18th September 2014, Centre of Islamic Finance (CIF) – COMSATS Institute of Information Technology, Lahore
IFAP: An Industry Building Initiative
Islamic Finance Access Programme (IFAP) is one of many industry-building initiatives founded by Professor Humayon Dar, Chairman of Edbiz Corporation and one of the foremost advocates of Islamic finance in the world. IFAP is now in its fifth year, after a humble start in 2009 at London, when less than 15 bankers from the City of London gathered for an introductory one-day training on Islamic banking and finance (IBF), delivered by the founder. Since then it has become a truly international programme under which numerous workshops have been organised in UK, Switzerland, Luxembourg and Pakistan. The trainers have included leading experts in IBF, drawn from a variety of institutions. Up to now, over 1,500 banking professionals, academicians, consultants, lawyers, Shari’a scholars, index providers and students have graduated from the programme, making it the largest certification programme (without a qualification) in Islamic finance in the Western world. The attendees receive a HD Certificate in Islamic Banking and Finance, which is essentially a certificate of attendance, and not a qualification.
Not a qualification in itself, IFAP however offers an opportunity to keen participants to pursue globally recognised qualifications in IBF, namely, Islamic Finance Qualification (IFQ) offered by the Chartered Institute of Securities and Investment (CISI), and Certified Qualification in Islamic Finance (CQIF) offered by IBFIM in Malaysia.
“Listening to some of the top experts in Islamic banking and finance at IFAPs is a real treat,” says a senior Islamic banker, who has attended numerous IFAPs in London. Other participants with no or little background in IBF find these one or two-day workshops not only informative but also a great opportunity for networking. A number of participants actually found jobs in the IBF sector through their interaction and introduction with their employers at an IFAP. “A great opportunity to learn and network,” says Muhammad Abdullah Nadvi, a PhD student at Markfield Institute of Higher Education, who has attended a number of IFAPs held in London. Haliza Abd Rahim, who is currently working as Legal Counsel at Arabesque Asset Management in London, found her current job through attending an IFAP in London.
Encouraged by the success of the programme, Edbiz Consulting is now planning to develop it into a modular programme to offer certificates, diplomas and an Executive MBA in Islamic Finance structured around IFAPs. So far, 18 IFAPs have been organised on a variety of topics stated in the table.
It is proposed that four IFAPs should constitute a module, and four modules should in turn entitle the participants for a Certificate in Islamic Banking and Finance. Accumulation of three certificates in Islamic banking and finance would constitute an Advanced Diploma in Islamic Finance. Anyone wishing to receive an Executive MBA in Islamic Finance must write a project or thesis in an area related with Islamic banking and finance. Once launched, this will become first of its kind of MBA in Islamic Finance, offered through a flexible CPD structure combining physical workshops with online delivery.
Such a flexible approach to teaching and learning is crucial for human resource development in the IBF sector. A number of employees of conventional banks and financial institutions want to switch to a profession in IBF but are reluctant to leave their otherwise lucrative jobs to study on a full-time basis for a qualification in IBF. The proposed modular programme will allow such a person to study for a recognised qualification in IBF in the most flexible and effective manner. Furthermore, this is expected to be one of the most cost-efficient qualifications in IBF.
| Date | Topic | Host | Location |
| 9th March 2009 | Introduction to Islamic Finance | British Institute for Technology & E-Commerce | LONDON |
| 4th March 2010 | Fundamentals of Islamic Finance | Toynbee Hall | LONDON |
| 22nd June 2010 | Principles of Islamic Investing | Denton Wilde Sapte (Now SNR Denton) | LONDON |
| 27th Sept 2010 | Islamic Infrastructure & Project Finance | Pinsent Masons | LONDON |
| 18th October 2010 | Islamic Wealth Management | Ramada Park Hotel | GENEVA |
| 29th November 2010 | Fundamentals of Islamic Finance & Investment | KPMG | LUXEMBOURG |
| 20th January 2011 | Structuring Islamic Investment Funds | Lawrence Graham | LONDON |
| 3rd May 2011 | Islamic Retail Banking | British Institute for Technology & E-Commerce | LONDON |
| 3rd June 2011 | Islamic Derivatives and Structured Products | Clifford Chance | LONDON |
| 6th July 2011 | Islamic Trade Finance | SNR Denton | LONDON |
| 17th October 2011 | Wa’ad and Its Modern Applications in Islamic Finance | Taylor Wessing | LONDON |
| 20th February 2012 | Current Issues in Islamic Finance & Career Opportunities | K & L Gates | LONDON |
| 11th June 2012 | Islamic Structured Products | Norton Rose Fulbright | LONDON |
| December 16-16, 2013 | Introduction to Islamic Banking and Finance | Fatima Jinnah University for Women | RAWALPINDI |
| 22nd February 2014 | Islamic Finance & Socially Responsible Investing | Taylor Wessing | LONDON |
| 27th March 2014 | Shari’a Compliance for Branch Level Staff of Islamic Banks | National University of Computers & Emerging Sciences | ISLAMABAD |
| 22nd May 2014 | Islamic Assets & Wealth Management | University of Management & Technology | LAHORE |
| 18th September 2014 | Operational Risk Management in Islamic Banking | COMSATS Institute of Information Technology | LAHORE |
Industry Support and Recognition
IFAP has received support from international law firms, consulting groups and academic institutions. Numerous banks, IT firms and other financial institutions have been among the major sponsors. Different professional bodies grant 6 CPDs to the attendees of the one-day workshops and double if the workshop happens to be of two days IFAP has received support from international law firms, consulting groups and academic institutions. Numerous banks, IT firms and other financial institutions have been among the major sponsors. Different professional bodies grant 6 CPDs to the attendees of the one-day workshops and double if the workshop happens to be of two days.
In 2013, IFAP-PAK was launched in Pakistan by Edbiz Consulting (Private) Limited, a subsidiary of the London-based Edbiz Consulting Limited. The first workshop was hosted by Fatima Jinnah Women University Rawalpindi, which proved to be very successful, following which a second workshop was held in collaboration with National University of Computer and Emerging Sciences Islamabad.
IFAP-PAK made an entry into Lahore with its third workshop that was hosted by University of Management and Technology (UMT).
The fourth IFAP-PAK, entitled “Operational Risk Management in Islamic Financial Institutions” was hosted by COMSATS Institute of Information Technology (CIIT) Lahore on September 18, 2014. A great number of bankers, academicians and others participated in the event. Professor Humayon Dar was the chief instructor, who was joined by Syed Ali Asad, Chief Risk Officer of Askari Bank Pakistan, and Mujtaba Khalid, an Assistant Professor at CIIT.
COMSATS is a premier public sector university with campuses located in various cities of Pakistan.
With a primary focus on science and technology, the university also has a centre of excellence for management sciences at its Lahore campus. In 2013, the university decided to set up Centre of Islamic Finance (CIF) after successful organisation of Global Forum for Islamic Finance (GFIF) for a couple of years. GFIF has emerged as a premier forum for practitioners and academicians involved in Islamic banking and finance, and indeed attracts participation from around the world. While primarily being a university specialising in technology and computer sciences, COMSATS has taken a lead by institutionalised teaching and research in the field of IBF. In this respect, Dr Abdus Sattar Abbasi, Head of Department of Management Sciences, played a crucial role.
Like the previous IFAPs in Pakistan and elsewhere, the format of IFAP-PAK-4 was structured around an interactive workshop. Most of the participants came from local Islamic banks and other conventional banks offering Islamic banking services through their window operations. A few travelled from neighbouring towns and cities.
Some of the represented banks included Bank
Alfalah, Bank Islami Pakistan, Meezan Bank, Askari Bank and UBL Ameen. Although the delegates were bankers, a small number of academicians (including PhD students) were also allowed to participate. This was done to allow interaction and a healthy dialogue between practitioners and academicians. This happened to be consistent with the philosophy of CIF that aims to become a centre of excellence for product development and applied Islamic financial research. Dr Mahmood Ahmad Bodla, Director of Campus at CIIT, who spearheaded the establishment of CIF, commented while appreciating the joint effort of CIIT and Edbiz Consulting, “I believe that holding of such workshops will not only be beneficial for the delegates but will also help us in building a respectable profile for CIF and COMSATS in the Islamic financial sector.”
Dr Imran Haider Naqvi, Head of CIF, said in his concluding remarks, “This IFAP is certainly one of the best training events ever held at CIIT. “ In a subsequent post-event meeting it was decided that CIIT and Edbiz Consulting should enter into a memorandum of understanding (MoU) to jointly conduct such workshops not only at CIIT but also at other institutions in and outside Pakistan.
Focus of IFAP-PAK-4: Operational Risk Management
Operational risk management is an area assuming increasing importance in the financial services industry and IBF is not an exception. As explained in the article contributed by Mujtaba Khalid (included in this issue), operational risk refers to the risk facing financial institutions due to the failure of processes and procedures related with people and technology.
In an IBF context, this also includes risks arising from non-compliance with Shari’a requirements and the risk associated with the failure of IFIs’ management to fulfil their fiduciary requirements as per the Islamic financial contracts used by such institutions.
Post-IFAP-PAK-4, Edbiz Consulting and CIIT will also cooperate to successfully hold the next Global Forum on Islamic Finance (GFIF) to be held at Lahore under the auspices of CIIT.
