The Lord Mayor of the City of London, Alderman Sir David Brewer, will today (31st October 2006) launch at the Mansion House, London the Islamic Finance Qualification (IFQ) at an event to be attended by the Economic Secretary to the Treasury, Mr Ed Balls and the Governor of Lebanon’s Central Bank Mr Riad Salamé.
The IFQ will be the first global benchmark examination covering Islamic Finance to be available to candidates via Computer Based Testing (CBT). It will also be the world’s first ever global benchmark qualification to cover Islamic Finance from both a technical product knowledge and a Sharia’a aspect.
The IFQ has been jointly developed over the last year by the Securities & Investment Institute (SII) and the Ecole Supérieure des Affaires (ESA), to respond to the rapid expansion in the Islamic Finance and Banking sector. The Advisory Council for Islamic Finance responsible for the IFQ's development is chaired by the First
Vice-Governor of the Banque du Liban, Dr Ahmad Jachi and comprises leading Sharia'a scholars and practitioners from around the Gulf and the UK. Mr Riad Salamé will launch the IFQ at the Mansion House with Mr Roger Ourset, Director General of ESA.
The syllabus has been published and the workbook, which will underpin preparation for the IFQ exam, is available to order. As this will be the world’s first ever handbook on practical Islamic Finance and Banking, the text may well be of interest to organisations already engaged in this area, or thinking of moving into Islamic Finance and Banking, as a practical guide for their staff.
Training has been organised for the first public sitting of the IFQ to be held in November 2006 in London and Beirut with the IFQ becoming available worldwide via CBT from March 2007. CBT allows candidates to receive their results instantly.
The SII\ESA Islamic Finance Qualification is unique globally because:
· There is no other qualification or unified standard practice which covers Islamic Finance from both a technical and Sharia’a aspect which will offer the degree of international portability and professional competence comparable to that offered by the IFQ.
· The IFQ provides the first international benchmark in the area of Islamic Finance and it is aimed at both existing employees, new employees as well as individuals seeking a career in Islamic Finance.
· The IFQ will be jobs-focused and will require candidates to demonstrate a practical understanding of Islamic Finance as opposed to discussing academic and theoretical issues.
· SII\ESA will be offering face-to-face training mainly in the UK and the Middle East.
Ruth Martin, Managing Director of SII said: “Setting standards for practitioners is a vital part of any professional body’s remit. SII has been delighted to combine its expertise in both examinations development and professional standards to partner with ESA in the Middle East in this innovative new qualification aimed at helping practitioners grasp the fundamentals of Islamic Finance and Banking.”
Mr Roger Ourset Director General of ESA, said: “Today I am very happy to see the substantial efforts conducted by both ESA and SII staff coming to fruition. The Islamic Finance Qualification, which we are delighted to jointly offer with our prestigious partner the SII, is a clear illustration of our commitment to contribute to the Islamic Banking and Finance industry.”
Ends
Note to Editors
For further information on Securities & Investment Institute contact Lora Benson, Press Officer Tel: 020 7645 0662/07801 521034 or lora.benson@sii.org.uk
· The launch of the IFQ by the Lord Mayor will take place on Tuesday 31st October at the Mansion House, London at 8.15am. Places are strictly limited and owing to security arrangements all names must be supplied in advance. Please contact Lora Benson as above.
· For further information on the IFQ please contact the SII in the UK on ifq@sii.org.uk and ESA in Lebanon on IFQ@esa.edu.lb.
· Further details on the individual elements of the IFQ syllabus are available at www.sii.org.uk/WEB5/Infopool.nsf/HTML/iIFQInstitute.
· The IFQ Advisory Council Members are:
· Dr Ahmad Jachi – (in Lebanon), First Vice-Governor, Banque du Liban and Chairman of the Advisory Council
· Dr Abdul Sattar Abu Ghuddah (in Saudi Arabia)