Iqbal Jusoh is currently a recipient of Chartered Islamic Finance Professional (CIFP) Bright Scholarship Award at INCEIF, Kuala Lumpur. Prior to studying the CIFP programme at INCEIF, he has been practising law for six years including as an Associate, Islamic Banking and Finance at Zaid Ibrahim & Co, the largest law firm in Malaysia. He has the experience of drafting and reviewing Mudharabah Agreement, Islamic Equity Home Financing documentation based on the principle of Diminishing Musharakah, Islamic Hire-Purchase documentation (with Islamic Letter of Credit facility) and Islamic Project Financing documentation based on the principles of Istisna’ and Ijarah. He can be contacted at iqbal.jusoh@gmail.com.
September 5, 2007 at 5:47 am
Mr Jusoh
I am looking for someone who can help in developing a chart of accounts for an Islamic banking model.
Is this something that you can work in ?
Appreciate if you can let me know.
sincerely
Abid Khan
September 6, 2007 at 2:59 am
Dear Mr. Abid,
Thanks for being the first person to add a comment herein.
I have few coursemates at INCEIF who came from accounting background. I will deliver your query to them and will let you know whether they can offer you any assistance.
Salam,
Iqbal Jusoh
September 6, 2007 at 5:15 am
salam,
I am currently a graduate student in IIUM specializing in M.Sc.(Finance) Islamic Banking & Finance.I just came across your blog from the internet. I hope you can continue to post more info for IBF students like me. However, do you have any journals pertaining on Regulatory Framework?
thanks…
September 7, 2007 at 1:17 am
Dear Fatima,
Insya Allah, I will continue to update Islamic Finance Professional blog regularly from time to time. Hope it will be of assistance to you especially in giving you a recent update on what is happening on the present Islamic finance market.
Regarding your request herein, I have uploaded few articles (please get them from the ‘Articles’ column) on Regulatory Framework which are as follows:
1. Islamic Law Implementation for Global Finance
2. Instrument of Regulation and Control of Islamic Banks by the Central Bank
3. Prudential Regulation of Islamic Banks – An Analysis of Capital Adequacy Standards
4. Regulation and Supervision of Islamic Banks
I also hope that you can contribute your findings and knowledge gained throughout your Msc (Finance) Islamic Banking and Finance studies into this blog.
Thanks.
Iqbal Jusoh
September 7, 2007 at 2:33 am
Dear Mr. Abid,
I have a friend, Mr. Arzim, my present coursemate at INCEIF who is familiar with banking accounting system. However, he needs further clarification from you on the details of asset and liability side for that matters. He can be contacted via e-mail m_arzim@yahoo.com.my
Hope this will be of assistance to you.
Thanks.
Iqbal Jusoh
September 29, 2007 at 9:04 pm
Mr Jusoh,
Good luck with your study and this site.
I have put your site on mine.
http://www.islamic-finance.startpagina.nl
Greetings from Holland.
Webmaster
N.C.
October 4, 2007 at 11:07 am
Dear Mr Nordien and other visitors,
Thanks for the comments. FYI, I’m now doing internship for 2 months
till 30 Nov at Rating Agency Malaysia (RAM). I’m basically learning Islamic Rating process. It’s about how a proposed Sukuk issuance is given a particular rating e.g. AAA or BBB+ by RAM before it is offered to the market. This helps the investors to assess the credit strengh of the sukuk.
Salam,
Iqbal
p/s – I would like to explore any opportunity to work in Holland after completing my CIFP. Can Mr. Nordien advise me as to the existence of any opportunity for Islamic Finance Professional in Holland?
October 16, 2007 at 6:04 am
for the latest updates, exclusive articles and interviews. please visit http://www.mifmonthly.com
December 22, 2007 at 6:06 am
Dear Mr Iqbal,
I plan to further my education in Islamic banking/finance.
I did some research on the net and came across two courses on offer.
IIU (Exe Diploma in Islamic Banking)and the one offered by INCEIF.
Any advice on the courses offered. Thanks.
CR
December 22, 2007 at 11:15 am
Dear CR,
Perhaps you could first identify your objective of getting any of those qualifications. As a student of INCEIF, i would prefer to promote the INCEIF’s CIFP programme as it offers a balance combination of academic learning as well as industry exposures. If you look at all the modules under the CIFP, they covered sufficient topics on capital market, treasury, customer relationship, banking management as well as applied Shariah foundations, which are most preferred skills required by the employers in the job market.
Iqbal
January 7, 2008 at 3:11 am
Dear Bro. Iqbal,
I noticed the existence of your blog after reading your post at INCEIF’s student forum.At the first glance, I’m really optimist that this blog would definitely serve great benefit to those who are very keen to learn about Islamic Finance. I also firmly believe that your vast experience in practice could contribute to burgeon the fraternity and ultimately nurture the genuine understanding of Islamic finance. Wish you all the best and would love to help you, if any, in the course of putting Islamic finance not merely as an alternative but a solution to the conventional system.
Best regards,
Shamsul Qamar (Kuala Lumpur,Malaysia)
January 8, 2008 at 2:25 am
Dear Bro Shamsul,
Thank you very much for your encouragement. I have noted that you are also practitioner in Islamic banking law practice. Given your legal background, perhaps you may share with other readers your perspective on legal issues related to Islamic finance. Thanks again.
January 11, 2008 at 3:30 pm
asslam alykom wa rahmat allah wa barakatoh
i’m so proud of all men and women like you Mr. Iqbal
i allso believe that islamic finance is the solution to the conventional system
i asure you i will be one of the RIBA fighters in islamic countrise by Formulating economic rules.
your brothet
Rakan Al Ajmi
Kuwait
January 14, 2008 at 3:04 am
Salam Mr. Shamree/Rakan Al Ajmi,
I am glad to receive your positive comment herein. Since you are coming from Kuwait, the home residence of Kuwait Finance House, I would appreciate if you could also share with us your personal experience dealing with Islamic banks in Kuwait or update us from time to time on Islamic finance development in Kuwait. If it’s ok for you, I would like to add you as one of the contributor to my blog.
Salam, ma’a Salaamah,
Iqbal Jusoh
January 21, 2008 at 2:54 am
Dear Iqbal
We are practising lawyers at the moment and we are thinking of doing the INCIEF CIFP course part time…could you tell us whether you continued to practise or did you decide to do it full time ..and how difficult would it be to juggle work and CIFP? Thanks
January 21, 2008 at 8:15 am
Hi Shila,
I highly recommend you to take up CIFP course as more and more financing structures nowadays are based on Islamic financing. Alhamdulillah, I have passed my Part 1 CIFP (6 modules) when I was still working with Zaid Ibrahim & Co. It took a lot of my personal time to finish the assignments and read the modules text books. I am now doing Part 2 full time after being awarded with the scholarship. If you want to finish fast, it is better to do it full time provided that you have sufficient revenue or fund for your living cost. However, I know some lawyers who prefer to take this course part time, so they decided to take between only to 2 to 3 modules each semester given that lawyers working life are generally hectic and very time consuming. It’s up to you to decide.
Best regards,
Iqbal Jusoh
January 21, 2008 at 9:00 am
Thanks Iqbal..
March 11, 2008 at 5:37 am
Dear Iqbal,
I am a Chartered Accountant from India ( 55 years old ). I am not a Muslim but I have greatest regard for islamic financial principles.
I have not been successful in getting CIFP with scholarship. Pl help me if possible
March 17, 2008 at 3:42 pm
Dear Srinivasan,
Unfortunately, i cannot offer any help to solve your problem. The discretion to give scholarship is solely within the discretion of the scholarship committee set up by INCEIF.
March 24, 2008 at 8:15 pm
Dear Iqbal,
Thank you for the treasure trove of very valuable information on Islamic Finance. May Allah reward you here and in the hereafter for such a labor of love and a Waqf. This website is truly excellent, scholarly yet humble and very informative.
I have a question regarding the permissiblity of shareholder loans under sharia. If I form a corporation which I own 100%, what difference does it make whether I capitalize it by extending a shareholder loan (with 15% interest on the principal, payable only if the corporation is profitable) or an equity contribution in the same principal amount? Am I not merely receiving the same amount of dividends either way, since there’s no third party who could be deemed the victim of any usury, the return is not guaranteed and the entire capital is at risk? As you know, there are often tax advantages to using the laon approach.
March 26, 2008 at 5:35 am
Salam Bro. Sharif,
Thank you very much for your support. Insya Allah, I’ll try to look for some information to answer your queries. Give me some time, at least after 6.4.08, as I am now under very tight schedule to complete 6 project paper and case studies.
Sorry for the inconvenience.
Best regards,
Iqbal
March 31, 2008 at 7:08 pm
salaams brother
i was wondering if you knew whether or not the institute was still offering the cifp bright scholarship as someone had informed me they have stopped doing it…
shukran
wasalams
April 1, 2008 at 5:42 pm
Iqbal;
Salam from the United States. I am doing some research on Islamic finance for Institute for International Research. Can we talk about some of your ideas and also dicuss people you may know in the United States who can offer insight into this industry?
April 3, 2008 at 4:24 am
salams brother
i was wondering if u knew whether the institute was still offering the CIFP BRIGHT SCHOLARSHIP as some individuals had told me it had stopped..
thankyou
wasalams
anwar
April 15, 2008 at 8:27 am
Salam Mr. Anwar,
INCEIF (http://www.inceif.org) is inviting applications for the Fisabilillah Fund and the CIFP Financial Assistance Scheme from qualified candidates to pursue the Chartered Islamic Finance Professional (CIFP) programme.
The Fisabilillah Fund is open to Muslims from all nationalities who seek to pursue their studies in the CIFP programme.
The CIFP Financial Fund is dedicated for all non-Muslims of all nationalities pursuing their studies in the CIFP programme.
For more information please go to INCEIF’s main web page.
Thank you.
Iqbal Jusoh
April 15, 2008 at 8:40 am
Dear Douglas,
My Professor, Prof. Malik Muhammad Mahmud al-Awan is from the United States. Perhaps, you may e-mail him at al-awan@inceif.org.
Regards,
Iqbal Jusoh
April 22, 2008 at 6:05 pm
salaams brother
sorry i was wondering what exactly is the differtence between the CIFP and the new MIF programme at inceif…which one would you recommend…?
shukran
wasalams
asim
April 22, 2008 at 6:07 pm
salaams
i was wondering if you could tell me the difference between the CIFP and the new MIF programme…which one would you recommend?
wasalams
shukran
April 23, 2008 at 2:50 pm
Assalamualaikum Iqbal,
It is very pleasure to hear your success and enthusiasm in Islamic Finance, as I must admit we are still lacking of our own talented Muslim in this field. Currently, I am working in Economic Division, Ministry of Finance and looking forward to register CIFP in this coming September.
With the latest subprime issues and burgeoning wealth of petrodollar from Middle East due to all time high of oil price, appetite for Islamic financial products increasingly more significant and we have made a right step by producing talents to fulfil global demand in this field. Apart from that, I must say, it is a part of Islamic Jihad to promote beauty and virtue of Islam even in this ever complicated and challenging financial and banking sector.
So Iqbal, what is your next step after Part II and Part III? Are you considering to work in Middle East if there is bright prospect for you? Hope to keep in touch with you.
April 27, 2008 at 2:04 pm
Assalamu’alaikum Iqbal.
I am a student taking a graduate certificate in finance programme in Perth.
I have a plan to continue my study at INCEIF but still feel a bit hesitate bcoz INCEIF is a new university.Can you give some information about the
-lecturers,
-alumni, and the
-INCEIF’s facilities
please?
and what made you decide to undertake CFIP programme at INCEIF?
Thank you.
April 27, 2008 at 9:04 pm
Assalum Alaikom Wa Rahmat Allah Wa Barakatoho.
Dear Mr. Iqbal,
I liked your blog and highly appereciated the effort you made. I am a student at Zayed University and am doing mu capstone project in Islamic Fiance Regulation. So, I wonder if you would be able to answer our survey questions?
I am looking forward to hearing from you soon.
Thank you and good luck
Regards
April 28, 2008 at 5:38 am
Waalaikumussalam Hanan,
You may send your survey questions to my e-mail: iqbal.jusoh@gmail.com
Thanks.
Iqbal Jusoh
April 28, 2008 at 5:52 am
Walaikumussalam dinda,
I think it’s a good move to pick INCEIF as your choice. This is because, though new, INCEIF is the only university which has the backing of a central bank (in this case, Bank Negara Malaysia) and offers a course with balance academic and industry exposures.
Most of the lecturers were the lecturers of International Islamic University of Malaysia before, that means, they are experienced in teaching. However, there are also lecturers who were bankers before. Overall combination of these two lecturers will give you a strong theorectical as well as practical foundation to Islamic finance.
With regards to facilities, INCEIF emphasises on e-learning through its Learning Management System (LMS). That means you can interact with the lecturers and other students through LMS. Hard copy modules will also be given to you as your guidance.
INCEIF has no alumni yet. I and other 33 students are now doing the Chartered Islamic Finance Professional (CIFP) on full time basis upon given CIFP scholarship. Upon our graduation, we will be the pioneer alumni of the CIFP, insya Allah.
Because of the above benefits, I decided to enrol into this course.
April 28, 2008 at 6:00 am
Walaikumussalam Iszad,
Thanks for your comment herein. My first aim is to complete this course first. I wish I can go to London as it is one of the leading global financial centre. However, Dubai and Bahrain are also seem attractive. Well, it depends on where my rizqi is..
April 28, 2008 at 6:08 am
Salam Anwar,
I believe the CIFP programme offers more flexibility in terms of the minimum modules that can be taken in a semester (i.e. two modules). This would benefit the working students. Apart from that, it gives you a professional qualification, instead of academic qualification like in accounting field, we have ACCA, CIMA or ICAEW. SO, in Islamic finance, all CIFP graduates soon will be members to a chartered body called ACIFP (Association of Chartered Islamic Finance Professional). As this is the first of its kind in the world, I believe it wil give a competitive advantage in your career development. However, if you want to know more about the INCEIF’s Masters of Islamic Finance, you are advised to visit the INCEIF’s website at http://www.inceif.org.
Salam,
Iqbal Jusoh
April 29, 2008 at 9:42 am
Salam Brother Iqbal
I’m an IT professional intent on making a career switch to islamic finance.
Would the CIFP assist me in this goal or would other directions provide better avenues
May 4, 2008 at 8:44 pm
Thank you brother and I’ll send it to your email soon
May 13, 2008 at 2:16 am
Salam,
I’m an IT pro. Since the islamic finance and banking industry growing rapidly, i would like to make step to join.
Need some advice pertaining this matter. Therefore, I would like to continue my study. I surveyed some institutions such as IIUM (MBA Islamic Finance & Banking), INCEIF (CIFP/Masters Islamic Finance) and CIMA (Islamic Finance). Hope you can provide some advice on this. Thank you.
May 23, 2008 at 1:08 pm
Jazakallahu Iqbal!
May 27, 2008 at 12:12 am
Assalamu alaikum
I have completed my engineering(electronics) but now I am very much interested in pursuing career in islamic finance. Please let me know of the courses that would lead me to making a bright career in islamic finance. Currently I am in India and would be leaving to Kuwait in about 6 months. Before that I would like to learn as many things as possible. Right now I am completely new to this field.
I would be very greatful to you for your suggestions as how to make inroads in this field.Hoping you would respond as soon as possible.
May 27, 2008 at 2:15 am
Waalaikumussalam Fawad,
There are a lot of courses in Islamic finance. Among the institutions offering Islamic finance courses are INCEIF of Kuala Lumpur, International Islamic University of Malaysia, Institute of Islamic Banking and Insurance, London, Durham University UK and the Chartered Institute of Management Accountants, and recently, Aligarh University of India under the guidance, Prof. Nejatullah Siddiqi. You may google on the internet and find out more specifically on the courses’ details, entry requirements, fees, duration etc.
My suggestion is that you enroll into one of these courses and prepare a good thesis/project paper which is industry-oriented. After completing the course, you may try your luck by straight away applying for job. But if you don’t feel confidence about your work experience, perhaps you may try to secure an internship at any Islamic banks or conventional banks offering Islamic financial services within your country.
Good luck.
Salam,
Iqbal Jusoh
May 27, 2008 at 2:27 am
Assalamualaikum Adly,
One of my lecturer at INCEIF, Dr. Syamsul Afizi has a PHD in Computer Science from University of Reading, UK. One of his research interest is on Islamic banking systems solution. Perhaps you may contact him at syamsul@inceif.org and see whether INCEIF can provide you a better place to design your academic-career orientation onward.
Good luck.
Salam,
Iqbal Jusoh
June 18, 2008 at 7:13 am
Assalamualaikum,
salam kenal dari Jakarta.
July 7, 2008 at 5:07 am
salam,
im currently studying at UNISSA in Shariah, where can i get the information about Shariah Supervisory Board in Islamic Banking?
and im plan to cont study at INCEIF for Phd Islamic Finance and at IIUM for Phd Islamic Banking&Finance..which of those two u recomend?
tq
September 3, 2008 at 10:53 am
Dear Iqbal,
I live in Paris and I passed my Master’s Degree in Finance-Trading last year
I am now working for a brokerage company as a sales trader assistant for 1 year.
I am definitely interested in Islamic Banking and Finance programmes provided by INCEIF.
What differences would you make between the CIFP and the PhD (coursework and dissertation) in terms of career opportunities? I am still hesitating.
Also, does Bank Negara helps postgraduated students in their job research?
Thanks a lot for your web site and all the answers you’ve already given
I wish you a good Ramdan
Virginie
January 23, 2009 at 3:00 am
I’m gonna register 2 subject for the first sem in Part I. I’m considering to take ‘Islamic Financial Institutions & Markets’ and ‘Deposits and Financing Operations of Islamic Banks’.
However, some says, I must take Syariah modules first for me to get clear understanding/overview in this CIFP programme. Not sure which syariah module i.e ‘Shariah Aspect of Business Finance’ or Shariah Rules in Financial Transactions’
Pls advice.
Tq.
January 23, 2009 at 3:02 am
Assalaamualaikum~
I’m gonna register 2 subject for the first sem in Part I. I’m considering to take ‘Islamic Financial Institutions & Markets’ and ‘Deposits and Financing Operations of Islamic Banks’.
However, some says, I must take Syariah modules first for me to get clear understanding/overview in this CIFP programme. Not sure which syariah module i.e ‘Shariah Aspect of Business Finance’ or Shariah Rules in Financial Transactions’
Pls advice.
Tq.
February 4, 2009 at 3:46 am
Dear,
I am working for EY in Korea and have a good interest in Islamic finance, especially in CIFP.
Let me ask some questions about CIFP.
1. Is CIFP a type of certificate requiring an exam or a program requiring a coursework ?
2. I found some information about it in INCEIF website. From the website, it seemingly requires a candidate to complete 3 parts with exams after completion of coursework. Am I correct ? In this case, can I prepare the exam by myself and take it without coursework ?
3. I would like to study CIFP by myself. For this, can you recommend me some books for it ?
4. Would you recommend me a right person to ask these questions in INCEIF ?
Thanks in advance.
Michelle
February 5, 2009 at 11:33 am
Assalamu alaikkum
Iam an MBA(Finance) from India and is working in executive level in a large Company at Bangalore.
i wish to do a PhD Programme in Islamic Banking & Finance ) in UK, US,or Maleshya or any
Could you please guide me
Regards,
Harris .M
February 21, 2009 at 2:25 pm
Hi,
I am an analyst from india. I am very much interested in Islamic Finance. I did some research and have zeroed in on the Master of science programs in INCEIF and BIBF, bahrain. Coulc u pl. provide me some info on the INCEIF course?
1. How much have u benefited from the CIFP program? Was there any significant improvement to ur work after the course?
2. How is the M.S program progressing since it is new? Is there any possibility of getting a job after the course?
3. Is INCEIF a well known brand as an islamic finance institute in malaysia, singapore and the middle east?
thanks
firoz
March 12, 2009 at 8:50 am
assalam alaikum
m mba finance, wants 2 do dessertation( project) on
oppurtunities of islamic equity funds in india and its challenges.
i’l b thankful…….if u cud hlp me ……in thz
allah hafiz
March 21, 2009 at 9:16 am
assalamualaikum,
mr. Iqbal can u plz explain to me what are the differences of Islamic letter of credit and Islamic trust receipt compare to the conventional LC and TR?
thnx….