This module prepares
candidates to operate in today's economic and financial landscape.
The first part of the module, on applied economics, is designed for candidates to develop an awareness
of key economic activities that affect the financial system and financial
institutions (Fls). The second part of the module, on the financial system,
touches on the role of FIS in facilitating the flows of goods, services and
funds between governments, households, firms and external trade. In addition,
candidates will learn about the various financial markets, lessons from past
crises and monetary policy operations.
This module introduces candidates to the legal, regulatory and Shariah governance framework that underpins the conduct of Islamic financial institutions. Candidates will be exposed to the practices of the legal and regulatory frameworks for Islamic finance in several key jurisdictions. This module will also introduce the roles of international standard-setting bodies in developing best practices for the regulation of the sector. Finally, candidates will learn of the regulatory and compliance issues from the perspective of both regulators and institutions. The broad overview of regulatory matters in this module sets the stage for operations-related and product-structuring modules at the Intermediate and Proficient levels.
This module introduces candidates to the wide range of products and services offered in the banking and takaful industries, and how these products address the financial needs of the various categories of customers. Candidates will learn about the underlying principles of the Islamic law and will be able to differentiate between conventional and Islamic contracts. Lastly, the module will expose the candidates to the comparison between equity and debt products in the banking industry. At the Intermediate level, candidates will progress to the Applied Shariah in Finance module, in which they will critically discuss the underlying Shariah contractual principles that form the basis of financial products and services.
This module is a
primer on the fundamental Shariah principles and concepts, introducing
the candidates to sources of Shariah, applications and impact to trade and
finance, economics and ethics. Candidates will also learn key injunctions
prescribed by Shariah and learn the role of logic and critical reasoning in the application of Shariah
to decide various matters.