Lord Mayor launches Islamic Finance Qualification
The Lord Mayor of London, Alderman Sir David Brewer has launched the Islamic Finance Qualification (IFQ). The IFQ will be the first global benchmark examination covering Islamic Finance to be available to candidates via Computer Based Testing (CBT). It will also be the world’s first ever global benchmark qualification to cover Islamic Finance from both a technical product knowledge and a Sharia’a aspect.
In the last year, the IFQ has been jointly developed by the Securities and Investment Institute (SII) and the Ecole Supérieure des Affaires (ESA), to respond to rapid expansion in the Islamic finance and banking sector. The Advisory Council for Islamic Finance responsible for the IFQ’s development is chaired by the First Vice-Governor of the Banque du Liban, Dr Ahmad Jachi and comprises leading Sharia’a scholars and practitioners from around the Gulf and the UK. Mr Riad Salamé will launch the IFQ at the Mansion House with Mr Roger Ourset, Director General of ESA.
The syllabus has been published and the workbook, which will support preparation for the IFQ exam, is available. This will be the world’s first ever handbook on practical Islamic finance and banking, and the text may be of interest to organisations already engaged in this area, or thinking of moving into Islamic Finance and Banking, as a practical guide for their staff.
Training has been organised for the first public sitting of the IFQ to be held in November 2006 in London and Beirut with the IFQ becoming available worldwide via CBT from March 2007.
Ruth Martin, Managing Director of SII said: ‘Setting standards for practitioners is a vital part of any professional body’s remit. SII has been delighted to combine its expertise in both examinations development and professional standards to partner with ESA in the Middle East in this innovative new qualification aimed at helping practitioners grasp the fundamentals of Islamic Finance and Banking.’