Islamic Finance qualifications offer unique skills and knowledge around this sector. The qualification will ensure success in your career because the programs will equip you with a more solid understanding of the principles of Islamic laws and prepare you to hold key positions in Islamic Finance. In this article, we introduce the five well-known qualifications for Islamic finance professionals.
1. The Islamic Finance Qualification (IFQ) by ACCA
The IFQ is a level-three certificate, and it is available globally. You can have access to both the exam and workbook in English, Arabic, and French. Nowadays, the pass rate for the exam is 50%. Certainly, the IFQ can be a valuable source of CPD (Continuing Professional Development); that is, it offers an opportunity to improve knowledge and skills around Islamic Finance.
Generally, existing and new employees and job seekers in Islamic finance aim to get the Islamic Finance Qualification (IFQ). Particularly, this qualification is recommended if you have an educational background in finance and a professional accountancy qualification.
2. CIMA Islamic Finance Qualifications
CIMA provides different qualifications based on the levels of knowledge and experience of the applicant. The certificate targets beginners and people with an advanced understanding of Islamic finance. Of course, CIMA provides you with a more thorough understanding of the principles of Islamic finance.
Currently, CIMA offers five different qualifications:
1- CIMA Certificate in Islamic Commercial Law
2- CIMA Certificate in Islamic Banking & Takaful
3- CIMA Certificate in Islamic Capital Markets & Instruments
4- CIMA Certificate in Accounting for Islamic Financial Institutions
5- CIMA Diploma in Islamic Finance (CDIF) – made up of all four certificates
While the first 4 of the CIMA certificates are mainly for newcomers to the world of Islamic Finance, the CIMA diploma is more suitable for experts who want to improve their current knowledge and gain a broader understanding.
3. Professional Certificate in Islamic Finance (PCIF) by INCEIF
The Professional Certificate in Islamic Finance (PCIF) offers its services online to professionals. Furthermore, the participants can choose any of four specific areas that align with their job and expectations. Furthermore, The course covers the Islamic Finance area including:
- Banking
- Shariah
- Capital Market
- Takaful & Wealth Management
- and Shariah Audit & Compliance.
4. Islamic Financial Planner (IFP) by FPAM and IBFIM
This program was set up between Islamic Banking and Finance Institute Malaysia (IBFIM) and the Financial Planning Association of Malaysia (FPAM). Experts who serve the retail segment of the Islamic financial market are the target audience of the program. Indeed, upon completing the program, you as an Islamic Financial Planner will be able to provide comprehensive financial advice and implement and monitor plans for your clients according to Shariah requirements.
5. CERTIFIED SHARI’A ADVISER AND AUDITOR(CSAA)
One of the best qualifications to take if you want to learn in detail about applied Shariah in the modern Islamic finance sector, consider taking CSAA certificate. Throughout your learning process, CSAA program can equip you with the necessary technical understanding and professional skills on Shari’ah compliance. Moreover, you can understand review processes for the international Islamic finance sector. Therefore, this qualification is very useful for existing and new employees and candidates who are looking for a career in Islamic finance.
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