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1.1 About the AQIF Assessment & How to Use This Guide

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IBFIM Associate Qualification in Islamic Finance AQIF

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1 Chapter 1: AQIF Orientation, Shariah Foundations & Rule-Making

1.1 About the AQIF Assessment & How to Use This Guide 1.2 Shariah Worldview, Fiqh & Legal Maxims 1.3 Primary & Secondary Sources of Shariah 1.4 Rule-Making in Modern Islamic Banking & Finance 1.5 Maqasid al-Shariah & Property Rights

2 Chapter 2: Islamic Economics, Core Prohibitions & Contract Essentials

2.1 Islamic Economics & the Fundamentals of Islamic Banking 2.2 Riba in Debts and Sales 2.3 Gharar, Maysir & Prohibited Activities 2.4 Contractual Essentials, Options & Unilateral Promises

3 Chapter 3: Exchange & Sale Contracts (Murabahah, Tawarruq, Salam & Istisna')

3.1 Murabahah & Bai Bithaman Ajil (BBA) 3.2 Tawarruq, Commodity Murabahah & BSAS 3.3 Forward Sales: Salam & Istisna'

4 Chapter 4: Leasing & Partnership Contracts (Ijarah, Mudarabah & Musharakah)

4.1 Ijarah & Ijarah Muntahiyah bi al-Tamlik (IMBT) 4.2 Mudarabah (Profit-Sharing Partnership) 4.3 Musharakah & Diminishing Partnership (MMP)

5 Chapter 5: Fee-Based, Security & Gratuitous Contracts (Wakalah, Kafalah, Rahn & Qard)

5.1 Agency & Service Contracts: Wakalah & Ju'alah 5.2 Security & Guarantee Contracts: Kafalah & Rahn 5.3 Gratuitous & Custody Contracts: Qard, Wadiah & Hibah

6 Chapter 6: Ethics in General, Islamic Ethics & Fiduciary Conduct

6.1 Ethics in General: Concepts, Sources & Theories 6.2 Foundations of Akhlaq in Islamic Finance 6.3 Market Conduct & Prohibited Trade Practices 6.4 Fiduciary Duties, Conflict of Interest & Confidentiality

7 Chapter 7: Treating Customers Fairly, VBI & Professional Standards

7.1 Treating Customers Fairly & Responsible Financing 7.2 Value-Based Intermediation (VBI) & Social Finance 7.3 Professional Conduct & AAOIFI Code of Ethics

8 Chapter 8: Malaysian Statutory Framework (IFSA & CMSA)

8.1 Islamic Financial Services Act 2013 (IFSA) Overview 8.2 Islamic Deposits vs. Investment Accounts under IFSA 8.3 Capital Markets and Services Act (CMSA) & Dispute Resolution

9 Chapter 9: Corporate & Shariah Governance in Islamic Financial Institutions

9.1 Corporate Governance in Islamic Financial Institutions 9.2 Two-Tier Shariah Governance Structure 9.3 Institutional Shariah Committee Roles & Operations 9.4 Shariah Control Functions & SNC Management 9.5 Issues & Challenges in Implementing Shariah Governance

10 Chapter 10: Islamic Finance Industry, Banking & Takaful Architecture

10.1 Overview of the Global Islamic Finance Industry 10.2 Islamic Banking System & Money Markets 10.3 Takaful Principles & Operational Models

11 Chapter 11: Islamic Capital Markets, Wealth Management & Contemporary Trends

11.1 Sukuk Structures & Market Mechanics 11.2 Shariah Equity Screening & Islamic Asset Management 11.3 Islamic Wealth Management, Social Finance & Contemporary Issues

1.1 About the AQIF Assessment & How to Use This Guide

Key Takeaways Explain This Topic AI

The AQIF assessment is 100 multiple-choice questions in 2 hours 30 minutes, taken as a remote online examination, and the passing mark is 60%.

AQIF has five modules: M1 Philosophy and Fundamentals of Shariah, M2 Application of Shariah, M3 Ethics, M4 Legal Aspects and Governance, and M5 Islamic Finance Architecture.

IBFIM's 2026 schedule gives 14 learning hours each to M1, M2 and M5 and 7 hours each to M3 and M4, a useful proxy because IBFIM does not publish exam weights.

The minimum entry requirement is Sijil Pelajaran Malaysia (SPM) or O-Level, and AQIF leads on to IBFIM's IQIF and CQIF qualifications in banking and takaful.

Last updated: October 2026

About the AQIF Assessment & How to Use This Guide

Quick Answer: The IBFIM Associate Qualification in Islamic Finance (AQIF) is assessed by 100 multiple-choice questions in 2 hours 30 minutes , delivered as a remote online examination , with a 60% passing mark . It covers five modules: Shariah fundamentals, Shariah contracts, ethics, legal and governance frameworks, and Islamic finance architecture. The minimum entry requirement is SPM or O-Level .

The Associate Qualification in Islamic Finance (AQIF) is offered by IBFIM (Islamic Banking and Finance Institute Malaysia). IBFIM describes it as designed for Islamic finance practitioners at all levels. Its aims are to build foundation knowledge of Shariah and of the Shariah contracts used in Islamic financial products and operations, to explain the ethical parameters of Islamic finance practice, and to introduce the regulatory framework that governs Islamic finance in Malaysia.

The Assessment at a Glance

  • Feature Official position (IBFIM 2026 programme information)
  • Format 100 multiple-choice questions
  • Duration 2 hours 30 minutes
  • Passing mark 60%
  • Delivery Remote examination (online)
  • Entry requirement Sijil Pelajaran Malaysia (SPM) or O-Level
  • Structure Five modules (M1–M5) plus an optional half-day preparatory class
  • Next steps IQIF (Banking or Takaful), then CQIF (Banking or Takaful)

A 60% pass mark on 100 questions means you need 60 correct answers . With 150 minutes available, you have an average of 1.5 minutes per question , enough time to read scenario questions carefully, provided you do not get stuck on a single item.

The Five Modules and Their Official Learning Topics

IBFIM publishes a learning outcome and a list of learning topics for each module. These 20 topics are the blueprint this guide is built around.

Module Official learning topics Hours (online, 2026)

M1 Philosophy and Fundamentals of Shariah for Islamic Finance (1) Introduction to Shariah and Fiqh; (2) Rule-making process in Islamic law (ijtihad); (3) Rule-making process in modern Islamic banking and finance; (4) Overview of fiqh al-muamalat al-maliyyah; (5) Islamic economics and fundamentals of Islamic banking and finance 14

M2 Application of Shariah in Islamic Finance (1) The main theories of muamalat contracts; (2) Application of muamalat contracts and principles in Islamic finance 14

M3 Ethics in Islamic Finance (1) Ethics in general; (2) Akhlaq (Islamic ethics); (3) Ethics and Islamic finance; (4) Ethics in banking 7

M4 Legal Aspects and Governance for Islamic Finance (1) Malaysian legal and regulatory framework for Islamic financial institutions; (2) Governance in Islamic financial institutions; (3) Shariah governance in Islamic financial institutions; (4) Issues and challenges in implementing Shariah governance 7

M5 Islamic Finance Architecture (1) Overview of the Islamic finance industry; (2) Islamic banking; (3) Takaful; (4) Islamic capital market; (5) Islamic wealth management 14

IBFIM does not publish a question weighting for each module. The teaching hours are the best available proxy. M1, M2 and M5 each take 14 of the 56 module hours (25% each), and M3 and M4 take 7 hours each (12.5% each). Treat this as a planning guide, not a promise about the exam paper.

Programme Hours, Fees and Dates (IBFIM, 2026)

IBFIM's 2026 programme page lists the following. All fees include 8% Sales and Service Tax and are subject to change, so always confirm with IBFIM before registering.

  • Item Online Face-to-face
  • M1, M2, M5 (each) 14 hours, RM 2,147.04 2 days, RM 2,732.40
  • M3, M4 (each) 7 hours, RM 1,073.52 1 day, RM 1,366.20
  • Preparatory class (optional) 4 hours, RM 613.44 0.5 day, RM 683.10
  • Assessment 2.5 hours, RM 300.00 —
  • Total 60 hours, RM 9,501.60 8.5 days, RM 11,912.70

IBFIM scheduled three cohorts in 2026. Their assessments were dated 11 June, 3 September and 26 November 2026, and IBFIM notes that all dates are subject to change. Learning partners such as Universiti Teknologi MARA's Arshad Ayub Graduate Business School and USIM's Islamic Finance and Wealth Management Institute have also run AQIF programmes in collaboration with IBFIM, with their own schedules and fees.

How This Guide Maps to the Official Topics

  • Official topic Where it is taught in this guide
  • M1 (1) Shariah and Fiqh 1.2
  • M1 (2) Ijtihad and sources 1.3
  • M1 (3) Modern rule-making 1.4
  • M1 (4) Fiqh al-muamalat al-maliyyah 1.5, 2.2, 2.3
  • M1 (5) Islamic economics and IBF fundamentals 2.1
  • M2 (1) Theories of muamalat contracts 2.4
  • M2 (2) Application of contracts Chapters 3–5
  • M3 (1) Ethics in general 6.1
  • M3 (2) Akhlaq 6.2
  • M3 (3) Ethics and Islamic finance 6.3, 7.2
  • M3 (4) Ethics in banking 6.4, 7.1, 7.3
  • M4 (1) Legal and regulatory framework 8.1–8.3
  • M4 (2) Governance in IFIs 9.1
  • M4 (3) Shariah governance 9.2–9.4
  • M4 (4) Issues and challenges 9.5
  • M5 (1) Industry overview 10.1
  • M5 (2) Islamic banking 10.2
  • M5 (3) Takaful 10.3
  • M5 (4) Islamic capital market 11.1, 11.2
  • M5 (5) Islamic wealth management 11.3
  • A Practical Revision Plan

Start with M1 and M2. The Shariah concepts in chapters 1–2 (riba, gharar, maysir, contract pillars, khiyar, wa'd) are the vocabulary for everything else. The contract chapters (3–5) are the densest material, so practise comparing contracts side by side: who owns the asset, who bears the risk, when profit arises, and what can go wrong.

Learn the Malaysian specifics precisely. M4 questions often turn on exact rules: IFSA 2013 section 28 (notify immediately, cease immediately, rectification plan within 30 days, penalties up to RM25 million and eight years), the binding effect of SAC rulings under the Central Bank of Malaysia Act 2009, and the composition rules for Shariah committees.

Do not neglect M3. Ethics has fewer hours but is easy to score on once you know the frameworks: general ethical theories, akhlaq virtues, market-conduct prohibitions (najsh, ihtikar, ghish), fair treatment of consumers, and the AAOIFI Code of Ethics.

Use M5 to connect everything. The architecture chapters show how the contracts and rules combine in banking, takaful, sukuk, equity screening and wealth management.

Practise under time pressure. Use the quizzes at the end of each section and the free AQIF practice questions, and aim for well above 60% to leave a safety margin.

Tip

Many AQIF questions are scenarios ("A bank does X: which contract, ruling or requirement applies?"). Before you look at the options, name the contract and the key rule yourself. That habit protects you from distractors that are almost right.