Waqf Fund launches Diploma in Islamic Commercial Jurisprudence for Shari'ah reviewers

The programme, due to commence from October, is being offered with the assistance of Bahrain Institute of Banking and Finance (BIBF).

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The Waqf Fund, a Bahrain-based special fund to support Islamic finance training, education and research, has announced the launch of Diploma in Islamic Commercial Jurisprudence aimed primarily at those working for internal Shari’ah review departments of Islamic financial institutions.

Khalid Hamad, Chairman of the Waqf Fund said, “The diploma programme provides an opportunity to develop the understanding of Islamic commercial jurisprudence in considerable depth. The programme, which will be conducted in Arabic, consists of seven modules. Each module is of 50 hours and will take a month to complete. Qualified teachers from within Bahrain and outside are being engaged to deliver the modules. The Waqf Fund will bear the cost of this program for its member institutions.”

The seven modules include: (1) The Theory of Contracts and its Legal Maxims (2) Objectives of Shari’ah and Usul Al Fiqh (3) Principles of Fatwa and Applied Jurisprudence (4) Islamic Financial Transactions (5) Fiqh of Zakat and Waqf (6) Fiqh of Takaful (7) Shari’ah Auditing and Compliance for IFIs.

Mohammad Omar Farooq, BIBF Head of Centre for Islamic Finance, said, “Quality education and training in Islamic finance have been somewhat lagging in comparison to the impressive growth of the industry. We have a duty to make available substantive and up-to-date training for those working in the Shari’ah departments of IFIs in various capacities. The Centre for Islamic Finance at BIBF has been a pioneering contributor to this industry’s education and training needs and we are pleased to have this opportunity to make a difference. The Waqf Fund and BIBF have an ongoing partnership in serving the Islamic finance industry. We are confident that this new diploma, reviewed and certified by AAOIFI, will be an important step toward filling the current void.”

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