IFMP Islamic Finance Certification (IFC), Pakistan study plan

Map the full IFC syllabus into a one-page topic tree covering Shariah foundations, prohibited elements (riba, gharar, maysir), and contract types, so later weeks can be sequenced by weight

Define riba in both Quranic and fiqhi terms and distinguish riba al-nasi'ah from riba al-fadl with two worked numeric examples

Explain gharar and maysir and classify five common modern retail products as permissible or impermissible based on those prohibitions

Build a personal glossary of 40 core Arabic terms with one-line English definitions and the contract family each belongs to

Compare murabaha, musawamah, and tawarruq by their Shariah conditions, cost-plus mechanics, and disclosure obligations

Trace ijarah and ijarah muntahia bittamleek from asset ownership through lease rentals to eventual transfer, noting who bears ownership risk

Contrast mudarabah and musharakah on capital contribution, profit-sharing ratio validity, and loss-bearing rules

Identify which contract type fits a given client need (home finance, working capital, equipment use) and justify the choice

Explain salam and istisna as exceptions to the general prohibition on selling what you do not own, and state the conditions that make each valid

Describe how sukuk are structured, distinguish asset-based from asset-backed sukuk, and explain why the distinction matters to investors

Summarize the role of Shariah advisory boards, their fatwa authority, and the governance and conflict-of-interest expectations around them

Outline the prohibition framework for conventional insurance and how takaful models (wakala, mudarabah, hybrid) address it

Describe the historical development of Islamic banking in Pakistan from the 1980s initiatives to the present dual-banking system

Identify the regulator's role in licensing, Shariah governance, and Islamic banking windows versus full-fledged Islamic banks

State the key prudential and Shariah-compliance reporting expectations placed on Islamic banks in Pakistan

Explain how the State Bank of Pakistan's Islamic banking framework treats profit distribution and investment account holders

Apply the AAOIFI versus local-standard distinction to at least four accounting or disclosure scenarios and state which standard governs in Pakistan

Walk through the accounting treatment of a murabaha sale, an ijarah lease, and a mudarabah investment from origination to profit recognition

Explain zakat calculation on bank deposits and Islamic bank balance-sheet items at a conceptual level

Identify the main Shariah non-compliance risks in product documentation and how they are remediated

Distinguish Islamic capital market instruments (sukuk, shariah-compliant equity screening, Islamic funds) from their conventional counterparts

Explain the screening criteria used for Shariah-compliant equities and apply them to a hypothetical company's financial ratios

Describe takaful operations end to end, including contribution, risk fund, surplus distribution, and the operator's fee

Outline Islamic microfinance and SME financing models and the practical constraints they face

Rehearse the full syllabus by domain, scoring your recall on each topic and flagging anything below confident

Convert every flagged weak topic into a flashcard or a short written answer in your own words

Practice timed mixed-topic question sets and record accuracy and time per question

Diagnose recurring error patterns (misread contract conditions, confused Arabic terms, standard confusion) and write a correction rule for each

Re-drill the weak-topic register until every item can be explained aloud without notes

Complete two full-length timed mock exams under exam conditions and review every wrong answer to root cause

Consolidate the glossary, contract comparison table, and regulatory timeline into a single one-page pre-exam review sheet

Confirm exam-day logistics and finalize a last-48-hour revision schedule focused only on high-yield weak areas