The Islamic finance certificate program covers the core principles and basic models of Islamic finance and establishes a framework for understanding the Islamic financial system.

**Registration is currently closed. Please contact us with any queries.
​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

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

Instructors:

Professor Rizwan Tahir, PhD

Professor Rizwan Tahir is an Assistant Professor at McMaster University, where he also completed both an MA and Ph.D. in Economics. Dr. Rizwan has taught economics and finance courses at universities in Canada, Malaysia, Bahrain and Pakistan. His academic background in Islamic finance comes from his studies at the International Islamic University Islamabad, where he earned an M.Sc. and B.Sc. He organized international seminars and workshops on topics related to Islamic banking and finance while associated with the Institute of Policy Studies, Islamabad, Pakistan. Dr. Rizwan’s research interests are applied econometrics, international trade, economic integration, and Islamic banking & finance. Dr. Rizwan was an active member of the Thunder Bay Muslim Association executive committee from 1998 to 2000

Professor Zafar Kayani, PhD

Professor Zafar Kayani holds a  PhD in Economics from Washington State University and has taught at universities in Pakistan, Bahrain, and Canada. He currently teaches at York University and Trent University. His main areas of instruction encompass macroeconomic policies, financial markets and Islamic banking and finance. He has authored many scholarly articles and edited books. Dr. Kayani has participated and organized international conferences and workshops in the Islamic banking, finance, and economic disciplines in Pakistan, Bahrain, the United Arab of Emirates, Saudi Arabia, the United States. and Canada. He is a founding member and the Chair of the Board of Directors of the Interest-Free Housing Co-operative and served as a member of the Board of Directors of ISNA Canada from 2008-2014.

Anjum Shahzad, MSc, MA

Anjum Shahzad is an international banker with more than twenty years of experience in risk management, regulatory compliance, audit and policy formulation. Prior to joining Capinnova Solutions, he served in Saudi Arabia as the Global Head of Enterprise Risk Management of Al Rajhi Bank, the world’s largest Islamic bank.
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Anjum’s other high profile positions within the banking industry include Head of Risk Management and Deputy MLRO of Capinnova Investment Bank (Bahrain), Head of Risk Management of Bahraini Saudi Bank (Bahrain) and Head of Risk Management & Compliance of Atlas Bank (Pakistan). Anjum is looking forward to sharing his expertise of the regulatory landscape with clients of Capinnova Solutions and helping them achieve their goals.

Anjum’s substantial experience, across various functions and geographies, is a testament to his diverse background within banking. He has worked in almost all types of banking (multilateral development banking, central banking, conventional banking, Islamic banking, investment banking) and hands-on experience of developing various frameworks (Governance, Risk Management, Asset Liability, etc.). He is well versant about the regulatory landscape and thorough knowledge of CAMELSS, CAELS, IRAF and BASEL II & III regulatory frameworks.

Anjum holds M.Sc. Economics from International Islamic University Pakistan and MA Economics from Yokohama National University Japan.

​Professor Farkhanda Shamim, PhD

​Professor Farkhanda Shamim has experience teaching certificate, diploma, undergraduate and postgraduate courses at various locations such as Canada, Bahrain and Pakistan. She is currently engaged with Ryerson University, and prior to this, she has taught at the University of Toronto and International Islamic University, Islamabad and a course coordinator of Islamic finance at the University of Bahrain.

Dr. Shamim is an International researcher who has published in high impact journals and presented in International conferences. She has been invited to Kobe University and Nagoya University as a designated Associate Professor and affiliated with Ted Rogers School of Management at Ryerson University as a senior researcher.

Dr. Shamim is recognized as the most accomplished alumni and named as a Goodwill Ambassador of her graduate school at Nagoya University, Japan. She has served in several academic committees and volunteered in community organizations. She has been a vital member of the AACSB taskforce, Chair of the Department Quality Assurance Committee and a coordinator of the collaborative program for Certified Islamic Finance Professionals (CIFP) between the University of Bahrain and INCEIF University in Malaysia. She has been awarded three shields on her work excellence. Further to this, she has been an active member of Al-Saqafa, a cultural community organization and a guest of honour at Pakistan Urdu School in its graduation ceremonies.
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Dr. Shamim holds an MSc degree (with distinction) in Economics with a specialization in Islamic economics from International Islamic University, Islamabad, MPhil in Economics from Quaid-e-Azam University, Islamabad and a Ph.D. in International Development from Nagoya University, Japan,