Insight into Islamic Banking and Finance

Course overview

Islamic banking is founded on Islamic/Sharia law’s tenets and is driven by Islamic economics. Islamic banking practices are interest-free since interest is forbidden by Islamic law.

Profit sharing and loss bearing (Mudarabah), safeguarding (Wadiah), joint ventures (Musharaka), cost plus (Murabahah), leasing (Ijara), and others are some of the mechanisms of this banking system. Investment in companies that offer goods and/or services contrary to Islamic values is likewise prohibited. These restrictions have historically been used in Islamic nations to restrict and stop non-Islamic behavior.

Participant’s knowledge of Islamic banking and finance will be strengthened by taking this Training Bee course. The content provides exposure to all necessary areas to achieve a career in this sector and covers all significant features of this form of banking.

Participants will be able to accept duties on par with other qualified Islamic banking and finance professionals and compete on a worldwide scale thanks to this training.

Introduction

People with specialized knowledge and competence in Islamic finance are known as Certified Islamic Banking and Finance Professionals. To better comprehend the tenets, ideas, and procedures of Islamic banking and finance, they underwent extensive training and certification programs.

Islamic finance is based on Shariah (Islamic law), which forbids the charging or paying of interest (riba) and encourages moral and ethical business practices. Certified Islamic Banking and Finance Professionals are equipped with the knowledge and expertise needed to negotiate this particular financial environment, guaranteeing adherence to Islamic principles while offering clients cutting-edge financial solutions.

Professionals who complete the certification process receive a firm grounding in the fundamentals of Islamic finance, including the sources and tenets of Islamic law, the key distinctions between conventional and Islamic finance, and the various modes of Islamic finance, including mudarabah, musharakah, ijara, and murabaha.

In addition to developing their knowledge of Shariah compliance, Certified Islamic Banking and Finance Professionals also get insight into the function of Shariah boards and scholars in giving direction and oversight to make sure that financial goods and services adhere to Islamic principles.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Insight into Islamic Banking and Finance, participants will be able to:

• Learn all there is to know about Islamic money and banking
• Apply the information and skills you’ve learned in the course to improve how Islamic banking and finance is conducted.
• Understanding Islamic ideas and Sharia law will help one define goods and/or services that adhere to these laws across the organization’s structure.
• To guarantee that one’s firm is compliant in all functional elements, one must be aware of market/industry regulations as well as Sharia law.
• Thoroughly comprehend the numerous Islamic banking and financial practices in order to get the knowledge and expertise necessary to operate in any or all aspects of this banking system.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Insight into Islamic Banking and Finance training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• Give a definition of Islamic banking and finance and outline its core tenets.
• What key distinctions exist between traditional and Islamic banking?
• Give examples of prohibited financial transactions and list the main Islamic finance restrictions.
• What does the Islamic finance term riba mean? What distinguishes it from interest in traditional finance?
• Give an explanation of the idea of mudarabah and an illustration of how it is used in Islamic finance.
• What function do scholars of Shariah play in Islamic finance? Why is it crucial that they participate?

Course Modules

This Insight into Islamic Banking and Finance covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – The Fundamentals of Islamic Banking and Finance

• Scriptural support
• Sales of credit and interest
• Islamic financing types
• Time worth of money Prompt debt repayment
• Islamic trading regulations

Module 2 – Major Islamic Finance Types

• Divulgating profits (Mudharabah)
• Keeping safe (Wadiah)
• Partnership (Musharakah)
• Leasing (Ijara) is cost plus finance (Murabahah).
• System of international money transfers (Hawala)

Module 3 – Islamic Investment Categories

• Stocks Fixed-income funds
• Investments for retirement
• Sukuk

Module 4 – Activities Banned by Islamic Finance and Banking

• Whether to pay or charge interest
• Investing in companies that engage in prohibited activity
• Charging more when a payment is late
• Uncertainty (Gharar) and gambling (Maisir)
• Taking part in deals with no real closure

Module 5 – Benefits of Islamic Banking

• Helps promote financial inclusivity
• Lessens the effects of dangerous items and behaviours
• Promotes financial justice and encourages stable investment
• Promotes rapid economic growth

Module 6 – Problems with Islamic Finance

• Greater dangers for depositors
• Higher prices
• Problematic principal agents
• Insufficient funding
• Limited availability Insurance with drawbacks

Module 7 – Islamic Finance’s Challenges

• Inadequate human resources
• Harmonization and uniformity of sharia
• Inadequate public awareness
• Sharia law and the legal system
• Oversight and control
• Obtaining financing

Module 8 – Conventional versus Islamic Commercial Banks: What’s the Difference?

• Control over a Sharia board
• Money concepts and transactional foundations
• Relationships with consumers or clients
• Money invested in a bank

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• The main tenets of Islamic banking and finance should be listed and explained.
• Make a distinction between traditional banking and Islamic banking, emphasising the key variations between the two.
• Give an explanation of the term “riba” in Islamic finance and give some instances of transactions that are seen to be riba-based.
• Describe the Shariah compliance procedure and its significance in Islamic banking and finance.
• Describe the many Islamic finance practices, including mudarabah, musharakah, ijara, and murabaha.
• In order to ensure compliance in Islamic financial institutions, talk about the function of a Shariah board and its relevance.

Lessons Learned

Grasp the basics of Islamic Finance: Participants would have gained a thorough grasp of the basics and principles of Islamic finance, including the ban on riba (interest) and the importance of moral and ethical financial conduct.

Shariah Compliance: Participants would have gained knowledge of the significance of Shariah compliance as well as the role that Shariah scholars play in ensuring that Islamic financial goods and services are in accordance with Islamic law. They will understand how important it is to carry out careful due diligence and seek professional guidance to guarantee compliance.

Differentiating Islamic Finance from Conventional Finance: Participants will be able to tell Islamic Finance from Conventional Finance by knowing the essential ideas, structures, and practices that differentiate the two.

“You may change your knowledge and have an influence on the world of Islamic finance by becoming a Certified Professional.”