Majid is one of 50 candidates in Sri Lanka to have passed the qualification after studying with training partner First Global Academy (FGA), pioneers in Islamic finance education in the region.
Here Majid, who is now 17, gives his reaction to obtaining the IFQ, the first international benchmark in the area of Islamic finance. He is shown being congratulated on his success by CISI Chief Executive Simon Culhane, Chartered FCSI.
Why did you study for the IFQ?
I have always wanted to pursue a career in Islamic banking and finance, in particular to follow in the footsteps of my father, Muhammed Ikram Thowfeek. A qualified chartered accountant, he works as an Islamic banker.
How challenging did you find studying for the qualification?
As I was new to the field of Islamic finance and this is my first professional qualification, I found it more of a challenge than I imagine most candidates would. I studied for ten to 12 hours, six days a week for a two-month period. I would like to thank my tutors at First Global Academy (FGA), especially Mr Muath Mubarak for all the energy he put into teaching me
How would you rate the IFQ as a qualification?
It is very useful. It has given me a good understanding of financial services, from corporate governance to how to interpret the financial statements of an entity, and products and terms unique to the Islamic sector. These include Musharaqa and Mudarabah (joint ventures and equity participation) Salam (for agricultural products), Istisna (for manufacturing) and Sukuk (Islamic bonds, an alternative way to raise funds). I would recommend the IFQ to anyone interested in working in the area of Islamic banking and finance.
How will the IFQ help you in your career?
The IFQ will provide a great foundation to build on in developing a career as an Islamic banker. Currently I am training myself to give lectures to youngsters like me, guided by my father. I plan to take a top-up degree and study for Masters and PhD qualifications in the near future.
Qualification factfile
- Initiated and supported by the Central Bank of Lebanon (Banque du Liban), the IFQ is a global qualification which covers Islamic finance from both a technical and a Sharia’a perspective
- The exam can be taken in English or Arabic
- It is jointly awarded by two world-renowned institutions - the CISI and l’Ecole Supérieure des Affaires (ESA)
- Since its launch, the exam has been taken in more than 40 countries
- The IFQ is completed by passing a 100 multiple-choice question exam. The exam is delivered by computer-based testing (CBT) with a worldwide network of test centres available.
- Successful candidates are awarded Associate membership of the CISI.