Al-Balagh Shari‘ah Advisory and Auditing Level -1  

Exclusive for Ulama and Alimat

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*Considering the prevalent situation due to COVID-19, we are providing  scholarship on this Course

Select Payment Option:

**Free Digital Certificate Included

*Considering the prevalent situation due to COVID-19, we are providing  scholarship on this Programme

Select Payment Option:

**Free Digital Certificate Included

*Considering the prevalent situation due to COVID-19, we are providing scholarship on this Programme

Select Payment Option:

**Free Digital Certificate Included

Al-Balagh Shari‘ah Advisory and Auditing Level -1 

About the Course

There is a rising inclination towards Islamic finance industry thereby creating a high demand for Shari‘ah Advisors. Islamic Financial Institutions like islamic Banks etc need to make sure that their services and products are in-line with Shari‘ah regulations related to the field of finance, thus making Shari‘ah graduates demanded highly these days.

Al Balagh Academy is offering an exclusive Shari‘ah Advisory and Auditing Programme for those Shari‘ah graduates who wish to contribute in the Auditing industry as Shari‘ah Advisor. This programme aims to equip and prepare you with in-depth knowledge of the field and teach you the functioning of Fiqh Muamalat in corporates, businesses and Islamic financial institutions.The main aims of this programme is to provide theoretical knowledge coupled with the practical application of Shari‘ah Advisory.

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AT A GLANCE

20+ Lectures, Pre-recorded and Live Sessions

Duration: 6 Months

Every Saturday

Video Recordings Available

3 Hours Per Week

Access to Mobile App

Certificate

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Live Q&A

Enrol Now

Starts on January 16, 2021.

Course Fee

Pay in Full: £99.99 £39.99

(Considering the prevalent situation due to COVID-19, we are providing scholarship on this Course)

Pay In 6 Installments: £6.66 per month 

Registration Deadline

January 15, 2021.

Al Balagh Scholarship

AlBalagh Scholarship is available for learners who cannot afford the fee.

Learn More and Apply

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Course Team

Dr Rafaqat Rashid

(Academic Director, Al Balagh Academy, UK)

Shaykh Amin Kholwadia

(Founder, Darul Qasim, Chicago, USA)

AAOIFI Shari‘ah Standards (Full text of Shari‘ah Standards for Islamic Financial Institutions as at Safar 1439 AM – November 2017A.D)

STANDARD

1

SS (1): Trading in currencies

SS (1): Trading in currencies

STANDARD

2

Debit Card, Charge Card and Credit Card

Debit Card, Charge Card and Credit Card

STANDARD

3

Procrastinating Debtor

Procrastinating Debtor

STANDARD

4

Settlement of Debt by Set-Off

Settlement of Debt by Set-Off

STANDARD

5

Guarantees

Guarantees

STANDARD

6

Conversion of a Conventional Bank to an Islamic Bank

Conversion of a Conventional Bank to an Islamic Bank

STANDARD

7

Hawalah

Hawalah

STANDARD

8

Murabaha

 Murabaha

STANDARD

9

Ijarah and Ijarah Muntahia Bittamleek

Ijarah and Ijarah Muntahia Bittamleek

STANDARD

10

Salam and Parallel Salam

Salam and Parallel Salam

STANDARD

11

Istisna’a and Parallel Istisna’a

Istisna’a and Parallel Istisna’a

STANDARD

12

Sharika (Musharaka) and Modern Corporations

Sharika (Musharaka) and Modern Corporations

STANDARD

13

Mudaraba

Mudaraba

STANDARD

14

Documentary Credit

Documentary Credit

STANDARD

15

Jua’la

Jua’la

STANDARD

16

Commercial Papers

Commercial Papers

STANDARD

17

Investment Sukuk

Investment Sukuk

STANDARD

18

Possession (Qabd)

Possession (Qabd)

STANDARD

19

Loan (Qard)

Loan (Qard)

STANDARD

20

Sale of Commodities in Organized Markets

Sale of Commodities in Organized Markets

STANDARD

21

Financial Papers (Shares and Bonds)

Financial Papers (Shares and Bonds)

STANDARD

22

Concession Contracts

Concession Contracts

STANDARD

23

Agency and the act of an Uncommissioned Agent (Fadooli)

Agency and the act of an Uncommissioned Agent (Fadooli)

STANDARD

24

Syndicated Financing

Syndicated Financing

STANDARD

25

Combination of Contracts

Combination of Contracts

STANDARD

26

Islamic Insurance

Islamic Insurance

STANDARD

27

Indices

Indices

STANDARD

28

Banking Services in Islamic Banks

Banking Services in Islamic Banks

STANDARD

29

Stipulations and Ethics of Fatwa in the Institutional Framework

Stipulations and Ethics of Fatwa in the Institutional Framework

STANDARD

30

Monetization (Tawarruq)

Monetization (Tawarruq)

STANDARD

31

Controls on Gharar in Financial Transactions

Controls on Gharar in Financial Transactions

STANDARD

32

Arbitration

Arbitration

STANDARD

33

Waqf

Waqf

STANDARD

34

Hiring of Persons

Hiring of Persons

STANDARD

35

Zakah

Zakah

STANDARD

36

Impact of Contingent Incidents on Commitments.

Impact of Contingent Incidents on Commitments.

STANDARD

37

Credit Agreement

Credit Agreement

STANDARD

38

Online Financial Dealings

Online Financial Dealings

STANDARD

39

Mortgage and its Contemporary Applications.

Mortgage and its Contemporary Applications.

STANDARD

40

Distribution of Profit in Mudarabah-based Investments Accounts.

Distribution of Profit in Mudarabah-based Investments Accounts.

STANDARD

41

Islamic Reinsurance

Islamic Reinsurance

STANDARD

42

Financial Rights and how they are exercised and transferred

Financial Rights and how they are exercised and transferred

STANDARD

43

Insolvency

Insolvency

STANDARD

44

Obtaining and Deploying Liquidity

Obtaining and Deploying Liquidity

STANDARD

45

Bankruptcy

Bankruptcy

STANDARD

46

Protection of Capital and Investments

Protection of Capital and Investments

STANDARD

47

Al-Wakalah Bi Al-Istithmar (Investment Agency)

Al-Wakalah Bi Al-Istithmar (Investment Agency)

STANDARD

48

Rules of Calculating Profit in Financial Transactions

Rules of Calculating Profit in Financial Transactions

STANDARD

49

Options to Terminate Due to Breach of Trust (Trust-Based Options)

Options to Terminate Due to Breach of Trust (Trust-Based Options)

STANDARD

50

Unilateral and Bilateral Promise.

Unilateral and Bilateral Promise.

STANDARD

51

Irrigation Partnership (Musaqat)

Irrigation Partnership (Musaqat)

STANDARD

52

Options to Revoke Contracts Due to Incomplete Performance

Options to Revoke Contracts Due to Incomplete Performance

STANDARD

53

Options To Reconsider (Cooling-Off Options , Either –Or –Options And Options To Revoke Due To Non-Payment)

Options To Reconsider (Cooling-Off Options , Either –Or –Options And Options To Revoke Due To Non-Payment)

STANDARD

54

Arboun (Earnest Money)

Arboun (Earnest Money)

STANDARD

55

Revocation of Contracts by Exercise of a Cooling-Off Option

Revocation of Contracts by Exercise of a Cooling-Off Option

This course is exclusively designed to provide the participants a comprehensive and practical knowledge on Shari‘ah Governance Framework for Islamic Financial Institutions by concerned regulators. It will highlight the relevant scope, procedures and potential issues in implementing an effective Shari‘ah governance programme for Islamic financial institutions.

20 well-structured and presentation-based lectures will be given on the following topics that are directly related to Shari‘ah Advisory and Auditing:

SESSION

1

Islamic Banking: State Of Affairs

Islamic Banking: State Of Affairs

SESSION

2

Non Banking Islamic Financial Institutions

Non Banking Islamic Financial Institutions

SESSION

3

Conversion of Conventional FI into IFI

Conversion of Conventional FI into IFI

SESSION

4

Legal and regulatory frameworks for IFIs

Legal and regulatory frameworks for IFIs

SESSION

5

Global Financial System

Global Financial System

SESSION

6

Key Islamic Financial Institutions (Islamic Banks, Regulatory Bodies, Standard Setting Bodies)

Key Islamic Financial Institutions (Islamic Banks, Regulatory Bodies, Standard Setting Bodies)

SESSION

7

Shari‘ah Governance & Advisory Framework in IFIs (ideal model and current practices)

Shari‘ah Governance & Advisory Framework in IFIs (ideal model and current practices)

SESSION

8

Challenges Faced by Islamic Banks

Challenges Faced by Islamic Banks

SESSION

9

Internal Shari‘ah Auditing Mechanism

Internal Shari‘ah Auditing Mechanism

SESSION

10

External Shari‘ah Auditing Structure

External Shari‘ah Auditing Structure

SESSION

11

Roles and Responsibilities of Shari‘ah Boards

Roles and Responsibilities of Shari‘ah Boards

SESSION

12

Product Development Department

Product Development Department

SESSION

13

Shari‘ah compliance Department

Shari‘ah compliance Department

SESSION

14

Staff Training and Development

Staff Training and Development

SESSION

15

Role and Responsibility of Board of Directors and Executive management

Role and Responsibility of Board of Directors and Executive management

SESSION

16

Case studies of various Shari‘ah advisory models

Case studies of various Shari‘ah advisory models

SESSION

17

Central Shari‘ah Supervisory Boards (Shari‘ah boards of regulating bodies, commissions, International organisations)

Central Shari‘ah Supervisory Boards (Shari‘ah boards of regulating bodies, commissions, International organisations)

SESSION

18

Career Opportunities in the Shari‘ah advisory/auditing field

Career Opportunities in the Shari‘ah advisory/auditing field

SESSION

19

Further educational opportunities for the potential Shari‘ah advisors

Further educational opportunities for the potential Shari‘ah advisors

SESSION

20

Contemporary Literature on Shari‘ah Advisory and Auditing

Contemporary Literature on Shari‘ah Advisory and Auditing

Course Overview

This unique programme is designed to provide extensive knowledge to Shari‘ah Scholars related to the essential Shari‘ah Standards/ Principles in different Islamic modes and financing facilities with their practical applicability, issues faced in practical execution and continuous monitoring of every individual transaction. There will be presentation based lectures in this course to provide practical knowledge and application of Shari‘ah Advisory.

This advanced training programme will help Ulama understand the Shari‘ah compliance, review process and the skills required in Islamic banking and the finance industry. The programme also aims to familiarise students with the roles in Islamic financial institutions, the mechanics that ensure Shari‘ah compliance according to the scholarly rules, and to understand the technical review method used to determine Shari‘ah compliance. The Shari’ah Advisory and Auditing programme is designed to equip candidates with the requisite technical understanding and professional skills of Shari’ah compliance and review processes for the international Islamic banking and finance industry.

There will be two live online sessions every weekend. Each of 1 hr 30 minutes long interactive online class. One dedicated to the selected Shari‘ah Standards and the other on course modules.

The programme will mainly focus on the standards as formulated and approved by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) covering various Islamic modes of finance. The course will provide a thorough explanation and discussion of AAOIFI Shari‘ah standards, in terms of the background of establishment, development, underlying principles, and application through intense study of contemporary and practical case studies. Students would also gain an in-depth understanding of how classical Islamic financial contracts have been adapted to cater to the complexities of modern business and commerce.
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How is Al Balagh Shari‘ah Advisory and Auditing Training Programme different from other courses?

There are three major differences;
1. It is designed by leading Shari‘ah scholars and market practitioners.
2. It is offered through an interactive and self-paced learning system.
3. A career-oriented Islamic finance certification.

 

 

 Learning Objectives

The key aims and objectives of the course are to:

  • Provide a rich learning experience of Banking and Finance for Shari‘ah scholars.
  • Capacity building of fresh madrasa graduates in order to contribute to the future of Islamic finance.
  • Bridge the gap between the theory and practice of Islamic financial institutions via well equipped Shari‘ah compliance managers.
  • Examine the major Islamic banking instruments used in the industry and evaluate whether they are within the boundaries set by the AAOIFI Shari‘ah standards.
  • Hone the highly demanded Islamic financial skills among Shari‘ah students.

Learning Outcomes

By the end of this unique course, the students will gain advanced knowledge on:

  • Roles and functions of various Shari’ah compliance and review processes in financial institutions.
  • Correlation between a financial institution’s Shari’ah Supervisory Board (SSB) and its internal Shari’ah compliance and review processes.
  • Mechanism to ensure Shari’ah compliance in accordance with resolutions and fatwas (Scholars’ rulings) issued by SSB.
  • Technical review of banking and financial operations to determine Shari’ah compliance.
  • Establishing the foundations to gain stakeholders’ trust and confidence in a financial institution’s adherence to Shari’ah.

Frequently Asked Questions

Are Al Balagh courses recognised or accredited?

Al Balagh courses do not provide an externally accredited or recognised qualification. Our own expert team works at the course content. With over 5000+ learners, we are continuously growing and our vision is to make Al Balagh qualifications renowned worldwide through our expert team, without seeking formal accreditation or recognition from external institutional bodies.

How is this online course structured?

Our online course comprises live interactive online sessions, pre-recorded videos, online course material that include, presentations, reading material & online learning activities. Students may ask questions and get their doubts cleared from their respective lecturers, if any. Our dedicated academic support team will assist you as required.

When will I have access to the online course material?

Upon successful enrollment, you will get access to myAlBalagh (our online learning portal) within 24 hours.

Will I get notification for live sessions?

All students will receive notification for their course live sessions via email and/or course WhatsApp group. You may also check the Course Schedule tab on your dashboard after logging in on our website or Mobile App.

Is it mandatory to attend live sessions?

We always encourage attending live sessions among students, but it is not compulsory for technical course progress of the students.

I missed a live session. Can I get the video recordings?

If you are unable to attend a live session or have missed it, you can view recorded sessions on your course dashboard. You can access all the completed Recordings, PPT and assessments anytime.

Can I download the recordings and watch it offline?

You can download recordings and PPT of the course sessions from the myAlBalagh mobile App for all the enrolled courses.The recordings will be available for students after 48 hours of the live session.

Do I get marks for watching course recordings and presentations?

There are no additional marks for watching the course recordings. Only the module Assessments and the final exam add up to the final score.You can check the individual scores of your Assessments under the Progress tab of myAlBalagh.

I have doubts but I cannot attend the live session. Any other way to ask my questions?

You can discuss your doubts via Course WhatsApp Group dedicated for student discussion or access the Discussion Board on myAlBalagh. It is a platform for you to ask questions, discuss and get your doubts cleared.

When will the final exam be held?

The Final Exam will be held at the end of the course and will be a Graded And Timed Exam.

How do I interact with my classmates?

You can interact with your classmates on our Whatsapp Group exclusive for the course students. Furthermore, you can use the Discussion Board to connect with other course students as well.

How long will I have access to the online course?

You will have access to the online course content for up to 2 years. If you want lifetime access, contact our admin team via Email at [email protected]

I am facing trouble signing into the “myAlBalagh” Online Student portal. What should I do?

In case you find any trouble accessing your account, then please contact us immediately. Our dedicated support team will ensure that your problem gets resolved at the earliest.

How can I apply for the Al Balagh Scholarship?

Al Balagh Academy values seekers of knowledge more than anything. Please visit  here to apply for a scholarship. Our team will assess your application and respond in 2-3 working days.

Learn More About Our Courses?

Email us:  [email protected]

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