So most of my candidates inquire about this latest topic and its related qualifications. Below I am sharing one of the best qualification out there that I usually recommend to my working professionals. This Islamic Finance qualification is offered by CIMA itself and has received quite a successful rating in the market. A definite qualification to go for if you are in the Islamic Finance market.

According to CIMA Global:

A career in Islamic finance requires unique management skills and knowledge. The CIMA Islamic Finance Qualifications will give you a thorough understanding of the principles that underpin this Islamic finance. Our Islamic finance qualifications have won awards to recognize their world-leading status in the industry including ‘Best training institution’ at the 2015 Islamic Business & Finance Awards.

This professional qualification is sorted into three kinds as below:

• Certificate in Islamic Finance,
• Diploma in Islamic Finance, and
• Advanced Diploma in Islamic Finance.

To understand which one is better for you, CIMA offers a short test that offers advice on which qualification level to start at. The link to the test is: CIMA Where to start from? However, I am summarizing the key requirements of each below.

Certificate in Islamic Finance

Valuable for both newcomers and professionals operating in a range of industries, these qualifications are designed to give two significant market advantages – the professional recognition of a CIMA international qualification and demonstrable expertise in the complex, fast growing world of Islamic finance. 

There are four certificates to choose from:

• Certificate in Islamic Commercial Law
• Certificate in Islamic Banking & Takaful
• Certificate in Islamic Capital Markets & Instruments
• Certificate in Accounting for Islamic Financial Institutions

Each certificate costs £275 and includes a comprehensive study guide, two exam attempts and online support materials. You must pass a computer based final assessment to gain each of the four certificates. Each assessment has between 40 and 50 multiple choice questions. The pass mark for each certificate is 65%. The assessments can be taken at CIMA-accredited assessment centres around the world.

Diploma in Islamic Finance

This is for those with a good knowledge of one or more of the key areas of Islamic finance but who require or benefit from a broader knowledge. It will increase your confidence when dealing with Islamic financial institutions or when coming to grips with the products and services offered by this sector.

The package costs £990 and includes four comprehensive study guides, two exam attempts for each module and online support materials. Each resit of an exam, after the two attempts, will cost an additional GBP60.

Each certificate’s assessment is made up of between 40 and 50 multiple choice questions depending on the certificate’s assessment criteria. The pass mark for each certificate is 65%. Its a one hour assessment. You can book and sit your exams whenever it suits you. The assessments can be taken at CIMA-accredited assessment centres around the world.

Students receive immediate feedback and results. Once you have completed the assessment and submitted it electronically, you will receive your assessment mark. On passing the assessment, you will also automatically receive a certificate of completion.  Students can sit each assessment as many times as it takes to pass.

Advanced Diploma in Islamic Finance

This is for those with a thorough knowledge and understanding of the wider field of Islamic finance, but who are looking to broaden their understanding of the strategies which underpin success in the industry and develop skills in applying their knowledge to the development of products and services. It will explain the various strategies currently adopted and expand their skills in applying principles and their level of innovativeness in generating new Islamic finance products.

The diploma costs £1000 and includes a comprehensive study guide, two exam attempts and online support materials. Each exam resit costs GBP90. The three-hour assessment involves short essay type questions as well as multiple choice questions. It is made up of three sections:

• First section: 20 MCQs chosen at random from a question bank.
• Section two: 10 MCQ and 5 short essay-type questions related to a specific case study based on one of the key areas.
• Final section: 5 short essay type questions from areas other than the case study, chosen at random from a question bank.

Registering for any of these qualification is as easy as 1, 2 and 3. In line with the latest trend CIMA offers online registration making it easier for candidates to enroll and prepare for exams. For registration or any further details, check the link: CIMA Islamic Finance Qualifications

Hopefully, this article will help you reach further goals in your career. If you found it useful don’t forget to ‘Share’ and ‘Like’ 🙂 Cheers!