1.1 Define the principles on which Islamic finance is based
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Learning outcome 01: Understand Islamic finance and the fundamental principles of
Islamic banking
Assessment criteria
The candidate can:
1.1 Define the principles on which Islamic finance is based
1.2 Describe the notion of Islamic finance and its ethical foundations
1.3 Differentiate between the Islamic and conventional banking systems
1.4 Differentiate between the key Islamic regulatory bodies
Amplification of assessment criteria
1.1 Define the principles on which Islamic finance is based
1.1.1 Identify the principles of Islamic finance
1.1.2 Describe the historical journey of the development of the Islamic finance and
banking sector
1.1.3 Explain the prohibited activities in Islamic finance
1.2 Describe the notion of Islamic finance and its ethical foundations
1.2.1 Analyse the position of banking and finance within Islam
1.2.2 Explain the sources of Islamic law relating to Islamic business
1.3 Differentiate between the Islamic and conventional banking systems
1.3.1 Compare the main differences between the Islamic and conventional banking
systems, e.g. interest, uncertainty, speculation, prohibited activities, etc.
1.3.2 Explain how Islamic banks work; types of Islamic banks
1.4 Differentiate between the key Islamic regulatory bodies
1.4.1 Analyse the role and activities of the key Islamic regulatory bodies: AAOIFI, IFSB,
IIFM, IIRA
Learning outcome 02: Understand the Islamic law of contract
Assessment criteria
The candidate can:
2.1 Identify and explain the major prohibitions in Islam (Riba and Gharar)
2.2 Describe the Islamic law of contract
2.3 Examine the classification of contracts
2.4 Explain what a valid sale is in Islamic finance by applying the rules of the elements of
contract
Amplification of assessment criteria
2.1 Identify and explain the major prohibitions in Islam (Riba and Gharar)
2.1.1 Define Riba and its types: Differentiate between Riba al Naseeyah and Riba al Fadl
2.1.2 Describe the nature of Gharar, Maysir and Qimar and their implications for Islamic
finance
2.1.3 Explain the Islamic teaching related to business
2.2 Describe the Islamic law of contract
2.2.1 Analyse the characteristics of Wa’ad (unilateral promise), Mua’hida (bilateral
promise), and Aqd (contract)
2.2.2 Describe the three elements of contract: contracting parties (buyer and seller),
subject matter, and offer and acceptance
2.3 Examine the classification of contracts
2.3.1 Examine valid sale or sale; void/non existing sale, existing sale but void due to
effect, valid but disliked sale
2.4 Explain what a valid sale is in Islamic finance by applying the rules of the elements of
contract
2.4.1 Explain what a valid sale is by applying offers and acceptance, subject matter, price
and possession
Learning outcome 03: Understand how Islamic financial instruments are applied
Assessment criteria
The candidate can:
3.1 Explain how Islamic banks operate and manage their funds
3.2 Analyse different Islamic instruments and their practical applications
Amplification of assessment criteria
3.1 Explain how Islamic banks operate and manage their funds
3.1.1 Discuss how Islamic banks operate their accounts
3.1.2 Analyse how Islamic banks invest and manage their funds
3.2 Analyse different Islamic instruments and their practical applications
3.2.1 Describe the main Islamic financial instruments, e.g. Murabaha, Ijarah, Salam,
Istisna, Mubaraba, Musharka, Wakala
3.2.2 Differentiate between Ijarah, Salam, and Istisna contract models
3.2.3 Demonstrate how an individual can buy a house using a Musharka model
3.2.4 Differentiate between Murabaha and a traditional loan
Learning outcome 04: Understand the function of Sukuk
Assessment criteria
The candidate can:
4.1 Explain the basics of Sukuk (Islamic Bonds)
4.2 Understand how to structure Sukuk by using different Islamic financial instruments
4.3 Examine the Murabaha and Ijarah Sukuk models
Amplification of assessment criteria
4.1 Explain the basics of Sukuk (Islamic Bonds)
4.1.1 Identify the fundamental features of Sukuk
4.1.2 Explain why conventional securities are prohibited in Islam
4.2 Understand how to structure Sukuk by using different Islamic financial instruments
4.2.1 Explain the steps involved in issuing Sukuk
4.2.2 Describe the different types of Sukuk structure
4.3 Examine the Murabaha and Ijarah Sukuk models
4.3.1 Examine Murabaha and Ijarah Sukuk and their application
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