TAIF - Training and Awareness of Islamic Finance

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بِسْمِ اللهِ الرَّحْمٰنِ الرَّحِيْمِ

Blockchain for Islamic Banking & Finance Professionals

In recent years, the banking and finance sector has actively embraced blockchain technology, captivated by its ability to deliver secure, transparent, and tamper-proof solutions for seamlessly connecting stakeholders in a trustless environment.
This has motivated research into diverse applications with the aim of revolutionizing financial processes and services.

Live classes: 12 hours of value-added learning.
8 classes: 90 minutes per session.
Interactive: Ask any questions during the interactive classes.
Personalized Login: Recordings and study materials will be available for self-study.
Expert Guidance: Case studies and practical examples to enhance your learning and understanding.

Certificate: Certificate of completion from TAIF.
Assessment: Final project presentation and evaluation.
Price : USD 99.
20% Discount: Applicable to TAIF, Adl Advisory, GIFS, and Mabrook followers.
30% Discount: Applicable to AAOIFI Fellow members.
Prerequisites: None.

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Course Overview

In this course, we delve into the foundational design principles of Blockchain technology, with a specific focus on its applications in Islamic banking and finance. Explore how this transformative technology enhances transparency, security, and efficiency across a spectrum of financial operations, including transactions, settlements, and record-keeping.

The course not only outlines general advantages but also spotlights real-world use cases where Blockchain technology proves instrumental in streamlining processes, reducing operational costs, accelerating transaction and settlement speeds, and addressing fraud within the Islamic banking and finance industry.

Moreover, we scrutinize Blockchain’s alignment with Islamic Finance, emphasizing its adherence to values such as transparency, fairness, and the avoidance of interest (riba).

To reinforce practical comprehension, tutorials guide you through the setup of blockchain applications on prominent platforms like Ethereum, Polygon (offering a permissionless approach), and Hyperledger Fabric, a permissioned blockchain platform. Both are tailored to diverse financial use cases.

Upon completing the course, students gain valuable insights into the revolutionary potential of Blockchain technology across the financial industry. They acquire a nuanced understanding of its application in Islamic finance, coupled with the skills necessary to strategically create a Web 3.0 roadmap for their organizations and adeptly execute Blockchain projects in these domains."

What You Will Learn

Introduction to Blockchain Technology
Blockchain Applications in Banking and Finance
Permissionless vs. Permissioned Blockchains
Blockchain and Islamic Finance
Decentralized Finance vs. Centralized Finance
Central Bank Digital Currency (CBDC)
Digital Identity (KYC and AML)

Asset Tokenization and Potential Use Cases for IFIs - Islamic Financial Institutions
Real Estate Tokenization
Private Company Shareholdings
Sukuk or Bonds Tokenization
Hands-on Tutorials
Regulatory and Future Considerations

Course Outline

1. Introduction to Blockchain Technology

Basics of Blockchain: blocks, chains, decentralization, and consensus mechanisms.
Advantages and challenges in using blockchain for banking and finance.
Real-world examples of blockchain implementations.

2. Blockchain Applications in Banking and Finance

Enhancing security and transparency in financial transactions.
Types of digital currencies: Stablecoin vs. other cryptocurrencies.
CBDC - Central Bank Digital Currency and its readiness.
Improving cross-border payments and remittances.
Case Studies of successful Blockchain applications in finance.

3. Permissionless vs. Permissioned Blockchains

Understand the difference between permissionless blockchains (e.g., Ethereum) and permissioned blockchains (e.g., Hyperledger).
Real-world use cases for blockchain technology in the financial sector.
Practical considerations when selecting a blockchain platform.

4. Shariah Compliance and Applications

Shariah rulings on Blockchain
Permissible and impermissible use cases.
Overview of Islamic finance principles from the perspective of Cryptoassets.
Alignment of blockchain with Islamic finance.
Potential applications in Islamic banking and FinTech.

5. Blockchain and Islamic Finance

Equity and Debt Product Structures.
Basics of Shariah product structuring for Islamic Asset Tokenization, including key concepts such as Murabaha, Ijarah, Musharaka, and Musharaka Mutanaiqsa.
Takaful and Bancassurance within the Islamic finance framework.
Strategic roadmap of existing Islamic bank infrastructure to seamlessly integrate with (DeFi), digital currency, and the Metaverse.

6. Hands-on Tutorials

Set up a permissionless blockchain application using Ethereum or Polygon.
Implement smart contracts tailored for financial use cases.

7. Regulatory and Future Considerations

Regulatory landscape for Blockchain in banking and finance.
Emerging trends and challenges associated with the adoption of Blockchain technology.
MiCA Regulation and understanding the regulatory landscape.

8. Practical Skill Assessment and Project Submission

Project Assignment.
Final Exam (Quiz).
Final project presentations and evaluations.

Who Should Attend?

This forward-thinking program offers insights into innovative financial solutions tailored for professionals in the Islamic finance or banking industry. The program is designed for:

Mid to senior-level managers eager to comprehend the growth opportunities facilitated by blockchain (web 3.0 infrastructure) or dApps, utilizing them to expand the market share of Islamic Finance.
Business heads or leaders looking to fortify their knowledge and integrate blockchain and Islamic FinTech into their BAU operations.
Consultants/finance professionals aiming to enhance their expertise in applying blockchain and Islamic FinTech for innovative financial solutions.

Early-stage professionals or aspiring financial analysts seeking to understand how digital disruption through blockchain and Islamic FinTech is impacting the banking ecosystem.
Entrepreneurs and business owners curious about exploring how blockchain and Islamic FinTech can be leveraged for competitive advantage and business growth.
Regulatory professionals and compliance officers wishing to grasp the regulatory landscape and compliance considerations surrounding the integration of blockchain and Islamic FinTech in the Islamic banking sector.

Instructor: Mufti Ismail Desai

Mufti Ismail Desai stands as a distinguished Islamic finance scholar and consultant, wielding extensive experience as a chairman, advisor, and consultant for prestigious banks, financial institutes, and global funds.

His roles have immersed him in global exposure and unparalleled expertise in multifaceted financial dealings such as complex mergers and acquisitions, divestitures, corporate restructures, bond issuance, corporate capital raising, cash management, structured finance, and IPO/LBO/MBO transactions.

Mufti Desai holds remarkable educational qualifications, including MA in Islamic Banking, MA in Islamic Theology, and BSc in Banking from the London School of Economics (LSE), alongside various honorary academic distinctions pertinent to Islamic finance and Islamic fintech.

Acknowledged and awarded for his significant contributions to the Islamic financial sector, Mufti Desai possesses exceptional knowledge in Islamic financial advisory and modern concepts like Blockchain, Cryptocurrency, and Crypto Assets. This expertise enables him to design and implement cutting-edge platforms for shariah-compliant Islamic financial services.

Beyond his consulting roles, Mufti Desai serves as the CEO of a Global Islamic Financial Services Firm and holds the position of Chairman of the Fatwa Committee at Darul Iftaa.

Instructor: Fahad Hassan

Fahad holds a robust 15-year track record of excelling in Compliance assignments within the financial sector. His expertise spans across international banks, Big 4 consultancy companies, asset management firms, and crypto exchanges.

In his diverse roles, Fahad played a pivotal role in guiding and advising Compliance Departments, evaluating the quality of Compliance procedures, enhancing KYC and AML policies, delivering training sessions, and fostering effective communication with internal and external stakeholders. He also spearheaded risk assessments, conducted data/process mapping, and designed solutions to enhance and implement Compliance policies in alignment with the latest laws and regulations.

A standout quality Fahad possesses is his adeptness at identifying crucial integrity risks through extensive regulatory compliance knowledge. He seamlessly incorporates mitigating measures into the business landscape. Notably, he excels in maintaining stability in dynamic environments and possesses a long-term vision.

In essence, Fahad is an accomplished professional with comprehensive Compliance knowledge, bringing both 'run the business' and 'change the business' experiences to the table.

Instructor: Mufti Yousuf Sultan

Yousuf Sultan, a seasoned professional in Islamic finance, brings over a decade of experience in shariah advisory, consultancy, and training. His impressive credentials include a CSAA from AAOIFI, a CIFE from Ethica, an MSc in Islamic Finance from INCEIF, and a Mufti degree in Islamic jurisprudence.

Additionally, he holds the esteemed position of a registered Shariah adviser with the Securities Commission of Malaysia and actively participates in multiple Shariah committees, including Standard Chartered Saadiq Malaysia.

As the Founder and CEO of Adl Advisory, a Malaysia-based firm specializing in shariah advisory, consultancy, and training services, Yousuf is driven by a passion for promoting and innovating Islamic finance through technology. He has also played a pivotal role as a co-founder of IFA Consultancy, a Bangladesh-based firm dedicated to providing Islamic finance education and consultancy services. Yousuf's influence extends beyond borders, as he is a recognized speaker and shariah adviser in various prestigious markets and platforms, including AAOIFI, World Bank, Cagamas, Bangsamoro Government, and Nadil Iqtisad Kuwait.

His commitment to advancing Islamic finance is evident in his published research reports, including a co-authored work with Tan Sri Dr. Zeti, the former Governor of the Central Bank of Malaysia, on ethical finance and Islamic finance. Notably, Mufti Yousuf Sultan has been honored with the BAFF 2023 Award for his significant contributions to Bangladesh's Islamic finance industry.

Instructor: Fahad Siddiqui

Fahad Siddiqui brings an impressive 19-year track record in the Islamic banking sector, showcasing hands-on expertise in Islamic financial products and software development. With a unique blend of knowledge in both core Islamic banking and software development, Fahad has leveraged his dual proficiency with his significant contribution to Mabrook’s innovative landscape.

His recent co-founded venture, TAIF (Digital Institute of Islamic Finance), stands as a testament to Fahad's commitment to advancing Islamic finance education. This award-winning platform offers a dynamic environment for learning and development in the realm of Islamic finance.

Throughout his career, Fahad has had the honor of serving in strategic and senior positions for marketing, Product and Services, as well as international businesses, in both the world's first and largest Islamic banks across the globe.

Fahad's leadership has extended to successfully executing international expansions for banks in Africa, the sub-continent, and the far east Asia. Additionally, he has spearheaded the Branch Transformation R&D team for a multinational financial and retail technology services company in North America.

His multifaceted experience underscores Fahad's invaluable contributions to the dynamic Islamic banking and technological innovation landscape.

Why TAIF?

Alhamdulillah! We are grateful and honored to be recognized as the Best Islamic Finance Training Provider in 2023 at the GIFA Awards.

This acknowledgement celebrates our achievement and reinforces our unwavering dedication to delivering exceptional Islamic finance education.

Led by industry experts, our digital courses are designed to impart excellence and foster innovation. TAIF bridges tradition and forward-thinking, ensuring you are equipped for today and the future.

Join us on a journey to ignite your passion, uphold integrity, and thrive in the dynamic realm of ethical finance. TAIF creates a space where you can engage with the rich heritage of Islamic finance while embracing the opportunities of the modern world.