Islamic Finance Graduate Certificate (IFGC)

in collaboration with 

Objectives of the Programme

• Led by Panacea Consulting in partnership with DIFC Academy alongside its support partners AAOIFI and IIRA, the main objective of Program is to provide participants with the complete suite of knowledge and skills required for success in the role of an Islamic financial and banking personnel/expert.
• To build up a talent pool of Islamic Finance Leaders in the UAE
• To induce the participants to drive business in their respective areas of work, laying strong theoretical and amplifying current and modern practical underpinnings
• To create a mindset of combining operational excellence with strategic perspective for sustainable progress especially in view of new age demands and Vision of the country

MODULE 1: Islamic Banking based on AAOIFI standards  (Ecosystem, Regulatory Frameworks & Products)

22, 23, 24 and 25 September 2026 (4 Days)

9:00am - 4:00pm

DAY 1:

Islamic Banking Products, Ecosystem and Regulatory Frameworks

1. Overview of the Islamic Economic and Financial System
   1. History and Rejuvenation of Islamic Finance
   2. The main essence and base architecture of Islamic Finance
      1. The concept of Maqasid Al Shariah
      2. The Major Prohibitions
      3. Time Value v/s Economic value of Asset
      4. The concept of riba, money, profit, capital and Gharar in Islam
      5. The main essence and base architecture of Islamic Finance
   3. The core intermediary difference
2.  The effect on risks and financial risks
   1. Al-Bay as Risk Sharing
   2. Role of Standards setting bodies
3. The Governance advantage
   1. CBUAE
   2. Shariah Board
   3. AAOIFI, IFSB, IIRA, IIFM
4. Current Progress, Challenges & Prospects for UAE Vision

DAY 2 :

Islamic Banking Products

1. Introduction to Islamic Banking Products
2. Sales Based contracts/products
3. Equity/Partnership based contracts/products
4. Ijarah Based Contracts/products
5. Hybrid products
6. Role of AAOIFI standards
7. The Retail Banking Products
8. Islamic Retail Banking products and its prospects and challenges including risks, legal and development issues and opportunities

DAY 3:

Islamic Banking Products

1. Core Islamic Corporate and wealth management Products challenges including risks, legal and development issues and opportunities
2. Islamic Trade finance Products challenges including risks, legal and development issues and opportunities
3. Role of Takaful overall prospects and challenges including risks, legal and development issues and opportunities

DAY 4:

Islamic Financial Markets and Instruments

1. Introduction to Islamic Capital Markets
2. Islamic Asset management
3. Islamic REITs
4. Islamic Mutual Funds
5. ETFs and other similar schemes
6. Introduction to Sukuk & Sukuk market
7. The Role of International Islamic Financial market (IIFM)
8. Brief on most common structures of Sukuk
9. Role of Digital and Green/Sustainable and Impact Sukuk and prospects for UAE
10. HR, Legal and Shariah Challenges

MODULE 2: Risk Management and Financial Modeling

29 September 2026 (1 Day)

9:00am - 4:00pm

DAY 5:

Risk Management and Rating

1. Islamic Financial Risk Management
2. Theory of risks in Islam
3. Types of Core risks
4. Specific Risk
5. The peculiar black swans
6. Mother of all Risks
7. Continuation of Risk Management and Financial Modeling in Islamic Finance
8. Case studies: Group Assignment/team building exercise on credit and Shariah rating

MODULE 3: Credit and Shariah Rating

30 September 2026 (1 Day)

9:00am - 4:00pm

DAY 6:

Credit and Shariah Rating

1. The notion of ratings in finance
2. The role of rating in Islamic finance
3. Theory, Process, implementation and impact
4. The absence of Shariah rating in conventional rating system
5. Islamic Credit and Shariah Rating
6. The need and significance of Shariah rating
7. The role of Islamic International Rating Agency
8. The overall theory, process and work flow
9. Case Studies
10. Group Assignment/team building exercise on credit and Shariah rating

MODULE 4: Islamic Financial Accounting 

1 and 6 October 2026 (2 Days)

9:00am - 4:00pm

DAY 7:

Islamic Financial Accounting

1. Need for Islamic Accounting: the philosophy of Islamic Accounting Framework and understanding the Islamic banking financial statements,
2. Role of AAOIFI and Introduction to relevant and core AAOIFI accounting standards
3. Analyse financial statements and related concepts as per core and relevant AAOIFI standards
4. Case Studies
5. Team Building exercise

DAY 8:

Islamic Financial Accounting

1. Continuation of Accounting treatment for major Islamic contracts as per AAOIFI standards
2. Group assignment/quiz
3. Impact of risk classification and provisioning on bank’s profitability by certain Islamic accounting treatments e.g. the calculation of CAR, PER and IRR
4. Team Building Exercise

MODULE 5: Shariah Compliance, Audit and Governance 

7 and 8 October 2026 (2 Days)

9:00am - 4:00pm

DAY 9:

Role of Shariah Governance and audit, including for Digital and Technology Driven Islamic Finance

1. The concept, Effects, role and opportunities for Shariah governance and Compliance including Audit
2. The Role of AAOIFI , IIRA and its standards
3. The world of Shariah Audit
4. Live simulation: Shariah Audit Software backed by AAOIFI
5. Continuation of Live simulation: Shariah Audit Software backed by AAOIFI

DAY 10:

Role of Shariah Governance and audit, including for Digital and Technology Driven Islamic Finance

1. The New Risk Management and New Age Shariah governance
2. Group activity
3. Challenges, Way forward and opportunities for Islamic banking and finance in and for UAE

MODULE 6: Digital and Technology Driven Islamic Finance

20 and 21 October 2026 (2 Days)

9:00am - 4:00pm

DAY 11:

Digital and Technology Driven Islamic Finance

1. Introduction to Fintech and Different themes
2. Understanding the Fintech Ecosystem
3. The core top 5 digitization modes
4. The regional best practices and approaches
5. UAE’s vision and approach and the regulatory Sandbox
6. Web 4.0 and 5.0
7. The Relevance of Islamic Finance
8. The synergy with Fintechs
9. The notion of Crowd funding venture capital and P2P lending
10. The banking Best Practices
11. The approach of Islamic banking and product innovation

DAY 12:

Digital and Technology Driven Islamic Finance

1. The Threat of Big Tech and way forward
2. The use of AI, RBS, Block chain and ML modes
3. The effects and opportunities for products, Smart contracts
4. Continuation of AI, RBS, Block chain and ML modes
5. The Notion of RegTech and SupTech and role of innovative Shariah compliance, regulatory, standard setting and rating
6. The new age risk management and the impediment of ‘Cyber Security’

MODULE 7: Sustainability and ESG

22 October 2026 (1 Day)

9:00am - 4:00pm

DAY 13:

Sustainability and ESG

1. Sustainability, ESG and Islamic Finance – Natural Alignment
2. Maqasid al-Shari’ah and sustainability: the mapping
3. Islamic finance principles supporting ESG
4. ESG Integration in Islamic Financial Institutions
5. ESG in Islamic banking operations
6. Sustainable and green Sukuk prospects
7. ESG screening for Shari’ah-compliant investments Climate risk, social impact, and governance considerations
8. Governance, Disclosure & Regulation
9. Regulatory expectations in DIFC and UAE ESG reporting, disclosures, and assurance
10. Role Shariah governance Shari’ah boards in ESG oversight
11. Case Study and Group Exercise

MODULE 8: Islamic Social Finance and Waqf

28 and 29 October 2026 (2 Days)

9:00am - 4:00pm

DAY 14:

Islamic Social Finance and Waqf

1. Introduction to Islamic Social Finance and waqf
2. The history of Islamic Social Finance, waqf and impacts
3. The Current need for the role of Islamic social finance and waqf
4. Opportunities in UAE and in view of vision 2040
5. The world of Waqf and its usage
6. The modern understanding, role and utilization of waqf in UAE
7. Different approaches and the corporate and Cash waqf
8. Different approaches and the corporate and Cash waqf

DAY 15:

Islamic Social Finance and Waqf

1. The AAOIFI Shariah standard on Waqf
2. The Governance and Accounting standard
3. Case studies of successful Social finance
4. Use of technology to utilize social financial modes/waqf
5. Challenges and prospects
6. Group activity

MODULE 9: Islamic Micro and MSME

4 November 2026 (1 Day)

9:00am - 4:00pm

DAY 16:

Islamic Micro and MSME Finance

1. Introduction to Islamic Micro Finance
2. The prospects on offer in UAE and in view of national vision
3. Best practices and Success stories
4. The common products and contracts
5. The relevant AAOIFI standards
6. Regulatory support and challenges
7. Introduction to MSMEs and sector importance
8. The past and current Islamic banking performances in UAE
9. The approach and role of Islamic banks
10. The prospects on offer in UAE and in view of national vision
11. Best Practices and Success stories
12. The common products and contracts
13. Regulatory support and challenges

DAY 17: The Wrap Up and graduation ceremony (Date and Time TBA)

Assessment Approaches

A) Module-wise assessment of the knowledge and skills learned during the programme
B) The assessment of modules shall be throughout the course, and where necessary, include group assignments, smart quizzes, situational & numerical tests, in-tray exercise, group dynamics and presentations to assess the following competencies:
I. Leadership
II. Customer and country focus
III. Communication skills
IV. Team work
V. Critical and innovative thinking and results orientation
VI. Analytical skills
VII. Decision making
 

PROGRAMME DETAILS:

Dates: 22 September - 04 November 2026

Time: 9:001m - 4:00pm

Venue: DIFC Academy, Gate Village 2

Full Programme Fee: AED 20,198.70 

Inclusive of Coffee Breaks and Lunch