IQIF study plan

Define each of the four foundational prohibitions (riba, gharar, maysir, haram subject matter) and write one original example of a transaction that breaches each.

Distinguish murabaha, ijara, musharaka, mudaraba, salam and istisna by writing a one-line cash-flow and risk-allocation summary for each.

Map every contract in Domain 6 to its underlying Shariah principle so you can justify why the structure is permissible.

Build a personal glossary of 30 Arabic terms with English definitions and one usage note each.

Trace the full lifecycle of a murabaha financing from client request to final instalment, naming the ownership and risk steps at each stage.

Explain how an Islamic bank's balance sheet differs from a conventional one, including current accounts, investment accounts and the treatment of profit distribution.

Compare a diminishing musharaka home financing with a conventional mortgage, listing at least four structural differences.

Solve three profit-and-loss sharing calculations for mudaraba investment accounts with different profit-sharing ratios.

Describe how sukuk differ from conventional bonds in ownership, return and risk, and identify the asset-backing requirement.

Classify at least six sukuk structures (for example ijara, murabaha, musharaka, wakala) by their underlying contract and cash-flow source.

Outline the primary issuance and secondary trading constraints that apply to debt-based versus asset-based sukuk.

Explain the role of Shariah-compliant equity screening and summarise the common financial ratio filters.

Define takaful and distinguish it from conventional insurance by reference to risk sharing, the tabarru fund and surplus distribution.

Compare the wakala, mudaraba and hybrid operating models for takaful operators, including how the operator earns its fee.

Explain retakaful and identify the Shariah issues that arise when a takaful operator cedes risk to a conventional reinsurer.

Draft answers to three short scenario questions on takaful claims and surplus allocation.

Describe the roles of the Shariah supervisory board, internal Shariah audit, and external Shariah review, and state how they differ.

Explain the fatwa and product-approval process from concept to launch, including documentation and sign-off points.

Identify the main Shariah non-compliance events and the remediation steps a bank must take when one occurs.

Summarise the purpose of AAOIFI Shariah Standards and how they interact with local regulation.

Outline the regulatory building blocks for Islamic banking in a typical jurisdiction: licensing, capital, liquidity and consumer protection.

Explain how Basel capital and liquidity standards are applied to Islamic banking products, including profit-sharing investment accounts.

Compare the roles of AAOIFI and IFSB and state which type of instrument each issues.

Describe the legal issues that arise in enforcing Islamic finance contracts in civil courts, including dispute resolution options.

Identify the main risk categories for Islamic banks (credit, market, liquidity, operational, rate-of-return, displaced commercial risk) and give one mitigation for each.

Explain how accounting treatment differs for murabaha, ijara and mudaraba assets, including income recognition.

Describe the purpose of the profit equalisation reserve and investment risk reserve and when each is used.

Work through three numerical problems on profit distribution between shareholders and investment account holders.

Complete two full-length timed mock exams under exam conditions and score them by domain.

Re-study your three weakest domains using only your own notes and corrected errors.

Recite from memory the definitions and key distinctions for all eight domains using your glossary and comparison tables.

Finalise a one-page exam-day sheet of formulas, ratios and structural distinctions.