Fundamentals of Islamic Banking and Finance (FIBF)

The FIBF was initiated by the Central Bank of Lebanon (Banque du Liban) and was jointly created by l’Ecole Supérieure des affaires (ESA) in Lebanon; and the Chartered Institute for Securities & Investment (CISI) in London. These bodies convened the Advisory Council...

Who awards the FIBF?

Chartered Institute for Securities & Investment (CISI):

The Chartered Institute for Securities & Investment is the largest and most widely respected professional and awarding body for those who work in the securities and investment industry in the UK and in a growing number of major financial centers round the world.

Evolved from the London Stock Exchange, we now have more than 40,000 members in 89 countries.

www.cisi.org

What differentiates the FIBF from other available qualifications?

Complete coverage of Islamic Finance: 

The FIBF is a ground-breaking qualification that covers Islamic finance from both a technical and Sharia’a perspective, providing the first international benchmark in the area of Islamic finance. It provides candidates with an understanding of the influence of Shari’a in a business context and prepares them to hold key positions in the Islamic finance and Takaful (Islamic insurance) industries;

First worldwide qualification:

The FIBF was launched on July 21, 2015. Since then, many workbook copies have been sold worldwide. The exam is available globally and has been taken by nearly many firms around the world;

Comprehensive Sharia’a screening:

The content of the FIBF was elaborated under the supervision of the Advisory Council for Islamic Finance (ACIF). It is made of a panel of internationally recognized experts in Islamic finance among which the world famous scholar Dr. Abdul Sattar Abu Ghuddah; member of International Islamic Fiqh Academy and AAOIFI.

Full institutional support: 

The qualification was initiated and is supported by the Central Bank of Lebanon (Banque du Liban). The Advisory Council for Islamic Finance (ACIF), that supervises the development of the FIBF content, and the Advisory Management Group that foresees the international expansion of the qualification, are both headed by the Banque du Liban 1st Vice-Governor, Mr. Raed Charafeddine.

Target Audience of FIBF:

  • All Islamic finance institution practitioners, (Banks, Takaful and investment companies), from all levels and departments;
  • Conventional banks practitioners who wish to know the basics of Islamic banking or those who deal with Islamic financial institutions (PR, Trade finance, clearance …);
  • Central bank employees, especially those who perform the auditing procedures on Islamic banks or those who wish to understand the Islamic banking principles;
  • Students or graduates who wish to get an international distinguished qualification allows them to have and added value to work at Islamic financial institutions;
  • Capital markets institutions practitioners (brokers, Sukuk companies …) and supervisory institutions over them;
  • Lawyers, Shari’a consultation companies, financial and legal consultants, who serve Islamic financial institutions with their consultation services;
  • Financial Auditing companies which audit and seal the Islamic financial companies’ financial statements.

Content of the FIBF study material:

The workbook or study material of FIBF consists of one book (about 100 pages), covering the following headlines:

  •  Islamic Economics and its Worldview
  • The History and Evolution of Islamic Banking and Finance
  • Islamic Business Ethics
  •  Islamic Banking and Finance Features
  •  Sharia’a and Fiqh Principles
  •  Islamic Banking and Finance Infrastructure

To get more details about the study material please Click here

The study material of FIBF has the following merits:

  • Sharia’a compliant, developed with the support and collaboration of a panel of internationally recognized experts in Islamic finance;
  • Provides a basic knowledge of the general principles of sharia’a (Fiqh al mu’amalat) and their application to Islamic banking and finance, and covers the different types of Islamic contracts and products available;
  • Revision questions at the end of each chapter to test knowledge and encourage candidates to give written answers, thereby increasing subject retention;
  • Clear explanation, graphics, tables and examples to ensure the complex subject matter is easily understood and absorbed;
  • A syllabus learning map assists candidates to find specific learning objectives in the workbook;
  • Comprehensive glossary of Islamic financial terms included;
  • A workbook plan provides a list of chapter headings and recommended study time for each section.

FIBF Available Languages:

Study material, exam and training courses are available in both Arabic and English languages. Candidates can choose either of them.

FIBF Exam:

The objective of the examination is to ensure that candidates are equipped with a practical understanding of Islamic finance and an understanding of the influence of Shari’a in a business context; enabling them to hold positions in the Islamic finance, investment and Takaful (Islamic Insurance) industries.

    • The exam is 30 multiple choice questions;
    • Exam duration is 1 hours;
    • Minimum passing mark is 70%;
    • Exam is computer based, and can be taken at one of the computer based test (CBT) centers located worldwide.
  • Candidates receive their results when they leave the test center;
  • Candidates can book an exam to fit in with employment and other commitments.

Important note regarding Exam:

Candidates can book and pay for their exam directly at CISI website or through the CISI client services team, Minhaj Advisory is not an exam provider, it is just an accredited training provider, Questions and results also are prepared by CISI, so please read all the conditions related to the exam from CISI website (www.cisi.org/exampolicies).

  • In case of failure, exam can be repeated any time by paying just the exam fees; (does not include registration fees, book and training);
  • An exam sample exists in the study book with the answers, another E-sample can be seen and tried by clicking here;
  • Candidates sitting the exam by CBT will be required to answer up to 10% additional trial questions that will not be separately identified and do not contribute to the result. Candidates will be given proportionately more time to complete the test;
  • All exam questions are covered in the formal book.

How to Register in FIBF Exam?:

The CBT examinations is almost every day and is subjective as this is a live booking system. Availability can be found on the below mentioned link shophome (www.cisi.org/shophome).

When you click on the above you need to select the box entitled Exams & Membership and click on CBT Exam bookings. Once you click on same you will be directed to a page which is entitled Exam details and Syllabuses. Once you select the exam for which you require availability you need to click on the plus sign on the left of the exam title and a drop down will appear. At the bottom will be an option to book now. Click on book now, where you will be directed to a page to log in with your email address and password. In the event you do have any log in details and this is your first time you can click on sign up and proceed with keying in your details and logging in to find availability.

The page that will appear will be as follows,

eg

Which Exam: Combating Financial Crime

Where would you like to test?

Country:

Select –

City:

If the country you would like to test in is not listed please contact Client Services:

Tel: +44 20 7645 0600

Email: clientservices@cisi.org 

When would you like to test?

Select the date from when you would like to sit your examination.

FIBF Training:

    • Minhaj Advisory was accredited as a training center of FIBF from CISI and listed at its website: http://www.cisi.org/bookmark/genericform.aspx?form=29848780&url=atp
    • Minhaj provides the training on a regular basis in UAE, can provide the training in both Arabic and English in any other country;
    • Training course is 9 net training hours in 8 sessions, every session is 90 minutes;
    • Training can be delivered with two options:
Any institution wishes to train its employees to get this certification can contact Minhaj Advisory to customize the course according to its requirements regarding: timing, date, place and language.

FIBF Costs:

  • Registration fees (only one time for CISI): 25£ Sterling;
  • Exam Fees: 125£ Sterling;
  • Training: depends on the timing and location of the course.

Applying to the exam is not related with taking the training course and vice versa (but in both cases; participants have to get the study material)

In Sterling

In USD (approx)

In AED (approx)

Notes

Registration Fees

£25

 $34

AED 125

Paid to CISI directly

Exam Fees +Study Material

£125

$166

AED 610

Paid to CISI directly

Training

Depends on the location of the course

Paid to Minhaj

Upcoming training Courses for FIBF:

Minhaj Advisory will announce soon for the training courses in both Arabic and English, in UAE and many other countries.

For all Minhaj Training Courses, please Click here

Trainer:

  • Minhaj Advisory is a CISI Accredited Training Provider for the FIBF and each trainer has be independently verified to teach for the FIBF;
  • Trainers have the necessary academic & practical background in Islamic Finance to train such certificate.

Participating in the training courses:

  • For individuals wishing to get the certificate, please click on the course link you prefer above and fill the registration form attached;
  • Institutions wishing to get a special course for its employees, please send an email to Minhaj Advisory;
  • Institutions wishing to participate in more than one employee and get special discounts.

How You Get the FIBF Certificate:

Successful candidates receive a formal certificate badged by the CISI and ESA, and is sent to his address within 6 weeks of passing the exam.

When choosing to attend just the training course, the trainee gets a certificate of atten-dance sealed from Minhaj Advisory and signed with the trainer in case of attending at least 80% of the classes.

How to buy FIBF Workbook

The workbook could either be purchased online,over the telephone on +4402076450777 or by filling in the form and sending it across to customersupport@cisi.org

CISI Membership:

Individuals who successfully complete the FIBF are eligible to become Associate members of the Institute and use the designatory letters ACSI. Once registered to take the exam candidates will be registered as student members for 12 months. For more details about the merits of becoming a member please visit: www.cisi.org/membership

Purposes of FIBF:

  • Qualifying a better human resource capital, capable to working more effectively at the Islamic financial institutions;
  • Supporting the Islamic financial industry; by strengthening the human capital by getting this qualification which suits the basic practical and theoretical requirements of this industry.

Some Important Information Regarding FIBF:

  • Some Islamic Banks consider having the FIBF is a must to be employed inside it;
  • Some conventional banks employees participate in this Qualification to know the principles of Islamic Banking industry;
  • FIBF is supported by ukifs (UK Islamic finance secretariat);
  • The CISI is recognized as an Awarding Body by the office of Qualifications and Examinations Regulation,(Ofqual) so both individuals and firms can be assured that its processes, policies and systems meet rigorous quality assurance standards, the FIBF has been accredited by Ofqual as a level 2 qualifications. On the European Qualifications Framework this equates to a level 4 qualification. For further information on the European Qualifications Framework; for information please click here or visit www.cisi.org/eqf;
  • It is endorsed by the Financial Skills Partnership (FSP): The FIBF features on the FSP Recommended List of Examinations. The FSP is an employer-led body with a remit to provide advice and guidance to employers in the financial services sector on suitable qualifications for their staff.

Some benefits of getting FIBF:

FIBF holders get a big chance to work at Islamic financial institutions, while Islamic finance practitioners get a solid revision on the principles of their institutions and the theoretical background for their business.

Some Useful Links Regarding FIBF:

To download the brochure, please click here.