Element 1 - The Basis of Islamic Banking and Finance
The principles and concepts which underpin Islam; the place of
banking and finance within Islam; the sources and
interpretation of Islamic Law

Element 2 - An Introduction to Islamic Banking and Finance
The development of the Islamic Finance and Banking Industry;
the main components of the Islamic Banking Industry and its
operating structures.

Element 3 - Islamic Law of Contracts
Principles of Islamic business including the avoidance of riba
and gharar; the concept of wa'd (promise); the elements of a
valid contract; the different types of contract; the purchase and
sale of currencies

Element 4 - Financial Techniques Applied by Islamic Banks
The nature of Islamic current accounts; the nature of the major
contracts - mudaraba, musharaka, murabaha, ijara, salam,
istisn'a; the use of letters of credit and guarantees in Islamic
finance contracts.
 
Element 5 - Financial Statements for Islamic Banks
The framework of International Financial Reporting Standards;
contents of the main financial statements; the need for specific
Islamic accounting standards; the role of AAOIFI and IFRS.

Element 6 - Islamic Corporate Governance
The different approaches to corporate governance; additional
challenges presented by Islamic banks; the role of the sharia'a
supervisory board and corporate governance issues in takaful
 
Element 7 - Islamic Asset and Fund Management
The purpose of investment in Islam; prohibited industries;
replicating conventional deposit structures using murabaha
and mudaraba; investment funds using ijara; the Islamic stock
selection process and the role of the Sharia'a Supervisory
Board.

Element 8 - Islamic Bond Market - Sukuk
The nature of sukuk compared with conventional bonds;
issuing sukuk; different types of sukuk; AAOIFI standards for
sukuk and rating sukuk issues.

Element 9 - Islamic Insurance - Takaful
The nature and structure of Takaful compared with conventional
insurance; remunerating the insurance operator and sharia'a
governance of takaful undertakings.