Professional Diploma in Islamic Accounting and Reporting - International Institute of Islamic Economics and Finance

Professional Diploma in Islamic Accounting and Reporting for Islamic Financial Institutions

This is an applied Islamic accounting course to prepare the students to work in the Islamic finance industry. This course intends to introduce Islamic accounting principles and concepts to students as well as underlying accounting and reporting practices of Islamic financial institutions. This course also introduces the Accounting and Auditing Standards of AAOIFI ( Accounting and Auditing Organization of Islamic Financial Institutions). The application of AAOIFI standards by Islamic financial institutions is has explored in detail. This is an online Professional Diploma in Islamic Accounting and reporting course.

Outcomes

At the end of this lesson, students will be able to

1. Understand the accounting and auditing frame work and standard for Islamic financial institutions

2. Describe the Islamic accounting principle and concepts

3. Compare the Islamic accounting principles and concepts with conventional accounting

4. Recognize the accounting and reporting of various Islamic financing activities

5. Analyze the performance of Islamic financial institutions

Program	Professional Diploma in Accounting and Reporting for Islamic Financial Institutions
Target Audience	Islamic finance professionals, Islamic bankers, auditors. Accountants, Accounting technician, finance managers, treasures, fund managers, managers of Islamic financial institutions, financial analyst, system analyst, accounting students, academics and students whoever want to start a career in Islamic accounting and reporting.
Study Mode	Online (Distance learning)
Duration	30 Hours (Flexible - Students have freedom to start at their own time and complete within in 12 months)
Academic requirements	Business/Accounting/Finance bachelor or master degrees. or Full or part qualification of CPA/CIMA/CMA/CFA/ACCA/Chartered Accountancy/AAT or Professional experience in Islamic financial institution will be recognized for Accredited Prior Learning (APL) or as entry qualification.
Work experience	Not required, however, professional experience in accounting or auditing will be recognized for Accredited Prior Learning (APL)*
English language requirments	Reading, writing and presentations skills
Learning materials	Animated videos, reading materials, practice worksheets, e-books and case studies weekly live Q & A with instructors
Assessments	Students need to complete end of chapter questions, assignments, Capstone projects and recorded presentation.
Awad	Professional Diploma in Accounting and Reporting for Islamic Financial Institutions
Awarding body	Students have choice to select the Diploma provider from 1. London School of Business and Social Sciences (LSBSS) or 2. Geneva School of Business and Economics (GSBE) 3. American International Theism University (AITU)
Fees	UK£ 250 - London School of Business and Social Sciences (LSBSS) or Geneva School of Business and Economics (GSBE) UK£ 500 - AITU

Exemptions

Students who have enrolled in Professional Diploma in Islamic Accounting is exempted on section 1 if they posses an Accounting degree or diploma or professional exam such ACCA/CIMA/CPA/CMA.
Students who have enrolled in Professional Diploma in Islamic Accounting is exempted on section 2, if they have completed a reconized Islamic finance program.

Note : Students need to submit supporting documents to get exemption on section 1 and 2. If no supporting documents are furnished, the students need to complete all sections and modules.

Click for Online Application and Payment to start the course

Note : Students who apply through the above link will be directed to our secured learning management system where they have to create an account and make the payment. The students will begin the course once the payment is complete. The payment goes through a secured popular learning management system TEACHABLE.

There are a number of partial scholarships available. If the students are expecting a scholarship, they need to fill out the form given in the below link. One of our student counselors will contact the students once the form has been submitted.

Click here for a scholarship and approval

Course contents

Course Number	Course Name
Section 1	Financial Accounting – Basics
DIPFA110	Financial Accounting – Introduction
DIPFA120	The recording process
DIPFA130	Financial Reports and Adjusting entries
DIPFA140	Completing Accounting process
Section 2	Islamic Finance
EDIP110	Basics of Islamic Finance
EDIP120	Islamic Financial Contracts and Instruments
Section 3	Islamic Accounting
PDIPA110	Islamic Accounting Introduction
PDIPA120	Islamic Accounting Concepts
PDIPA130	Financial Reporting for Islamic Financial Institutions
PDIBA210	Accounting for Mudarabah Deposit and Financing
PDIBA220	Accounting for Musharkah Financing
PDIBA230	Accounting for Murabaha Financing
PDIBA240	Accounting for Ijarah Financing
PDIBA250	Islamic Accounting for Zakath and Business Wealth

Modules

DIPFA 110 Financial Accounting – Introduction

Learning objectives

Define the accounting vocabulary
Define the user of financial information
Apply the accounting concepts and principles
Define and use accounting equation
Depict accounting for business transactions

Assessments: MCQ, True and short answers

DIPFA 120 The recording process

Learning objective

Explain accounts, journals, and ledgers
Define debits, credits and normal account balances. Use double entry accounting T-accounts.
List the steps of transactions recording
Journalise and prepare T accounts

Assessments: MCQ, True and short answers

DIPFA 130 Financial Reports and Adjusting entries

Learning objective

Define and apply accounting principles
Explain why adjusting entries is important
Prepare an adjusted trail balance
Prepare the financial statements from the adjusted trail balances

Assessments: MCQ, True and short answers

DIPFA 140 Completing Accounting Process

Learning objective

Prepare accounting worksheet
Close the accounts
Classify assets and liabilities

Assessments: MCQ, True and short answers

EDIF110 Introduction to Islamic Finance

Learning objectives

Describe the conceptual basis of the modern practice of Islamic banking and finance.
Explain the historical development of and conceptual arguments for Islamic banking and finance.
Understand the components and operating structures of the Islamic banking and finance industry as well as the process of development of Islamic finance products.
Describe the current size and worldwide spread of Islamic banking and finance.

Assessments: MCQ, True and short answers

EDIF 220 Islamic Financial instruments

Learning objectives

Describe the sources and uses of funds and the operation of bank accounts by Islamic banks.
Understand how exchange-based contracts are utilized as financial instruments in Islamic finance.
Understand how service-based contracts are utilized as financial instruments in Islamic finance.
Understand how partnership contracts are utilized as financial instruments in Islamic finance.
Know the nature of supporting contracts in Islamic finance, including the unilateral supporting contracts.