http://pebs-feui.org/news-and-event/chartered-islamic-finance-professionals/
CIFP – PEBS FEUI Chapter
Chartered Islamic Finance Professional (CIFP) is a unique programme, the first of its kind in the world, in that it combines academic rigours with practical industry experience. CIFP is designed and developed by leading academicians and industry leaders from INCEIF (International Centre for Education in Islamic Finance), Malaysia. CIFP modules have been designed to reflect the needs of the industry, which is rapidly changing and growing, thereby giving CIFP candidates the leading edge over other Islamic financial industry executives.
CIFP is designed to meet the learning needs of working professionals. Its modules are in-depth and can be studied using flexible learning methodologies. For recent graduates, CIFP is a gateway to a career in Islamic finance as it provides complete technical knowledge of this exciting industry.
Career Benefit
CIFP objective is to meet the demand for qualified and certified professionals in Islamic Finance. Therefore, participants will be exposed to a world of opportunities upon completion of the programme.
CIFP graduates may see themselves furthering their career in areas of the Islamic financial services industry, specifically in the areas of Islamic banking and Takaful, thus developing a professional niche for themselves. CIFP is a gateway for rewarding start in specific areas of Islamic banking and Takaful such as wealth management, structured products, risk management, financial planning and equity investments.
This programme is also in process to obtain “Master Degree Qualification” from Ministry of Higher Education of Malaysia. Thus, by having CIFP title, the candidates will be considered as holder of Master Degree in Islamic Finance.
Entry Requirements
The minimum academic requirement for entry into the CIFP Programme is a Bachelor’s degree, or an equivalent professional qualification. Those with a diploma from a recognised institution will also be considered if they have at least 5 years working experience in a relevant field.
In addition, as the CIFP coursework and examinations are conducted in English, candidates should ensure that they are proficient in English in order to undertake the programme.
Course Modules
CIFP programme is divided into three parts, with the final part giving the opportunity to practice knowledge in the industry and gain industry experience. The 1st and 2nd part of CIFP offer comprehensive modules in Islamic Finance, while the 3rd part involves the candidates to an articleship programs in either national or global Islamic Finance Institutions.
Upon completion of each part, students will be conferred the Associate Member (1st part), Proficient Member (2nd part) and Practising Member (3rd part) status.
Flexible to suit today’s young professionals, the CIFP can be pursued online between a minimum of 1½ years to 6½ years.
Application
Application for admission into the CIFP programme may be made at any time during the year. However, the INCEIF academic terms commence in June and December each year. Examinations are normally held at the end of each term in October and April respectively.
Completed application forms should be accompanied by the following documents:
* A passport-sized photograph, preferably digital
* Academic transcripts and certificate of graduation (scanned/certified copy)
Please provide an official English translation if the certificates and academic transcripts are not in English. If you are a recent graduate and your official transcript is not yet available, please provide a certified copy of all the relevant examination results.
Fee Structure (in USD)
1. Total fees to complete CIFP Programme (excluding optional fees) – USD 2,780
2. Total fees to complete CIFP Programme (with optional fees) – USD 5,100
For further information, sent email to pebs.feui@gmail.com or see www.inceif.org
Wa'alaykumussalaam
Bapak/Ibu yth,
Terima kasih atas e-mail bapak/ibu. Sebelumnya, mungkin akan lebih baik untuk diketahui bahwa sistem perkuliahan di CIFP Online Learning Program ini adalah per modul, atau per mata kuliah. Terbagi menjadi 3 bagian, Part I terdiri dari 8 modul (8 mata kuliah). Jika keseluruhan modul ini sudah lulus, maka dipersilahkan untuk mengambil Part II yang terdiri dari 6 modul. Sementara, Part III adalah semester untuk mempraktikkan ilmu dan keahlian yang diperoleh pada Part I dan Part II, dalam bentuk internship (magang) pada Islamic Financial Institution yang memiliki kerjasama dengan INCEIF.
Namun, bagi para mahasiswa yang sedang bekerja, INCEIF memiliki kebijakan articleship exemption. Sehingga, program internship dapat dikerjakan tanpa meninggalkan tempat kerja untuk magang. Melainkan diganti dengan tugas-tugas terkait perusahaan tempat kerja mahasiswa tersebut. Hal ini
Sehingga, sistem pembayaran kuliah pun akan mengikuti modul-modul yang diambil pada semester yang bersangkutan.
1. Terkait biaya kuliah, total biaya yang diperlukan hingga selesai 3 Parts adalah USD 4,832. Total biaya ini sudah termasuk 1x tutorial dan 1x Pre-Examination Seminar (PES) per modul per semester. Namun, karena tutorial dan PES ini bersifat optional, sehingga tidak wajib untuk diambil oleh para mahasiswa, maka total biaya yang akan dibutuhkan akan lebih kecil lagi, yakni hanya sebesar $2,116. Biaya tersebut sudah termasuk 30% discount bagi mahasiswa yang mendaftar melalui PEBS FEUI, sebagai CIFP Regional Center in Jakarta. Untuk lebih jelasnya terkait hal ini, silahkan mengacu pada file CIFP Profile dan CIFP Details yang saya attach bersama dengan e-mail ini, atau link mengenai CIFP Fee Structure ini.
2. Program ini merupakan program sertifikasi profesi, dengan gelar CIFP. Namun, telah mendapat pengakuan setara dengan Master oleh Malaysian Qualification Agency.
3. Sebagaimana dalam poin pertama, perkuliahan akan diisi dengan tutorial dan PES, maka setidaknya sekali dalam tiap semester, akan ada pertemuan tatap muka langsung dengan dosen. Terkait hal ini, kami sudah mengadakan beberapa kali Pre-Examination Seminar dengan mendatangkan dosen dari INCEIF, untuk mengisi PES di kampus FEUI, Depok.
4. Last but not least, terkait sistem pembayaran. Hal ini dilakukan dengan menggunakan credit card, bagi peserta di luar Malaysia. Yakni dengan terlebih dahulu apply langsung secara online di situs INCEIF. Bapak/ibu akan menemukan di link tersebut, dokumen-dokumen terkait yang diperlukan untuk melakukan pendaftaran secara online. Terkait hal ini, bapak/ibu akan dikenakan processing fee sebesar $20. Dan selanjutnya akan memperoleh user name dan password untuk CIFP student account, we call it Learning Management System (LMS). Melalui account itu, bapak/ibu akan melakukan registrasi per modul dengan biaya seperti dalam file CIFP Profile. Sistem pembayarannya sama seperi saat registrasi awal, yakni dengan credit card.
Untuk sementara, FAQ di atas dulu yang saya coba jawab terkait program kami. Mohon maaf atas segala kekurangan.
Wassalaamu'alaykum
Pusat Ekonomi dan Bisnis Syariah
Fakultas Ekonomi Universitas Indonesia
Lt. Dasar Ged. Perpustakaan FEUI,
Kampus Baru UI, Depok
Telp. : (021) 727 2425 ext. 157
Fax : (021) 786 4057
E-mail : pebs.feui@yahoo.com
Website : http://www.pebs-feui.org
http://www.inceif.org/study/cifp/programme_structure/programme_structure.php
The CIFP Programme is aimed at producing high calibre professionals with the necessary technical skills and knowledge in Islamic Finance, specifically in the areas of Islamic banking and Takaful.
The programme combines industry specialists and renowned scholars to provide you with a highly qualified teaching faculty to ensure a holistic balance between academic learning and industrial practical experience.
Divided into three parts, each part offers comprehensive papers that will strategically prepare candidates to build knowledge, skills, competencies and experience as they enter the Islamic finance industry.
Candidates may apply to study at the INCEIF campus or take up this programme through distance learning.
These recommended readings will supplement your studies throughout your course at INCEIF.
Part 1: Building Knowledge
Gain the necessary knowledge in
Islamic finance.
Before being conferred as Associate Member, candidates will be validated through examinations, written case studies and project papers based on the following papers:
- IE 1001 Islamic Economics
The paper provides an understanding of Islamic economics by considering the implications of the application of Shariah law for the economic and financial systems, an overview of Islamic economy by highlighting the the different works of Muslim scholars in the field, compares the different sources of knowledge for economics, stresses the importance of Islamic worldview to Islamic economics, familiarizes students with the economic thought of Muslim thinkers, compares the Islamic economic system with the other systems, explains how consumption and production are carried in Islam, provides a clear explanation about the concept of money from Islamic point of view, examines the nature and scope of Islamic economics and finance and its relationship with conventional economics and finance, and highlights the development of historical Islamic economic institutions such as zakah, jizah, kharaj, takaful, sadaqah and waqf and to highlight their economic roles.
- IB1004 Islamic Financial institutions and Markets
This Paper examines the structure of Islamic financial markets, instruments, and institutions. Topics include the historical development of Islamic financial institutions and markets, the roles of central bank in the conduct of monetary policy within the dual banking system, the role of banks and other financial intermediaries and the trading practices for and valuation of financial instruments, including equity, debts, futures, etc.
- SH 1003 Shariah Rules In Financial Transactions
Besides highlighting the requirements of Shariah in commercial transactions, this paper will cover five categories of Shariah principles governing commercial transactions. Students shall be exposed to the application and mechanism of the most widely used Shariah principles such as mudarabah, murabahah, bai bithaman ajil / bai muajal, musharakah, salam, istisna, ijarah, bai al-inah, tawarruq, hiwalah, kafalah, wakalah, wadiah, ijarah and rahn.
- IB1005 Deposit & Financing Operations Of Islamic Banks
The paper provides the students with an understanding of the various financial instruments offered by Islamic banking companies, the risks associated with Islamic banking products, and the legal aspects of Islamic banking products.
- TK 1003 Wealth Planning And Management
The paper covers the concepts of wealth, its generation, enhancement and distribution from both conventional and Islamic perspectives as part of the processes of wealth planning. It will be followed by the details of wealth allocation processes; wealth generation and enhancement through investments in securities and real estate; in wealth protection through insurance and takaful; in planning for the future through estate, tax and retirement planning and in estate distribution through wills and law of inheritance. The legal framework and issues will also be brought up as useful tools for would be wealth planners and consultants.
- IB1006 Islamic Capital Market
This paper critically examines the nature and theory of Islamic capital markets and the structure of capital market instruments. Topics include the historical development of Islamic capital markets and its role in economic development, and Islamic capital mobilization via several Shariah compliant products in the equity and debt markets.
- SH 1002 Shariah Aspects Of Business And Finance
Shariah aspects of business and finance consist of three major parts which are: (a) Islamic Jurisprudence including sources of Shariah, Ahkam al-Shariah, Legal maxims and Maqasid al Shariah; (b) Shariah audit and compliance includes Hisbah, Shariah standards, Shariah issues and Shariah audit; and (c) theory of Islamic contract include general theory of Contract, Ahliyyah/capacity, Formation of contract, Terms and conditions, Performance of contract, and Breach and remedies.
- IE1002 Reporting of Islamic Financial Transactions
The paper starts of by introducing accounting and accountability concepts from the Qur’an and Sunnah and relates it to the need for Islamic accounting by pointing out the limitations of conventional financial accounting. It then contrasts financial statements of Islamic and conventional banks. A quick review of Islamic financial contracts and their use by Islamic banks follows as at this stage students would not have the knowledge of Islamic financial contracts in detail. The course then looks at the details of how financial transactions are accounted and reported by Islamic financial institutions including mudaraba, murabaha, ijara, salam, istisna, bba, zakat takaful and sukuk. A user view of accounting is emphasized as opposed to a preparer view to be in line with the objective of the paper. Finally, the paper ends with a review of practices and issues in shariah review and auditing in Islamic Financial Institutions.
Part 2: Building Skills
Equip yourself with the required skills.
Building skills in handling operational issues and Islamic financial transactions with the option to specialise in specific areas of Islamic banking and/or takaful. Subjects include:
- IB 2001 Structuring Financial Requirements
The paper aims to provide an understanding of customer's needs and to develop the ability to structure Islamic Financial solutions. It provides the students with an understanding of customers' needs and develop the ability to structure Islamic financial solutions accordingly. Students would be taught the detailed process of structuring financial solutions which can then be applied in any sector.
- IB 2003 Managing Islamic Financial Institutions
This paper covers all aspects of managing an Islamic financial institution. Students would be exposed to topics in organizational development, customer relationship management, strategic management, financial management, channel distribution management, and ethical issues in management in accordance with Shari'ah.
- IB 2002 Risk Management Of Islamic Financial Institutions
This paper deals with all aspects of risk to which Islamic financial institutions are exposed to, and focuses on identifying, measuring and mitigating risks within a banking paradigm. Other topics discussed will include Basle II and treasury product development and management. The paper thus provides students with an understanding of Islamic operations and risk management, assessment of market risk exposures, development and application of risk control and mitigation risk, ability to design appropriate reporting requirements, and for the student to be significantly conscious of the shariah decision and boundaries and ability to differentiate conventional and Islamic practices.
- TK 2002 Takaful And Actuarial Practices
The paper exposes students to the basic concept of takaful, Shariah principles applied in building various takaful models in operation, the different aspects of takaful operations such as product development, underwriting, claims management, surplus distribution, risk management and actuarial concepts and practices.
- SH 2002: Shariah Issues In Islamic Finance
This paper will cover three major areas; 1) Shariah issues in banking 2) Shariah issues in capital market 3) Shariah issues in wealth management. By completing this paper, the students would be able to fully understand some of the major Shariah issues faced by Islamic finance sector in implementing Shariah concepts and principles in real practices. It is hoped that by appreciating these issues, the students would be in a position to devise necessary steps/strategies to address the issues in appropriate manners. Additionally the knowledge acquired through this paper will enable the students to pay attention to the Shariah aspects mentioned in the product development process.
- IE 2001 Ethics And Governance
The aim of this paper is to guide candidates in understanding the concept, evolution and role of corporate governance in a market based economy, especially in the case of Islamic Financial Institutions. The objective is to appreciate the importance of self governance coupled with compliance (shariah and non shariah), best practices and strategic alignment to long term shareholder and investor value. With the knowledge and understanding of issues, it is expected that candidates will be able to grasp the governance implication of policies and decisions. The Chartered Finance professional will be able to provide ideas in terms of execution of governance framework at the operational level.
Part 3: Building Competency and Experience
Experience the Islamic Finance
industry yourself.
The final part involves an articleship programme in which various activities will be designed to provide candidates with practical experience in the Islamic financial services industry. These include mentor-mentee programmes at pre-approved participating Islamic financial institutions.
Candidates will have to go through a validation process such as solving problems, restructuring exercise, simulation and management games, product conversion exercise, Shariah and audit compliance, and interviews.
Successful completion of this module leads to the conferment of the Practising Member status to candidates.
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