IBFIM’s Microlearning features fundamental level Islamic finance topics that are derived from FOSIF, which is the core module for Associate Qualification in Islamic Finance (AQIF), Certified Professional Shariah Audit (CPSA) and Islamic Professional Credit Certification (iPCC). FOSIF module consists of Shariah theories, principles and focuses on key Shariah contracts applicable in Islamic banking practices. Hence, IBFIM’s Microlearning provides the opportunity for learners to be FOSIF certified through self-learning mode.
Completion of FOSIF through IBFIM Microlearning is a prelude to IBFIM’s progression pathway i.e. AQIF, CPSA and iPCC. The present restriction movement accelerates the concept of self-learning where eligible banking institutions can upskill their workforce remotely. IBFIM‘s Microlearning provides the flexibility for banks’ staff to learn at their own pace remotely. In addition, the Microlearning topics are suitable for all level of learners, from entry level to middle executives and above.
Upon completing the 10 Microlearning topics, learners will be qualified automatically to register for FOSIF assessment.
• FOSIF Handbook & E-books
• FOSIF Assessment
• Completion for Microlearning
• Achievement for FOSIF Assessment


Topics: Exchange Contracts: Sale & Lease Contract
100 minutes learning hours
→ Unit 1: Exchange Contracts: Sale Contract (Trading of Gold and Silver)
• Bay’ Sarf
• Bay’ Dayn
• Bay’Tawarruq
• Bay’ Bithaman Ajil
• Bay’ Murabahah
• Bay’ Tawliyah
• Bay’ Wadiah
• Bay’ Istisna
• Bay’ Salam
• Bay’ Inah
• Bay’ Istijrar
→ Unit 2: Exchange Contracts: Sale (Trading of Gold and Silver)
→ Unit 3: Exchange Contracts: Lease Contract
• Ijarah
• Ijarah Mausufah fi Dhimmah
• Ijarah Muntahiyah Bi Al Tamlik
• Ijarah Thumma Bay’
Topics: Case Study Related to Shariah Governance
60 minutes learning hours
→ Unit 1: Issues and Challenges in Implementing Shariah Governance
→ Unit 2: Illustrations on Issue and Challenges in Implementing Shariah Governance


Topics: Partnership and other Contracts Applied in Islamic Finance
80 minutes learning hours
→ Unit 1: Partnership Contract
• Musharakah
• Mudarabah
• Musharakah Mutanaqisah
• Muzara’ah
→ Unit 2: Other Contracts
• Rahn
• Kafalah
• Wakalah
• Wadiah
• Qard
• Hawalah
• Tabarru
• Hibah
• Ibra’
• Muqasah
Topics: Ethics in Banking: Related Policy and Guidelines
40 minutes learning hours
→ Unit 1: Insider Trading
→ Unit 2: Bank Negara Malaysia’s Definition of Insider Trading
→ Unit 3: Who are Involved in Insider Trading
→ Unit 4: Why is Insider Trading is a Crime
→ Unit 5: Consumer Protection Initiatives in Malaysia
→ Unit 6: Objectives of Consumer Protection Initiatives
→ Unit 7: Why is Consumer Protection Important?
→ Unit 8: Financial Consumer Protection
→ Unit 9: Bank Negara Malaysia’s Requirements on Financial Institutions
→ Unit 2: Illustrations on Issue and Challenges in Implementing Shariah Governance


Topics: Rule Making Process in Islamic Law
60 minutes learning hours
→ Unit 1: Definition of Ijtihad
→ Unit 2: Historical Development of Ijtihad
→ Unit 3: Schools of Islamic Legal Thought: Salient Features and Differences of Opinion
→ Unit 4: Reasons Why Divergence of Opinion is Acceptable in Islam
→ Unit 5: Methodology of Islamic Rule Making Process: Ijtihad
→ Unit 6: Principles of Islamic Jurisprudence (Usul Fiqh)
→ Unit 7: Sources of Shariah I
→ Unit 8: Sources of Shariah II
→ Unit 9: Definition of Islamic Legal Maxim (Qawa‘id Fiqhiyyah)
→ Unit 10: Definition of Islamic Legal Maxim (Qawa‘id Fiqhiyyah)
→ Unit 11: Relationship Between Islamic Legal Maxims (Qawa‘id Fiqhiyyah) and Islamic Jurisprudence (Usul Fiqh)
→ Unit 12: Siyasah Shariyyah
Topics: Ethics in Islamic Finance
30 minutes learning hours
→ Unit 1: Implementation of Islamic Ethics (Akhlaq) in Islamic Finance
→ Unit 2: Ethics and Corporate Governance
→ Unit 3: Bank Negara Malaysia’s Shariah Governance Policy
→ Unit 4: Importance of Justice in Islamic Finance


Topics: Introduction to Muamalat Contracts in Islamic Finance
35 minutes learning hours
→ Unit 1: Introduction to Muamalat Contracts
→ Unit 2: Introduction to the Main Theories of Muamalat
→ Unit 3: Theory of Ownership (Milkiyyah)
→ Unit 4: Theory of Property (Mal)
→ Unit 5: Theory of Right (Haq)
→ Unit 6: Theories of Contract (Aqad)
→ Unit 7: Termination of Contract
Topics: Shariah Governance
35 minutes learning hours
→ Unit 1: Overview of Shariah Governance
→ Unit 2: BNM Shariah Governance Arrangements and Principles
→ Unit 3: Section I – General Requirements of the Shariah Governance
→ Unit 4: Section II – Oversight, Accountability and Responsibility Framework
→ Unit 5: Section III – Independence
→ Unit 6: Section IV – Competency
→ Unit 7: Section V – Confidentiality and Consistency
→ Unit 8: Section VI – Shariah Compliance and Research Functions


Topics: Introduction to Shariah and Fiqh
25 minutes learning hours
→ Unit 1: Definition of Shariah
→ Unit 2: Basic Component of Islam
→ Unit 3: Definition of Fiqh
→ Unit 4: Relationship between Shariah and Fiqh
→ Unit 5: Salient Features of Shariah
→ Unit 6: Objectives of Maqasid Shariah
→ Unit 7: Definition of Economics and Economics Principles of Islam
→ Unit 8: View of Islam on the Economic Problems
→ Unit 9: Development of Islamic Banking and Finance
→ Unit 10: Differences between Islamic and Conventional Banking
→ Unit 11: Insight of the Shariah Aspect in the Implementation of Islamic Banking
Topics: Rule-Making Process in Modern Islamic Banking and Finance
15 minutes learning hours
→ Unit 1: Shariah Governance Policy in Islamic Banking and Finance in Malaysia
→ Unit 2: Roles and Duties of Shariah Advisory Council (SAC) of BNM and SC
→ Unit 3: Roles and Duties of Shariah Committee at Individual and Institutional Level
→ Unit 4: Roles and Duties of Shariah Advisor at Fund Management Level
→ Unit 5: Roles and Duties of Shariah Officer/Secretariat at Banking Level


