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Islamic Finance and Insurance


Sharia Issues, Techniques and Practices

Islamic finance is becoming increasingly attractive as a sector and it is impossible to work efficiently in finance ignoring this sector. All economic indicators prove that Islamic finance has reached a critical mass and changed from just a “market niche” to a main component of the field of finance.

As sharia’a issues stand at the heart of Islamic finance, being compliant with sharia’a is imperative for Islamic financial institutions. A diverse collection of techniques are available to carry out Islamic finance and insurance businesses and making profit while conforming to Islamic financial principles. This course is designed to introduce the participants with key sharia’a laws applicable in finance and insurance. The course also will provide a very good understanding of different techniques that are being practiced by today’s modern Islamic financial institutions.

At the end of the course, the participants will be able to understand—
• All Sharia’a principles relevant to Islamic finance and insurance;
• Islamic commercial jurisprudence and Islamic law of contracts;
• Different traditional and newly invented Islamic financial techniques used by banks and Islamic financial institutions.
• The features financial statements of Islamic Banks and understand how to prepare financial statements considering zakat issues;
• Principles of Islamic corporate governance;
• Islamic Asset and Fund Management;
• Sukuk-Islamic Bond;
• Takaful- Islamic Insurance


The programme will be delivered using formal lectures combined with practical and interactive case studies and exercises. There will be a great emphasis on gaining practical experiences.

Contents of Training:

The Basis of Islamic Banking and Finance

Islamic Banking and Finance: Conceptual Framework
Islamic Fundamentals

An Introduction to Islamic Banking and Finance
The History of Islamic Finance
The Structure and Scope of the Islamic Finance Industry.

Islamic Law of Contracts
Islamic Teachings Related to Business
The Islamic Law of Contract
Contracts of Exchange
Contracts allowing the transfer of the usufruct (right of using an asset)
Partnership and Security Contracts;
Wakala (Agency Contract)
SARF- The Rules regarding foreign exchange.

Financial Techniques Applied by Islamic Banks

Sources and uses of funds;
Fixed income versus Profit-loss sharing modes of finance;
Mudaraba, Musharaka and Murabaha – Sharia’a standards;
Ijara and Ijara Muntahia Bitamleek
Salam and Parallel Salam
Istisna’a and Parallel Istisn’a
Off-balance sheet financing.

Financial Statements for Islamic Banks

Conceptual framework of IFRS;
Basic Principles of Accounting—The UK case;
The need for Islamic Accounting Standards;
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
The Accrual Accounting method;

Islamic Corporate Governance
Mechanisms of corporate governance
The corporate governance debate: The UK/US approach versus that of continental Europe
Islamic Financial Institutions: The need for a different approach
Corporate governance implications for Islamic Insurance (TAKAFUL)

Islamic Asset and Fund Management

Principles and Constraints of Islamic Investing
Islamic fund structures
Islamic investment products: Risk-Reward profile
The Islamic stock selection process
Islamic fund performance
Liquidity strategies
Structure, Marketing and Distribution
Incorporation, Authorisation and Regulation
The Sharia’a Board and Islamic fund management

The Islamic Bond Market - Sukuk

Definition, Management and Characteristics of Sukuk
Structuring sukuk transactions
Sukuk: AAOIFI Standards
Capital Market considerations relating to Sukuk

Islamic Insurance: Takaful
Types of Takaful undertaking
Structure of Takaful Undertakings
Underwriting surplus and technical provisions
Insurance industry considerations
Reinsurance and Retakaful
Sharia’a governance and compliance

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9140345, 9117179 Ltd.

19 th floor (East), BDBL Building (Old BSRS)
12 Karwan Bazaar
Dhaka - 1215

Professionals working in or interested to work in Islamic banking and finance industry, investors interested in Islamic banking products and any one who wants to be a part of global Islamic finance industry.
Arrangement for Certificate, lunch and two tea-break would be made by the Organizer during the workshop.

The workshop was interesting when everyone shared ideas & knowledge. With developments in field on Islamic finance, all were happy to attend. Had fun! - Moon Moon Ahsan.