CISI Islamic Finance Qualification (Bahrain)

Establishes the ethical and jurisprudential foundations of Islamic finance and how Shariah governs financial activity.

• • Islamic commercial ethics and responsible stewardship.
• • Primary and secondary sources of Shariah.
• • Riba, Gharar, Qimar and permissible wealth creation.
• • Schools of jurisprudence and Shariah Supervisory Boards.

Explains the development, operating models, supervision and standard-setting framework of the Islamic finance industry.

• • Development of modern Islamic banking and global markets.
• • Full Islamic banks, windows, branches and subsidiaries.
• • Roles of AAOIFI, IFSB, IIFM, IIRA and CIBAFI.
• • Shariah governance, fund segregation and income purification.

Introduces the legal principles that determine whether Islamic commercial transactions and contracts are valid.

• • Fiqh al-Muamalat and the principle of permissibility.
• • Offer, acceptance, capacity and subject matter.
• • Ownership, possession, liability and entitlement to profit.
• • Rules governing Ribawi commodities and contractual uncertainty.

Covers the foundational sale, lease and benevolent-financing contracts used to structure Shariah-compliant transactions.

• • Murabaha and deferred-payment sales.
• • Ijara leasing and ownership responsibilities.
• • Salam and Istisna forward-financing structures.
• • Qard Hasan, security, guarantees and agency arrangements.

Applies Islamic contracts to deposit-taking, financing, trade, home purchase and other practical banking needs.

• • Mudaraba profit-sharing and partner responsibilities.
• • Musharaka and diminishing partnership structures.
• • Trade and asset finance using Murabaha, Ijara, Salam and Istisna.
• • Liquidity management, risk allocation and Shariah compliance.

Examines how investment portfolios and funds are structured, screened and managed in accordance with Shariah.

• • Industry and financial-ratio screening.
• • Purification and treatment of non-compliant income.
• • Mudaraba and Wakala fund-management structures.
• • Islamic funds, indices, ETFs, real estate and alternative assets.

Explores Sukuk as asset-linked capital-market instruments, including their parties, structures, risks and tradability.

• • Sukuk compared with conventional bonds.
• • Asset-backed versus asset-based structures.
• • SPVs, ownership, recourse and purchase undertakings.
• • Ijara, Musharaka, Mudaraba, Wakala and other Sukuk types.

Explains the mutual risk-sharing basis of Takaful and how its operating models differ from conventional insurance.

• • Tabarru and cooperative risk-sharing principles.
• • Mudaraba, Wakala and hybrid Takaful models.
• • Participant and shareholder funds, surplus and deficits.
• • Family Takaful, general Takaful and Retakaful.

Covers the governance structures that provide accountability, independent Shariah oversight and stakeholder protection.

• • Corporate governance principles in Islamic institutions.
• • Shariah Supervisory Board roles and independence.
• • Shariah review, audit, reporting and compliance processes.
• • AAOIFI and IFSB governance standards and stakeholder interests.