Islamic Banking and Finance
Islamic Finance refers to the provision of financial services in accordance with the Shari’ah Islamic law, principles and rules. Shari’ah does not permit receipt and payment of “riba” (interest), it discourages “gharar” (excessive uncertainty), “maysir” (gambling), and short sales or financing activities that it considers harmful to the society. Instead, it is based on sharing of risks and returns by parties to any financing or business activities without any of the parties exploiting the other.
Islamic finance is one of the fastest growing and most innovative financial disciplines in the international financial market. According to market research, the discipline and practice of Islamic Banking and Finance is growing at a rate of 15-20% each year, and it is expected to continue growing especially in the emerging markets.
The International Monetary Fund (IMF) is keenly interested in the growth and development of the Islamic Finance industry and its implication for the macro-economic and financial stability of nations across the world. The IMF therefore played significant role in the establishment of the Islamic Financial Services Board (IFSB) and engages its member states in the contexts of policy advice, capacity development, supervision, regulation of Islamic banks and the development of local Sukuk markets.
However, Islamic Banking and Finance is still one of the least understood aspects of finance in Nigeria despite the innovation and opportunities it offers to both business people and finance practitioners. Even in the western financial community and indeed amongst those in Islamic communities, Islamic finance remains a very new but fast growing aspect of finance.
This course offers a clear and understandable examination of the operations and methodologies of Islamic Banking and Finance. It should help students to fully understand the fundamental principles underlying modern Islamic finance, as well as modern practices prevailing in the Islamic Finance industry.
The Certificate in Islamic Banking & Finance course is designed to give students the skills in Shari’ah compliance and the complexities of the contracts that underpin the compliance. Students will also develop confidence in the use of the contracts that underpin Islamic finance, and the terminology that sets Islamic finance apart from the conventional finance practice.
This course may be based on the operation of the Islamic law for a specialized aspect of the financial market; it is purely a professional, non-faith based course for anyone interested in his career advancement through information, knowledge creation and exchange in a vastly dynamic market dominated by several innovative products and services.
At the conclusion of the course, the participants will be able to:
- Understand the basic rules and values underlying Islamic finance.
- Learn about the full range of current Islamic products used in Islamic banking, capital markets and insurance.
- Have an up-to-date overview on the scope and relevance of the Islamic financial market across the world and, in particular, in Nigeria and the rest of Africa.
- Comprehend current issues and discussions surrounding the Islamic financial industry.
- Describe the origins and development of Islamic Banking and Finance
- Comment on the central role of Islam in terms of law, ideology, ethics, moral values etc in determining Islamic economic theory and the provision of Islamic financial services.
- Explain the Islamic interpretation of socio-economic concepts such as wealth, ownership, prosperity etc and the consequent impact upon economic theory and financial services
- Understand some of the fundamental principles of Islamic Banking and Finance, such as the prohibition of Riba, the issues of uncertainty (gharar), and the relationship between interest and profit, and describe the consequent effect in terms of contractual obligations
- Compare and contrast the approaches taken by Islamic Banking with those adopted by conventional western financial service providers, in terms of economic theory, financial services provision, banking regulation and the underpinning drivers.
Registration and Contact Details
|Date:||November 12 - 14, 2019|
|Registration fee:||N10,000 (non-refundable)|
|Tuition fee:||N200,000 (Two Hundred Thousand Naira Only)|
|For Further Enquiries, Contact: firstname.lastname@example.org, 08090890909, 08085369898, 08085369976, 08086815957|
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