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Certified Islamic Finance Analyst CIFA Investment Banking

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Certified Islamic Finance Analyst CIFA Investment Banking Powered By Docstoc
					                            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 quali-
fication will equip candidates with practical Sharia’a knowledge as properly ap-
plied 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            Islamic               Project               Capital               LEVEL 1
                              and IFSB Risk            Treasury               Finance               Market                 EXAM
                              Management




                               Asset & Liability            Islamic Finance         Applied Capital               LEVEL 2
                                Management                     Operations              Market                      EXAM




                                    Integrated              Integrated Asset &
                                                                 Liability              Integrated
                                   Management                                                                   LEVEL 3 EXAM
                                       Skills                 Management              Capital Market




                          STUDY METHODS
                                            and IFSB Risk Management
Foundations of Islamic Financedays/module with lectures, interactive games and assessment
                 In-person training:
                  Trainings are usually 2-3

                                   Online Learning:
•	        What	are	the	principles	of	Islamic	finance?	                            •	 Understanding	Istisna’a
          How	is	money	organized	in	Islamic	institutions?	 •	 Analyzing	Istisna’a	risk	profiles
                                      Access for 12 months per module
•	                                    10 to 20 hours online tuitions
•	        Understanding	Murabaha.	test
                                      Mock                                       •	 Understanding	Ijara.		
•	
                                      2 opportunities of module test
          Introduction	to	IFSB	Standards	                                         •	 Analyzing	Ijara	risk	profiles.	
•	                     ASSESSMENT & CERTIFICATION
          Analyzing	Murabaha	risk	profiles	 for CIFA. They are:
                       There are two level of assessment
                                                                                  •	 Understanding	Wakala,	Musharaka	and	Mudaraba
•	                                                                                •	 Analyzing	 Risk	 Profile	 anytime you are
          Understanding	Tawarruq	Test: It is a 1.5 to 2 hours test available at the end of each module. You may take themin	 Equity	 Based	 Instru-
                                  Module
                                   ready.
•	                                                                                      ments
          Analyzing	Tawarruq	risk	profiles Examination: 2 to 3 hours exam that covers all the modules in the level, available twice a
                                  Comprehensive Level

•	        Understanding	Salam                                                     •	 Liability	side	of	Islamic	Banks’	Balance	Sheet
                                   year. The passing mark is 50% . Upon completion, you will be entitled to CIFA Level Certification.


•	        Analyzing	Salam	risk	profiles
                                    Foundations of Islamic Finance and IFSB Risk Management


     Islamic Treasury                                  Islamic Capital Markets                          Islamic Project Finance

     •	     Islamic	 Money	 Market	 1,	 Mu-            •	    Sukuk	                                     •	   Murabaha	&	Cash	Murabaha:	
            rabaha	 as	 a	 treasury	 placement	        •	    Key	 Sukuk	 Structures	 (murabaha,	        •	   Musharakah,	Mudarabah	and	
            method	                                          salam	and	istisna’a)	                           Wakalah:	
     •	     Islamic	 Money	 Market	 2,	 cash	          •	    Key	 Sukuk	 Structures	 2:	 Islamic	       •	   Salam	&	Istisna:	
            murabaha	or	tawarruq.	                           leasing	contracts	                         •	   Ijara	Methods:	
     •	     Islamic	 Money	 Market	 3:	 Alter-         •	    Key	 Sukuk	 Structures	 3:	 (musha-        •	   Applied	Ijara	Methods	
            native	money	market	tools	                       raka	 and	 mudaraba)	 and	 agency	         •	   Musharaka,	Mudaraba,	and	
     •	     Introduction	to	Foreign	Exchange	                (wakala)	contracts	                             Wakala	
            &	Spot	Foreign	Exchange	                   •	    Sukuk	in	Market	                           •	   Hedging	Project	Finance	
     •	     Forward	Foreign	Exchange:	long	            •	    Sukuk	Administration	                           Risks:	
            murabaha,	 tawarruq,	 salam,	 and	         •	    Problems	with	Sukuk	and	Recovery	
            promises.	                                       Issues	
Islamic Finance Operations

Key Issues Relating to Bank Operations &               Profits and Profit Sharing Investment Accounts
Processing                                             •	 Introduction	to	Investment	Accounts	&	Fixed	De-
•	 Islamic	vs	conventional	banking.		                     posits	
•	 Islamic	banking	products	                           •	 The	Traditional	Profit	Sharing	Investment	Account	
•	 Understanding	 Murabaha	 Transactions	 and	            (Mudaraba)	
   documentation	points.	                              •	 Wakala	Investment	Accounts	
•	 Processing	transactions	under	Tawarruq.		           •	 Sharai’a	 Issues	 relating	 to	 Savings	Accounts	 and	
                                                          their	“Rewards”	or	“Pricing”	
Key Transactions and their Processing
•	 key	rules	and	documentation	points	for	ijara	       Deposit Frontiers, Governance and Balance Sheet/
•	 key	rules	and	documentation	points	for	istisna’a	   Capital Integration
•	 key	rules	and	documentation	points	for	Musha-       •	 Structured	Deposits	
   raka,	Mudaraba	and	Wakala.	                         •	 Governance	&	Risks	
•	 Current	&	Savings	Accounts.	                        •	 Pricing	&	Cost	of	Funds	
•	 key	rules	and	documentation	points	for	Musha-       •	 Building	a	Liability	Structure	
   raka,	Mudaraba	and	Wakala.
                                                       Applied Capital Market
Specialized transactions
•	 rules	of		Letters	of	Credit	in	Sharia’a.		   	      Syndicated Transactions
                                                       •	 Basic	Syndication	Terms	and	Conditions	
Treasury Transactions                                  •	 Syndicating	Murabaha	&	Tawarruq	
•	 Basic	rules,	documentation	and	processing	          •	 Syndicating	Complex	Transactions
   treasury	for	transactions:	
      		Tawarruq	&	Synthetic	deposits	using	          Review of Sukuk Concepts and Discussion of Debt
           Murabaha	                                   Sukuk
      		Wakala	placements	                            •	 Key	Sukuk	Concepts	
      		Mudaraba	placements	                          •	 Sukuk	al	Murabaha	
                                                       •	 Sukuk	al	Salam	&	Sukuk	al	Istisna’a	
•	 Repayment	and	recovery	processing	issues	for	       •	 Sukuk	Al	Ijara	
   treasury	products	                                  	
•	 Settling	 Islamic	 securities	 and	 commodity	      Equity Based Sukuk and Securitization
   transactions	at	maturity	                           •	 Equity	Sukuk	Models:	Musharaka,	Mudaraba	and	
•	 Late	payment	management	                               Wakala.	
•	 Legal	issues	with	treasury	products	                •	 Legal,	Tax	and	Infrastructure	Concerns	for	the	Is-
                                                          lamic	Capital	Markets	
Asset & Liability Management                           •	 Securitization	
                                                       •	 Future	Flow	and	Hybrid	Securities	
Key Regulations; and Simple Deposit Struc-
tures
•	 Deposit	structures	
•	 Key	Deposit	Concepts	
•	 Understanding	Core	Deposits	
•	 Current	Accounts	
•	 Saving	Accounts	
CIFA Level 3: Integration                                     STUDY METHODS
                                                              - In-person training:
In	this	level,	the	delegates	must	be	able	to	strategi-              Trainings	 are	 usually	 2-3	 days/module	 with	
cally	 apply	 their	 specialist	 product	 knowledge	 in	            lectures,	interactive	games	and	assessment	
new	markets	or	structuring	needs	of	a	client.	The	
following	are	summary	of	focus	areas	in	the	core	             - Online Learning:
and	specialized	subjects	at	this	level.			                    •	 Access	for	12	months	per	module	
                                                              •	 10	to	20	hours	online	tuitions	
CORE	subjects:	There	will	be	two	core	subjects	at	            •	 Mock	test	
the	integration	level.	                                       •	 2	opportunities	of	module	test	

The	 first	 course,	 Integrated	 Management	 Skills,	         ASSESSMENT & CERTIFICATION
will	 provide	 delegates	 with	 an	 overview	 of	 tools	      There	are	two	levels	of	assessment	for	CIFA.	
available	to	plan	and	evaluate	capacity	and	perfor-           They	are:
mance	of	institution.	It	will	also	cover	issues	like	               	
staff	incentive.	This	will	supply	the	delegates	with	         •	 Module	Test:	It	is	a	1.5	to	2	hours	test	available	
strategic	 decision	 making	 tool	 if	 an	 institution	 is	      at	the	end	of	each	module.	You	may	take	them	
going	 to	 develop	 into	 new	 markets	 of	 offer	 new	          anytime	you	are	ready.
products.	We	will	discuss	basic	principles	to	illus-
trate	the	important	concepts	and	use	case	studies	to	         •	 Comprehensive	 Level	 Examination:	 2	 to	 3	
show	how	the	principles	are	applied	in	commercial	               hours	exam	that	covers	all	the	modules	in	the	
banking,	investment	banking	and	wealth	manage-                   level,	available	twice	a	year.	The	passing	mark	
ment.	 The	 second	 course,	 Governance	 for	 IFIs,	             is	50%	.	Upon	completion,	you	will	be	entitled	
covers	issues	like	control,	audit,	regulation,	negli-            to	CIFA	Level	Certification.	
gence	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	 &	 acquisi-
tion	advisory,	Leveraged	Buy	Out	(LBO),	Manage-
ment	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: meteb@iobf.org

				
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