The Diploma in Islamic Banking is aimed mainly at students and professionals who are seeking to have more than a basic understanding of the concepts and operating principles that apply to different types of Islamic banking in comparison to conventional banking. The course also provides an overview on Islamic insurance termed as takaful. The course assumes no previous knowledge of banking. Neither does it assume any previous knowledge of Islam. The emphasis is on practical implementation of Islamic finance principles in the real world of finance. The course consists of 23 lessons structured around five modules. The questions at the end of each lesson are designed to test the understanding of the basic concepts and their practical applications which have been explored within the lessons.
At the end of the course you will be able to:
Explain the main features of the various economic theories
Discuss the role of money in society and its history
Examine the principles of Islamic economic theory
Analyse the main sources of Islamic commercial law
Examine the background and nature of the basic prohibitions in Islamic economic framework
Explain how Islamic economics operates in a mixed legal system
Identify and explain the essential elements of contracts in Islamic economic framework
Discuss the emphasis placed on the fulfilment of contracts in the Islamic economic system
Examine the elements of accounting within a Shari’ah-compliant economic framework
Describe the participatory, non-participatory and accessory modes
Examine the types of retail banking, corporate banking and investment banking services offered by Islamic banks
Analyse treasury and interbank operations within an Islamic bank
Explain the need for correspondent banking services needed by Islamic banks from conventional banks and the basis of such cooperation
Explain the need for responsible supervision of banking industry
Examine the unique role of the Shari'ah scholars in the supervision of Islamic banks and ensuring the fulfilment of their social obligations
Demonstrate an understanding of the concept of risk, its importance and how risk can be identified and managed in Islamic banks
Explain the concept of conventional insurance
Explain the basis of takaful as an insurance scheme for mutual help and shared responsibility along with its operating features
Describe the re-insurance and the differences between takaful and conventional insurance
The course is open for all individuals across the world. The minimum criterion for doing any course of the Institute is good knowledge of English. The course is designed for persons wishing to pursue a career in Islamic banking or also for those serving in the industry in their career progression. The course will also benefit those who wish to learn the fundamentals of Islamic banking and finance and their applications.
Two "A" Level passes plus four GCSE passes at Grade A, B or C
Overseas qualifications which may be accepted by the Registrar as being equivalent to the above
IIBI also welcomes applications from candidates without formal qualifications who have been in employment for at least two years in the banking or a related sector in an appropriate role. A reference letter from employer(s) must accompany such applications
Certificate in Islamic Finance issued by Chartered Institute for Securities & Investment (CISI)
Enrolment Provided applicants meet the Entry Requirement, they must first complete and send the Application Form. On receipt, the form will be reviewed and when approved, the applicant will be advised suitably
Mode of Study and Tutor SupportThe course is based on the “distance learning” method convenient for home study and correspondence by e-mail. One module at a time will be sent and the next module will only be sent after the previous module has been assessed by the assigned tutor… more...click here
Assessment and Exams The course assessment method is a combination of assignments based on the questions at the end of each lesson. The answers to the questions provided are required to be submitted to the assigned tutor (by e-mail) for evaluation (copied to IIBI) … more... click here
The course should be completed in 9 months. If further extension is requested then the Institute may agree to extend the period at its discretion and an appropriate administration charge will be applied. An average of 20 hours a week is recommended for study and paparing assignments.
The course fee is only £ 335.00which is payable on acceptance of the application. The fee covers the cost of registration, one year membership, course study material, tutor support and one time examination fee.
However, an administration fee is payable in the event the candidate does not complete the course in 9 months and seeks an extension in time.
Payment of Course Fee Payment may be made online by Paypal, credit card, bank draft or bank transfer. Full details and the procedure for making payment will only be advised to you after your application is accepted by the Institute. Course Fee Changes If you have enrolled onto a course and have not made payment of the fee during a specified time as mentioned in the enrolment letter, you will have to pay the revised fee after the lapse of specified time in order to take up that course.
Refund Policy If you do not wish to take up the course you must advise the Institute within 14 days from the receipt. All students who cancel a course and receive a refund will incur an administration charge. Refunds will be applied to the original credit card or by the original form of payment only.
Transferring to another course If you would like to transfer your course fee to a different course that may be offered by the Institute, you are able to do so without penalty after notifying us within 14 days of entrolment, a transfer fee will apply.
Candidates who apply directly to Institute through the online application system will receive the quickest possible response for their application.
The Institute operates on a rolling admissions basis. This means that candidates apply for, and are admitted to, our programmes all year round. Please click here to Apply Online