TRAINING COURSES OFFERED IN ISLAMIC FINANCE

SN	CODE NO.	TOPIC	CONTENTS
COURSES IN ACCOUNTING
1.	ACC201	ACCOUNTING AND AUDITING STANDARDS I	All accounting and auditing standards for Islamic finance are divided into 5 courses and taught systematically and in succession.
2.	ACC202	ACCOUNTING AND AUDITING STANDARDS II
3.	ACC203	ACCOUNTING AND AUDITING STANDARDS III
4.	ACC204	ACCOUNTING AND AUDITING STANDARDS IV
5.	ACC205	ACCOUNTING AND AUDITING STANDARDS V
6.	ACC206	ACCOUNTING AND AUDITING STANDARDS VI
COURSES IN ISLAMIC FINANCE
7.	IF101	FOUNDATIONS AND PRINCIPLES OF ISLAMIC FINANCE	An introductory course that includes: an introduction to the concept of Reba, fundamentals of Islamic banking and finance, rationale and advantages of Islamic banking, and a brief review of the performance of the Islamic finance industry in the Gulf.
8.	IF102	DEPOSIT PRODUCTS	Deposit products are the most important means of resource mobilization for Islamic banks.  The course includes the fundamentals of Mudaraba, an actual Mudaraba contract is reviewed and discussed in class, Mudaraba applications, including single and multiple Mudaraba, issues related to early redemption, the motives behind depositors’ actions, and categories of deposits including innovative kinds, deposit certificates with variable and stable income flows, deposit management, profit distribution and case studies.
9.	IF103	MUSHARAKA IN PROFIT AND PRODUCT, MUDARABA	This course introduces the details of partnership in profit, namely Musharaka (constant and diminishing) and Mudaraba (unrestricted and restricted), and Partnership in Product:  Muzara', Mugharassa, and Mussaqah.  Live examples and practical applications are heavily used.  For each mode of finance, trainees are introduced to documentation.
10.	IF104	MURABAHA, BAI BETHAMAN AJEL: & INTERNATIONAL COMMODITIES, RULES & APPLICATIONS	This course is about sale (commodity) finance.   It includes the particulars of the Murabaha and Bai' Bethaman Ajel contracts and how they are used in commodity finance.  Since Murabaha contract is close in form to the Reba-lending contracts, safeguards are stressed to prevent falling into the trap of Reba.  The practical and institutional aspects of international commodities, including the particulars about the London Metal Exchange are introduced without neglecting the issues related to the controversial aspects of international Murabaha. The course also includes practical issues, common mistakes and documentation.
11.	IF105	IJARAH FINANCE	Ijarah finance is presented in both of its forms: operating and financial Ijarah (Ijarah Muntahia Bettamleek).  The use of forward Ijarah contract is also explained several applications as well as a wide variety of configurations are presented, including variable and fixed rent.  Ijarah securitization is explained in detail, including the issue of both asset-based and usufruct-based Ijarah.  Service Ijarah is also introduced as an innovation. For each contract, trainees are introduced to documentation.
12.	IF106	ISTISNA’ AND SALAM: CONCEPTS AND APPLICATIONS IN ISLAMIC FINANCE	It introduces in detailed how to use Istisna’ contract in Islamic finance, with practical applications and case studies.  A special attention is given to project finance and BOT finance.  The mechanics and Shari’a requirements for using the Salam contract, with practical applications and case studies.  Further case studies containing mixing Istisna' and Salam in product structuring.
13.	IF107	INVESTMENT WAKALA & ITS APPLICATIONS	The course contains the general rules of Wakala contract (both conditional and unconditional), the practical steps of using in finance, mixing Wakala with other modes of finance (e.g., Wakala with Murabaha, Musharaka, Istisna' and Salam), the use of Wakala in securitization and syndication, practical examples, case studies and documentation.
14.	IF108	BANKING SERVICES, E-BANKING & CARDS	The course gives a comprehensive review of banking services, including: payments services associated with demand deposits, using checks, ATM, electronic banking, credit and debit cards.  Special attention is given to the details of structuring Shari'a-compliant credit cards.  Other services get brief exposure, like documentary credit, bank guarantees and foreign exchange.  Personal finance and wealth management are given sufficient attention as an innovative area for Islamic finance.
15.	IF200	SYNDICATED FINANCE	Trainees are introduced to the nature and advantages of syndicated finance, its main features and use in conventional finance, and how it is used in Islamic finance.  Syndication is taken up in detail in all cases of Islamic modes of finance, its marketing and transparency requirements as well as documentation.
16.	IF101	ISLAMIC TRADE FINANCE	The course starts with the mechanism and documentation of international trade, and then discusses the conventional means of trade finance.  Then, Shari'a rules for documentary credit are explained in detail, highlighting the alternative configurations of the uses of Murabaha and Wakala in trade finance.  Complications, practicalities and case studies are introduced.  Throughout the course, documentation requirements for transactions are explained
17.	IF202	FUNDS & INVESTMENT PORTFOLIOS	The course starts with the concept of funds, their advantages, disadvantages and categories.  Then, Shari'a rules related to fund establishment, use and trading fund shares are introduced.  The course focuses on the practicalities Shari'a-compliant fund structuring and management with attention to the specific Islamic modes of finance used as well as documentation.  Portfolios concepts, categories and Shari'a rules are introduced in detail with special attention to their management and documentation. Finally a holistic approach to using fund and portfolios in private banking, personal finance and wealth management is introduced.
18.	IF203	SHAREHOLDING	The course starts with stressing the importance of the corporate sector and the corporation as a tool for mobilizing resources for large-scale economic activities.  The trainees are then introduced to the classification of companies in light of Shari'a according to their activities.  The question of companies occasionally involved in unlawful activities is discussed.  Shari'a ruling with respect to shareholding, as well as holding and trading in shares are highlighted.  Finally, the course looks into the methods of restructuring companies in order to obtain Shari'a compliance.
19.	IF204	CREDIT FACILITIES  IN ISLAMIC  FINANCE	The course includes: meaning and nature of credit, its economic role, risk and mitigation, credit management, credit operations, Scoring and rating, Shari'a rules for credit provision, Islamic financing lines, for example: Mudaraba lines, Murabaha lines, Wakala lines, Salam lines, Istijrar lines, Secured overdraft,  appropriate credit environment, Credit documentation, Credit control and supervision, Major sources of credit problems.
20.	IF205	ISLAMIC BANK TREASURY PRODUCTS	The course includes: functions & structure of Islamic bank treasury, trade in foreign exchange, hedging against foreign exchange risk, liquidity & balance-sheet management, foreign trade finance and documentary credit, sale of commodities and derivatives is in organized markets, international Murabaha, financial instruments: Sukuk,          derivatives, Islamic mutual funds, and indexes, money market products, practical examples and case studies.
21.	IF206	FINANCIAL AND FOREIGN EXCHANGE MARKETS: RULES OF TRANSACTIONS AND CONTRACTS	The course offers an overview of financial and foreign exchange markets as they currently exist and operate. Trainees are then introduced to the rules of Islamic financial investment, focusing on shares, and Sukuk.  The rationale and use of Shari'a standards for such instruments are explained.  Derivatives are briefly explained and compared with Shari'a-compliant alternatives.  The mechanics and rules of the foreign exchange markets are introduced, with alternatives available in Islamic finance for hedging foreign exchange risks.  Documentation is emphasized throughout the course.
22.	IF207	FINANCIAL ENGINEERING (STRUCTURING AND DEVELOPMENT OF FINANCIAL INSTRUMENTS)	The course starts with introducing the concept of financial engineering, distinguishing between Islamic and conventional financial instruments.  It contrasts asset-based with debt-based securitization.  The steps of securitization is traced starting from the formation of asset pool (either to securitize directly or to use the proceeds for their acquisition), establishment of SPV’s, issues of credit rating and enhancement, and the choice of single and multiple modes of finance.  The course concludes with the details of securitization process for Sukuk, Islamic banks investment deposits, and investment certificates issued by government treasury, central bank, corporations and small business enterprises.
23.	IF205	SHARI’A SUPERVISION	The course introduces concepts rationale and methods of Shari’a auditing, its application and process, with practical examples of how Shari'a auditing can be instrumental in contributing to the quality of Islamic financial products.
24.	IF206	RISK ANALYSIS  & MANAGEMENT FOR ISLAMIC FINANCE	The course includes mitigating risk through structuring, types of risk: market risk, liquidity risk, rate of return risk, operational risk, and equity investment risk.  Then, the course introduces risk analysis for each of the modes of Islamic finance, like Mudaraba risk, Murabaha risk, Salam risk, Istisna' risk, Ijarah risk, Musharaka risk, risk of Sukuk held in banking book, Risk weights and capital requirements, and risk-management policy guidelines.
25.	IF207	PRODUCT STRUCTURING & DOCUMENTATION	The course includes rules and guidelines for using multiple contracts, uses of promises, matching modes of finance: Istisna' and parallel Istisna', Salam and parallel Salam:  risk and business analysis, documentation, mixing modes of finance: several examples with risk, business analysis and documentation.  This course is based on real-life case studies for each single mode as well as major multiple modes of Islamic finance.
26.	IF208	REAL ESTATE FINANCING	Concepts and characteristics of the real estate market, Real estate investment, Real estate investment trusts, REIT, Real estate financing: Predevelopment finance, Acquisition finance, Risk and business considerations, case studies representing successes and problems in real-estate finance.
27.	IF209	TAKAFUL (ISLAMIC INSURANCE) AND ITS SHARI’A RULES	The course starts with explaining the nature of conventional insurance and its problems from a Shari'a perspective, particularly Reba and Gharar.  Then it explains the different models of Takaful, e.g., models of Mudaraba, Wakala, surplus and non-surplus sharing, relationships among Takaful parties, mainly company shareholders and policy holders, practical issues, like segregation between the insurance pool and equity, treatment of Takaful surplus and deficit, installments, delay, delinquency and withdrawal, and estimation of compensation payments.  Then a comprehensive list of Takaful products is introduced, stressing the wide space for innovation, Retakaful, and the status of the Takaful industry.
COURSES FOR CENTRAL BANKERS AND REGULATORS
28.	IF310	Legal and regulatory issues in Islamic Finance	Why banks in general and Islamic banks in particular should be regulated, how to design a proper law for Islamic finance? What rules and regulations should be adopted? How laws and regulations should be designed to benefit from the advantages of Islamic finance? Monetary policy and Islamic finance.
COURSES IN MONETARY AND FINANCIAL ECONOMICS
29.	MFE 201	CONVENTIONAL MONETARY & FINANCIAL ECONOMICS I	Nature and Functions of Money, The physical characteristics of Money,  Forms of money, Definition and measurement of money, The demand for money, The supply of money, Financial markets and instruments,
30.	MFE 202	CONVENTIONAL MONETARY & FINANCIAL ECONOMICS II	Demand for Money, Liquidity Preference Framework, Structure of Central Banks and the Fed, Multiple Deposit Creation: the money multiplier, Determinants of the Money Supply: the money multiplier, Tools of Monetary Policy, Conduct of Monetary Policy, Monetary Theory, Aggregate Demand and Supply Analysis, Money and Inflation, Transmission Mechanisms of Monetary Policy,
31.	MFE 203	CONVENTIONAL MONETARY & FINANCIAL ECONOMICS III	Present Value, the Opportunity Cost of Capital, and Investment Decisions, Risk, Return, and the Opportunity Cost of Capital, Capital Budgeting and Risk, Project Finance, Financing Decisions and Market Efficiency, Corporations Securities, Dividend Policy and Capital Structure, Debt and conventional borrowing, Financing and Valuation,
32.	MFE 204	CONVENTIONAL MONETARY & FINANCIAL ECONOMICS IV	Options, Warrants and Convertibles, Conventional Leasing, Risk Management, Financial Planning, Cash Management, Credit Management, Mergers, Corporate Control, and Governance
33.	MFE 205	ISLAMIC ECONOMICS AND FINANCE I	The Islamic economic system: structure and institutions, Basic Principles of Exchange and Finance in Islam, Prohibition of Reba, its Rationale and Economic Implications, Ghabn, Gharar and Jahala and their Implications for Financial Contracts, Islamic financial Intermediation, Working of an Islamic Bank: Case Study, Islamic Banking Windows: Case Study,
34.	MFE 206	ISLAMIC ECONOMICS AND FINANCE II	Theory and Models of Islamic Banking Problems of Moral Hazard and Adverse Selection, commercial vs. universal banking, Islamic Banking in Practice, Islamic Fund Management: Case Study, Sukuk : case study,
35.	MFE 207	ISLAMIC ECONOMICS AND FINANCE III	Project finance, Working Capital Finance, Housing and real estate Finance, Finance of consumers durables, Personal finance, Managing finances for an enterprise, Debt Delinquency and how to deal with it, Risk Management, Liquidity Management,
36.	MFE 208	ISLAMIC ECONOMICS AND FINANCE IV	Financial analysis of Islamic banks and financial institutions financial statements, project appraisal and evaluation.
COURSES IN SHARI’A
37.	SH100	AN INTRODUCTION TO SHARI’A  FOR ISLAMIC FINANCE	An introductory course in Shari'a that satisfies the required knowledge of those working in Islamic finance and includes: sources of Shari'a, Ijtihad, fundamentals of contracts, formal validity and validity of purpose, and applications.
38.	SH101	TRANSACTIONS AND INVESTMENT CONTRACTS IN ISLAMIC FINANCE:	The course provides the details of transactions contracts, both commutative and enforcement contracts, contract validity and factors rendering them invalid (Reba, Ghabn, Gharar and Jahala), modes of Islamic finance, examples of structuring (mixing modes) of Islamic finance transactions.
39.	SH102	SHARI’A  STANDARDS I	A comprehensive course on Shari'a standards governing profit-sharing, equity finance and investment Wakala taught from the Shari'a point of view.
40.	SH103	SHARI’A STANDARDS II	A comprehensive course on Shari'a standards governing commodity finance taught from the Shari'a point of view.
41.	SH104	SHARI’A STANDARDS III	A comprehensive course on Shari'a standards governing financial and foreign exchange transactions taught from the Shari'a point of view.
42.	SH200	ADVANCED SHARI’A FOR BANKERS	Major Shari'a issues for Islamic finance, including Shari'a approach to product structuring, mixing of contracts, and evolution from Shari'a compliance to total Shari'a conformity.
43.	SH201	TERMINOLOGY AND SHARI’A  CONCEPTS IN ISLAMIC BANKING	It explains all concepts and terminologies related to Shari’a rules governing Islamic banking, as well as those related to contracts and actions in Islamic banking.