The Waqf Fund

1. Graduate Sponsorship Program

Now in its third year, Graduate Sponsorship Program (GSP) serves to provide young Bahraini graduates with an orientation in Islamic finance along with practical experience in IFIs. 25 graduates are selected every year for a 6 month diploma program with BIBF. They study the following courses: (1) Islamic Commercial Jurisprudence, (2) Islamic Banking Operations, (3) Islamic Treasury and Capital Markets, (4) Islamic Accounting, (5) Islamic Insurance, and (6) Banking, Business and Trust Law. In 2011 the program format was changed slightly by giving the member institutions an opportunity to nominate their junior resources for this program.

2. Shari'a Reviewer Development Program

Aimed to provide basic orientation to Islamic and conventional finance/banking to Internal Sharia’ Reviewers of IFIs and plug any knowledge gaps. These are designed as short courses of 10-30 hour duration. The topics covered include: (1) Understanding Financial Statements for IFIs, (2) Business, Banking and Trust Law, (3) Islamic Treasury and Capital Markets, (4) Risk Management for IFIs, (5) Shari’a Auditing & Corporate Governance for IFIs, and (6) Introduction to AAOIFI and IFSB Standards.

3. Advance Diploma in Islamic Commercial Jurisprudence

This program provides more depth in specific topics to the Internal Shari’a Reviewers of IFIs. Spread over a one year period and conducted in Arabic the Diploma consists of 8 modules: (1) The Theory of Contracts and its legal maxims, (2) Objectives of Shari’a and Jurisprudential Law (Usul Al Fiqh), (3) Principles of Fatwa and Applied Jurisprudence, (4) Islamic Financial Transactions, (5) Fiqh of Zakat and Waqf, (6) Fiqh of Takaful, (7) Shari’a Auditing and Compliance for Islamic Financial Institutions, and (8) the Research component that concludes the program. The research component has been added for greater depth and quality and to ensure that the program’s learning outcomes are thoroughly achieved by all the participants.

4. Roundtable Discussions

On topics of high importance to the industry the Waqf Fund arranges Roundtable Discussions from time to time where industry professionals, regulator and Shari’a scholars converge to discuss the relevant aspects in detail. Four such Roundtables have taken place until now. Most of these Discussions were subsequently followed up with concrete action steps by the Central Bank or the Waqf Fund.  

5. Preparation of "Islamic Banking Ethics for Bankers" course for junior staff of Islamic banks

The Waqf Fund provided financial assistance to draft an ethics course aimed at the junior staff of Islamic banks in order to make them aware of the ethical foundations of Islamic banking. The Central Bank would make it mandatory training for Islamic banks.  

6. Upgrading of Curriculum - BIBF's Diploma in Islamic Finance

The Waqf Fund engaged a professional firm to enhance the curriculum of BIBF’s Diploma in Islamic Finance. Six text books covering various Islamic finance subjects were prepared and delivered to BIBF.

7.  Corporate Governance workshop for CEOs and  Board  members of IFIs

Given the Corporate Governance Code introduced by the CBB there is a pressing need to improve the CG standards of IFIs. The Waqf Fund arranged for CG training sessions in Sept. 2011 and May 2012 aimed at CEOs, Board members and Company secretaries of its member institutions. Each session was attended by 20+ representatives from member institutions. The participants appreciated the case study format of the sessions and the overall learning experience.