Intermediate Qualification in Islamic Finance (IQIF) : Capital Market

Designed to cater to a person’s own area of expertise, this distinctive qualification focuses on the area of Islamic Capital Market. At this level, candidates will concentrate on specialised modules related to Islamic Capital Market with an emphasis on the application of concepts into practical aspects.

IQIF (Capital Market) comprises of eight (8) modules, which aims to equip the candidates with solid knowledge on the whole spectrum of Islamic Capital Market industry as well as to develop necessary skills and expertise to deal with issues and problems prevailing in the Islamic Capital Market practises.

Learning Outcomes

Ability and competency to:

  1. Examine the processes and procedures involved in the operations of capital market
  2. Apply knowledge and skills required in performing tasks related to the job
  3. Introduce basic innovations in products and processes
  4. Learn to exploit current market developments

Mode of Learning

  1. Online (e-learning)
  2. For face-to-face/classroom, IQIF – Capital Market is offered via in-house training programs only. Subject to terms & conditions spelt out by IBFIM.

Online Access

12 months (1 year)


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M1: Regulatory Requirement of Islamic Capital Market

This module will provide a comprehensive understanding on regulatory requirements of Islamic Capital Market. The focus will be on the introduction to Islamic Capital Market and its legal and operational aspects. The module will also look at the Islamic Capital Market’s products and services.

M2: Shariah Compliant Stock

This module will provide the understanding on Shariah compliant stock. Participants will also be explained on the legal and regulatory framework governing Shariah compliant stock, screening processes and operational aspects.

M3: Sukuk

This module will provide a comprehensive understanding and insight into the processes and procedures of structuring and issuance of sukuk.

M4: Islamic Fund Management

The module aims to provide participants with a comprehensive understanding of Islamic Fund Management industry. An evaluation will be made of the trends in the market, with a focus on benefits, costs and risks from the fund management company as well as from investors’ viewpoints.

M5: Islamic Real Estate Investment Trusts

This module will highlight the development of Islamic Real Estate Investment Trusts (I-REITs) and its regulatory framework.  Participants will also learn the mechanics and structures of Islamic REITS as well as the benefits and risks of investing in REITS.

M6: Islamic Exchange Traded Fund

This module will provide an overview of Islamic Exchange Traded Fund (ETF) with emphasis on the creation and redemption of ETF.  Participants will examine the operational aspect of Islamic ETF and Shariah issues pertinent to the Islamic ETF.

M7: Islamic Venture Capital and Private Equity

This module is designed to provide an overview of Islamic Venture Capital and Private Equity. Participants will be briefed on the features and mechanisms of Venture Capital and Private Equity from the Shariah perspective.

M8: Shariah Compliant Derivatives

This module will provide an insight into the development, structures and functions of derivatives.  Participants will also learn the basic principles of Shariah-compliant derivatives as well as its operational aspects.

The Associate Qualification in Islamic Finance (AQIF) certificate holder or equivalent is a prerequisite for a participant sitting for the IQIF assessment.

Method of Examination:

  • One Hundred (100) Multiple Choice Questions/ Short Structured Questions
  • Two and a half (2 ½) hours examination
  • Passing mark: 60%