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The Higher Certificate in Islamic Finance, Banking and Law (HCIFBL) is a one year programme that aims to equip students with knowledge on a wide spectrum of Islamic Finance, Banking and relevant legal issues in order to create an improved understanding of the practicality of Islamic Finance, Banking and Law in a secular state. Reference will be made to South African Law as comparison to Islamic law. It will thus be an enriching experience to both those with and without Islamic (Shari’ah) knowledge and to both Muslim and non-Muslim students. Applying Islamic banking principles in a non-Islamic environment poses serious challenges for Islamic banks and the course looks at the steps that the South African government has taken to facilitate Islamic Banking in South Africa.
The course provides an overview of Islamic insurance (Takaful) and Islamic bonds (Sukuks) and compares them to conventional insurance and bonds. The course also examines Islamic Risk Management and Governance and the unique role of the Shari’ah Board in the responsible supervision of Islamic banks. The elements of accounting within a Shari’ah-compliant economic framework is also considered. The course is designed for persons aiming to pursue a career in Islamic Banking and Finance and for those in the industry aspiring for career progression. The course will also benefit those who wish to learn the fundamentals of Islamic Law generally and Islamic Banking and Finance in particular.
Upon successful completion of the programme, the student should be able to:
- Display knowledge and skills that form the basis of Islamic Banking and Finance
- Identify the essential differences between conventional and Islamic Banking and Finance
- Understand the difficulty of conducting Islamic Banking in an un-Islamic environment
- Examine the unique role of the Shari’ah Board in the responsible supervision of Islamic banks
- Explain the concept of conventional insurance and the basis of takaful as an insurance scheme along with its operating features
- Identify and explain the essential elements of contracts in Islamic
- Examine the elements of accounting within a Shari’ah-compliant economic framework
- Explain and discuss issues in relation to marriage, divorce and succession in terms of Islamic Law and South African Law
- Introduction to Principles of Islamic Law
- Islamic Finance
- Islamic Contracts and Charitable Endowments (Waqf)
- Islamic Banking
- Islamic Risk Management and Governance
- Islamic Family Law
- A National Senior Certificate with a minimum Higher Certificate admission or a relevant NQF4 Qualification or Equivalent
- A or O level certificates