Certified in Islamic Micro Finance

IsMF4D: Islamic Microfinance for Development
The course fee is for e-learning version only – begins May 16, 2020

Cutting Edge Topics

Topics covered in the program cover a wide range of experiments to alleviate poverty, as micro finance has evolved over time and its marriage with Islamic finance to address faith-related concerns in countries or regions with significant Muslim population.

Certified Professional in a Sector with a Rising Graph

Islamic microfinance has been growing steadily in its depth and outreach. It is getting traction from the traditional Islamic organizations as well as international development agencies. Be part of this ever-evolving sunrise sector as a certified professional in Islamic microfinance. You can use designatory letters CeIMF (Certified in Islamic Microfinance) upon successful completion of the program.

Expert Training

You will be pleasantly surprised to interact with our experts as you proceed along your short journey. They come from some of the best-known institutions in the field across the globe.

Course Description

Islamic societies are characterized by high and rising levels of poverty and financial exclusion. Financial exclusion is aggravated by failure on the part of conventional microfinance programs in giving due importance to the religious sensitivities of Muslims. For poverty alleviation efforts to succeed in these societies, there is need for an appropriate model that is rooted in Islam and conforms to beliefs, cultures of the Muslim clients.

This course aims to provide the participants with a comprehensive understanding of the building blocks of a microfinance program targeted at Islamic societies. It asserts that there are no fundamental contradictions in the objectives of global microfinance programs and of the glorious Islamic Shariah, though the methodology of latter may have certain distinct characteristics. The course seeks to present the Islamic approach as a composite and compassionate one that is rooted in charity, but permits wealth creation and for-profit enterprise. Spanning over five units, it focuses on the mechanisms, models, tools and instruments of the Islamic approach as prescribed by the glorious Shariah.

The course covers the following major areas in five modules:

1. Microfinance and Objectives (Maqasid) of Shariah: This module provides an introductory overview on the role of microfinance in comprehensive human development in the framework of the objectives (Maqasid) of Shariah. It seeks to explain the definition of poverty in Islamic economics and the Islamic approach to poverty alleviation. It also examines possible shortcomings of conventional microfinance in addressing the challenge of poverty.

2. Conventional Models of Microfinance: This module undertakes a comprehensive review of available models of microfinance, which includes the well-known models in the formal sector – credit-only models, finance-plus models, self-help-group models, community-driven-development models, mutuality-based models and what-have-you – as well as in the informal sectors, e.g. ROSCAs and its many variants. It seeks to provide a brief snapshot of their strengths and major shortcomings in addressing the poverty challenge.

3. Islamic Models of Microfinance: This module undertakes a comprehensive review of models of Islamic microfinance, which use altruism-based modes (based on zakah, sadaqa and waqf); not-for-profit modes (qard al-hasan, kafala); as well as for-profit modes (Islamic debt, lease and equity). The coverage includes models that use conventional methodology with Islamic products as well as the ones that are purely indigenous, e.g. the Iranian qard funds and the Indonesian baitul-mal-wat-tamweels.

4. Regulations, Policies and Standards for Islamic Microfinance Institutions: This module provides a comparative analysis of laws, regulations, policies and standards relating to management of Islamic microfinance projects and institutions. It highlights some basic principles for sound Islamic microfinance based on good practices (e.g. risk management, governance, monitoring and evaluation).

5. Case Studies in Islamic Microfinance: This module comprises several case studies that highlight some good practices in Islamic microfinance at the micro, meso and macro levels. The case studies highlight a wide range of Islamic microfinance possibilities in multiple regions, sectors as well as legal and regulatory environments.

Course Duration

Successful completion of the course requires a minimum of 35-40 hours of intensive study comprising lectures (video/ in-person), quizzes, MCQs and submissions. You may space your learning of 35-40 hours over an extended period as per your convenience (subject to completion of course within a maximum period of 90 days).

*An additional fee of $1000.00 (USD One Thousand only) is applicable to Instructor-led learning. Contact [email protected] for further details and payment instructions.

Pre-Requisites

This course is open to applicants with at least 2 years of university education. Those with relevant work experience may be exempted from the above academic requirement.

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