The Islamic finance certificate program is designed to provide students with a comprehensive understanding of the principles and practices of Islamic finance. This program covers the core principles and basic models of Islamic finance, including the prohibition of interest (Riba) and the principles of risk sharing and profit-and-loss sharing (Mudarabah and Musharakah).

The program aims to establish a framework for understanding the Islamic financial system, its legal and regulatory framework, and the Islamic financial institutions that operate within it. Through this program, students will gain an in-depth understanding of the ethical and moral principles that underpin Islamic finance, and the role of Islamic finance in promoting social justice and economic development.

​The program also covers the various Islamic financial products and instruments, such as Sukuk, Takaful, and Islamic funds, and their applications in different sectors of the economy. Students will gain a practical understanding of how these products and instruments are structured and implemented, as well as their advantages and limitations.

**Registration is currently closed.
​Admission Requirements: No prior knowledge of Islamic Finance is required. Basic knowledge of conventional finance is recommended.
Certificate Requirements: The successful completion of four modules
Tuition: $200 CAD

Module 1

​A.        Applied Shariah in Financial Transactions
 
            A1)      The Requirements of Shariah in Financial Transactions
            A2)      An Overview of Shariah Principles in Financial Transactions
 
B.        Islamic Finance: Theory and Ethics
            B1)      An Overview
            B2)      Major Norms of Islamic Finance
                        B2.1)   Norms Relating to Riba
                        B2.2)   Norms Relating to Gharar
                        B2.3)   Norms Relating to Ta’wun

Module 2

A. Concept and Rules of Loan (Qarz) and Debt (Dayn)
B. Islamic Money and Capital Markets

Module 3

  1. Trustee Partnership (Mudaraba)
  2. Joint Venture (Musharaka)
  3. Declining Partnership (Musharaka)
  4. Deferred Payment (Bai-Bithaman-Ajil) with Cost-Plus Sale Murabaha)
  5. Leasing (Ijara) Facility
  6. Deferred Delivery Sale (Salam) Facility
  7. Manufacture-Sale (Istisna) Facility 

Module 4 ​

A. Islamic Finance: Regulation and Governance
  • Islamic Worldview Based Shari’ah Governance Framework
  • Shari’ah Supervisory Board
  • Shari’ah Review and Audit
  • Prevailing Shari’ah Governance Guidelines
 
B. Global Islamic Finance Industry
  • Current Status of the Islamic Finance Industry
  • Future Outlook
  • Issues and Challenges Faced by the Islamic Finance Industry