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Welcome to Chartered Professional in Islamic Finance (CPIF)

by CIIF test.system.administrator -

Welcome to the Chartered Professional in Islamic Finance (CPIF) professional qualification programme.

In addition to welcoming you, we would like to share some helpful information and a few hints for successful completion of the CPIF programme. For many of you, this may not be your first experience with an online course. But for those with the first time experience, online courses provide a different way to study and place different skills from candidates. You will find that, as an online learner, self-motivation and discipline are paramount. This means that you are completely responsible for establishing and maintaining a regular study system.

You will be responsible for the same course materials and the same standards of excellence that are required in the face to face courses. While the CIIF e-Learning team will provide you with support during the course, you should also be aware that self-discipline is required to successfully complete the programme.

You will have full access to the programme site by December 2019. It is important to get started right away and to maintain the pace outlined in your programme materials, and you must keep current with the schedule. The best tip for online study is that getting started and keeping on schedule are most important to successful completion. Review the modules instructions on the module’s homepage in the CIIF LMS. They provide important information about the purpose of each modules. It is recommended that reviewing the highlights at the end of each chapter and learn smart tutorial and practice tests may increase your understanding of the course materials and preparation for examinations.

There are 4 levels in the progression to become a Chartered Professional in Islamic Finance:

CIFP

At the Foundation candidates will study four modules and are expected to develop broad knowledge in Shariah and acquire a basic understanding of the operating environment, Shariah, economics, legal and product knowledge.

At the Intermediate and Proficient levels, candidates will develop core skills and competencies that will prepare them to a wide range of tasks across various roles and functions.

At the Intermediate level, the candidate will build on Shariah knowledge and acquire basic knowledge in accounting, professionalism and ethics. At this point the candidate will choose to specialise in either Banking or Takaful.

At the proficient level, the candidate will develop core competencies in banking or Takaful operations, product structuring, sales and marketing or distribution. The treasury module covers products and market operations.

Finally, the Chartered level, the candidate will develop management-level competencies in organisation strategy, risk, audit and compliance.

Studying for the CPIF is primarily self-directed. Course will be available via e-leaming platforms and study materials, and these are included in the registration fee. The textbooks include checkpoint questions and case studies to assist you in learning. Tutorials are optional, and the calendar for classes will be arranged by the approved education partners, IBFIM and INCEIF.

Should you need further information and assistance, please do not hesitate to contact us at programmes@ciif-global.org.

Thank you and Good Luck!

 

CIIF Management




Available courses

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.

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 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 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 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. 

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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.


The objective of this module is to develop the key competencies required for candidates to become a practitioner in the areas of retail banking, business banking and/or trade financing. This module will also provide an insight to the tools to improve banking operations including customer evaluation, financial market, and industry analysis.

This module will introduce to the candidates the general concepts and strategies of sales and marketing, and their application in Islamic banks. This will include a focus on consumer behaviour towards optimising the Islamic bank's brand management policies. Finally, candidates will be exposed to the unique issues and challenges relating to sales and marketing for Islamic banks.


The objective of this module is to develop the key competencies required for candidates to become a practitioner in the area of family and/or general takaful. The module covers risk assessment and pricing of Takaful Products. Candidates will also learn about key processes such as underwriting and claims, and the management of these processes.


This module will provide candidates with practical knowledge and skills on the documentation and processes involved to structure an Islamic banking product. Candidates will also be introduced to the practical approaches to effectively manage financing portfolio and risk exposure.

This module will develop the candidates' understanding of the treasury operations and products in a Shariah-compliant business environment, and the legal and regulatory framework within which the treasury function operates. This module will also lead candidates to acquire practical knowledge and skills in the capital market, money market, foreign exchange market, and Islamic derivatives market.


This module will provide candidates with practical knowledge and skills on the documentation and processes involved to structure an Islamic banking product. Candidates will also be introduced to the practical approaches to effectively manage financing portfolio and risk exposure.

The module introduces the candidates the general concepts and strategies of sales and marketing, and their application in Takaful operators. This will include a focus on consumer behaviour towards optimising the takaful operators’ brand management policies. In addition, the module touches on the various distribution channels for family and general takaful products. Finally, candidates will be exposed to the unique issue and challenges relating to sales and marketing for takaful operators.

The purpose of this module is to equip candidates with the knowledge, skills, attributes and tools relating to strategic management, both at organisation and individual level. This module will explore case studies and illustrative examples for candidates to demonstrate strategy-in-action, focused on anticipating and addressing challenges for the Islamic financial services sector. Successful completion of this module should enable the candidate to apply the knowledge and contribute to the effective execution of an organisation's strategic management policies and initiatives.


This module will equip candidates with knowledge, skills and attributes to manage the audit and compliance function, and to perform financial crime and regulatory investigations in an Islamic financial institution. Successful completion of this module should enable the candidate to apply the knowledge to manage and lead the audit and compliance functions in an Islamic financial institution.


The purpose of this module is to equip candidates with the necessary knowledge on the Enterprise Risk Management (ERMI framework and practices to support the implementation of ERM programmes within an Islamic bank. Candidates will also learn how to leverage ERM in the three lines of defence, evaluate ERM requirements for the organisation, and how ERM processes and tools are developed and implemented. Successful completion of this module should enable the candidate to apply the knowledge and contribute to the effective execution of an Islamic bank's ERM programmes and initiatives.


The purpose of this module is to equip candidates with the necessary knowledge on the Enterprise Risk Management (ERMI framework and practices to support the implementation of ERM programmes within an Islamic bank. Candidates will also learn how to leverage ERM in the three lines of defence, evaluate ERM requirements for the organisation, and how ERM processes and tools are developed and implemented. Successful completion of this module should enable the candidate to apply the knowledge and contribute to the effective execution of an Islamic bank's ERM programmes and initiatives.