CIFA™ is offered in a simple two step process. First, candidates complete the Foundation Curriculum. Then, candidates may choose any of the Specialist Curriculums.
As CIFA™ focuses on work readiness, the delivery blends Shariah rules with finance knowledge. In the Foundation level, CIFA™ summarizes important Shariah rules, examines the risk profiles of the different instruments, compares the new Islamic asset and liability types to conventional tools, and discusses how these affect the financier’s right in dealing with late payment, restructuring, and default cases, etc,… To obtain the CIFA™ Foundation qualification, the candidates will be required to take an invigilated exam at selected locations.
At the specialist level, the main aim is to examine how different core tools can be mixed and matched to structure different solutions for clients. CIFA™ will examine various products offered by Islamic financial institutions (IFIs) in different jurisdictions. Preference for certain structures may be driven by institutional Shariah views, regulatory requirements, market demand, or other factors. CIFA™ will highlight these factors where relevant. In terms of Shariah views, CIFA™ begins with AAOIFI, but also discusses why and where variances from AAOIFI occur. The specialist curriculum are standalone and candidates may pursue as many as they like. This allows a candidate to pursue a career in different aspects of the Islamic finance market. To obtain the CIFA™ Specialist qualification, the candidates will be required to take an invigilated exam at selected locations.