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Islamic Finance Qualification (IFQ)

Background: Islamic Finance Qualification (IFQ)

The Islamic Finance Qualification (IFQ) is an Islamic finance industry qualification jointly created by l’Ecole Supérieure des Affaires (ESA) and the Chartered Institute for Securities & Investment (CISI).


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Assessment

The IFQ involves taking 100 multiple-choice exam questions.

The exams are undertaken by Computer Based Testing (CBT), with test centres being available around the world. Students are provided flexible exam schedules, with IFQ results being available instantly.

The IFQ exam lasts around 2 hours, with 130 hours of study time. The pass mark is 70%. According to the CISI, the pass rate is currently 47%, with the below IFQ exam grades:

Pass with merit (91 - 100 marks)
Pass (70 - 90 marks)
Marginal Fail (60 - 69 marks)
Fail (0 - 59 marks)

Qualification Languages

The IFQ is offered in English and Arabic.

Exam Details and Syllabuses

The IFQ syllabus is as follows:

  • The Basis of Islamic Banking and Finance

  • An Introduction to Islamic Banking and Finance

  • Islamic Law of Contracts

  • Financial Techniques Applied by Islamic Banks

  • Islamic Asset and Fund Management

  • Sukuk Market

  • Islamic Insurance / Takaful

  • Financial Statements for Islamic Banks

  • Islamic Corporate Governance

The review of the study text and examination is undertaken by the Advisory Council for Islamic Finance.

Fees - Islamic Finance Qualification (IFQ)

Fees for the qualifications are as follows:

Qualification NameExam FeeWorkbook Price
Islamic Finance Qualification - IFQ, in English£190£75
Islamic Finance Qualification - IFQ, in Arabic£190£75

How to register for the Islamic Finance Qualification (IFQ)

Step 1: Register online at cisi.org/register

Step 2: Book your exams:
online – cisi.org/ifq
by phone – +44 20 7645 0777
via email – customersupport@cisi.org

Step 3: Complete the Islamic Finance Qualification (IFQ). Registration Form at cisi.org/qrf

Further Study

The CISI has partnered with London-based Institute of Islamic Banking and Insurance (IIBI), where students who have qualified for the IFQ can go on to apply for the IIBI’s Diploma.