sheet and income statement as they apply the concepts in micro cases. Then, the balance sheets are stress tested in order to identify the risk characteristics of the transaction types. Each team requires a laptop computer with Excel loaded.

5. Introduction to Islamic Funds: This two day course discusses the universe of modern Islamic investment funds. What makes them Islamic, why are they restricted in their investment universes. Are there structural and jurisdictional issues that affect the Islamic investment fund world? This and related questions are asked. This course is a companion to Introduction to Islamic Wealth Management and builds on the two day Foundations of Islamic Banking and Finance course.

6. Introduction to Islamic Project Finance: The course builds on the two day Foundations of Islamic Banking and Finance course to describe the basic methods of constructing complex project finance transactions, including examples from real estate, the petrochemical sector, ship building and other practical micro cases.

7. Introduction to Islamic Principles of Risk Management: This three day course integrates team based case studies with the analysis of Basel II and Islamic Financial Service Board risk management standards. The course seeks to develop a practical analysis of the risk of exposure and loss given default and what these mean in the context of the unique Islamic instruments.

8. Introduction to Islamic Retail Finance: The course builds on the two day Foundations of Islamic Banking and Finance course and grows the core principles to solve case situations in which traditional retail banking needs are addressed. The risk characteristics of the methods are discussed in detail.

9. Introduction to Islamic Trade Finance: This two day course builds on the two day Foundations of Islamic Banking and Finance course to focus on how the basic building blocks of Islamic banking and finance may be used to structure import and export transactions.

10. Introduction to Islamic Treasury and Capital Markets: The course builds on the two day Foundations of Islamic Banking and Finance course with a definition of how the key concepts may be applied in both the Islamic bank’s treasury and the broader capital markets.

11. Introduction to Islamic Wealth Management: The same concerns that affect banking and finance alter the character of investing and wealth management. This two day course reviews the primary Islamic concerns relating to money and investing, how these affect common investment practices and vehicles. The course builds on the two day Foundations of Islamic Banking and Finance course.

12. Introduction to Takaful: Just as the banking and finance businesses are distinct from traditional transactions, the structuring of asset protection is different. This two day course covers the principles that led to an alternative method of insurance that complies with Shariah. This two has some alternative approaches which may be described in brief, building on the two day Foundations of Islamic Banking and Finance course.

13. Islamic Banking & Governance Issues for the Bank Director: This is a three hour course designed to assist experienced bank directors in appreciating the business differences between Islamic banks and traditional banks. The course reviews particular challenges in terms of Basel II implementation and oversight as well as compliance with prevailing central bank regulatory practices. This course is available in English and Arabic.

14. Islamic Finance Marketing: This course introduces fundamental concepts and principles relating to marketing Islamic financial products. It will help participants to understand the new product development process, conduct market research, identify target market through segmentation strategies, and craft positioning strategies including pricing, placement the utilization of the marketing mix. The course will also cover the importance of electronic marketing and tools utilized to market banking products. The elements of Islamic values pertaining to marketing a product or service are emphasized in this course.

15. Processing Islamic Banking Transactions (Operations): The course builds on the two day Foundations of Islamic Banking and Finance course. The key business concepts are discussed in the correct steps for operational processing and defining the Shariah and business flows for compliance purposes.

A team member who completes courses 2 - 8 and elected one or all of courses 9 - 15 or has performed self study based on recommended materials and course specific materials (sold separately) will be eligible to sit Part 1 (of three) of the Certified Islamic Financial Analystc examination as administered by SHAPE and REDmoney.


Product Specific (Level 2):

These modules may be customized to a business unit or team’s specifications. The elements are meant to give a 360 degree overview of the transactional concept including Shariah foundations, practical commercial examples, accounting, capital management, and adaptations for commercial purposes. The base course is established on a common business problem for all courses to allow comparability. Mock term sheets and the applicability of common banking and financial covenants are raised in the context of each method. All modules include discussions of marketing, accounting, risk management, and contrasts to traditional banking and finance. Examples of Level 2 modules can be found in Appendix 1.

Applications of Ijara including Forward Leases and Bai al Manfa'a
Applications of Istisna'a, Ju'ala and Istijrar
Applications of Murabaha including Tawarruq and Trade Finance
Applications of Mudaraba and Wakala
Applications of Musharaka
Applications of Salam
Integrated Islamic Financial Operations
Islamic Capital Markets: Syndications, Sukuk and Derivatives
Islamic Funds Structuring & Screening
Islamic Treasury Operations
Islamic Trade Finance: Murabaha, Wakala, Musharaka and Istijrar.
Principles of AAOIFI Accounting

1. Applications of Ijara including Forward Leases and Bai al Manfa’a: The course reviews in four days comprehensively the universe of leasing concepts in Shariah as well as their permissible derivatives. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The conditions or shurut relevant and permissible in various structures are discussed in detail. The course may be tailored to focus on retail finance; corporate or real estate finance.

2. Applications of Istisna’a, Ju’ala and Istijrar: The course reviews in four days comprehensively the universe of Shariah concepts, which may be applied for construction, manufacturing or project finance as well as their permissible adaptations. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

3. Applications of Murabaha including Tawarruq and Trade Finance: The course reviews in four days a comprehensive overview of murabaha and related sales concepts; their market adaptations; strengths & weaknesses; and structuring precepts. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The conditions or shurut relevant and permissible in various structures are discussed in detail. The course may be tailored to focus on retail finance; corporate or real estate finance.

4. Applications of Mudaraba and Wakala: The course reviews in four days comprehensively the universe of Shariah concepts which involve a fiduciary as an intermediary whether or that fiduciary is a partner or an agent of the investors. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

5. Applications of Musharaka: The course reviews in four days comprehensively the universe of partnership concepts in Shariah as well as their permissible derivatives such as constant and declining balance musharaka. The questions of how musharaka structures may be applied to debt environments or interpreted as debt will be addressed. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

6. Applications of Salam: The course reviews in four days comprehensively the universe of forward sales in Shariah as well as the means to manage their risks from a financial institution perspective. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

7. Integrated Islamic Financial Operations: The course constructs over four days a de novo bank, applying the comprehensive body of Islamic business vehicles utilized in the modern Islamic banking and financial business. The approach is to review clearly AAOIFI and IFSB accounting and regulatory issues as well as to understand conflicts with existing applied accounting and regulatory standards. The course covers market adaptations; strengths & weaknesses; and structuring precepts in a bank looking at retail finance; corporate, project finance, deposit, and real estate finance.

8. Islamic Capital Markets: Syndications, Sukuk and Derivatives: The course reviews in four days comprehensively the universe of sukuk concepts in Shariah as widely applied in the market. How the concepts are evolving and challenges for market growth are discussed in detail. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

9. Islamic Funds Structuring & Screening: The course reviews in four days comprehensively the means, issues and rules for structuring Shariah compliant investment funds. The conditions or shurut relevant and permissible are covered for various types of funds: structured, equity, sukuk, ijara, real estate. A basic review of AAOIFI accounting issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on equity, structured, or real estate funds.

10. Islamic Treasury Operations: The course reviews in four days comprehensively how a treasury, whether bank, investment bank or sophisticated corporate applies Shariah principles in managing foreign exchange, excess cash and risk management. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course is structured as a live game.

11. Islamic Trade Finance: Murabaha, Wakala, Musharaka and Istijrar. The course reviews in four days comprehensively the universe of trade finance concepts in Shariah as well as their various adaptations. The conditions or shurut relevant and permissible in various structures are discussed in detail. A basic review of AAOIFI and IFSB accounting and regulatory issues is integrated into the lesson plan. The course covers market adaptations; strengths & weaknesses; and structuring precepts. The course may be tailored to focus on retail finance; corporate or real estate finance.

12. Principles of AAOIFI Accounting: The course reviews in four days comprehensively AAOIFI rules and their applications in the Islamic banking and financial markets. How AAOIFI integrates to IFRS and FAS as well as IFSB will be covered. The universe of transactions covered in the prior courses.

A team member who completes courses 1 - 7 and up to two of courses 8 - 12 or has performed self study based on recommended materials and course specific materials (sold separately) will be eligible to sit Part 2 (of three) of the Certified Islamic Financial Analystc examination as administered by SHAPE and REDmoney. All modules include real market case and mini�]case studies.



Advanced Courses (level 3):

The Advanced Courses are designed around six core universes of knowledge excluding accounting which is offered at this level by AAOIFI. A candidate may focus on a single universe or all integrated universes. A single universe candidate will be designated a Certified Islamic Financial Analyst – Integrated Management (or Corporate Islamic Banking; or Retail Islamic Banking; or Treasury and Derivatives; or Wealth & Fund Management; Rank 1). A candidate who completes and passes the related exam for the first five modules will be designated a Certified Islamic Financial Analyst with Distinction. The advanced modules are based on self or structured training. Examples of Level 3 modules can be found in Appendix 1.

Corporate Islamic Banking
Institution Specific Products
Integrated Management Skills of the Islamic Bank
Islamic Treasury and Derivatives
Retail Islamic Banking
Wealth & Fund Management

1. Corporate Islamic Banking: This module is geared towards specialists in corporate finance. The module includes IFSB and general risk management, AAOIFI accounting, marketing, and integration with treasury and other institutional functions.

2. Institution Specific Products: This module is designed in conjunction with the institution requesting the module and tailored to the institution’s requirements. This may be broken into sub modules, which if less detailed than modules 1 – 5 would result in a Rank 2 certification.

3. Integrated Management Skills of the Islamic Bank: This module is geared towards senior managers or aspirants to become senior managers of Islamic banks. The modules include IFSB and general risk management, AAOIFI accounting, corporate Islamic Banking, Retail Islamic Banking, Islamic Treasury Operations, Wealth & Fund Management, and Marketing Islamic Products.

4. Islamic Treasury and Derivatives: This module is geared towards specialists in treasury operations. The module includes IFSB and general risk management, AAOIFI accounting, marketing, and integration with users and generators of funds within the bank, and other institutional functions.

5. Retail Islamic Banking: This module is geared towards specialists in finance. The module includes IFSB and general risk management, AAOIFI accounting, marketing, and integration with treasury and other institutional functions.

6. Wealth & Fund Management: This module is geared towards specialists in wealth and fund management. The module includes IFSB and general risk management, AAOIFI accounting, marketing, and integration with global regulation.

A team member who completes all six courses or has performed self study based on recommended materials and course specific materials (sold separately) will be eligible to sit Part 3 (of three) of the Certified Islamic Financial Analystc examination as administered by SHAPE and REDmoney. All modules include real market case and mini�]case studies.


Price List

1. Individual Pricing

The CIFA program is rolling out progressively in 2009/10. Each level is expected to take up to six months of preparation to pass including courses and review materials.

Complete CIFA Program (21 courses) $2205

Level 1: Total 15 modules, 6 are mandatory
Level 2: Total 12 modules, 9 are mandatory
Level 3: Total 6 modules, 6 are mandatory

Single course $105

In consideration of the fact that CIFA level 1 courses are being delivered progressively over 2009/10, candidates will receive additional collateral materials worth $300 - including a CIFA Guidebook valued at $99.

2. Institutional Pricing

Please contact us at cifa@shapefinancial.com