This module is an extension to the concepts introduced in the Shariah module (Foundation) and expands on the underlying principles that form the basis for financial products and services. The primary focus is on contractual principles and structures in financial transactions - what constitutes Shariah-compliant contracts, their validity and elements, intended facilities and economic impact, what would nullify or breach the contracts, and the products' incentives and liability management from the business perspective.
This Intermediate level module will provide an introduction to the general accounting framework and principles, focusing on how Islamic financial transactions are accounted for. Candidates will learn the accounting techniques and methods adopted in reporting Islamic financial transactions. Finally, candidates will explore the issues and challenges related to financial reporting for Islamic financial institutions.
This module aims to provide an understanding of the takaful concept, business models and products. Candidates will be exposed to the concept of risk and mitigating such risks through takaful, and candidates will learn the legal and Shariah regulations governing the takaful industry. Candidates will also take a deeper look at takaful products in terms of underlying principles, types, risk covered, and exclusions. The module ties together some of the Shariah, legal and financial system knowledge from the Foundation level, and sets the stage for competency-driven modules such as Takaful Operations II and Structuring Products at the Proficient level.
This module introduces candidates to how Islamic banks operate, the main services that Islamic banks provide, and the relationship between Islamic banks and their customers in providing these services. Candidates will learn about risk in Islamic banking services and the risk management measures practised in Islamic banks. The module ties together some of the Shariah, legal and financial system knowledge from the Foundation level, and sets the stage for competency-driven modules such as Banking Operations 2 and Structuring Products at the Proficient level.
The purpose of this module is to ensure that the candidates apply ethical and professional behaviour in carrying out their tasks at work. It is the only module that is not eligible for exemption. Candidates will learn about ethics in general, and specific to Islamic finance practice — including the various international and domestic standards (Malaysia) on ethical practices. In addition, professional ethics is discussed vis-å-vis the CllF Code of Ethics. The module also outlines important professional skills and touches on governance issues relevant to Islamic finance practices.