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The CIMA Islamic Finance Qualifications 7 th July 2011

The CIMA Islamic Finance Qualifications 7 th July 2011. John Willsdon Chartered Institute of Management Accountants. General Information Muslim population globally. General Information.

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The CIMA Islamic Finance Qualifications 7 th July 2011

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  1. The CIMA Islamic Finance Qualifications 7th July 2011 John Willsdon Chartered Institute of Management Accountants

  2. General InformationMuslim population globally

  3. General Information • Encouraging demographics are playing their part in driving market demand for Islamic products and services. • Regions with sizeable Muslim populations continue to offer the best opportunities for Islamic banks, as the industry penetrates into non traditional regions. • Muslim nations also present growth opportunities as they are relatively under-banked as compared to their Western counterparts. • The low penetration level of Islamic finance in countries with large Muslim populations such as Indonesia, India and Pakistan presents considerable opportunities for further growth and development of the industry as a whole. • As stated above, Islamic Finance is also relevant to non-Muslims

  4. General Informationcontinued • The Islamic Finance industry is now valued at greater than $1.1trillion • Estimated growth rate 15 – 20 % annually • Continued growth needs to be fed by new human capital • 50,000+ professionals will need to join the industry globally over the next five to seven years • The UK and Europe needs to develop suitable human capital to meet its own demands and to fuel growth elsewhere in the world

  5. CIMA’s Role in Islamic Finance Education • Asked to create a global educational product: • Accessible world-wide • With comprehensive coverage • Focussing on practical application • Non-geographically aligned • In response CIMA: • Launched its Certificate in Islamic finance in 2007 • Currently has more than 700 studying in 57 countries

  6. Restructuring of existing product and launch of higher qualification continued • Four key facets to the restructuring: • Repositioned the Certificate in Islamic Finance to be offered as the Diploma in Islamic Finance (CDIF) • Allowed for the offering of the four component modules of the Diploma as Certificates in their own right • Developed the Advanced Diploma in Islamic Finance (CADIF) • Allowed students to use the designations CDIF and CADIF

  7. IF Qualifications Structure

  8. Diploma in Islamic Finance • Four self-study guides (each one offered as a certificate) • Islamic commercial law • Banking and Takaful – products and services • Islamic capital markets • Accounting for the Islamic financial institutions • On-line assessment

  9. Islamic commercial law • Sources of Islamic Commercial Law • Methodology of Interpretation of Islamic Commercial Law • Salient Features of Islamic Finance • Formation and Classification of Contracts • Application of Islamic Contracts in Islamic Finance • Implementation of Shari’ah Standards, Policies and Rulings in Islamic Finance

  10. Islamic Banking and Takaful products and services • Development of Islamic Financial System and Institutions • Deposits, Investment Account and deposit funds • Islamic Banking Products and Services • Trade Finance & Treasury Products • Takaful Products and Services

  11. Islamic capital markets • Overview of Global Islamic Capital Market Developments • Essential Shari’ah Principles Governing Islamic Capital • Islamic Bonds, Sukuks & Asset Backed Securities (ABS) • Islamic Stock Screening Criteria • Islamic Real Estate Investment Trusts (IREITS) and Islamic Mutual Funds • Islamic Structured Products

  12. Accounting for Islamic financial institutions • Framework of Financial Reporting of Islamic Financial Institutions and AAOIFI Financial Reporting Standards • Financial Statements of Islamic Financial Institutions • Accounting for Investment Accounts and Profit Equalization Reserve • Accounting for Islamic Financing Contracts • External Auditors, Shari’ah Board as well as Audit & Governance Committee

  13. Advanced Diploma in Islamic Finance Advanced Diploma designed: • As a one module self study qualification • To compliment the knowledge and understanding gained from the Diploma • To challenge the students ability to apply the knowledge gained in the Diploma to real life situations based around real case studies • To be assessed on-line

  14. CIMA Islamic Finance Qualifications • Global Islamic Finance qualifications from CIMA to meet a global demand. • Questions?

  15. Further information The Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom www.cimaglobal.com/if T.+44 (0)20 8849 2251 F.+44 (0)20 7663 5442

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