A new Islamic Finance Qualification (IFQ) is being offered by the London-based Securities & Investment Institute (SII).
The SII, in conjunction with Lebanon’s Ecole Superieure des Affaires (ESA), have announced the joint development of the new specialist qualification, which was initiated by the Central Bank of Lebanon (Banque due Liban).
The Islamic Finance Qualification (IFQ) will initially be offered in the UK and Lebanon with a view to expanding throughout the Arab League countries, Europe and France.
The IFQ aims to assure regulators, employers and consumers that candidates and employees can perform to Islamic banking requirements.
The qualification will meet the Level 3 qualification standard on the UK classified National Qualification Framework (NQF). This is an initial qualification and other levels within the IFQ suite will be developed. Subject to demand, says SII, these later modules will provide advanced certification for specific job activities.
ESA has recently set up an Islamic finance foundation “Al Multaqa” in Lebanon which will run a specialist finance programme and the new Islamic Finance Qualification will be taught at this foundation.
The IFQ will be delivered and assessed in both English and Arabic via computer based testing. Successful candidates will be entitled to membership status of the UK Securities & Investment Institute. It is envisaged that the IFQ will qualify candidates for roles as investment professionals specialising in Islamic finance and Sharia standards.
“As a regulator we are delighted to be supporting the development of the IFQ,” says Alain Balian, Vice Governor of the Banque du Liban. “It is an important step in the establishment of the Islamic finance industry as a mainstream alternative in corporate and consumer finance, insurance and savings.”
Simon Culhane, Chief Executive of the Securities & Investment Institute says he is pleased to be working with ESA and the Banque du Liban in developing the new qualification. “We understand how vital it is for many customers to be assured that their banking needs are being met in accordance with Islamic tradition and therefore customers will have the confidence of knowing that those bankers who have the IFQ qualification comply with Islamic banking requirements,” he says.
Mr Roger Ourset, General Director of the Ecole Superieure des Affaires (ESA) added that practitioners and legal experts in Islamic banking will work closely with the Securities & Investment Institute in developing the qualification. “We are delighted to have the Institute as our chosen partner for this project,” he says.