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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Postgraduate Diploma in Islamic Finance and Banking 
SAQA QUAL ID QUALIFICATION TITLE
101893  Postgraduate Diploma in Islamic Finance and Banking 
ORIGINATOR
Regent Business School (Pty) Ltd 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Postgraduate Diploma  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 08  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  SAQA 091/21  2021-07-01  2023-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of this qualification is to equip learners with the necessary knowledge, skills and abilities in order to further their understanding of Islamic Finance and Banking in all forms. It is aimed at providing deeper understanding of Islamic Finance and Banking vis--vis Conventional Banking. This qualification will also assist practitioners in developing a much-needed Islamic secondary financial market.

The main objectives of the Postgraduate Diploma in Islamic Finance and Banking are:
  • To familiarise learners with the key principles of Islamic finance and banking.
  • To equip learners with such skill and knowledge which are in demand in Islamic financial and banking markets.
  • To enable the leaners to understand the fundamental principles underlying Islamic Banking.
  • To assist learners to appreciate the key differences between Islamic financial institutions and conventional financial institutions.
  • To equip learners to critically evaluate the current practices of Islamic banks, their merits and limitations and the reasons why Islamic banks were largely unaffected by the 2008 international financial crisis.
  • To make learners realise that there is certainly a positive role that Islamic Finance and Banking can play today.
  • To expose learners to Islamic Economics, Corporate Governance and Risk, and Regulatory Management.
  • To add to learners' knowledge and training in Islamic Finance and Banking, etc. as well as in Islamic Law (Shari`ah).

    Rationale:
    The Postgraduate Diploma in Islamic Finance and Banking is designed to provide learners with knowledge and skills that will enable them to operate effectively in Islamic Finance and Banking. Islamic Finance and Banking is an interest-free finance and banking initiative and therefore aims at benefitting society. Its features and functional mechanics are quite distinctive from that of the traditional banking system. Islamic finance and banking personnel require special attitudes, skill and knowledge, The Postgraduate Diploma in Islamic Finance and Banking qualifications aims to provide these skills.

    It has reported that, Islamic finance has started to grow in international finance across the globe, with a 20 percent annual growth of Islamic finance in recent years. According the International Monetary Fund report titled "Islamic Finance: Opportunities, Challenges, and Policy Options (April 2015 - SDN/15/05)", Islamic Banking increased its penetration in many countries, crossing the threshold of 15 percent as a share of banking system assets in 10 countries.

    A number of conventional banks have entered the Islamic Banking arena in South Africa by opening Islamic Banking Windows (conventional banks offering Islamic Finance and Banking products and services). Some examples are Wesbank, ABSA, HBZ Bank and FNB. Standard Bank is establishing Islamic Banking in Eastern Africa.

    This qualification is also designed to:
  • Provide a professional qualification for Commerce and Finance that will enable learners to initiate a career in the banking sector.
  • Enhance career opportunities for those who are already in the banking sector but require a professional qualification.
  • Contribute to knowledge by deeper studies into Islamic Finance and Islamic Banking in the modern world.

    With the rapid rate of establishment of Islamic Banks and Islamic Windows in various countries including South Africa, the Islamic Finance and Banking industry currently faces an increasing problem of lack of sufficient and suitably qualified Islamic Finance and Banking practitioners. According to industry sources, 50 000 Islamic financial professionals are needed in the Islamic Financial industry. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    The Institution recognises the importance of the Recognition of Prior Learning (RPL) in ensuring that applicants that possess skills acquired through life or work experience and non-formal education are catered for. The RPL assessment will focus on ways of evaluating a person's lifelong experiences (formal and informal) against a set of pre-determined criteria.

    Recognition of prior learning takes account of:
  • Formal study.
  • Age.
  • Work experience.
  • Studies that was undertaken for the purpose of personal gain/interest.
  • Company - based training.
  • Industry - based training.
  • Working with experts in the field.
  • Internships, and life experience.

    Credit is granted for RPL when in the assessment of the Institution selection committee, the candidate's knowledge and skills correspond to the learning outcomes of the qualification or specific module for which credit is applied. It is important to remember that the selection committee will focus on the quality and not the quantity of prior learning and/or experience.

    Some of the criteria that are used in evaluating 'applicants include:
  • The applicants' motivation, maturity and realistic approach to their studies.
  • The job description, covering relevant area of work, giving examples of tasks carried out, possibly supplying references.
  • The nature and level of life/work experience and prior study, and the learning which has resulted from such experience.
  • The details of in-company short courses, length, content of material covered, standard achieved.
  • The clarity of the applicant's educational goals and objectives.
  • The extent to which the applicant can provide evidence of the threshold skills and knowledge for the qualification.

    A Portfolio of Evidence (PoE) will be obtained from the applicant and evaluated by a qualified RPL assessor.

    Entry Requirements:
    The minimum entry to this qualification is either a:
  • Bachelor's Degree, Level 7.
    Or
  • Advanced Diploma, Level 7.
    And
  • Two years of managerial work experience. 

  • RECOGNISE PREVIOUS LEARNING? 

    QUALIFICATION RULES 
    This qualification comprises compulsory modules at Level 8 totalling 120 Credits:
  • Introduction to Islamic Economics and Finance, 20 Credits.
  • Islamic Commercial Law and Contracts, 20 Credits.
  • Evolution of Interest-Based Banking, 20 Credits.
  • Islamic Venture Capital and Financial Markets, 20 Credits.
  • Corporate Governance, Regulation and Supervision in Islamic Banks, 20 Credits.
  • Research Project, 20 Credits. 

  • EXIT LEVEL OUTCOMES 
    1. Communicate clearly with clients and manage stakeholder relationships in an ethical and professional manner.
    2. Demonstrate evidence of self-directed learning.
    3. Demonstrate the ability to critically analyse the fundamentals of Islamic Finance and Banking.
    4. Critically evaluate the existing Islamic Finance and Banking products and services vis a vis conventional banking.
    5. Analyse and evaluate the social responsibility features of the interest-free banking system.
    6. Differentiate between interest-free, Capital Markets, Islamic Venture Capital and Islamic financial instruments.
    7. Apply the techniques, methodologies and theories pertaining to Islamic product development issues.
    8. Assess the importance of corporate governance, regulation and supervision in the field of Islamic Finance and Banking.
    9. Demonstrate a comprehensive and systematic knowledge base of Islamic Finance and Banking.
    10. Acquire the general management skills underlying Islamic Finance and Banking. 

    ASSOCIATED ASSESSMENT CRITERIA 
    The following Associated Assessment Criteria will be assessed in an integrated manner across all the Exit Level Outcomes:
  • Catergorise Islamic Economics concepts.
  • Demonstrate an understanding of the nature of Islamic Economics.
  • Evaluate the divine injunctions for a moral economy.
  • Demonstrate the ability to critically analyse the Islamic approach to contemporary economic problems.
  • Articulate Islamic Economics in practice.
  • Assess the importance of Business Ethics in Islamic Finance and Banking.
  • Evaluate the concept of interest in various religious scriptures.
  • Differentiate between early contracts, rules of sales and evolution of Islamic commercial law.
  • Critically examine the enforceability of Islamic contracts.
  • Analyse the different modes of Islamic contracts vis--vis Western Law contracts.
  • Evaluate the concept and rules of loan and debt in terms of Islamic law.
  • Demonstrate an understanding of the complexities of partnerships in the form of joint-ventures and venture capital.
  • Assess the importance of Declining Participation in Usufruct.
  • Critically evaluate the concept of Cost-plus financing.
  • Analyse the interest-based banking system.
  • Critically review the interest-free Valuation Disciplines of Commodity Indexation and Marking-to-the-Market.
  • Evaluate challenges of conducting interest-free Banking in an interest-based environment.
  • Categorise the theories, methods and techniques underpinning the Twentieth-Century Interest-Free 'Islamic-compliant' banking model as compared to the Twenty-First Century interest-free 'Islamic-based' Banking model.
  • Construct theories, methods and techniques underpinning the Twentieth-Century Interest-Free 'Islamic-compliant' banking model as compared to the Twenty-First Century interest-free 'Islamic-based' Banking model.
  • Demonstrate the fundamentals of converting a conventional bank to an interest-free bank.
  • Evaluate the interest-free banking approach to handling troubled and non-performing credits (loans).
  • Critically evaluate the Social Responsibility features of the interest-free Banking System.
  • Assess the importance of developing an Islamic Capital Market as a viable alternative to conventional financing.
  • Critically evaluate Islamic funds and unit trusts.
  • Demonstrate an ability to analyse the various screening methodologies of Islamic investments on the stock exchange.
  • Analyse the role of Sukuks (Islamic Bonds) in Islamic capital markets.
  • Demonstrate an understanding of the structure and fundamentals of Islamic Insurance (Takaful).
  • Evaluate the role of Islamic micro-finance in alleviating socio-economic challenges.
  • Analyse the key issues of the capital adequacy requirements for Islamic Financial Institutions.
  • Critically review the importance of Securitisation in Islamic Finance.
  • Evaluate the importance of corporate governance, regulations and supervision in the field of banking and finance.
  • Analyse the general requirements of Shari`ah (Islamic Law) Governance Framework.
  • Critically assess the oversight, accountability and responsibility of Islamic Financial Institutions.
  • Evaluate the duties, responsibilities and accountability of Shari`ah Boards and Shari`ah Committees of Islamic Financial Institutions.
  • Demonstrate an understanding of the auditing of Islamic Financial Institutions.
  • Assess the techniques, methodologies and theories pertaining to product development issues.
  • Demonstrate the requirements of transparency in financial reporting of Islamic Financial Institutions.
  • Carry out a substantial research-based project.
  • Analyse data and synthesise research findings.
  • Report research findings in written and verbal forms.
  • Use research findings to advance banking theory and practice.
  • Apply critical thinking skills.
  • Apply foundational research skills to address a research question.
  • Demonstrate planning, time and change management skills.
  • Undertake research independently.
  • Demonstrate a capacity to communicate research results clearly, comprehensively and persuasively.

    Integrated Assessment:
    Assessment centres on:
  • The extent to which the learner has grasped the concepts.
  • The application of theory to a practical context.
  • The methods of research used.
  • A balance between theory and practice and its relevance to the level of the qualification.
  • The use of appropriate technology to ensure effective communication of ideas.

    Assessment methods measure the extent to which the learner has achieved competence in the different areas of study.

    These assessment methods include:
  • Case studies.
  • Report writing.
  • Interpretative and analytical problem solving.
  • Work based assignments. 

  • INTERNATIONAL COMPARABILITY 
    The Postgraduate Diploma in Islamic Banking and Finance offered by the Institute of Islamic Banking and Insurance in the UK is very similar to this qualification in that both qualifications provide an understanding of fundamental concepts of Islamic economics and finance, principles underlying Islamic commercial contracts, and the role of supervision and regulation in Islamic Bank.

    The comparison between the Al Huda Centre of Islamic Banking and Economics (CIBE) Executive Diploma in Islamic Banking and Finance and this qualification is as follows:
  • The CIBE offers a module Introduction to Riba and Islamic Economic System which is similar to the module Introduction to Islamic Economics and Finance.
  • The CIBE offers a module Islamic Banking and Financial Products which is similar to the content offered here.
  • The CIBE offers a module Takaful and Risk Mitigation tools in Islam which is similar to the module Corporate Governance, Regulation and Supervision in Islamic Banks.
  • The CIBE offers a module Sukuk, Islamic Fund and Investments which is similar to the module Islamic Ventre Capital and Financial Markets. 

  • ARTICULATION OPTIONS 
    This qualification offers articulation with the following qualifications offered by other institutions, provided the learner meets the minimum entry requirements:

    Horizontal Articulation:
  • Postgraduate Diplomas and Honours qualifications in Islamic Finance and Banking at Level 8.

    Vertical Articulation:
  • Master of Business Administration, Level 9. 

  • MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.