The Certified Islamic Finance Risk Management Professional (CIFRMP) professional certification program is designed to provide professionals with an in-depth understanding of risk management in the context of Islamic finance. The program covers various aspects of risk management, including the forward commodities market, exchange of gold with paper money on a forward basis, and the forward market for currencies and currency risk management. This certification program aims to equip professionals with the necessary skills and knowledge to manage risks effectively in the Islamic finance industry.

Certification Program Objectives:

1. Understand the fundamental concepts and literature review of risk management in Islamic finance.
2. Analyze the permissibility of the forward commodities market in Islamic finance.
3. Evaluate the exchange of gold with paper money on a forward basis and its compliance with Islamic principles.
4. Analyze the forward market for currencies and develop effective strategies for currency risk management in Islamic finance.

Certifying Examination:

• To be certified as CIFRMP, student should take up a 1.5 hours exam at the designated examination centers.
• The qualifying exam would consist of 50 multiple choice questions, testing core certification modules.
• Professionals with relevant experience and other qualifying criteria may be exempted from the examination.

Modules:

1. Introduction and Literature Review of Risk Management in Islamic Finance
2. The Forward Commodities Market and Its Permissibility in Islamic Finance
3. Exchange of Gold with Paper Money on Forward Basis
4. The Forward Market for Currencies and Currency Risk Management