CENTRE FOR EDUCATION IN ISLAMIC FINANCE (INCEIF)

How does INCEIF plan to fill need for specialised Shariah financial practitioners who can govern Shariah - compliant products?
Natt: The required skill set in Islamic finance is unique. It needs to have the right blend of knowledge of finance with the understanding of the Shariah as being central. The Shariah principles must be embedded in every operational aspect of the Islamic financial institution, including in the design of financial products and financing structures, financial contracts and their execution, liquidity and balance sheet management, risk management as well as asset and wealth management.
All modules are prepared by both academician and industry experts to gain the perspectives of both where Shariah principles are infused in all the modules. From the second part onwards, emphasis is on real experiences and situation by looking at case studies and simulation games. Case studies will be on a wide range of issues including cases from different parts of the world.
The final part of the programme considered the finishing school' for the students where he/ she will be put on an internship for a six month period. Arrangements will be made where he/ she will spend time with a mentor in a financial institution, locally or abroad.
Against this background, INCEIF has mapped out its global agenda of developing professionals in Islamic finance. Our challenge is to develop individuals who are well versed in Shariah and yet able to thrive in this technology-driven age of global finance.

Where does INCEIF stand in context to comprehensive education on Islamic finance?
Natt: INCEIF strives to bridge the gap between the theories propounded by academia and the practical activities of the industry players. We are able to do this with the solid backing of our faculty members comprising scholars in Shariah and finance as well as Islamic financial services industry experts.
The approach INCEIF uses to conduct the Certified Islamic Finance Professional (CIFP) programme is andragogical which is basically a self study via on-site and online learning as well as examinations.
Comprising three parts, the first part will cover these subjects: Islamic Economics and Finance Theory & Ethics,  Islamic Financial Institutions and Markets, Islamic Finance Regulations and Governance, Applied Shariah in Financial Transactions, Deposits Mobilisation and Financing Management and Wealth Planning and Management.
Under the CIFP programme, candidates can opt to specialise in either banking or takaful, thus further enhancing their expertise and creating a professional niche for themselves. Thus, the second part comes with five common modules and four of each specialised modules in banking or Takaful.
The five common modules are: Structuring Financing Requirements, Issuing & Managing Islamic Securities, Shariah Audits and Compliance, Customer Relationship Management and Issues in Islamic Financial Institutions & Markets.
For the banking specialisation, the subjects are: Deposit & Financing Practices of Islamic Banks, Managing Islamic Banks, Treasury and Risk Management for Islamic Banks and Legal aspects of Deposits & Financing.
Whereas, the specialised modules for Takaful are: Managing Takaful Institutions, Risk Management in Takaful, Operational Aspects of Takaful and Actuarial Concepts & Practices.

What scope of employment and growth prospects does certified Islamic Finance professionals from INCEIF have for their career?
Natt: The CIFP gives a great advantage as it provides a holistic programme that comprehensively combines the discipline of finance, banking and takaful with a sound Shariah foundation. The CIFP is the gateway for a rewarding start in the Islamic financial services industry.
For those in the Islamic banking and takaful industry, or are managing Islamic funds, or simply looking at spreading their wings into the Islamic finance industry, then the CIFP programme will give the leading and competitive edge over other industry practitioners or executives.

What is the strength of your faculty? Are they drawn from the industry?
Natt: Our faculty comprises both the academia and the industry experts who have vast knowledge and experience in their respective fields. For the details please visit our website: http://www.inceif.org .
In addition to the faculty members, INCEIF has the Professional Development Panel (PDP) that acts as the Senate and standard setting body for INCEIF.
PDP is the highest authority with regard to academic affairs of INCEIF. Its members are appointed by the Board and are represented mainly by academia, from local and international learning institutions, as well as the financial industry; spanning across Shariah, banking, financial markets and takaful, seeking to deliver premier professionals in Islamic finance for the industry worldwide. The PDP reviews and approves the professional and postgraduate programmes, as well as ensures that INCEIF offers the highest quality of module content and standards for all its programmes.

How can banking professionals from UAE benefit from INCEIF -specialised courses on Islamic banking?
Through its CIFP programme, successful graduates can expect to become exemplary professionals and will be much sought after in the global employment market in the Islamic financial services industry. The CIFP programme has a global reach with the course content being decidedly international. Therefore, professionals from the UAE with CIFP qualifications will have the cutting edge over the other professionals.

What are the entry requirements for INCEIF?
Natt: Generally the minimum academic requirement for entry into the CIFP programme is a bachelor's degree, or an equivalent professional qualification from a recognised institution. However, those with a diploma from a recognised institution will also be considered if they have at least five years working experience in a relevant field.
In addition, as the CIFP coursework and examinations are conducted in English, candidates should ensure that they are proficient in English in order to undertake the programme. Applications are considered based on academic merits and potential, as well as relevant professional experiences.

What is the fees and duration of course? Is it possible to enroll from UAE or Middle East?
Natt: The fees are below US$4, 000 for all the three parts including tutorials. Registration fees amount to US$280, US$415 and US$140 for the three parts, respectively. The duration is from 1.5 years to the maximum of 6 years. Depending on the pace set out by individual student.
Yes, it is possible for candidates from the UAE to enroll in the CIFP programme as it is an on-line training programme

Do you have plans for setting up an INCEIF centre in the UAE?
Natt: We are always open to idea of establishing foreign presence in the UAE and other financial centres depending on the need.