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AAFM ® MIFA ™  Master Islamic Financial Analyst -  Designation Curriculum

MIFA ™ Master Islamic Financial Analyst  - Professional  Program



MIFA ™ Master Islamic Financial Analyst ™


Course Description:


This Islamic Banking and Finance foundation program, aims at enabling the candidate to deeply understand the Islamic Banking operating system and the concepts of Islamic finance through participation in class discussions and activities. Market participant candidates are to be well-equipped with an excellent background about Islamic finance and its innovative products. An introductory background on the related Islamic concepts is offered linking them to the emerging banking and financial issues.



Islamic Banking and finance is rapidly expanding at a rate of 20% annually. The concept is deeply rooted into the Islamic principles. The on job and the potential professionals in the related fields are in need to be equipped with a thorough understanding of Islamic thought in the economic, business and shariah fields and to have a clear vision about the practical applications in the area of banking and finance. That will be of use in the daily life and will reinforce her/his present and future career.


Course Overview Islamic Finance Course goals:

This course is designed for achieving the following goals:

• To provide the candidate with related background on economics, banking and Islamic shariah.

• To prepare the candidate for work in Islamic banks/financial institutions.

• To equip the candidate with an excellent understanding of Islamic Banking and finance.

• To prepare the candidates contribute to the development of the Islamic Banks.

• To encourage the candidate attend further and intellectually profound studies in this field

• To encourage the candidate conduct researches in this field


Who should attend?

This highly practical qualification has been specifically designed for:

• Islamic Bankers

• Investment and Private Bankers

• Lawyers

• Consultants

• Portfolio Managers

• Financial Analysts

• Corporate Financiers

• Corporate and Commercial Bankers

• Investment Advisors

• Regulators

• Government representatives

• Insurance specialists

• Auditors and compliance

• University Students of Islamic Banking/Finance


Benefits of Attending:

AAFM Membership and Certification Eligibility



Islamic Finance Module One - Basic Islamic Issues and Principles

  • Sources of Islamic Sharee‘ah
  • Shooraa
  • Principles of Halaal & Haraam
  • Prohibition of Riba
  • Prohibition of Al‘eenah vs Tawarruq
  • Sharikaat (Companies)
  • Main rules of Islamic Finance
  • Gharer Transactions
  • Zakaah and Charity
  • Moral values and Ethics


Islamic Finance Module Two - Basic Economic Issues From An Islamic Perspective

  • The economic Problem (limited resources and unlimited wants)
  • The Three Economic Questions (what, how & for whom to produce)
  • Factors of Production
  • Scarcity Choice and Opportunity Cost
  • Production Possibility Frontier
  • Types of Economic Systems
  • The Circular Flow of Economic Activity
  • Business Cycle


Islamic Finance Module Three - Basic Treatment of Money & Islamic Banking Issues


- Barter

- Definition of Money and Its Economic Role

- Functions of money

- Inflation and Deflation

- Index Number

- Quantity Theory of Money


- Sorts of Banks

- Commercial Banks and Their Functions

- How Banks Create Money

- Liquidity vs. Profitability

- Central Banks

- Credit Control

The Capital Market

- Forms of Capital

- Forms of Financial Markets

- Capital Market & Investment Decisions

- Steps of Investment Decision Process


Islamic Finance Module Four - Islamic Banking & Finance

  • Subjects Related to Islamic Banking (Islamic & Other Subjects)
  • Fundamentals of Islamic Banking
  • Historical Background of Islamic Banking
  • Establishment Of Islamic Banks
  • How Islamic Banks Operate?
  • UAE Islamic Banking Law
  • Sharee‘ah Board
  • Mudaraabah
  • Muraabahah and Other Forms of Amaanah Trade
  • Amaanah & Value Added


Islamic Finance Module Five - Islamic Banking & Finance

  • Muraabahah vs Interest Financing
  • Salam Form
  • Istisnaa‘ Form
  • Ijaarah Form Accounts Comparison
  • Islamic vs Interest Based Banking
  • Islamic Banking and the Judgment Criteria
  • Islamic Stock Market
  • Problems Facing Islamic Banks
  • Takaaful
  • Sukuk


Final Examination And Assessment



Under an agreement with the Law School , graduates of qualified accredited programs may apply directly for certification.  See LLM Program


Under an agreement with the Business School Accreditation Agency, graduates of qualified accredited business degree courses, exams and programs may apply directly for certification review.  See ACBSP Press Release


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