Kabira Boulakchour

- The principles and concepts which underpin Islam; the placing of banking and finance within Islam; the sources and interpretation of Islamic law; introduction to the role of the Sharia’a Supervisory Board. - The basis of Islamic banking and finance; the development of the Islamic finance and banking industry; the main components of the Islamic banking industry and its operating structures. (3% of the exam). - Principles of Islamic business including the avoidance of riba and gharar; the concept of Wa’d (promise); the elements of a valid contract; the different types of contract; the purchase and sale of currencies. (14% of the exam). - The nature of Islamic current accounts; the nature of the major contracts — Mudaraba, Musharaka, Murabaha, Ijara, Salam, Istisn’a; the use of letters of credit and guarantees in Islamic finance contracts. (29% of the exam) - The framework of International Financial Reporting Standards; contents of the main financial statements; the need for specific Islamic accounting standards; and the role of AAOIFI and IFRS. (10% of the exam) - The different approaches to corporate governance; additional challenges presented by Islamic banks; the role of the Sharia’a Supervisory Board and corporate governance issues in Takaful. (8% of the exam) - The purpose of investment in Islam; prohibited industries; replicating conventional deposit structures using Murabaha and Mudaraba; investment funds using Ijara; the Islamic stock selection process and the role of the Sharia’a Supervisory Board. (10% of the exam) - The nature of Sukuk compared with conventional bonds; issuing Sukuk; different types of Sukuk; AAOI Fl standards for Sukuk and rating Sukuk issues. (12% of the exam) - The nature and structure of Takaful compared with conventional insurance; remunerating the insurance operator and Sharia’a governance of Takaful undertakings. (8% of the exam) - Case studies in Islamic finance. (6% of the exam)