Certified Islamic Contract Structuring Specialist

It is for product developers, structurers, legal counsel and Shari'ah reviewers who design or approve Islamic finance products. It covers the elements and types of contracts, riba and currency trading (AAOIFI Shari'ah Standard No. 1), gold (SS 57), gharar (SS 31), combination of contracts (SS 25), possession (SS 18), institutional fatwa (SS 29) and arbitration (SS 32), together with options and arboun (SS 48, 51, 52, 53, 54), promises (SS 49), buybacks (SS 58), contingent incidents (SS 36), guarantees and pledges (SS 5, 39), documentary credits (SS 14) and the rules on debts and loans (SS 59, 4, 7, 19, 3).

How it works: study the linked courses Shari'ah Foundations of Islamic Transactions and Options, Promises, Guarantees and Debts, then sit a 40-question certification exam in 75 minutes. The pass mark is 70%, and the certificate is valid for three years.

This is an independent ifSPACE certification. It is free, it is not an AAOIFI qualification, and it is not accredited or endorsed by AAOIFI or any regulator.