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Two factors led the Institute to develop a Post Graduate Diploma in Islamic banking and Insurance.

The first was the absence of any institution tailored to produce personnel well-versed in the principles and concepts of Islamic banking and in turn, meet the second, shortage of these personnel in the market place

The Post Graduate Diploma of the Institute has made a positive contribution to Islamic banking by equipping students with a comprehensive understanding of the concept and operation of this system.

The course is principally intended for graduates or individuals who have relevant work experience with the purpose of educating and training for a career in Islamic finance. The course may also be of interest to eligible students who simply wish to have an understanding of the underlying concepts and implementation of Shari'ah-compliant financial transactions.

The lessons for the course are written by Islamic Financial experts and scholars in the field of Islamic banking and finance. These were then checked for technical accuracy and compliance with the Shari'ah. The lessons were then edited by a professional editor and a proof reader. The contents of the course material are constantly under review.

UK's Durham University, has accorded recognition to the Institute's Post Graduate diploma course as an entry qualification to the University's Research MA as well as their modules on Islamic economics and Shari'ah-compliant finance. Informing the Institute of the recognition, Profs. Rodney Wilson, Head of the University's Centre for Middle East and Islamic studies, commended the Institute's post-graduate diploma course and described it as "well prepared, clearly setup and invaluable to students"

The programme aims at building knowledge of both Islamic economic principles and working knowledge of banking from the beginning. The course material does not support any particular creed or promote any religious doctrine. For all purpose it aims at providing the basis for evolution and progression of Islamic finance through the universal principles of socioeconomic justice found also in other faiths.

Module 1 : Islamic Economics & Finance

This module provides an introduction to the concepts of Islamic economics and Divine Guidance in Islam for the development of an interest-free economy based on the principles of socio-economic justice.

Lesson 1. Introduction to Islamic Economics
Lesson 2. Divine Guidance for an Islamic Economy
Lesson 3. Evolution of Islamic Interest-free Banking

Module 2 : Islamic Commercial Law & Contract

This module explains the Islamic principles and the modes used in financing and contracts, such as Qard, Dayn, Musharakah, Mudarabah, Ijarah, Wakalah, Kafalah, Hawalah, Jua'lah and Tawarruq

Lesson 1. Early Contracts, Rules of Sales(Bai) and Evolution of Islamic commercial Law
Lesson 2. Concept and Rules of Loan (Qard) and Debt (Dayn)
Lesson 3. Partnerships: Musharakah and Mudarabah as Financing and Investment Modes
Lesson 4. Diminishing Musharakah as Financing and Investment Modes
Lesson 5. Credit Sales: Murabaha and Musawamah as Financing and Investment Modes
Lesson 6. Future Sales: Salam and Istisna'a
Lesson 7. Leasing: Ijarah as Financing and Investment Modes
Lesson 8. Accessory Contracts (Wakalah, Jua´lah, Tawarruq, Kafalah, Rahn, Hawalah, Istijrar, Amanah)

Module 3 : Islamic Banking Operations

This module provides an introduction to the conventional banking system and goes on to deal with the key operations of Islamic banks and co-operation between conventional and Islamic financial Institutions.

Lesson 1. Outline of the Conventional Banking System
Lesson 2. Deposit and Resource Mobilisation by Islamic Banks (Liability Side)
Lesson 3. Financing by Islamic Banks (Asset Side)
Lesson 4. Islamic Banks Services and Fee-based Operations
Lesson 5. Cooperation between Conventional and Islamic Banks

Module 4 : Treasury and Capital Market Operations

This module deals with the Islamic Financial Markets, scope and instruments. It also discusses the concepts of venture capital, investment funds, units trusts, securitisation and sukuk in accordance with Islamic principles.

Lesson 1. Islamic Financial Markets and Instruments
Lesson 2. Venture Capital under the Islamic Financial System
Lesson 3. Islamic Funds and Unit Trusts
Lesson 4. Securitisation and Sukuk

Module 5 : Regulation, Supervision and Corporate Governance and Financial Accounting of Islamic Banks

This modules deals with governance and transparency issues in Islamic financial institutions, supervisory and regulatory issues, the role of the Religious Board, Shari'ah compliance audit, accounting and taxation issues. Its also provides guidelines for conversion of Interest-Based Banking to Islamic Interest-Free Banking and the practical steps for establishing an Islamic bank

Lesson 1. Corporate Governance, Regulation and Supervision
Lesson 2. Shari'ah board, Compliance and related Supervisory Issues
Lesson 3. Financial Accounting and Taxation Issues in Islamic Banking
Lesson 4. Financial Statements of Islamic Banks
Lesson 5. Practical steps for Establishing an Islamic Bank
Lesson 6. Conversion of Interest-Based Banking to Islamic Interest-Free Banking

Module 6 : Takaful - Islamic Insurance

This module explains Takaful and its rationale as an alternative to conventional insurance, the basic elements and models for takaful business and Re-takaful (Reinsurance)

Lesson 1. Concept, Objectives, Basis of Takaful
Lesson 2. Basic Elements and Operations Principles
Lesson 3. Business Models of Takaful
Lesson 4. Family Takaful Business
Lesson 5. General Takaful Business
Lesson 6. Retakaful or Reinsurance
Lesson 7. Corporate Governance, Regulation and Supervision of Takaful

The basic entry requirement for the course is a university degree and a good working knowledge of English. However, applicants without a university degree but having minimum three yeas professional experience in the relevant field may be enrolled by the Institute at its discretion. There is no upper age limit but persons below eighteen years of age are not eligible.

The applicable course fee and other relevant information will be advised on receipt of the completed application form and after it has been accepted.

The course fee varies according to the residence of the applicant and is advised in the acceptance letter after the application has been received by the Institute. The Fee is not payable in instalments and there is no financial assistance or scholarship available from the Institute. There are various method for payment of the course fee, including by credit card. Course fees will normally not be refunded after the starter pack is despatched.

Website: http://www.islamic-banking.com/diploma/index.php

Application Form: http://www.islamic-banking.com/diploma/registration.php

Send your enquries, comments and suggestions to:
Institute of Islamic Banking & Insurance, London
12-14 Barkat House, 116-118 Finchley Road, London NW3 5HT
Tel : +44 020 7245 0404
Fax: +44 020 7245 9769
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

When contacting the IIBI by post or email please always remember to enclose your name and full postal address including any reference number.

Pakistan, Iran & Afghanistan:
33/C 6th Zamzama Commercial Lane Phase 5, DHA, Karachi.
Tel: +9221 582 3464 Fax: +9221 582 3465 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it