IQIF study guide
IQIF · Work through your exam, one topic at a time.
The IQIF (Islamic Finance Qualification) is a professional credential for people who need a working command of Shariah-compliant finance rather than a specialist research depth. Candidates typically include bank and asset-management staff moving into Islamic windows, compliance and audit officers, Takaful practitioners, regulators, and graduates of finance or law programmes aiming at Gulf, Malaysian, UK, or Pakistani markets. The IQIF study guide has 8 sections and about 2,051 words.
01Fundamentals of Islamic Finance
This domain tests the foundational prohibitions and positive principles that make a transaction Shariah-compliant: riba, gharar, maysir, and haram subject matter, plus risk sharing, asset backing, and clear ownership. Expect definitions and applied classification.
281 words, about 1 min02Islamic Banking Operations
This domain tests how an Islamic bank runs its deposit and financing book: current accounts, savings accounts, investment accounts, asset-side contracts, treasury, and operational controls. Questions often ask who bears loss and when profit is recognized.
273 words, about 1 min03Islamic Capital Markets
This domain tests sukuk, Islamic funds, equity screening, securitization, and capital-market transactions. The exam focuses on whether instruments represent genuine ownership or claims and whether screening excludes prohibited activities.
240 words, about 1 min04Takaful (Islamic Insurance)
This domain tests mutual risk-sharing, the tabarru fund, operator models, surplus distribution, and retakaful. Expect questions on how takaful differs from conventional insurance in ownership and risk.
262 words, about 1 min05Shariah Governance and Compliance
This domain tests the Shariah Supervisory Board, fatwa and product approval, Shariah audit, compliance controls, independence, and reporting. Expect questions on who approves, who monitors, and what happens after approval.
236 words, about 1 min06Islamic Finance Products and Contracts
This domain tests contract mechanics and conditions: murabahah, ijarah, salam, istisna, mudarabah, musharakah, wakalah, kafalah, and rahn. Questions often contrast similar contracts.
262 words, about 1 min07Regulatory and Legal Frameworks
This domain tests dual banking regulation, licensing, capital adequacy, consumer protection, dispute resolution, AML/CFT, and tax neutrality. Expect questions on how regulators treat Islamic banks alongside conventional banks.
257 words, about 1 min08Risk Management and Accounting
This domain tests risk identification, measurement, mitigation, and accounting treatment for Islamic contracts and takaful. Expect credit, market, liquidity, operational, rate-of-return, displaced commercial, and Shariah non-compliance risk.
240 words, about 1 min