Trusted by More Professionals forIslamic Finance Certification

Certified Islamic Finance Executive™CIFETM

GLOBALLY RECOGNIZED,AWARDWINNINGCERTIFICATION

"Ethica’s CIFE has already opened doors for me. Because of the CIFE, I was able to obtain an invitation to the IMF's conference on Islamic finance. Ethica’s program has given me the knowledge to converse with finance professionals at their level."Boyd Ruff, CIFE Graduate, Esq., USA

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Ethica Institute of Islamic Finance is a Dubai-based training and certification institute.

Ethica has trained over 10,000 paying professionals in over 160 financial institutions across 65 countries, winning numerous industry awards.

The 4-month Certified Islamic Finance Executive (CIFE) is a globally recognized certificate accredited by scholars to comply with AAOIFI, the world's leading Islamic finance standard. The award-winning CIFE is delivered 100% online or live at the bank.

MORE PEOPLE TRUST ETHICA FORISLAMIC FINANCE CERTIFICATION. PERIOD.

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Islamic banks hire professionals strong in practical Islamic finance knowledge, not ones weighed down in theory. Using rigorous case studies, exercises, and examples, Ethica’s CIFE emphasizes the practical execution experience that you need to enter the workplace.

ETHICA’SGRADUATESGET HIRED ANDPROMOTED

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Ethica's graduates now workin over 160 financial institutionsin 65 countries around the world."I chose Ethica for its excellent market reputation. And now I understand why..."Daniel Rasqui, CIFE GraduateDirector, SIX FinancialLuxembourg

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Best Online Islamic Finance ProgramLondon, UK

ETHICA’S AWARDS& RECOGNITIONS

Best Research andEducation Company

Dubai, UAE

Best Islamic Finance Training Institution MENABest Islamic Finance Education Provider MENABest Online Islamic Finance Program MENA

London, UK

Education Leadership AwardDubai, UAE

Best Islamic FinanceQualificationLondon, UK

Islamic Finance EducationProvider of the YearLondon, UK

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ETHICA ALUMNI WORKEVERYWHERE

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THE FASTEST WAY TO LEARNISLAMIC FINANCE GUARANTEED

ENROLL1Pay your course fee (Visa/Mastercard or Bank Transfer).

LOGIN2Get instant access to the entire training curriculum. 100% online, 24 hours a day, 7 days a weekfor the next 4 months.

TRAIN3Play Ethica's awardwinning training videos. Play, pause, stop. Learn at your own pace. Anytime, anywhere.

"Ethica really delivers on its promise…the course content is very structured, clear as crystal..."

Johan Serré, CIFE Graduate, Chief Internal Auditor Insurance, KBC Bank, Belgium

In 4 months or less, Ethica’s CIFE takes newcomers to an advanced level of knowledge about Islamic finance ...100% online or live at the bank.

Ethica has trained in 65 countries across the globe: from 1,000 bankers at Mashreqbank to the multi-country network of a giant British bank.

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EXAMINATION4Once you are ready, take the CIFEexamination — 100% online or live at the bank.

RECEIVE YOURCERTIFICATE5

Beautifully-designed, custom-calligraphered and framed by hand, the CIFE certificate is couriered to your doorstep.

GETAHEAD...6

Join the elite network of CIFE graduates across the world.

"At times you'd be forgiven for thinking you were listening to a live teacher. The only thing I regret about the course is that it ended!"

Masen Abou-Zolof, CIFE Graduate, Financial Controller, Westpac Bank, Australia

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FREQUENTLYASKEDQUESTIONSDoes the CIFE have any prerequisites?There are no prerequisites for Ethica's CIFE and if you have no prior knowledge of finance, you've come to the right place. We designed the material specifically for newcomers seeking a high level of proficiency in the practical aspects of Islamic finance in a very short amount of time.finance in a very short amount of time.

When can I start and when will I finish?TheThere are no fixed dates for the program. Start whenever you like. Once you understand the core modules you are ready to take the 90-minute online CIFE examination. You can take the exam as soon as you are ready; for some that's 3 months, for others it's less than 1 month: you choose your own pace.

If I have any questions about the study material, who do I ask?Ethica's team of experts are here for you. We hold your hand every step of the way from the day you enroll, through your entire CIFE, and beyond certification as you develop your cacertification as you develop your career. Email us at questions@ethicainstitute.com for a rapid response, call us on +971 4 455 8690, or visit usat our offices in Dubai. We are passionately dedicated to serving you. And there is always Ethica's Q&A database - the laEthica's Q&A database - the largest collection of scholar-approved Islamic finance Q&As available online.

When do I receive my study package?The CIFE study package you receive immediately upon enrollment consists of two parts: 1) the mandatory part comprises the online training mandatory part comprises the online training videos and the certification exam; and 2) the optional part contains over 400 pages of premium Islamic finance material including CIFE Study Notes, sample Islamic finance contracts, informative articles, informative articles, recommended reading lists for Islamic finance practitioners and entrepreneurs, a glossary of commonly used industry terminology, and over 1,000 scholar-approved Q&As.

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How does the CIFE exam work?The CIFE examination is a 90 minute exam of 100 multiple choice questions. The pass mark is 70%. You can take the CIFE examination from your home, office or university. We also provide oorganizations the ability to conduct closed-door exams at their respective locations.

How is Ethica's CIFE program the 'fastest way to learn Islamic finance guaranteed'?Just as 20% of your clothes get worn 80% of the time and 20% of your effort yields 80% of the rresults, the 80-20 principle teaches us that there is an essential core at the heart of everything. We give you the 80-20 of the Islamic finance world. When you sign up for Ethica's CIFE you get only the most essential, practical Islamic finance knowledge distilled into an accelerated 4-month knowledge distilled into an accelerated 4-month program. And it's guaranteed because if you aren't super happy with Ethica's CIFE, you get all your money back. It's as simple as that. Dynamic and up-to-date material 24 hours a day, rather than waiting around for outdated guidebooks, CDs, and distance learning emails. Our training and certification is designed for maximum knowledge certification is designed for maximum knowledge transfer without burdening you with more information than you require. All the information, including spreadsheets, case studies, questions, exercises, and quizzes is contained in the training videos.

"We upgraded to 1,000 users after only 6 months with Ethica. Ethica provided us with the flexibility to train as many or as few bankers as we wanted throughout the year."Moinuddin MalimMashreq Al Islami CEO when appapproving an increase from 500 Ethica licenses to 1,000UAE

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Is the certificate recognized?Ethica's CIFE is accredited by leading Islamic finance scholars and bankers. Ethica’s clients include several banking giants with some institutions training over 1,000 bankers across 100+ branches. Ethica has won the following awards:

• "Best Islamic Finance Training Institution MENA," "Best Islamic Finance Education Provider MENA" and "Best Islamic Online Finance Program MENA" from Global Banking and Finance Review (UK)

• "Best Islamic Finance Qualification" from Global Islamic Finance Awards (UK)

• "Best Research and Education Company"presented by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai at the Global Islamic Economy Summit

• "Islamic Finance Education Provider Of The Year" from Global Banking And Finance Awards (UK)

• "Business Innovation of the Year," "Online Business of the Year," and "Customer Focus of the Year" finalists at the Gulf Capital SMEInfo Awards in Dubai

• "Best Islamic Finance Training Institution" award nomination 4 years running from Islamic Business and Finance magazine in Dubai

• "Education Leadership Award" at the Asian Leadership Awards

• "Best Islamic Online Finance Program" from International Finance Magazine Awards (UK)

YOU NEED TO ASK YOURSELF7 QUESTIONS BEFORE YOU CHOOSEYOUR ISLAMIC FINANCE CERTIFICATE

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Is the certificate standardized?Ethica's CIFE is third-party certified to conform to AAOIFI, the industry's most widely-accepted standard. Following AAOIFI leads to greater transparency, governance, and convergence.

Is the certificate up-to-date?WWorkbooks, CDs, and distance-learning courses grow old fast. Can you really be sure that your 3-year old workbook or last year's CD is up-to-date? With Ethica's CIFE, when Islamic finance innovates, our online content innovates right there with it. So you can be sure that you're never left behind.

Is Is the certificate prepared byprofessors or bankers?Ethica's CIFE is rigorously prepared by a team of bankers and scholars, not professors. Ethica delivers practical, usable knowledge that replicates what Islamic bankers need to know on the job.

What happens after certification?When your resume reads 'Ethica CIFEGraduate,' recruiters know that you bring more Islamic finance know-how to the job than most around. Simply search Ethica or CIFE on LinkedIN to see the diversity of Ethica’s CIFE graduates and the ograduates and the organizations they work for.

Can we afford your certificate?Our individual, group, and corporate rates are designed to rapidly and cost-effectively train and certify users in less than 4 months at competitive rates.

Where is the institute based?AccoAccording to Forbes Magazine, "Dubai holds the title of Islamic finance hub." Anywhere else may be a compromise. Islamic finance trainers need to be where the action is. It is one thing to read about deals sitting far away, and quite another to be working with bankers and scholars who execute transactions for a living.

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CIFE05 Understanding Mudarabah I (Islamic Investment Partnerships)Where Islamic banks meet conventional private equity type investing. Here you learn Mudarabahs, the Islamic business partnership where one partner supplies capital for the business and the other provides management expertise. We explain the Mudarabah structure and contrast it with Musharakah and contrast it with Musharakah and Wakalah, explaining how they differ in banking practice.

CIFE06 Understanding Mudarabah II (Islamic Investment Partnerships)How is an investment partnership diHow is an investment partnership different from an agency contract? We discuss the relative merits of the Mudarabah and the Wakalah structure in different situations. We also describe the Mudarib's role, the duration of Mudarabahs and the forms of capital contribution by the investor and in some cases even the Mudarib.

CIFE07 Understanding Mudarabah III (Islamic Investment Partnerships) and QuizWWe discuss the Mudarabah's management and the rules for sharing profit and loss. We also look at some practical examples showing how Islamic banks use Mudarabahs.

CIFE08 Understanding Ijarah I (Islamic Leasing) What's an Islamic lease?This modules helps you find out. This modules helps you find out. We introduce Ijarah, the Islamic lease, and look at pre-requisites for their execution, legal title, possession, maintenance, earnest money, default, and insurance. We begin answering the question "How does an Ijarah work?" with step-by-step practical explanations.

CIFE01 Why Islamic Finance? What makes Islamic finance different from conventional finance? And what makes it better? We look at 3 real-world examples and find out. We also introduce you to the 4 principles that guide Islamic finance transactions.

CIFE02 Understanding Musharakah I (Islamic Business PPartnerships)You've heard of joint-stock companies. Now learn about the Islamic variation. We look at Musharakah, the Islamic business partnership where partners pool together capital, expertise or goodwill to conduct business or trade. We look at the basic features of a Musharakah and its types, their mode of operation, duration and the various forms of capital contribution.

CIFECIFE03 Understanding Musharakah II (Islamic Business Partnerships)We discuss the management of the Musharakah business and take you through some practical applications of how Islamic banks use Musharakah. We also look at profit and loss sharing ahead of the subsequent module's profit calculation exercises.

CIFE04 Understanding Musharakah III (Islamic Business PPartnerships) and QuizWe complete our discussion on general aspects of Musharakah, including how banks handle negligence, termination, and constructive liquidation. We round out the discussion with some practical examples of Musharakah calculation, a quick review of financial statements and how exactly profit gets calculated.

Ethica's award-winning CIFE is a streamlined training and certification program designed to take completenewcomers to an advanced level of understanding in just 4 months.

THE CIFETM CURRICULUMACCELERATED CERTIFICATION IN 4 MONTHS OR LESS...100% ONLINE

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CIFE16 Understanding Islamic Insurance and QuizYou learn the difference between Islamic and conventional insurance and the essentials that make Islamic insurance unique. You walk through a numerical example before taking the Self-Assessment Quiz.

CIFE17 Understanding Sukuk I (Islamic Securitization)YYou've read about them. Now learn about them. Sukuks are Islamic shares and we show you the main features walking you through the 8 step structuring process concluding with a study of Ijarah Sukuk.

CIFE18 Understanding Sukuk II (Islamic Securitization) and Quiz We continue our discussion on Sukuk with a look at Musharakah and Mudarabah Sukuk and the limitations of issuing using Murabaha, Salam and Istisna. We close with a case study of the IDB Sukuk.

CIFECIFE19 Liquidity Management In Islamic Finance I What do Islamic banks do with excess capital in the short-term? How do they access capital for the long-term? You learn the answers to these and other questions in this module. We discuss how Islamic banks manage liquidity and begin by explaining an inter-bank Mudarabah, walking you thMudarabah, walking you through how a weightage table works; useful information for other Islamic banking products. We close the module with a look at the application of Sukuk in liquidity management.

CIFE20 Liquidity Management In Islamic Finance II and QuizWWe look at filters for stocks, shares, Musharakah investment pools, and the use of agency contracts to manage liquidity. We also look at local and foreign currency Commodity Murabahas and walk you through the steps for executing each.

CIFE21 Risk Management In Islamic Finance ISome have said "Banking is risk management." If you don't know anything about risk management this is the module for you. anything about risk management this is the module for you. You learn the basics about risk management in Islamic finance and discuss the most common risks facing Islamic banks and the mitigation techniques used to address them.

CIFE22 Risk Management In Islamic Finance II and QuizNow you leaNow you learn about how risk relates to each specific Islamic finance product. We go through each major Islamic banking product, namely Murabaha, Salam, Istisna, Ijarah, Musharakah, and Mudarabah, and explain the specific risks associated with each quiz.

CIFE09 Understanding Ijarah II (Islamic Leasing) and QuizYou learn the rights and obligations of the lessor and the lessee and focus on defective assets, sub-leases, extensions and renewals, transfer of ownership, and termination.

CIFE10 Understanding Murabaha I (Cost Plus Financing)LeaLearn about the most widely used Islamic finance product: buy an asset for the customer; sell the asset at a premium in installments to the customer. That's a Murabaha. In these modules we introduce Murabahas and walk you through the first 5 of the 7 important steps necessary for a Murabaha's valid execution.

CIFE11 Understanding Murabaha II (Cost Plus Financing) WWrap up the 7 steps to executing a Murabaha: we cover steps 6 and 7 and go on to discuss common mistakes bankers make when executing Murabahas and how to avoid them. We also look at risk management, default, early repayment, and profit calculation in Murabahas.

CIFE12 Understanding Murabaha III (Cost Plus Financing) and Quiz So how does it work in the So how does it work in the real world? We look at 6 practical examples of Murabahas based on installment repayments, bullet repayments, advance payments, and credit and import Murabaha.

CIFE13 Understanding Salam And Istisna I (Forward Sales And Manufacturing Contracts)What makes a forwaWhat makes a forward contract Islamic? Learn here. In this module on Salam, the Islamic forward sale, and Istisna, the Islamic manufacturing contract, we begin with Salam. We look at the goods for which a Salam may be executed, the pre-requisites, and the use of a Parallel Salam.

CIFE14 Understanding Salam And Istisna II (Forward Sales And Manufacturing Contracts) WWe discuss security, replacement, and default before explaining how its pricing is calculated. We then look at Istisna and discuss the major differences between it and the Salam.

CIFE15 Understanding Salam And Istisna III (Forward Sales And Manufacturing Contracts)In this final module we discuss deliverIn this final module we discuss delivery, default, and the termination of an Istisna. We conclude the 3 module series with a practical product structuring exercise where you get to choose the appropriate financing tools in a given scenario.

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Ethica Institute of Islamic Finance1401, Level 14, Boulevard Plaza — Tower OneEmaar Boulevard, Downtown DubaiPO Box 127150, Dubai, UAE

Call us Sunday to Thursday9am to 5pm Dubai time: +971 4 455 8690

ininfo@ethicainstitute.com | www.ethicainstitute.com