ACCA have partnered with the Chartered Institute for Securities & Investment to give members the opportunity to study for the Islamic Finance Qualification (IFQ).
The Islamic Finance Qualification (IFQ) is a global qualification which covers Islamic finance from both a technical and a Sharia’a perspective. Developed by industry experts, the qualification will equip you for success in this rapidly developing field. It provides an understanding of the influence of Sharia’a in a business context and prepares candidates to hold key positions in the Islamic finance and takaful (Islamic insurance) industries.
How it works
The qualification is achieved by successfully passing a multiple-choice question exam. This computer based test (CBT) consists of 100 questions and lasts for two hours. We recommend a minimum of 130 hours study.
A CISI workbook is included when booking the exam. This guarantees that there is one standard workbook from which all exam candidates can prepare.
You can choose to purchase the CISI e-learning to support your exam preparation.
The current pass rate for this exam is 50% and the pass mark is 70%. The exam grades are as follows:
- Pass with merit (91 - 100 marks)
- Pass (70 - 90 marks)
- Marginal Fail (60 - 69 marks)
- Fail (0 - 59 marks
Who is it for
The Islamic Finance Qualification (IFQ) is appropriate for existing and new employees and those seeking a career in Islamic finance.
Primarily this certificate is aimed at people who already have a professional accountancy qualification. It can be a valuable source of CPD – offering an opportunity to top-up existing competencies with knowledge and skills around Islamic Finance. It will be particularly valuable if you are new to the practice area of Islamic Finance.
We recommend that an educational or vocational background in finance is gained before starting this qualification.
Syllabus summary for The Islamic Finance Qualification (IFQ), effective from 1 June 2016:
- The Basis of Islamic Banking and Finance
- An Introduction to Islamic Banking and Finance
- Islamic Principles of Exchange
- Basic Contracts and their Treatment
- Financial Contracts and Techniques Applied by Islamic Banks
- Islamic Asset Management
- Sukuk Market
- Islamic Insurance - Takaful
- Islamic Corporate Governance
Dates and fees
You can apply to do The Islamic Finance Qualification (IFQ) online at any time by completing the online form in the related links list on the page.
IFQ CBT exams are available on demand via test centres located globally. You can find your nearest test centre.
- £25 exam registration fee
- £255 for the course materials and assessment
ACCA members are eligible for a 25% discount on the IFQ fee, which reduces the course materials and assessment to £191.50.
- exam entry for 2 hour exam
- detailed work book, containing many practical examples, exercises and exam standard questions.