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Curriculum

Ethica's Certified Islamic Finance Executive™ (CIFE™)

Ethica's award winning CIFE™ is a streamlined training and certification program designed to take complete newcomers to an advanced level of understanding in Islamic finance in just 4 months. Once you understand the 22 core modules listed below that comprise testable material, you are ready to take the 90-minute online CIFE™ examination. You can take the exam as soon as you are ready. For some that's 3 months, for others it's more: you choose your pace. The recommended study schedule shows you how to comfortably finish the program in the allotted 4-month period with an investment of as little as 1 hour per week.

Course Code

Course Name

Course Description

Duration

Recommended Study Schedule

CIFE01

Why Islamic Finance?

(FREE TO PLAY)

What makes Islamic finance different from conventional finance? And what makes it better? We look at 3 real- world examples and find out. We also introduce you to the 4 principles that guide Islamic finance transactions.

24:35

Week 1

CIFE02

Understanding Musharakah I (Islamic Business Partnerships)

You've heard of joint-stock companies. Now learn about the Islamic variation. We look at Musharakah, the Islamic business partnership where partners pool together capital, expertise or goodwill to conduct business or trade. We look at the basic features of a Musharakah and its types, their mode of operation, duration and the various forms of capital contribution.

21:10

CIFE03

Understanding Musharakah II (Islamic Business Partnerships)

We discuss the management of the Musharakah business and take you through some practical applications of how Islamic banks use Musharakah. We also look at profit and loss sharing ahead of the subsequent module's profit calculation exercises.

19:17

Week 2

CIFE04

Understanding Musharakah III (Islamic Business Partnerships) and Quiz

We complete our discussion on general aspects of Musharakah, including how banks handle negligence, termination, and constructive liquidation. We round our discussion with some practical examples of Musharakah calculation, a quick review of financial statements and how exactly profit gets calculated.

19:17

CIFE05

Understanding Mudarabah I (Islamic Investment Partnerships)

Where Islamic banks meet conventional private equity type investing. Here you learn Mudarabahs, the Islamic business partnership where one partner supplies capital for the business and the other provides management expertise. We explain the Mudarabah structure and contrast it with Musharakah and Wakalah, explaining how they differ in banking practice.

21:16

Week 3

CIFE06

Understanding Mudarabah II (Islamic Investment Partnerships)

How is an investment partnership different from an agency contract? We discuss the relative merits of the Mudarabah and the Wakalah structure in different situations. We also describe the Mudarib's role, the duration of Mudarabahs and the forms of capital contribution by the investor and in some cases even the Mudarib.

22:00

CIFE07

Understanding Mudarabah III (Islamic Investment Partnerships) and Quiz

We discuss the Mudarabah's management and the rules for sharing profit and loss. We also look at some practical examples showing how Islamic banks use Mudarabahs.

29:54

Week 4

CIFE08

Understanding Ijarah I (Islamic Leasing)

What's an Islamic lease? This modules helps you find out. We introduce Ijarah, the Islamic lease, and look at pre- requisites for their execution, legal title, possession, maintenance, earnest money, default, and insurance. We begin answering the question "How does an Ijarah work?" with step-by-step practical explanations.

22:33

Week 5

CIFE09

Understanding Ijarah II (Islamic Leasing) and Quiz

You learn the rights and obligations of the lessor and the lessee and focus on defective assets, sub-leases, extensions and renewals, transfer of ownership, and termination.

19:25

CIFE10

Understanding Murabaha I (Cost Plus Financing)

Learn about the most widely used Islamic finance product: buy an asset for the customer; sell the asset at a premium in installments to the customer. That's a Murabaha. In these modules we introduce Murabahas and walk you through the first 5 of the 7 important steps necessary for a Murabaha's valid execution.

21:43

Week 6

CIFE11

Understanding Murabaha II (Cost Plus Financing)

Wrap up the 7 steps to executing a Murabaha: we cover steps 6 and 7 and go on to discuss common mistakes bankers make when executing Murabahas and how to avoid them. We also look at risk management, default, early repayment, and profit calculation in Murabahas.

17:39

CIFE12

Understanding Murabaha III (Cost Plus Financing) and Quiz

So how does it work in the real world? We look at 6 practical examples of Murabahas based on installment repayments, bullet repayments, advance payments, and credit and import Murabaha.

17:34

Week 7

CIFE13

Understanding Salam And Istisna I (Forward Sales And Manufacturing Contracts)

What makes a forward contract Islamic? Learn here. In this module on Salam, the Islamic forward sale, and Istisna, the Islamic manufacturing contract, we begin with Salam. We look at the goods for which a Salam may be executed, the pre-requisites, and the use of a Parallel Salam.

22:36

CIFE14

Understanding Salam And Istisna II (Forward Sales And Manufacturing Contracts)

We discuss security, replacement, and default before explaining how its pricing is calculated. We then look at Istisna and discuss the major differences between it and the Salam.

21:13

Week 8

CIFE15

Understanding Salam And Istisna III (Forward Sales And Manufacturing Contracts) and Quiz

In this final module we discuss delivery, default, and termination an Istisna. We conclude the 3 module series with a practical product structuring exercise where you get to choose the appropriate financing tools in a given scenario.

22:59

CIFE16

Understanding Islamic Insurance and Quiz

You learn the difference between Islamic and conventional insurance and the essentials that make Islamic insurance unique. You walk through a numerical example before taking the Self-Assessment Quiz.

18:22

Week 9

CIFE17

Understanding Sukuk I (Islamic Securitization)

You've read about them. Now learn about them. Sukuks are Islamic shares and we show you the main features walking you through the 8 step structuring process concluding with a study of Ijarah Sukuk.

22:07

Week 10

CIFE18

Understanding Sukuk II (Islamic Securitization) and Quiz

We continue our discussion on Sukuk with a look at Musharakah and Mudarabah, Sukuk and the limitations of issuing using Murabaha, Salam and Istisna. We close with a case study of the IDB Sukuk.

21:22

CIFE19

Liquidity Management In Islamic Finance I

What do Islamic banks do with excess capital in the short- term? How do they access capital for the long-term? You learn the answers to these and other questions in this module. We discuss how Islamic banks manage liquidity and begin by explaining an inter-bank Mudarabah, walking you through how a weightage table works; useful information for other Islamic banking products. We close the module with a look at the application of Sukuk in liquidity management.

18:21

Week 11

CIFE20

Liquidity Management In Islamic Finance II and Quiz

You look at filters for stocks, shares, Musharakah investment pools, and the use of agency contracts to manage liquidity. We also look at local and the foreign currency Commodity Murabahas and walk you through the steps for executing each quiz.

18:06

CIFE21

Risk Management In Islamic Finance I

Some have said "Banking is risk management." If you don't know anything about risk management this is the module for you. You learn the basics about risk management in Islamic finance and discuss the most common risks facing Islamic banks and the mitigation techniques used to address them.

18:50

Week 12

CIFE22

Risk Management In Islamic Finance II and Quiz

Now you learn about how risk relates to each specific Islamic finance product. We go through each major Islamic banking product, namely Murabaha, Salam, Istisna, Ijarah, Musharakah and Mudarabah, and explain the specific risks associated with each quiz.

23:01

Review all modules
Reattempt all self-assessment quizzes

Week 13 / 14 / 15

Ready to take the CIFE™ examination?

Click Here

Week 16

"At times you'd be forgiven for thinking you were listening to a live teacher. I highly recommend this course to anyone interested in building a strong foundation in Islamic finance. The only thing I regret about the course is that it ended!"

Masen Abou-Zolof
Financial Controller, Westpac Institutional Bank, Sydney