WHAT YOU WILL LEARN
- Comprehensive knowledge of AAOIFI Shariah standards and their application in Islamic financial institutions.
- How to ensure compliance of financial products with Islamic principles.
- Practical application of Shariah standards in real-world banking and finance.
- Understanding of the regulatory framework governing Islamic finance and its alignment with ethical standards.
SKILLS YOU WILL GAIN
- Mastery of AAOIFI Shariah standards across accounting
- auditing
- governance
- and ethics.
- Proficiency in applying Islamic finance principles to financial products and services
- Ability to identify Shariah compliance risks and ensure regulatory alignment
- Analytical skills for interpreting real-world Islamic finance case studies
- Knowledge of ethical considerations and the impact of Islamic values in finance
Description
This course provides a deep dive into the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah standards, which are pivotal in guiding Islamic financial institutions towards Shariah-compliant operations. It aims to equip participants with the skills and knowledge required to navigate the complexities of Islamic finance, ensuring compliance with Islamic principles while contributing to the ethical and regulatory frameworks of the industry.
Learning Objectives
- Understand the foundations and principles of AAOIFI Shariah Standards.
- Learn key Islamic financial concepts like Murabaha, Mudaraba, Ijarah, and Sukuk.
- Analyze contemporary applications of Islamic finance.
- Develop skills to evaluate financial transactions for Shariah compliance.
Learning Outcomes
By the end of this course, participants will:
- Acquire a strong understanding of AAOIFI Shariah Standards.
- Apply Islamic financial principles in various transactions and investments.
- Develop the ability to interpret and implement financial rulings.
- Be prepared to handle ethical dilemmas in financial operations.
Weekly Lectures Plan
Week 1: Introduction to Banking and Loans
- Loan (Qard)
- Default in Payment by a Debtor
- Banking Services
- Payment Cards
Week 2: Financial Partnerships and Corporations
- Sharika (Musharaka) and Modern Corporations
- Financial Papers (Shares and Bonds)
Week 3: Leasing and Employment
- Ijarah and Ijarah Muntahia Bittamleek
- Jua’la
- Hiring of Persons
Week 4: Legal Aspects and Arbitration
- Disposal of Rights
- Bankruptcy
- Options in Legal Contracts
- Arbitration
Week 5: Digital and Combined Financial Dealings
- Online Financial Dealings
- Credit Agreement
- Combination of Contracts
Week 6: Guarantees and Mortgages
- Guarantees
- Possession (Qabd)
- Mortgage and its Contemporary Applications
Week 7: Agency and Investment Financing
- Agency
- Investment Agency
- Syndicated Financing
Week 8: Sale-Based Financing
- Murabaha to the Purchase Orderer
- Monetization (Tawarruq)
Week 9: Debt and Currency Transactions
- Hawala
- Settlement of Debt by Set-Off
- Trading in Currencies
Week 10: Risk Management in Financial Transactions
- Impact of Contingent Incidents on Commitments
- Controls on Gharar in Financial Transactions
Week 11: Profit-Sharing and Calculations
- Mudaraba
- Distribution of Profit in Mudarabah-based Investments Accounts
- Rules for Calculating Profit in Financial Transactions
Week 12: Waqf and Insurance
- Waqf
- Islamic Insurance
- Islamic Reinsurance
Week 13: Sukuk and Concessions
- Investment Sukuk
- Concession Contracts
Week 14: Market Instruments and Conversion
- Indices
- Commodities in Organised Markets
- Conversion of a Conventional Bank to an Islamic Bank
Week 15: Financial Documentation and Liquidity
- Documentary Credit
- Commercial Papers
- Liquidity Management
- Protection of Capital and Investment
Bonus Week 16 (Optional): Salam and Zakah
- Salam and Parallel Salam
- Istisna’a and Parallel Istisna’a
- Stipulations and Ethics of Fatwa in the Institutional Framework
- Zakah
How the Specialization Works
-
Course Access:
The course will be delivered through the DODL’s online learning platform, allowing participants to access lectures, case studies, and assignments at their convenience. -
Virtual Learning Sessions:
Weekly virtual sessions will be held, where participants can interact with industry experts, engage in discussions, and explore real-world applications of AAOIFI Shariah standards. -
Assignments and Case Studies:
Practical assignments and case studies will be provided to reinforce understanding and application of Shariah standards in Islamic finance. Feedback will be provided for each assignment to ensure continuous improvement. -
Peer Collaboration and Discussion Forums:
Interactive discussion forums will allow participants to collaborate with peers, share insights, and ask questions. These forums will also be moderated by faculty to enhance learning experiences. -
Certification and Assessment:
After successful completion of the course, including assessments and assignments, participants will receive a certificate recognizing their expertise in AAOIFI Shariah standards.
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Module 1 - Introduction to Banking and Loans
7 Topics
-
Topic 1: Introduction Standard Setting Bodies for Islamic Banking
Video
-
Topic 2: Shariah Standard and Methood of Teachnig
Video
-
Topic 3: Defination of Qard
Video
-
Topic 4: Element of a Loan (Qard) Contract and its Conditions
Video
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Topic 5: Rules for excess benefit not stipulated in the contract
Video
-
Topic 6: Stipulated of a Contract in Qard
Video
-
Topic 7: Key Modern Application of Qard
Video
Module 2 - Financial Partnerships and Corporations
13 Topics
-
Topic 1: Financial paper
Video
-
Topic 2: Rules for dealing in sharia
Video
-
Topic 3: Rules for dealing in sharia part 2
Video
-
Topic 4: Rules for issuance of bonds
Video
-
Topic 5: Indices
Video
-
Topic 6: Types of Indices
Video
-
Topic 7: Rules for calculating profit in financial transactions
Video
-
Topic 8: Shirkah (musharka) and modern corporations
Video
-
Topic 9: Definition , classification and types of shirkat al Aqd
Video
-
Topic 10: Traditional fiqh nominate partnership
Video
-
Topic 11: Traditional fiqh nominate partnership/ part2
Video
-
Topic 12: Modern corporations
Video
-
Topic 13: Modern corporations /part 2
Video
Module 3 - Leasing and Employment
11 Topics
-
Topic 1: Ijarah and ijarah muntahia bittamleek
Video
-
Topic 2: Promise to lease (an asset)
Video
-
Topic 3: Concluding an ijarah contract and the forms of ijarah
Video
-
Topic 4: Subject matter of ijarah
Video
-
Topic 5: Changes to the ijarah contract
Video
-
Topic 6: Transfer of the ownership in the leased property in ijarah muntahia bittamleek
Video
-
Topic 7: Ju'alah
Video
-
Topic 8: Elements of jualah and its conditions
Video
-
Topic 9: Hiring of persons
Video
-
Topic 10: Concluding a contract for hiring of persons
Video
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Topic 11: Subject matter of hiring contract
Video
Module 4 - Legal Aspects and Arbitration
14 Topics
-
Topic 1: Scope of the standard
Video
-
Topic 2: Types of financial rights
Video
-
Topic 3: Right of shuf'ah (preemption)
Video
-
Topic 4: Right of occupancy
Video
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Topic 5: How rights are exercised and transferred
Video
-
Topic 6: Options to terminate due to breach of trust rtrust-based options (Start)
Video
-
Topic 7: Khiyar Al Tadlis (option to revoke on grounds of deceptive couduct)
Video
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Topic 8: Khiyar Al Ghabn (option to revoke on grounds of price gouging)
Video
-
Topic 9: Arbitration
Video
-
Topic 10: Characteristics and appointment of the arbitrator
Video
-
Topic 11: Arbitration Document
Video
-
Topic 12: Methods of judgment, procedures and proving in arbitration
Video
-
Topic 13: Issuance of the arbitration verdict
Video
-
Topic 14: Communication and validity of the arbitration decision
Video
Module 5 - Digital and Combined Financial Dealings
18 Topics
-
Topic 1: Online financial dealings
Video
-
Topic 2: Contract signing session (Majlis al Aqd) for concluding online financial contracts
Video
-
Topic 3: Time of commencement of an online contract
Video
-
Topic 4: Protection of online financial dealings
Video
-
Topic 5: Credit agreement (Start)
Video
-
Topic 6: Definition of cridit facilities
Video
-
Topic 7: Types of credit facilities
Video
-
Topic 8: Types of credit facilities (part 2)
Video
-
Topic 9: Types of credit facilities (part3)
Video
-
Topic 10: Shari'a Rulings on credit facilities
Video
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Topic 11: Shari'a Rulings on credit facilities (part 2)
Video
-
Topic 12: Shari'a Rulings on credit facilities (part 3)
Video
-
Topic 13: Combination of contracts (Start)
Video
-
Topic 14: Concept of combination of contracts
Video
-
Topic 15: Shari'a controls on combination of contracts
Video
-
Topic 16: Shari'a concessions for combination of contracts
Video
-
Topic 17: Prior agreement (Muwata'ah) for combination of contracts
Video
-
Topic 18: Contemporary applications and general rules for combination of contracts
Video
Module 6 - Guarantees and Mortgages
15 Topics
-
Topic 1: Mortgage ans its contemporary applications
Video
-
Topic 2: Shari'a Rulings on mortgage (part1)
Video
-
Topic 3: Shari'a rulings on mortgage (part 2)
Video
-
Topic 4: Sharia rulings on mortgage (part 3)
Video
-
Topic 5: Sharia Rulings on mortgage (part 4)
Video
-
Topic 6: Sharia rulings on mortgage (Part 5)
Video
-
Topic 7: Mortgage of financial papers and sukuk
Video
-
Topic 8: Mortgage of current accounts and cash securities
Video
-
Topic 9: Guarantees (Start)
Video
-
Topic 10: General rulings on guarantees
Video
-
Topic 11: Personal guarantees (Part1)
Video
-
Topic 12: Peresonal Guarantees (Part2)
Video
-
Topic 13: Some contemporary applications of securities
Video
-
Topic 14: Some contemporary applications of securities (Part 1)
Video
-
Topic 15: Some contemporary applications of securities (part 2)
Video
Module 7 - Agency and Investment Financing
11 Topics
-
Topic 1: Agency and the act of an uncommissioned agent (fodooli)
Video
-
Topic 2: Agency
Video
-
Topic 3: Conditions on the agency parties
Video
-
Topic 4: Types of agency
Video
-
Topic 5: Commitments of the principal and the agent
Video
-
Topic 6: Expiry of agency
Video
-
Topic 7: Al-Wakalah Bi Al-lstihmar (investment agency) Start
Video
-
Topic 8: Agency fee
Video
-
Topic 9: Rights and obligations of the contracts exicuted by the agent
Video
-
Topic 10: Syndicated financing (Start)
Video
-
Topic 11: Sharia Compliant methods of arranging the relationship between the syndication parties
Video
Module 8 - Sale-Based Financing
7 Topics
-
Topic 1: Murabaha
Video
-
Topic 2: Procedures prior to the contract of murahaba
Video
-
Topic 3: Murabaha Transaction
Video
-
Topic 4: Procedures prior to the contract of murahaba (part 2)
Video
-
Topic 5: The promise from the customer
Video
-
Topic 6: commissions and expenses
Video
-
Topic 7: Guarantees related to the commencement of the transaction
Video
Module 9 - Debt and Currency Transactions
5 Topics
-
Topic 1: Hawala
Video
-
Topic 2: Types of hawala and the applicable rulings
Video
-
Topic 3: Effect of hawala on the relationship between the transferor and the transferee
Video
-
Topic 4: Termination of a halawa liability
Video
-
Topic 5: Modern applications of hawala rules
Video
Module 10 - Risk Management in Financial Transactions
5 Topics
-
Topic 1: Impact of contingent incidents on commitments
Video
-
Topic 2: Contengingencies Which Constitute External Reason of Termination of the Contract
Video
-
Topic 3: Controls of Gharar in financial Transactions
Video
-
Topic 4: Control on Gharar Which Violates Transitions
Video
-
Topic 5: Scope of Gharar in Exchange Based Contracts (Uqud al Muawadat)
Video
Module 11 - Profit-Sharing and Calculations
7 Topics
-
Topic 1: Shari'a Standard No.13 Mudarba
Video
-
Topic 2: Shari'a Standard No.13 Mudarba (part 2)
Video
-
Topic 3: Rulling and Requirement Relating to profit
Video
-
Topic 4: Distribution of Profit in Mudaraba Based Investment Accounts
Video
-
Topic 5: Investment Accounts (Demand Deposits)
Video
-
Topic 6: Realixation of Profit
Video
-
Topic 7: Entitlement to Profit
Video
Module 12 - Waqf and Insurance
8 Topics
-
Topic 1: Islamic Insurance
Video
-
Topic 2: Status of Islamic Insurance According to Fiqh (Islamic Jurisprudence)
Video
-
Topic 3: Principal and Sharia Bases of Islamic Insurance
Video
-
Topic 4: Participation in Islamic Insurance
Video
-
Topic 5: Conditions in Islamic Insurance Policies
Video
-
Topic 6: Commitments and jurisdiction of the Joint Stock Company
Video
-
Topic 7: Islamic Reinsurance
Video
-
Topic 8: Controls on Reinsurance with Traditional Reinsurance Companies
Video
Module 13 - Sukuk and Concessions
15 Topics
-
Topic 1: Investment Sukuk
Video
-
Topic 2: Types of Investment Sukuk
Video
-
Topic 3: Types of Investment (Part 2)
Video
-
Topic 4: Characteristics of Investment Sukuk
Video
-
Topic 5: Sharia Rulings and Regulations
Video
-
Topic 6: Sharia Rulings and Regulations (part 2)
Video
-
Topic 7: Sharia Rulings and Regulations (part 3)
Video
-
Topic 8: Sharia Rulings and Regulations (part 4)
Video
-
Topic 9: Sharia Rulings and Regulations (part 6)
Video
-
Topic 10: Sharia Rulings and Regulations (part7)
Video
-
Topic 11: Concession Contracts
Video
-
Topic 12: Concession Contracts for Utilization of Minerls, Water and the Like (Utilization Concession)
Video
-
Topic 13: Concession Contracts for Construction of projects (Construction Concession)
Video
-
Topic 14: Application of Utilization Concession Contracts by Institions
Video
-
Topic 15: Disposing of the Concession License
Video
Module 14 - Market Instruments and Conversion
13 Topics
-
Topic 1: Sale of Commodities in Organized Markets
Video
-
Topic 2: Definition of International Sales and Their Kinds
Video
-
Topic 3: Sharia Basic for International Commodity Sales (part 1)
Video
-
Topic 4: Key Applications of International Commodity Sales (part 1)
Video
-
Topic 5: Indices
Video
-
Topic 6: Types of Indices
Video
-
Topic 7: Conversion of a Conventional Bank to an Islamic Bank
Video
-
Topic 8: Necessary Measures for Conversion
Video
-
Topic 9: Effect of Conversion on the Interest Based Receivables and Their Shariah Alternatives
Video
-
Topic 10: Treatment of the Banks Non permissible Existing Recevables before the Decision to Convert
Video
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Topic 11: Treatment of Non Permissible Liabilities before the Decision to Convert Whether the Conversion is Internal or External
Video
-
Topic 12: Sharia Basic for International Commodity Sales (part 2)
Video
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Topic 13: Key Applications of International Commodity Sales (part 2)
Video
Module 15 - Financial Documentation and Liquidity
17 Topics
-
Topic 1: Documentary Credit
Video
-
Topic 2: Definition Types and Characteristics of Documentary Credit
Video
-
Topic 3: Definition Types and Characteristics of Documentary Credit (part 2)
Video
-
Topic 4: Definition Types and Characteristics of Documentary Credit (part 3)
Video
-
Topic 5: Sharia Ruling of Documentary Credit
Video
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Topic 6: Sharia Ruling of Documentary Credit (part 2)
Video
-
Topic 7: Shria Ruling on Documentary Credit (part 3)
Video
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Topic 8: Sharia Ruling on Documentary Credit (part 4)
Video
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Topic 9: Sharia Ruling of Documentary Credit (part 5)
Video
-
Topic 10: Commercial Papers
Video
-
Topic 11: Rules for Dealing in Commercial Papers
Video
-
Topic 12: Taking possession of Commerial Papers
Video
-
Topic 13: Obtaining and Deploying Liquidity
Video
-
Topic 14: Obtaining and Deploying Liquidity (part 2)
Video
-
Topic 15: Protection of Capital and Investments
Video
-
Topic 16: Sharia Compliant Means for Protecting Capital
Video
-
Topic 17: Sharia Compliant Means for Protecting Capital (part 2)
Video
Module 16 - Salam and Zakah
11 Topics
-
Topic 1: Salam and parallel Salam
Video
-
Topic 2: Subject Matter of Salam
Video
-
Topic 3: Subject Matter of Salam (part 2)
Video
-
Topic 4: Changes to al-Muslam Fihi
Video
-
Topic 5: Delivery of al-Muslim Fihi
Video
-
Topic 6: Parallel Salam
Video
-
Topic 7: in a paragraph
Video
-
Topic 8: Subject Matter of, and Guarantees in Istisna
Video
-
Topic 9: Subject Matter of, and Guarantees in Istisna (part 2)
Video
-
Topic 10: Changes to Istisna Contract
Video
-
Topic 11: Delivery and Disposal of the Subject-Matter
Video
Module 17
12 Topics
-
Topic 1: Stipulations and Ethics of Fatwa in the Institutional Framework
Video
-
Topic 2: Duties of the Instition That Seeks Fatwa
Video
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Topic 3: Fatwa Controls
Video
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Topic 4: Text of Fatwa
Video
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Topic 5: Zakah
Video
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Topic 6: Zakah (part 2)
Video
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Topic 7: Procedural Rulings
Video
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Topic 8: Fixed Assets
Video
-
Topic 9: Zakatable Asset
Video
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Topic 10: Zakatable Asset (part 2)
Video
-
Topic 11: Zakatable Asset (part 3)
Video
-
Topic 12: Liabilities
Video
Start Learning Today
- Holistic Learning Path
- Practice Tracker for Skill Building
- Shareable Certificates
- Self-Paced Learning Option
- Course Videos & Readings
- Practice Quizzes
- Graded Assignments with Peer Feedback
- Graded Quizzes with Feedback
- Graded Assignments
Frequently asked questions
What is the Certificate in AAOIFI Shariah Standard (CASS)?
This certificate course provides an in-depth understanding of AAOIFI Shariah Standards, focusing on their practical applications in Islamic banking, finance, and other Shariah-compliant practices.