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CIMA Certificate in Islamic Commercial Law

CIMA Certificate in Islamic Commercial Law

CIMA Certificate in Islamic Commercial Law : 

  • introduction to Islamic commercial law as it relates to Islamic finance.
  • the sources of the Islamic commercial law including the Qur’an and the traditions of the Prophet Mohammad.
  • the methodologies used to solve modern problems in Islamic finance.
  • shari’ah compliance and the importance of the shari’ah standards.

CIMA Certificate in Islamic Commercial Law

CIMA Certificate in Islamic Commercial Law :  study guide one

Learning outcomes
Chapter 1: An introduction to Islamic finance

  • Define Islamic finance, whether in the form of banking, insurance or capital market segments.
  • Describe the salient features of Islamic finance, comprising interest-free transactions, uncertainty-free transactions, profit and loss sharing and the economic and monetary functions of money.
  • Illustrate how these features require the provision of different financial products to those supplied through conventional finance.
  • Explain how Islamic finance can satisfy financial needs without violating  religious prohibitions.

CIMA Certificate in Islamic Commercial Law : Chapter 2 :

  • Define the meaning of Shari’ah compliance.
  • Appreciate the importance of Shari’ah compliance in all financial activities of an Islamic financial institution.
  • Identify the key stakeholder interested in Shari’ah compliance.

CIMA Certificate in Islamic Commercial Law : Chapter 3 :

  • Define the meaning of source of law from an Islamic perspective.
  • State the importance of source of law in Islamic law.
  • Distinguish between the primary and secondary sources of Islamic law.
  • Distinguish between Shari’ah (Divine sources of law) and Fiqh (Islamic substantive law or positive law).
  • Identify the most workable technique of law in developing contemporary Islamic commercial law.
  • Describe the early development of Islamic (Sunni) schools of law.

CIMA Certificate in Islamic Commercial Law : Chapter 4 :

  • State the basis of interpretation in Islam.
  • Define the meaning of Ijtihad or interpretation.
  • Distinguish various forms of Ijtihad inclusive of both textual-based and human-based reasoning.
  • Identify the need of Ijtihad in modern times.
  • Demonstrate the practicality of Ijtihad in solving modern issues and problems.

CIMA Certificate in Islamic Commercial Law : Chapter 5 :

  • Explain the meaning of contract (‘Aqd) in Islamic commercial law.
  • Explain the requirements of a valid and enforceable contract.

CIMA Certificate in Islamic Commercial Law :  Chapter 6:

  • Describe the basis of classifications of contracts.

CIMA Certificate in Islamic Commercial Law : Chapter 7 :

  • Compare and contrast various classifications of contracts.
  • Apply respective contracts to a specific case for a specific purpose.

CIMA Certificate in Islamic Commercial Law : Chapter 8 :

  • Illustrate the flexibility of Islamic commercial law to meet financial need without resorting to lending for an interest.
  • Describe the relationship between traditional contracts and Islamic finance products and services.

CIMA Certificate in Islamic Commercial Law : Chapter 9:

  • Understand and explain Islamic banking products.
  • Understand and explain Takaful products.
  • Understand and explain Islamic capital market products.

CIMA Certificate in Islamic Commercial Law : Chapter 10:

  • Explain the reason(s) why some contracts are preferable over other contracts in Islamic finance.
  • Discuss briefly product development in Islamic financing using the traditional contracts.

CIMA Certificate in Islamic Commercial Law : Chapter 11:

  • Describe the objectives of Shari’ah standards.
  • Explain how to deal with different rulings arising from different interpretations of the sources and techniques of law.
  • Identify solutions to enhance Shari’ah compliance.

CIMA Certificate in Islamic Commercial Law

Quality decision making has never been more important – or more difficult. Innovations and innovators daily disrupt the status quo. The volume and velocity of unstructured data is increasing complexity.

The Global Management Accounting Principles© were created for this era of business. They reflect the perspective of CEOs, CFOs, academics, regulators, government bodies and other professionals in 20 countries across five continents. This included a 90-day public consultation in which more than 400 people participated. Public as well as private sector representation has been included so that the Principles have universal applicability.

CIMA Certificate in Islamic Commercial Law

 four overarching Principles (to be considered continuously rather than sequentially) are key to achieving this:

• Communication provides insight that is influential

– strategy development and execution is a conversation

– communication is tailored

– communication facilitates better decisions

• Information is relevant

– information is the best available

– information is reliable and accessible

– information is contextual

• Impact on value is analysed

– simulations provide insight into options

– actions are prioritised by their impact on outcomes

• Stewardship builds trust

– accountability and credibility

– sustainability

– integrity and ethics

CIMA Certificate in Islamic Commercial Law

COMMUNICATION PROVIDES INSIGHT THAT IS INFLUENTIAL

Objective – To drive better decisions about strategy and its execution at all levels. Management accounting begins and ends with conversations. It improves decision-making by communicating insightful information at all stages of decision-making. Good communication of critical information allows management accounting to cut across silos and facilitates integrated thinking. The consequences of actions in one area of the business on another area can be better understood, accepted or repaired. By discussing the needs of decision-makers, the most relevant information can be sourced and analysed. This means recommendations will be useful to the decision-maker and achieve influence.

CIMA Certificate in Islamic Commercial Law

INFORMATION IS RELEVANT

Objective  – To help organisations plan for and source the information needed for creating strategy and tactics for execution. A central role for management accounting is to make relevant information available to decision-makers on a timely basis. Following the Communication principle, the decision at hand and needs of the decision-maker are known and understood. This Principle therefore involves the identification, collection, validation, preparation and storage of information.

It requires achieving an appropriate balance between:

• past, present and future-related information

• internal and external information

• financial and non-financial information (including environmental and social issues).

CIMA Certificate in Islamic Commercial Law

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