Diploma in Islamic Banking & Finance
- Fundamentals of Islamic Jurisprudence
The module describes, in the outset, the evolution process of the laws of the world. It stimulates the minds of the participants with some telling questions: whether Islamic Jurisprudence took the same path of evolution as did the other laws of the world? How is Islamic-Jurisprudence distinguished from positive laws like British or French law? How is it distinguished from other divine laws like Christianity and Judaism? Islamic jurisprudence has achieved permanence and maturity far quickly than its counterparts. Why? While discussing that sources of Shariah are not just four, the module engaged in detailed discussion on secondary sources along with the primary ones like customary practice, obstructing the means etc. The module ends with the descriptive discussion on the types of contracts and the conditions for its validity.
- Fundamentals of Islamic Finance
Concept of prohibited deeds in financial transaction like Riba, Gambling and other uncertainties that may lead to dispute and conflict between the parties are discussed in detail. It also entails the discussion on how the sources of funds are managed in an Islamic Bank as compared to the conventional one and how the allocation of funds is done in an Islamic bank. It describes the needs of the customer of an Islamic Bank along with the mapping of the need of the customer with the methodology employed for Islamic Financing.
- Trade based Financing solutions (Short Term)
Short terms financing transaction are discussed in this module. Concept of Murabaha, Salam and Istisna is elaborated in detail. Legal documentation, sequence of their execution and the calculations of the financial model is included along with the Accounting entries and the regulatory requirements.
- Trade based Financing Solutions (Long Term)
The module starts with a simple question that why can’t we use Murabaha as a solution for long Term Financing needs of customers. Concept of Ijarah in terms of Shairah and its basic rules
Legal documentation and sequence of their execution are discussed. Accounting entries are also elaborated. It also describes the need of DM as a solution for long term financing. The difference between DM and Ijarah in terms of accounting is also included.
- Participation based Financing solutions
- Is financing restricted to participation based?
- Pros and Cons of Trade based, and Participation based financing solutions
- Financing a running business based on participation and its crucial touch points.
- Concept of Musharakah is elaborated in detail along with its relevant rules and regulations.
- Running Musharakah and its calculations as per the needs of different businesses
- Liability Management
- Classifications of the sources of funds in an Islamic Bank
- Concept of Mudarabaha and its rules and regulations
- Accounting entries for restricted and unrestricted Mudarabah deposits
- Export Refinance scheme and its shariah methodologies
- Pool Management
The module entails the description of the concept of segregation of different classes of funds and the respective tagging of the assets with them. The module will enable the participant to have a deep insight of how different pools are managed in an Islamic bank in a manner that ensures the distribution of the profit of a particular asset among its owners. Professional pool managers will share their experience via case studies and rigorous calculations.
- Treasury Operations
The course builds up explaining the core function of the Treasury and its reason of existence. The internal classification of Treasury department is elaborated and the responsibilities of different functions of treasury department are described. Interbank funds placements methodologies for Islamic Banks are elucidated and experiences shared by professional Treasurer.
- Trade Finance
The role of an Islamic bank as an intermediary between an importer and exporter has never been more important. It is explained in the module that an Islamic bank is second to none in terms of the satisfaction of the needs of the international trade both as a financer and as a non-financing service provider.
- Risk Management
Along with the business risks, an Islamic Bank is prone to the risk of Shariah non-compliance. This module not only discusses the requirements of BASEL III and other systemic and systematic risks for an Islamic Financial institution, but also elaborates the means to mitigate the risk of the violation of the regulation of Islamic Jurisprudence.
- Islamic Capital Market
The module starts with the discussion of the differences between money market and capital market. It then builds up to the description of the Structure of Islamic Mutual Funds and the criterions of the investments therein. Different types of Sukuk are discussed and their legal documentation is evaluated.
- Shariah Compliance / Shariah Audit
The module, in outset, introduces the audit and its objectives. It elaborates that audit is a form of assurance. The module explains different types of assurances and their purposes. It also classifies the assurance into reasonable and limited ones. The module will also discuss whether Shariah compliance is a form of assurance or not. Moreover, is it a reasonable assurance or a limited one. The module also discusses the standard procedures to acquire the audit evidence. It also explains the forms of audit reports and their significances.
Mufti Ehsan Waquar Ahmad, CEO, ESAAC &
Chairman, Shari'ah Board at NBP-Aitemaad
Mufti Ehsan Waquar Ahmad, CEO, ESAAC & Chairman, Shari’ah Board at NBP-Aitemaad. He graduated as a Mufti, achieving Masters in Traditional Islamic Studies and specializing in Islamic Jurisprudence from Pakistan’s renowned Islamic School, Jamiat- ur-Rasheed. Later he accomplished MS Economics from KU and MBA Finance from IoBM. He had also attained LLB Degree from S.M. College, Karachi.
Mufti Ehsan has exclusively served Islamic Financial Industry and worked with institutions like World Bank-IFC, ABL, Soneri Bank, NBP Funds, Askari General Insurance Company Takaful Window (AGICO), Emirates Global Islamic Bank now Al Baraka Bank Pakistan, UBL, Yasaar Ltd – UAE & UK, Minhaj Advisory – UAE,
Arif Habib for more than a decade now. He has structured several Sukuk including the largest Sukuk in Pakistan. Currently, he runs his consulting firm as “ESAAC”. ESAAC offers a complete turnkey solution for Islamic financial institutions, including banks, takaful companies, modarabas, and other institutions.
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