Why is Learning Islamic Economics, Finance, and Banking Important?

We posed this question to mufti Faraz Adam during a webinar (which you can view here) because it has become much easier to get answers to any questions someone might have using “Sheikh Google” and much more straightforward to determine whether a stock is halal by using the various shariah stock screeners available online.

Mufti Faraz began his response by mentioning how the second caliph, Sayyidina Umar al-Khattab, forbade anyone who did not know enough about muamalat from entering the markets. While Sayyidina Umar’s market was primitive in comparison to ours, we can see the value of religious knowledge as a self-policing mechanism to prevent unscrupulous trading activity. This mirrors the virtue of our current financial market, where regulations and laws are in place to ensure proper trading activity.

Further examination of Sayyidina Umar’s economic activity revealed several excerpts concerning riba, including how understanding riba was more important to him than conquering Egypt and its riches and how he would have liked to know more of the caliphate, kalalah and riba from the Prophet (ﷺ).[1]

With so much going on around the world and in Singapore, from Muslims using non-shariah compliant mechanisms such as staking to make money in the crypto world to Muslim financial agents offering non-compliant investments when the alternative shariah-compliant ones are available. More severely, the sporadic sprout of local asatizah with limited understanding of the financial and economic landscape and practices promoting contentious financial products and instruments call for the need for Muslims to spend some time to better understand their personal finance matters from a credible muamalat teacher.

And when a member of the public approaches me to ask where to learn Islamic economics, finance and banking, I feel obliged to share this information which is beneficial for the public. Seeking answers to simple muamalat questions from your local mosque Ustaz is fine. However, like the medical sciences, there are various specializations. Thus, we need to seek the appropriate religious authority which has the specialized knowledge on muamalat matters.

Our beloved Prophet (ﷺ) once said: “Certainly a time will come when people will not care whether they earned their money through lawful or unlawful means”[2]. We pray and hope that we are not amongst the people who were described in the hadith.

What is Islamic Economics?

In general, there are three types of economies: communistic, in which everything is centrally planned; capitalism, in which democracy reigns; and socialism, which is a relative mix of both. The application of different types of economies usually depends on the preceding government structure and policies. Then, what about Islamic economics? According to Dr. Abdul Halim’s class on Islamic economics (which will be further explained below), Islamic economics has parallels to the three aforementioned types but ultimately differs in its epistemology and absolute principles. Below are some definitions of Islamic economics by notable figures in the field

• In al Makarim, Abu Zaidan views “Islamic economics (as) the science which deals with wealth and its relation to humans from the point of view of realisation of justice in all forms and economic activities”.
• Akram Khan, M. opines that “Islamic economic aims at the study of human falah(success) achieved by organising the resources of earth on the basis of cooperation and participation”.
• Ariff Muhd argues that “Islamic economics is the study of Muslim behaviour, specifically how Muslims organise their resources in order to achieve falah.”
• M. Hasanul Zaman sees “Islamic economics (as) the knowledge and application of injunctions and rules of shariah that prevents injustice in the acquisition and disposal of material resources in order to provide satisfaction to human beings and enable them to perform their obligations to Allah and society.”

What is Islamic Finance?

Islamic finance is an alternate and distinct form of financing system that adheres to shariah law in its practices. This includes making fairness, transparency, and ethics its guiding governance principles and eliminating conventional financial practices like speculation and interest-based debt.

Islamic finance did not emerge from nowhere. In fact, Islam has a codified set of rules for commerce, and many of its products are based on trade rather than lending money and charging interest on it. As a result, an asset is exchanged in every Islamic finance transaction, tying its activity to the real-world economy.

However, in comparison to conventional finance, which has been around for over 300 years, Islamic finance is still a young industry, having only been around since the 1970s. It is also relatively small, at 3%, compared to the conventional financing universe. Nonetheless, the Islamic finance space is spurring the global market positively and has proven to be resilient in the face of global financial crises.

What is Islamic Banking?

Some define Islamic banking as conventional banking without the word interest, while others define it as socialism with God’s guidance and without state control. While these definitions are broad, the basic functions of an Islamic bank are similar to those of conventional banks as both provide general banking and investment management services. However, Islamic banks are distinctive in their added layer of governing principles and framework that are based on shariah laws.

Despite the additional edge over conventional banks, Islamic banks face criticism from their own communities. Some accuse it of a ruse for conventional banks, while others claim it is a mere trickery for riba practices. While such sceptics typically have a limited understanding of shariah rulings in commercial matters (muamalat), the irony is that Islamic banking is more widely accepted by non-Muslims than Muslims in Malaysia[3].

Where to Learn Islamic Economics, Finance, and Banking in Singapore?

My first step in learning about this knowledge was at Madrasah Aljunied, where I took the Islamic Finance Qualification (IFQ) course taught by Mr. Raj Mohamed of 5 Pillars. From there, I attended courses, seminars, and international conferences; read books on the subject; and established contacts within the industry. It was a lonely journey at times because it was hard to find a 17-year-old who was passionate about a particular industry while other age-group peers were still trying to discover their life and passion.

Based on years of searching for such courses locally, I share with you courses on Islamic economics, Islamic finance, and Islamic banking and my humble reflections in this section. If you have any questions about any of the courses, please feel free to contact me.

My Journey Learning Islamic Economics

I was briefly introduced to the concept of Islamic economics while I was just starting out learning Islamic finance in Madrasah Aljunied through the IFQ qualification.

At the time, I was aware that my peers in national schools were studying economics throughout their A Levels, and I even considered taking an extra economics paper for my O Levels so as to understand what it simply meant (I took the accounting paper instead).

I eventually became so interested in Islamic economics that I attempted to purchase every book on the subject I could find, including a journal of Islamic economic papers. Unbeknownst to me, understanding the meaning and mechanics of Islamic economics through these books required a fundamental understanding of the conventional economic system, whether micro or macroeconomics.

Unfortunately, Islamic economic courses are scarce in Singapore, and I am only aware of two people who are well-versed in it, Dr. Abdul Halim and Dr. Hazik Mohamed.

Dr Abdul Halim’s Islamic Economic Course

My first encounter with Dr. Abdul Halim was when he gave a talk on Islamic economics at Singapore Management University on September 28, 2015. During that time, he was known to be one of the asatizah who taught Islamic economics at the Pergas’s Madrasah. Since then, talks or courses on Islamic economics have been relatively quiet in Singapore as Dr. Abdul Halim was away pursing his PhD in Islamic Governance at Brunei Darussalam University and there was no local asatizah actively championing the topic at that time.

Nonetheless, in August 2021, IFSG managed to arrange a talk with Dr. Abdul Halim and revive the needed discussions on Islamic economics. The talk was then followed by an extensive Islamic economics course offered by Dr. Abdul Halim. The course was 2-hour per class and 10-week long via Zoom. Classes were held every Tuesday from October 12 to December 14, 2021, covering:

• Rationale and fundamentals of Islamic economics
• Principles and philosophy of Islamic economics
• Understanding Islamic economics vs. Conventional Keynesian economics
• Islamic economics vis-à-vis Islamic worldview
• Key concepts in Islamic economics
• Concepts in conventional economics (i): scarcity, maximisation of utility, and economic choice in islam
• Fundamentals of fiqh muamalat, tijarah and investment
• Concepts in conventional economics (ii): capitalism, consumer behaviour and Islamic values
• Man as an economic agent in Islam
• Legality and permissibility: basics of halal and haram

Dr. Abdul Halim delved deeply into each class, despite the fact that it was only an introductory module. In keeping with tradition, he began by reminding us of the responsibilities of the seeker of knowledge in Islam. In subsequent classes, he took the time to review the previous week’s lesson and ensured that the students had a clear understanding before moving forth with the class. Aside from the question session at the end of the class, he was more than willing to answer questions during his lessons. As a result, there is a lot of interaction between students and teachers. Despite the fact that we had only agreed to 10 classes, he asked the students if they were okay with him extending the class for another three weeks, and they unanimously agreed. Nonetheless, he considers the 13-week course to be only the first part, and he hopes to start part two soon. With the restrictions lifted on COVID-19, we may be able to have physical classes with him, allowing for more interactions and expression (as he usually writes on the whiteboard).

In summary, Dr. Abdul Halim discussed the limitations of conventional definitions in detail and espoused that Islamic economics is based on the tauhid paradigm, which takes into account falah, justice, and man’s absolute relationship with God and His creation. This summary is not doing any justice to the comprehensive details Dr. Abdul Halim discussed in his classes. Hence, attending his classes is a must for all those who want to have a clear idea of the distinctive qualities of Islamic economics.

My thoughts: It took me more than five years to finally get the chance to start learning Islamic economics from Dr. Abdul Halim. In fact, a well-known local economist told me that he had been looking forward to Dr. Halim’s classes for a long time and had signed up right away when the opportunity came up. Dr. Abdul Halim did say that we should learn Islamic Worldview before starting this class, and I was fortunate enough to take that course too. On a side note, his classes fill up quickly, so you will have to act fast! I have yet to find anyone else in the area who is as well versed as Dr. Abdul Halim when it comes to Islamic economics in Singapore. But if you do know of anyone else, please let us know, as the public needs to be introduced to other local experts in the fields of Islamic economics, finance, and banking. Meanwhile, do look out for the next classes by Dr. Abdul Halim.

Islamic Finance Courses in Singapore

In Singapore, there are currently only a few Islamic finance course providers. I only knew one when I first started. It expanded to a few more providers, such as a diploma in Islamic banking and finance in Darul Arqam, and as demand dwindled, such courses began to close.

Chartered Institute of Securities & Investment Islamic Finance Qualification by Mr Raj of Five Pillars

When Mr. Raj Mohamad came into Madrasah Aljunied in January 2013 and gave his “pitch” on why students at Madrasah Aljunied should pursue Islamic finance, I knew I wanted to join. The classes of 2013 were the first to take the Chartered Institute of Securities and Investment (CISI) Islamic Finance Qualification (IFQ). While Mr. Raj usually teaches professionals in the finance industry in one or two days, we had weekly lessons from February to May before the exam in June. Because there was a high demand for Islamic finance practitioners following the global financial crisis, MUIS also covered the costs of this pioneer batch at Madrasah Aljunied. As part of the learning journey that accompanied the course, we even travelled to Kuala Lumpur to learn more about Islamic finance by visiting banks like Kuwait Finance House (KFH) and meeting some of our alumni.

One thing unique about this course is Mr Raj’s ability to break down and simplify Islamic finance concepts while also making the lessons enjoyable. This was critical because the students taking the course, including myself, had no prior knowledge of how financial markets worked, and I doubt we were even aware that we had just experienced a global financial crisis in 2008. Furthermore, we were studying for the IFQ level 3, which was considered advance for students without a financial background. The exam questions were also difficult; if you are taking it, read the book from cover to cover twice and ask Mr Raj or another Islamic finance practitioner to clarify anything you don’t understand. Although I passed on my first attempt, it was only after going through the experience of burning the midnight oil with another friend the night before and sitting in a small exam cubicle, a nightmare for those who are claustrophobic.

Mr. Raj’s ability to break down and simplify Islamic finance concepts while also making the lessons enjoyable is one of the course’s distinguishing features. This was critical because the students in the course, including myself, had no prior knowledge of how financial markets worked, and I doubt we were even aware of the 2008 global financial crisis. We were also studying for the IFQ level 3, which was considered advanced for students with no financial background. The exam questions were also difficult. Thus, it requires the student to read the book from cover to cover twice and ask Mr Raj or other Islamic finance practitioners to clarify anything you may not understand. Although I passed on my first try, it was only after having burned the midnight oil the night.

Learning and passing the IFQ was a game changer for me, and I was fortunate to be attending several Islamic finance conferences at the time, as well as initiatives by the program’s instructor, Ustazah Harinah, to alleviate the stress we were feeling while juggling schoolwork and this extra certification. I was also fortunate to be the first pre-university madrasah student to land an internship with a local financial advisory firm specialising in Islamic wealth management.

My thoughts: For some students and those just starting out in their careers, the cost of the CISI Islamic finance qualification may be steep. It may also be intimidating to proceed directly to level three when there is level two currently being offered for those who have no prior knowledge of the financial world. However, it is justifiable with the one-on-one time you get to learn from an expert in the field, on top of CISI being a globally recognised institute with finance professionals from all over the world seeking its certifications.

Enquire about the course here!

Introduction to Islamic Banking & Finance by ICC Academy 

I became interested in international trade after taking the International Chamber of Commerce (ICC) Academy’s Global Trade Certificate while studying at Nanyang Polytechnic (International Chamber of Commerce). For those who are unfamiliar with the International Chamber of Commerce, it is an essential component of every trade and shipping document in existence, as importers and exporters rely on the various ICC standards to determine trade terms such as whether the importer or the exporter pays for the shipment, and so on. I was informed that they were developing an Islamic banking and finance course throughout 2016, but I quickly forgot about it until late 2021, when I was compiling an Islamic finance directory.

To my surprise, ICC had already launched the course, which had been designed by three members of the Islamic Development Bank, and I emailed them to see if I could participate. ICC Academy was gracious enough to accommodate my request, and after taking the course, I can say that it is extremely comprehensive, despite being an introductory course. Do not dismiss the estimated duration of the 3-hour course as a touch-and-go session because it delves deeply into the spirit of Islamic finance from the start, such as the prohibition of zero-sum games and how this is then translated into Islamic finance practises.

All and all, the course is slightly geared towards professionals on the trade finance industry since the hosting organisation is a global trade standard setting body.

My thoughts: Make no mistake, this course is extensive, and you will notice the lecturers’ attention to detail throughout. It is still an introductory course in comparison to the Global Trade Certificate, and I would have expected more animation and videos explaining the concepts in addition to reading the contents. The quizzes are also a little difficult, so pay attention to the content.

Learn more about the course here.

The Core Foundation to Islamic Finance by Dr Hazik 

Dr. Hazik and I first met in March 2019 at Sister Hamisah’s Halal Universe talk. He was just starting to build his network in Singapore after receiving his PhD in Islamic finance from INCEIF (Malaysia) at the time. Dr. Hazik was directly mentored by eminent Islamic economist Prof. Dr. Abbas Mirakhor, who also served as his primary thesis supervisor. Prof. Mirakhor is a renowned economist who worked for the International Monetary Fund (IMF) for 24 years (1986-2010) before becoming the First Chair-holder of Islamic Finance at INCEIF until 2017.

Dr. Hazik’s diverse background (BSc in Engineering, MSC in Finance, and PhD in Islamic Finance) has allowed him to be a thought leader in Islamic Finance, particularly in Islamic FinTech. He co-wrote the first book on Islamic FinTech, “Blockchain, Fintech, and Islamic Finance: Building the Future in the New Islamic Digital Economy,” with his co-author. The book, which has been widely cited and grown in popularity as the primary reference material on Islamic FinTech, will be updated in a Second Edition by the publisher (De Gruyter, Germany) and released in August 2022 with three new chapters.

His two other books, where he is the sole author, are, “Beyond Fintech: Technology Applications for The Islamic Economy” and “Belief and Rule-compliance: An Investigation into Economic Behaviours”. The former is an extension of his first book on Islamic FinTech mentioned above, while the latter is the first book on Behavioural Economics using Game Theory from an Islamic perspective.

You may be disappointed to learn that the course is not yet available to the general public, despite efforts to make it so. I was able to get first-hand information on the course through a phone call with him, and here is what I can share:

This course is one of a kind because it combines the global standard of Islamic finance curriculum with the principles and operational framework of leading Islamic finance institutions. Originally, the “Core Foundation to Islamic Finance” course was a six-week, three-hour weekly class. However, its materials can be tailored to fit either two-day weekend classes or intensive three-day classes. It is an instructor-led blended course with discussions on relevant and current events, as well as relevant assignments and short quizzes to reinforce learning. While the course is intended to be introductory in nature, it has the rigour of a university elective, so those interested in taking it should have a basic understanding of finance or economics.  The following topics will be covered in detail in the course:

• Introduction to Islamic finance: Basic shariah principles and practices that make up the foundations of Islamic Finance and making a case for Islamic Finance in the modern financial system.
• Types of Islamic Financial Contracts: This is the standard type of contract you will learn about in every Islamic finance course or book, such as musharakah (joint venture agreements), ijarah (lease agreements), salam (advance payment sales) and istisna’ (manufacturing agreements).
• Islamic Banking Operations & Instruments: This unit will touch on the available instruments Islamic financial institutions have at their disposal, such as shariah-compliant export credit financing and bank guarantees.
• Islamic Capital Markets: Ever heard of sukuks? Well, this unit will touch on the different “permutations” of the debt and equity markets as well as other types of Shariah-compliant investments available for Muslims, such as REITs, ETFs, and such.
• Risk Management and the Regulatory Framework for Islamic Financial Institutions: Besides takaful, attendees will learn about the different instruments Islamic financial institutions use to hedge their risks, such as Islamic Profit Rate Swap (IPRS) and Islamic Forwards.
• Globalisation and Challenges for Islamic Finance: This unit will dive into the need for corporate governance in Islamic financial institutions and the additional Shariah governance that is meant to ensure Islamic finance’s resilience and stability.

My thoughts: Through several IFSG webinars that we have involved Dr. Hazik, I have enjoyed his lectures and am personally excited to learn about this course that would benefit Singaporeans where there is yet to be a formal course in any of its universities. We may even have him teach Islamic Economics in the future, as I have discovered that it is a subject close to his heart. Furthermore, if the response is positive, we may be able to offer a certification or advanced diploma in Islamic finance right here in Singapore!

Update: We are currently crafting an on-demand e-learning course on this. We’ll be updating it here!

Islamic Personal Finance Courses Singapore

It is not surprising that the Muslim community in Singapore is looking for investment opportunities. How could they not, given that they have the funds but do not know where to put them? While financial advisors can help them with their finances, they are typically bound by their licences and the firm’s investment products, and thus are only permitted to offer mutual funds or ETFs due to regulations.

Some advisory firms even offer non-shariah compliant investments to Muslim clients, such as mutual funds with no shariah advisor or conventional bond funds.

Fortunately, I came across Financial Alliance while researching the Islamic finance scene in Singapore. They even brought Malaysian scholars to Singapore to speak to a packed auditorium about Islamic finance. I have yet to come across an independent wealth management firm that possesses:

• Their own shariah advisor internally and externally (who is a recognised international scholar).
• A head who has spent nearly three decades in Islamic finance.
• Their own fatwa and processes when it comes to wealth management products.
• Innovative investment products such as the I-REITs and Private Equity, besides six other shariah compliant mutual funds.
• The experience and drive to truly champion the cause of Islamic finance in Singapore.

Fast forward to today, IFSG and FAiWA continue to organise personal finance courses for Muslims in Singapore, whether it be through webinars or physical events.

Islamic Wealth Management (IWM) and Islamic Personal Financial Planning (IPFP) by Financial Alliance Islamic Wealth Advisory

Recognising that there are few events that cover wealth management while also having the experience and products to back it up, Financial Alliance Islamic Wealth Advisory (FAiWA) developed their own course as early as 2010. As Mr. Sani pointed out, there were very few players, let alone products, when they first began. Even Franklin Templeton funds were not initially shariah compliant, so they had to rely on traditional funds and then use Ideal Ratings to screen each security within the fund for shariah compliance.

While Singapore is well-known for having no takaful (Islamic version of insurance) except for Umrah Takaful travel by ST&T International and HSBC Takaful, the latter of which has since closed and only serves its existing customers, FAiWA has taken the proactive step of approaching a Malaysian scholar and explaining the local context of Muslims in Singapore to give a fatwa on how to approach insurance methodically, including an analysis of the situation in Singapore. These factors, along with the fact that their estate planning partners and internal shariah advisor, Ustaz Haron Masagoes, have been with the firm for over a decade, make them a credible source to learn about Islamic wealth management in Singapore.

The IWM, which takes place only twice a year and serves as a precursor to Islamic personal financial planning, covers the following topics:

• Islamic Personal Financial Planning
• Debt management
• Investing in shariah compliant assets
• Understanding insurance
• Zakat and Waqf planning
• Estate planning for individuals and families

Even though the event is only supposed to last 1 hour and 30 minutes, it always lasts longer than two hours because Mr. Sani tries to answer as many questions as possible from the audience. In addition, any unanswered questions will be forwarded to Ustaz Haron for follow-up after the event.

The Islamic Personal Financial Planning course (IPFP), on the other hand, began as a two-day, three-hour weekend event that covered the six modules mentioned in detail. Following Mr. Sani’s presentation of the first three modules on the first day, Ustaz Haron will present the second set of modules, explaining in detail the methodical steps in applying the fatwa on insurance, going through a practical application of how zakat is done in Singapore, explaining the estate planning process for Muslims, and concluding with a Q&A.

My thoughts: Overall, FAiWA’s IWM and IPFP are one-of-a-kind educational experiences that you should not miss. Mr. Sani and Ustaz Haron’s experience, ability to explain, and passion are a rare combination that I have yet to see in other financial advisory firms that organise similar events but lack the breadth of shariah-compliant products and depth of knowledge in their field

Islamic Wealth Management by Pergas Investment Holdings

Pergas Investment Holdings also offers an Islamic Wealth Management course to working professionals in the financial advisory industry. This complements their i-wasiat product (the first online Islamic will platform), which makes it a lot easier for Muslims to conduct their wills. They are currently reviewing the course before making it available to the public. When we get more information, we will post it here!

Islamic Banking Courses in Singapore

In Singapore, there are no Islamic banking certifications or courses. This is understandable given that there are only three players in Singapore offering Islamic banking services: Maybank, CIMB, and OCBC. Nevertheless, both Maybank and CIMB hold educational talks on Islamic banking on a regular basis.

However, if you are still looking for a single paper qualification in Islamic banking, Jamiyah Education Center is the only local institution offering a diploma certificate in Islamic banking and finance.

Diploma in Islamic Banking and Finance by Jamiyah Education Centre

The Jamiyah Education Centre (JEC), located on Changi Road, offers this diploma for part-time students for a period of two years and eight months. When looking at the course structure, local university or polytechnic graduates may notice that the modules, such as Bahasa Malaysia komunikasi, ibadah camp, and advanced English, are trivial. As the course title suggests, several modules will be on an introductory level, such as principles of accounting, an introduction to takaful, fundamentals of investment, and so on. However, because I have not seen the course material, the course content could be substantial.

The total fee is estimated to be S$ 9700 (S$ 180 per month * 32 months + 32 modules * S$ 120 exam fee per module + S$ 100 registration fee), which may appear to be a lot, but you will have access to their campus facilities, such as their library

I do not have much to say about this diploma other than to commend them on their efforts to offer this course to the public. If you are a student there, please contact us and I will gladly include your experience in an update to this article.

Professional Certificates in Islamic Finance and Banking

While it can be difficult to find Islamic finance courses locally, there are a respectable number of Islamic finance courses available abroad via e-learning platforms. You can also find great value in courses offered by our neighbouring country, which has several Islamic finance institutions, including the Islamic Banking & Finance Institute Malaysia (IBFIM) and the Chartered Institute of Islamic Finance Professionals (CIIF), among others.

Aside from the IFQ certification, I have only attempted two overseas certifications and discovered that, while certifications are important, they should always be supplemented with practical work experience. My colleagues, for example, were debating an AAOIFI shariah standard but could not see any technical implementation until a banker shared what the working practise was.

In this section, I discuss some of the courses I took as well as some that I discovered but have yet to try.

Certified Islamic Finance Executive by Ethica Institute of Islamic Finance 

I first learned about Ethica Institute while working at ING bank in 2019. What surprised me was how many awards it had received for its courses, as well as how many banks, both conventional and Islamic, had enrolled in its CIFE and ACIFE programmes. The testimonials were also very convincing and made it sound very practical, so I wondered why MUIS didn’t offer this course to Madrasah students. I chose and enrolled in the ACIFE in Financial Analysis because I already had the IFQ L3 certification.

They also offer:

• Certified Islamic Finance Executive – their main product
• Advanced Certified Islamic Finance Executive in Accounting – a more specialised version of the CIFE

All of these certifications are trademarked, so you can proudly list them on your LinkedIn profile. The courses on Ethica are very detailed, and the learning portal has audio explanations of concepts as well as visual diagrams that you can interact with. This makes it perfect for online learning. Even though I only took the ACIFE FA course, I noticed that it was very practical, like it was preparing me to be an Islamic banker. For example, I had to figure out how to calculate the monthly rent for a partnership that ends in ownership (ijarah musharaka muntahia bittamleek).

The CIFE course is made up of a total of 22 modules, but because some of them are made up of three parts, they can be put together to make 11 modules. On the other hand, ACIFE FA and ACIFE ACC each have 12 and 9 modules. Ethica has also written an 800-page E-book about Islamic finance and has been recognised by AAOIFI as a training partner to help students learn more about the subject. Also, if you pass their test, they will send you your certificate in a beautiful-handcrafted frame and help you find your next job in Islamic finance.

During my first year of college, I was lucky enough to pass the ACIFE FA test. But if you take it, make sure to practise and write down the questions at the end of each module, because most of them will be on the final exam. You might also find it helpful to learn the order of excel calculations and write them down so you can use them on your exam and at work.

My thoughts: You will be amazed by how many awards Ethica has won and by how many bank employees it has trained. The certification is priced in US dollars, and it is quite expensive. However, if you wait for the discount email and choose to pay in instalments, you can get more out of your Singapore dollars. As was already said, the certification is mostly for people who work in retail Islamic banks, but some modules, like sukuk calculations, can also be used in corporate finance. This is the right certification for you if you want one that is useful, easy to pass, and still covers a lot of ground.

Enquire us about the course here.

Visit the course site here!

Certified Shariah Advisor & Auditor (CSAA) by AAOIFI 

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is a world-renowned body in Islamic finance. Through its shariah standards and governance, the organisation has attempted to standardise the main practises of Islamic financial institutions. The topics range from currency trading to more relatable concepts like zakat and takaful (Islamic insurance). The level of technicality involved in Islamic financial products will astound you.

The exam contains 100 questions, 90 of which are difficult multiple-choice and 10 of which are true-or-false. You will be tested on 48 Shariah standards ranging from “Trading in Currencies” to “Trust-Based Termination Options,” as well as four governance standards ranging from “Shari’a Supervisory Board: Appointment, Composition, and Report” to “Audit and Governance Committee for Islamic Financial Institutions.” The passing score is 70%, and the exam is entirely online through an exam portal. If you pass, you will be able to display the “CSAA” designation alongside your LinkedIn name, as other successful candidates have.

The exam is unquestionably passable if you thoroughly study Shariah standards, but I failed my first two attempts due to procrastination and scheduling errors. The dryness and difficulty in grasping technical concepts make it difficult, not just for one standard but for 48. The questions are also challenging, as if there are only two possible answers.

My thoughts: The CSAA is for you if you want to appreciate and comprehend Islamic finance on a technical level. The name has a strong brand, and few people pass the exam despite having studied Islamic finance as an undergraduate or graduate student. Passing the exam, as unoriginal as it may sound, requires time, effort, and coffee. It is normal to fall asleep soon after beginning to study the standards. I feel compelled to point out that the CSAA exam questions are easier than the IFQ, and that the CSAA, while less expensive than the CIFE, is the most widely recognised Islamic finance certificate in the world. Please click the button below to register!

Note that we have a variety of mock exam papers, questions, mind maps, and other resources to help you pass the exam. In addition, instead of paying the list price of US$ 1200 for the exam, you can pay US$ 360, which is less than S$ 500, via IFSG. Simply email us for more information.

Islamic Finance Codex by Islamic Finance Guru

The guys at Islamic Finance Guru have truly set the standard for how an Islamic finance course using classical texts should be done, with a two-year weekly course that is eligible for AAOIFI Continuing Professional Development (CPD) hours and led by Mufti Faraz Adam. Mufti Faraz will be referring to the book “the Majallah,” which is the result of an eight-year effort by several scholars to codify Islamic commercial law.

Students will learn Islamic finance from a classical source, understand the wisdom behind the rulings, and have practitioners explain how specific products work in practises.

Fees for the course start at £60 per month for two years, or £1152 if paid in advance (20% discount). There are a total of 67 classes, covering topics like collaterals, debt transfer, agency, and much more. In addition to these two courses, IFG offers two others if you are interested:

• Screening for halal stocks – £54
• The halal money formula – £232

IFG started as a blog in 2015 and has since expanded its offering to include articles, an angel syndicate offering start-up investing alongside other big-name investors, and, most recently, a wealth app that conveniently shows your halal investments and more. Subscribe to their channel if you have not already!

Enquire us about the course here.

Visit the course site here!

Islamic Finance Courses under TAIF Digital Institute

I first heard about TAIF courses after watching a webinar about a CSAA course they were offering for candidates taking the exam anywhere in the world who did not have access to an instructor. Since then, TAIF has created more than ten self-paced learning courses, exam prep, and diplomas in collaboration with well-known financial institutions. You can also purchase part of the entire course, such as the following:

• Islamic microfinance for beginners by Aneeqa Malik.
• Certified Islamic Finance Risk Assessment and Mitigation Specialist (CeIFRAM) by Dr. Tawfiq Azraq.
• CISI Islamic Finance Qualification (Preparatory Course) by Patrick Mahdi.
• AAOIFI Certified Islamic Professional Accountant (CIPA) Preparatory Class.
• AAOIFI Certified Shari’ah Adviser & Auditor (CSAA) Preparatory Class.
• Certified Code of Ethics Practitioner.
• Certified Waqf Practitioner.
• Certificate in Shariah Compliant Business.
• Basics in Financial Analysis.

Furthermore, TAIF provides Anti-Money Laundering and Zakat Accounting Specialist courses for those who can understand Arabic and want to learn from Middle Eastern practitioners. They also host educational webinars, such as one on “Understanding Riba” by Nizar Alshubaily, author of two books on the subject. IFSG has also worked with TAIF to hold the CSAA exam in Singapore and has recently hosted a webinar with Mufti Faraz Adam on “Incorporating Islamic Finance into Our Daily Lives” (watch the recording here).

My thoughts: TAIF is ideal for busy professionals seeking self-paced learning courses and certificates at a fraction of the cost of comparable courses available elsewhere. Despite the fact that I am enrolled in four of their courses (Certified Code of Ethics Practitioner, CSAA preparatory course, CSAA Specialist, and Islamic fintech), I believe the Islamic fintech diploma course stands out due to its diploma status and highly interactive content that rivals Ethica. They have also been quick to develop new courses by enlisting credible experts in their respective fields, so keep an eye out for newer courses!

Enquire us about the course here.

Visit the course site here!

The Messenger’s Money Morals with Mufti Faraz Adam

Was there a concept of banking during the prophet’s time? If not, how did the Muslim community manage their wealth back then?

Mufti Faraz’s question during the Messenger’s Money Morals course teaser still sticks with me. If you have taken any Islamic finance courses, you will notice that the majority, if not all, of them focus on the technical side of Islamic finance. This includes Islamic finance’s various structures, prohibitions, and exceptions. Although some courses do cover the ethical and shariah aspects of business, this is usually not the case from the start.

It is like reading the Quran and coming across a verse that tells us Muslims to do this or that. While we accept the ruling, do we understand why this verse was enacted? What was the verse’s context? How does it play out in our daily lives? Knowing the answers to these questions increases our appreciation for the rulings.

Applying it to Islamic finance, shariah governance, and compliance is more than just checking a few boxes. It is much more than that. As a matter of fact, there is a need to revisit Islamic finance through the lens of hadith and reconnect with the Prophet (ﷺ).

And that is exactly what you will be doing in this course. While the successful “Islamic Finance Codex” goes through the Majallah, this course will study 5 globally recognised hadith books, namely:

• Sahih Al-bukhari
• Sahih Muslim
• Sunan Tarmizi
• Sunan An-Nasai
• Al-Muwatta’

When you consider how it will be relevant for individuals looking to emulate the prophet’s strategy when it comes to building an Islamic economy, this is a truly unique approach to learning Islamic finance.

Classes will begin in September 2022 and will last one and a half to two hours per week. Certificates will be issued once you have completed this two-year course. More information about the course can be found here.

Various certifications on Islamic finance in Malaysia

Two organisations come to mind when looking for certifications in Malaysia:

• Islamic Banking & Finance Institute of Malaysia (IBFIM)
• Chartered Institute of Islamic Finance Professionals (CIIF)

The former offers a wide range of Islamic finance courses, from beginner to intermediate certifications. In addition, there will be financial planning courses included, but I believe it is tailored to Malaysian financial scene. The cost of a course ranges from RM219 for bespoke courses to RM 17,000 for intermediate qualifications with weekly classes.

The CIIF was founded in 2015 with the goal of raising the professional standards of Islamic finance professionals. They provide the Chartered Professional in Islamic Finance (CPIF) programme, which is divided into two tracks: banking and takaful (Islamic insurance). The programme is divided into four levels (foundation, intermediate, proficient, and chartered), has 14 modules, and can cost up to RM17,600 to achieve chartered status, which allows you to use the CPIF designation.

Diploma and Postgraduate diploma in Islamic banking by Institute of Islamic banking and Insurance, UK

I came across the Institute of Islamic Banking and Insurance (IIBI) in the United Kingdom early in my quest to learn more about Islamic finance, which offers distance learning for its Islamic banking diploma and postgraduate diploma in Islamic Banking and Insurance. The prices are also quite reasonable, at £525 and £1350. However, at that time the fees prevented me from taking it after the IFQ certification since I was still a pre-university student. The diploma certification modules appear to be interesting as well, beginning with an introduction to the Islamic economic system and concluding with an introduction to Islamic insurance.

IIBI’s online distance learning approach has been accredited by the British Accreditation Council for Independent Further and Higher Education. There are also exemptions available for Markfield’s Institute’s MSc Islamic Economics, Finance, and Management degree, which is awarded by Newman University, one of several universities that offer postgraduate certifications in Islamic finance.

Various certifications by other institutes globally on Islamic finance:

There are several Islamic finance certification institutes in Pakistan and India, but from my experience, they usually offer the course in their native language. Furthermore, there are two institutions where you can learn Islamic finance while maintaining a strong reputation in the Islamic finance industry:

• General Council for Islamic Banks and Financial Institutions (CIBAFI)
• Chartered Global Management Accountants (CGMA)

The former offers three levels of certification via distance learning: professional, diploma, and master. In the professional certification alone, there are ten different certifications ranging from “Certified specialist in Takaful” to “Certified Islamic bank manager.” There are five diploma levels, ranging from “Professional advanced diploma in Islamic finance” to “Professional diploma in risk management.” “The executive masters in Islamic finance” is the only master’s programme available. The fees are as follows:

• Professional Certificates– US$ 500/certificate
• Professional Diploma– US$ 1,000/diploma
• Executive Professional Master– US$ 3,000/master

CGMA, on the other hand, is a surprise entrant offering Islamic finance certification, despite the fact that most institutions’ names include some form of Islamic finance terminology. It provides one diploma and four certificates in Islamic finance (pricing for non-members is listed):

• Diploma in Islamic finance – £749.00 | 160-hour learning duration
• Certificate in Islamic commercial law – £219.00 | 40-hour learning duration
• Certificate in Islamic banking & Takaful – £219.00 | 40-hour learning duration
• Certificate in Islamic Capital Markets and Instruments – £219.00 | 40-hour learning duration
• Certificate in Accounting for Islamic financial Institutions – £219.00 | 40-hour learning duration

All five certificates are available online for one year after purchase and provide you with the recognition of a reputable financial institution. In the future, CFA may offer some certifications as well.

All five certificates are provided by a recognised institution in the world of finance and are available online for one year the purchase date. Hopefully in the future, similar certifications can be offered by the Chartered Financial Analyst (CFA).

Degrees and Masters in Islamic finance

Despite my strong desire to pursue a degree in Islamic finance, my only options were regional and Middle Eastern universities. After some thought, I decided to pursue a local university degree while also pursuing Islamic finance certifications along the way, as such a degree would be more recognised in Singapore while still exposing me to the workings of the conventional financial system.

Malaysia, as a recognised leader in the Islamic finance industry, is without a doubt the best place to learn Islamic finance. Since I have no prior experience studying at any of these institutions, I enlisted the help of three contacts who have, and here are their thoughts:

International Islamic University Malaysia (IIUM)

“I enrolled in a Bachelor of Finance (Islamic Finance) in IIUM because academicians and practitioners who are well-versed in Islamic finance are involved with IIUM like Tan Sri Dr. Daud Bakar and Dr. Engku Rabiah. Both of them are members of the Syariah Advisory Council of the Malaysian Securities Commision. You should care if your professor is an industry professional or not, because it can help you understand the link between theory and practice, bring real-world experience into the classroom, and better prepare you for the future as an Islamic finance professional. Furthermore, the programme has been developed to expose students to both conventional and Islamic finance disciplines. The programme aims to produce competent finance graduates who are equipped with a solid foundation in the finance field and who are capable of taking up leadership roles in major organisations and corporations with the view of achieving the Maqasid al-Shariah (the higher objectives of Islamic law). Moreover, students that are interested in pursuing their master’s in Islamic finance can continue to the Institute of Islamic Banking and Finance. A special programme that has received the Best Islamic Finance University in Banking and Finance Award 2017. The programme aimed to produce well rounded professionals in finance who are imbued with Islamic values and ethics.” Wan Muhd Dhiyauddin, Bachelor of Finance (Islamic Finance), Class of 2022.

International Centre for Education in Islamic Finance (INCEIF) University

“I became interested in Islamic economics while studying shariah at the International Islamic University Malaysia (IIUM). As a result, I decided to pursue a master’s degree in Islamic finance. I chose INCEIF University to further my studies for a variety of reasons. INCEIF’s faculty members are well-known Malaysian practitioners and researchers. They are experts in their fields, which include finance, banking, econometrics, and shariah. The program’s modules are critical in laying the groundwork for our understanding of Islamic finance. There is never a dull lecture because there is a lot of group work, case study analysis, and presentations in class. In addition, the faculty will offer a variety of workshops on topics such as project management, public speaking, and data analytics. The most important aspect is action-based learning, which exposes us to working directly with industry players. Students are given projects and are expected to propose solutions and recommendations for any problems or new inventions. INCEIF graduates are now academicians and practitioners who are well-versed in Islamic finance as well as having the experience and tools required to excel in the industry. ” Nasiruddin Hussen, Wealth Associate, Ascent Islamic, Class of 2016.

Durham University Business School

“I graduated from Durham University with a master’s degree in Islamic finance in 2020. Since then, I have been working at the Industrial and Commercial Bank of China (ICBC) Dubai Branch in the UAE for a while and am now preparing for my PhD application.

Before I started this program, I knew that Durham University as a world-class university with a prestigious position around the world. It has one of the best business schools in the UK and is a great place to learn because both the teachers and the students come from different cultures. So, as a student from another country, it really is the ideal place for me to study. Also, Mehmet Asutay, who is in charge of the MSc in Islamic Finance and Management program, is a leading researcher and pioneer in the field of Islamic Moral Economy. Professor Mehmet cares a lot about Islamic moral economy and has made a lot of important contributions to this field. It was a pleasure to learn from him, and I gained so much knowledge from what he taught me.

The MSc in Islamic Finance is a full-time, one-year programme that is designed to give students rigorous training at the cutting edge of research and help them develop advanced technical and analytical skills. The classes are very specialised and include both lectures and seminars. Different modules are taught, like Islamic capital markets, Islamic banking, Islamic management, Islamic political economics, Islamic accounting, Islamic law and transactions, etc. The programme also has regular webinars where people from academia and the business world talk to students and share more information. Students are graded on essays, presentations of group projects, tests, and the final dissertation, which is a very in-depth analysis of quantitative or qualitative research.

In addition, the environment is very lively and supportive. One would have a strong desire to learn and a sense of being lucky to be surrounded by smart teachers and students. Durham is a great place to study, but it’s also a beautiful country town with great views. I would strongly suggest this programme to anyone who wants to learn more about Islamic finance.” Aini Mian, ICBC, Class of 2020.

The Best Books on Islamic Economics, Finance, and Banking?

My first book on Islamic finance was the CISI’s Islamic finance qualification book. Although it was difficult to read at first because of the technical terms and structures in Islamic finance, such as sukuks, it is quite simple to understand once you get the hang of it. Having said that, the book provides a comprehensive overview of Islamic finance, from its history to its spirit to the various products. However, over time, I came across a variety of Islamic finance books ranging from introductory to advanced. Here are my top suggestions:

Islamic Finance, Why It Makes Sense by Daud Vicary and Keon Chee

Who would have thought that a Caucasian and a Singaporean Chinese would collaborate on a book that explains Islamic finance so well? If you are new to Islamic finance or are just getting started, this is my personal recommendation. If you search for the book on Google, you will find it in two colours: blue and brown, with the former being the first version.

Similar to the IFQ book, it begins by explaining Islamic finance before moving on to the products and, true to its title, explains why Islamic finance products exist. For example, while many books simply state that zero sum games are not permitted in transactions, the book explains why it is not permitted by citing an example of a phone dealer who would win if you purchased its warranty and your phone did not sustain any damage because he would have received, say, $100 without any effort. In contrast, you would have won if your phone sustained more than $100 in damage and the phone dealer was forced to pay for it.

This, along with numerous other examples, provides the reader with a solid understanding of Islamic finance without the use of jargon. The authors are also both Islamic finance practitioners, and as Elbert Einstein once said, “If you can not explain it simply, you do not understand it well enough.”

The Art of Islamic Banking and Finance by Dr Yahya Abdul Rahman

Dr. Yahya, the founder of an Islamic bank in America (LARIBA), wrote a magnum opus of a book that explains Islamic finance in depth while remaining accessible to both beginners and intermediate Islamic finance practitioners. I had the opportunity to meet with him in Singapore and ask him how we can build an Islamic bank, to which he responded that we should start with a finance house that finances small things like bicycles before moving on to bigger goals like opening a bank. There were no digital banks at the time, so I’m wondering if it is much easier to start a bank now.

Apart from explaining the various Islamic finance products, the book is unique in two ways. First, it considers Islamic finance as a means of bringing together the three Abrahamic religions, all of which reject interest-based debt. Second, it adds a new layer to structures such as murabaha, in which the author introduces the “mark to market” rule. There are also references to Singapore, such as Dr. Yahya’s involvement in the Bencoolen mosque sukuk issuance.

When writing papers or conducting research, I still refer to this book. This book was also found in many Singapore libraries, including NTU. Dr. Yahya has an updated version of the book, similar to the one mentioned above, that I have yet to read and have not had the opportunity to find. The book is slightly more expensive, but it is also available online.

Shariah Minds in Islamic Finance by Dr Daud Bakar

Dr. Daud Bakar, a prominent shariah expert, wrote the book, which provides a rare and invaluable insight into the works of a practising global shariah scholar in Islamic banking. It starts with an explanation of what a shariah scholar is, then moves on to their roles, how a shariah scholar works, and finally the author’s thoughts on how the shariah fraternity can be improved further.

Throughout my learning of Islamic finance, I have encountered challenges that have led me to question whether Islamic finance is functional, such as disagreements about various Islamic financial products. Malaysia, for example, allows certain financial products while scholars in the Middle East do not, and variance in screening benchmarks ranging from 10% to 33.33%. While the author touches on a variety of issues, his ability to articulate his understanding of the subject at hand, as well as his decades of experience in the industry, make it a highly engaging read.

Is it possible to read it without prior knowledge of finance? Certain terms may be intimidating to someone new to finance and Islamic finance in general, so I recommend reading it after the two previous books or any book that introduces you to Islamic finance. This is so you can appreciate the time and effort put in by shariah scholars and not be swayed by those who call Islamic finance “back door riba” or “interest swapping for profit.”

Global Leaders in Islamic Finance by Emmy Abdul Alim

Emmy, written by a Singaporean, interviewed ten key figures in the Islamic finance space, including politicians like Mahathir Mohamed, economist Prof. Dr. Abbas Mirakhov, and shariah scholar Sheikh Nizam Yaquuby. There are many other excellent Islamic finance leaders, of course, but these ten represent the various aspects of Islamic finance, from law to shariah to even politics. This book made the list because it is a timeless reminder of the seeds planted by the early forefathers of Islamic finance for us, the next generation, to reap.

YouTube Videos on Islamic Economics, Finance, and Banking

YouTube is the place to go if you are on a tight budget and prefer watching videos to reading books. Simply searching “Islamic Finance” will yield explanation videos, seminars, and animations. While famous shariah scholars can be found discussing Islamic finance and answering questions, you should also take certain people’s objections to specific products, such as sukuks not being halal and Islamic banking being back door usury, with a grain of salt.

Here are some of my favourite YouTube channels, along with some brief comments:

Tan Sri Dr. Daud Bakar

Although he does not have the entire series that one would expect from an Islamic finance education, he does have many recordings and snippets that explain why some financial items are halal and others are not. He has a talent for simplifying complex topics for the general public, similar to his writings, even when the issue appears to be highly complex.

Almir Colan

Almir Colan is the CEO and Director of the Australian Centre for Islamic Finance at Olive Investments (AUSCIF). He has a sizable following and a comprehensive playlist of Islamic finance films, including the Islamic Finance Clinic Course (39 videos) and Riba Prohibition (12 videos), among others. If you’re interested, he also has a podcast and a blog where he discusses various Islamic finance topics.

Islamic Finance Guru (IFG)

When it comes to Islamic finance at the retail level, IFG aspires and works hard to be the global champion. Aside from the courses mentioned earlier, they also have a variety of videos and playlists that cover not only Islamic finance but also personal finance. Given their hectic schedules, which include managing their angel syndicate and developing courses, their video production is excellent, and you’ll almost certainly hear their comments on major news that shakes the Islamic finance retail industry, such as the Wahed-SEC penalties.

Conferences in Islamic finance

When Islamic finance was a big topic around the world, monthly conferences would arrive, sometimes even in Singapore. I was also given the opportunity to attend the World Islamic Banking Conference (WIBC) and the Islamic Finance Services Conference (IFSC) on a complimentary pass (normal price $300+) when they were held in Singapore. In addition, I was granted complimentary passes to Malaysia’s Muzakarah Cendekiawan Syariah Nusantara (Regional Shari’ah Scholar’ Dialogue) and the well-known Kuala Lumpur Islamic Finance Conference (KLIFF). Through these conferences, I was able to expand my network, talk with practitioners, and stay current on the Islamic finance Through these conferences, I was able to expand my network, talk with practitioners, and stay current on the Islamic finance environment.

While the number of Islamic finance conferences in Singapore has decreased, our neighboring country continues to conduct a number of such conferences each year, even when the pandemic strikes. With borders opened and limitations loosened, such conferences will most likely be presented in a hybrid style, so if you don’t receive a free pass, you can probably discover their live YouTube link! The following is an overview of the conferences:

• Kuala Lumpur Islamic Finance Forum: This two day event brings together practitioners and shariah scholars to discuss current issues and challenges such as Fintech and ESG integration. The event is followed by a “Muzakarah Penasihat Kewangan Islam” (Dialogue with Shariah Advisors), so expect to see eminent shariah scholars like Dr Ali Elgari and Sheikh Nizam Yaquby, as well as Malaysian shariah scholars like Prof Dr Akram Laldin and Tan Sri Dr Daud Bakar.
• Muzakarah Cendekiawan Syariah Nusantara: A more specialized conference session in which shariah scholars and academicians present research papers on a specific theme to a group of shariah scholars, practitioners, and academicians. The session concludes with a vote on the research papers that were presented.

Where to start learning Islamic finance?

To be honest, it all depends on your current circumstances; are you a student? Are you an expert? Those who approached me came from a variety of backgrounds, and I had to figure out why they wanted to learn Islamic finance at all. Some have suggested that because they work in the accounting department of a Muslim religious body in Singapore, they should understand Islamic finance, but I disagree.

In any case, here is a quick checklist you might find useful:

• You are a tertiary student with limited funds but want to learn Islamic finance as it piqued your interest:

As a start, you may read the recommended Islamic finance books, “Islamic Finance, Why It Makes Sense” or “The Art of Islamic Banking & Finance.” Then, look for Islamic finance in public libraries or the library at your institution. There will undoubtedly be Islamic finance books. You can find several books on this topic in the Tampines Library, such as Harris Irfan’s “Heaven’s Bankers.” Additionally, you can watch videos by Almir Colan, Tan Sri Dr. Daud Bakar, or IFG, and if you have $10–$15 to spare, you can attend the FAiWA Islamic Wealth Management webinar!

• You are a working adult who doesn’t mind spending some money to learn Islamic finance:

Aside from the recommendation above, I believe attending local Islamic finance and economics classes will be a good place to start, but you may have to wait for registration to open. Otherwise, the Islamic Finance Codex is recommended because it is extremely rare to find an on-demand Islamic finance course through traditional sources.

• You are a working adult with a finance background and want to understand Islamic finance on a technical level:

I believe the CSAA is the most well-known of all the certificates available. It is difficult at first, but if you begin early enough, you will get the hang of it and, hopefully, pass. Otherwise, I have heard practitioners recommend INCEIF as the best option for postgraduate study! It is much younger than IIUM, but due to its specialisation, it was always bound to catch up. The International Shariah Research Academy (ISRA) building is also adjacent to the INCEIF faculty, as if research and education are inextricably linked.

The Islamic finance industry in Singapore

When it comes to Islamic finance, Singapore, as much as I wish, is not like Malaysia. We have the infrastructure in place for Islamic banking to thrive but becoming a global financial hub for Islamic finance is no easy task. While the hype surrounding Islamic finance has subsided significantly, the retail audience’s interest in managing their wealth in a halal manner, the arrival of new shariah-compliant funds in Singapore, and collaboration between stakeholders locally and internationally provide a ray of hope that change, however small, is on the way.

In Singapore, contrary to popular belief, there is a future for a career in Islamic finance or banking. In Singapore, you can find a position with a variety of stakeholders, though clearly not as many as in the conventional or while travelling to our causeway neighbour.

Nonetheless, you can email us your details and we will share with you any job openings we received from our contacts.

Footnote

[1] Fikih Ekonomi Umar Bin Al-Khathan, by Asmuni Solihan Zamakhsyari, page 65-67. The book is a translation of Dr Jaribah Bin Ahmad Al-Haritsi’s book, Al-Fiqh Al-Iqtishadi Li Amiril mukminin Umar ibn Al-Khathab.

[2] See https://sunnah.com/bukhari:2083

[3] Islamic Branding and Marketing by Paul Temporal, pg 158

Profile of Author and editor

Written by: Muhammad Ridhwaan Radzi, CSAA (Linkedin)
Ridhwaan found his passion for Islamic finance at the school where he graduated from – Madrasah Aljunied Al-Islamiah. He is currently a business undergraduate in NTU and the Managing Director at Islamic Finance Singapore (IFSG). While in the university, he has taken three qualifications: IFQ by CISI. ACIFE in Financial Analysis by Ethica institute and CSAA by AAOIFI.

Edited by: Zul hakim Jumat, CSAA (Linkedin)
Zul Hakim is a certified Shariah advisor and auditor under AAOFI. He received his bachelor’s degree (Hons) in Jurisprudence and Principles of Jurisprudence while minoring in Economics from Kuwait University (2015) and his MSc (Hons) in Islamic Finance from Hamad Bin Khalifa University (2018). Currently, he is a researcher at the Center for Islamic Economics and Finance, Qatar Foundation, and a Phd candidate in the Islamic finance and economy program, Hamad Bin Khalifa University, Qatar. In addition, he is the deputy managing director at Islamic Finance Singapore (IFSG)

 

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