EUROPE - IRELAND - CIMA Diploma in Islamic Finance

The Chartered Institute of Management Accountants (CIMA) has launched the CIMA Diploma in Islamic Finance (CDIF) in Ireland. 

As the first professional accountancy body to introduce a professional qualification to the Irish market, CIMA is taking the lead at a time when the Irish government is actively working to establish the IFSC as a European hub for the provision of wholesale Islamic finance services.

The CDIF is the first global qualification of its kind to be created by a professional chartered accountancy institute. In conjunction with an advisory group of Shari'ah academics and scholars, CIMA has worked closely with the International Institute of Islamic Finance Inc. to develop a relevant and highly applicable qualification. (full story)

Islamic finance

The Islamic finance industry is growing at an exponential rate and the sector’s global worth is estimated to be between €870bn and €990bn with an annual growth rate of 15% to 20%. 
This growth has continued throughout the global economic crisis –albeit at a slower pace - largely because of its vigorous screening processes and stringent corporate governance practices in dealing with excess liquidity in many oil producing countries.

Islamic finance is both a new and old phenomenon. Its guiding principles originate in the early days of Islam. The modern form under the current financial framework is new to many stakeholders such as regulators, standard setting bodies, shareholders, practitioners and much of the general Muslim population.

The modern rebirth of Islamic finance took place in the Middle East in 1975 when the Dubai Islamic Bank became the first Islamic commercial bank in the world. The first Islamic insurance companies, or Takaful, were established shortly afterwards in Sudan and Dubai in 1979. Today, there are 300 Islamic finance institutions operating in more than 75 countries. As the sector grows, an international focus becomes more important.

CDIF certificates

The CDIF is comprised of four individual certificates that will be delivered via CIMA’s blended tuition package. Upon completion of all four certificates you will be awarded the CIMA Diploma in Islamic Finance. The content of the four certificates are as follows:
Certificate in Islamic Commercial Law

• The sources of the Islamic commercial law including the Qur’an and the traditions of the Prophet Mohammad.
• The methodologies used to solve modern problems in Islamic finance.
• The historic contracts involved in Islamic commercial law.
• Shari’ah compliance and the importance of the Shari’ah standards.

Certificate in Islamic Banking and Takaful

• The developments which have taken place with regard to Islamic financial institutions and systems.
• The main source of funds available to banks and how these sources are rewarded.
• The various products developed by Islamic banks for their customers.
• The products and services offered under Takaful and issues relating to underwriting, deficits, surpluses and Retakaful.
• The financial and operational risks common to both the banking and insurance sectors.

Certificate in Islamic Capital Markets and Instruments

• The differences between conventional and Islamic capital markets.
• The primary and secondary capital markets.
• Regulation within the Islamic capital market.
• Screening processes used in accepting /rejecting Shari’ah compliant products.

Certificate in Accounting for Islamic Financial Institutions

• The reporting framework and standards of Islamic financial institutions.
• The analysis and classification of Islamic funding and financing transactions.
• How transactions adopting different contracts of financing are reported in the Islamic financial statements.
• Financial accountability and Shari’ah compliance of Islamic financial institutions.

Details of the CDIF blended tuition schedule and format, from September 2011 to February 2012, can be downloaded here. (PDF 416KB)


Source : http://www.cimaglobal.com/en-gb/Our-locations/Ireland/CIMA-Diploma-in-Islamic-Finance/