International Council of Islamic Finance Educators

What International Council of Islamic Finance Educators does

International Council of Islamic Finance Educators (ICIFE) is a non-profit professional organization established on 18 December 2013 under Malaysia's Economic Transformation Programme as Entry Point Project 7 (EPP7), and officially launched on 22 August 2014 by the Deputy Prime Minister and Minister of Education Malaysia. ICIFE is positioned as the Global Body for Professional Certification and Accreditation for Islamic Finance Education, serving academicians, Islamic finance professionals, students, and higher education institutions across Malaysia, Indonesia, the Philippines, Uganda, and Turkey.

The organization operates a web-based Learning Management System (ICIFE LMS) launched in 2021 for online course delivery and certification tracks. Its flagship certification product is the ICIFE Certificate on Takaful for Educators Programme (ICTEP), a six-module program covering Shariah for Takaful, General and Family Takaful, Retakaful, Shariah regulatory requirements, and Takaful accounting/reporting. Additional offerings include the Roundtable Discussion Series (IRDS), annual ASEAN International Conference on Islamic Finance (AICIF), MIFER research publications, monthly e-bulletins, academic books, and a textbook shop. The technology stack is conventional: an LMS, website, and digital publication channels, with no AI/ML capabilities disclosed.

ICIFE's revenue model combines recurring membership subscriptions (Ordinary, Associate, Honorary, Student, Institutional tiers priced RM 100-2,000 local and USD 40-1,000 international), fee-based training and workshops (free for members, RM 50 for non-members), and one-time publication sales. Headquarters are co-located within International Islamic University Malaysia (IIUM) in Gombak, Kuala Lumpur, and the organization operates with approximately five staff under a governance model of an Executive Committee and International Advisory Board.

Name

International Council of Islamic Finance Educators

Legal name

International Council of Islamic Finance Educators

Website

https://icife.org.my

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

ICIFE is a Malaysia-based non-profit global body, established under Malaysia's ETP, that certifies and accredits Islamic finance educators through an LMS, the ICTEP Takaful certification, conferences, and publications, serving universities and professionals across Asia and Africa.

Ownership category

akta.pro rank

Product category

Professional Education and Certification (Islamic Finance)

NAICS

Educational Services (611), All Other Schools and Instruction (61169), Computer Training (61142)

SIC

Services-Educational Services (8200), Services-Membership Organizations (8600)

akta.pro industry

PRIMARYEDAHAKAI

Islamic Colleges & Sharia/Fiqh Institutes

Education/Higher Education (Colleges & Universities)/Religious & Theological Colleges

SECONDARYEDAAANAD

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications

Education/Adult & Continuing Education/Professional Certification Programs

SECONDARYEDANAIAD

Accounting & Finance Certification Prep (CPA, CMA, CFA, FRM)

Education/Tutoring & Test Preparation/Professional Certification & Licensure Exam Prep

SECONDARYFSAIANAM

Retakaful (Life & Health)

Financial & Insurance/Insurance — Life & Health/Reinsurance for Life & Health

Keywords

• Islamic finance education
• Professional certification programs
• Shariah-compliant training
• Takaful educator certification
• Academic membership association

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Membership Fees: Annual membership fees from Ordinary Members (Local: RM 200/year, International: USD 80/year), Associate Members (Local: RM 100/year, International: USD 40/year), and Institutional Members (Local: RM 2000/year, International: USD 1000/year), plus one-time joining fees.
2. Training and Workshop Fees: Revenue from conducting training programs, workshops, and certificate programs. Fees vary: free for ICIFE members, RM50 for non-members, student fees at RM20-50.
3. Publication Sales: Sale of books and educational materials including titles like Operations Management from an Islamic Perspective, Auditing and Governance for Islamic Financial Institutions, Islamic Banking Operations, and Strategic Management from an Islamic Perspective.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

ICIFE is a non-profit global association that provides Islamic finance education, professional certification, and accreditation services to educators, universities, and finance professionals. Its core offerings are delivered through the ICIFE Learning Management System and include the ICTEP certification programme for Takaful educators, training courses, the Roundtable Discussion Series (IRDS), publications (books, e-bulletins, modules, MIFER research), and a tiered membership programme. The organization is positioned as the official global body for professional certification and accreditation in Islamic finance education.

Product overview

International Council of Islamic Finance Educators (ICIFE) is a global professional organization offering a comprehensive educational ecosystem for Islamic finance professionals. The core offering includes the ICIFE LMS (Learning Management System) as the primary platform, complemented by the ICIFE Certificate on Takaful for Educators Programme (ICTEP) with six structured modules covering Shariah principles, Takaful practices, and regulatory frameworks. Additional offerings include publications (E-Bulletins, Books, Modules), RoundTable Discussion Series (IRDS), training courses, and membership services. The organization operates an e-commerce shop for textbooks and publications. ICIFE was established under Malaysia's Economic Transformation Programme and serves as the global body for professional certification and accreditation in Islamic finance education.

Differentiator

Problem solved

Functional benefit

Brands

• ICTEP: ICIFE Certificate on Takaful for Educators Programme - a certification program for educators in Takaful/Islamic insurance education.
• ICIFE LMS
• ICIFE Roundtable Discussion Series (IRDS)

Products and services

• ICIFE Learning Management System (LMS) Online learning management platform offering courses, training programmes, and certification tracks for Islamic finance educators worldwide. Serves members and non-members seeking structured online education in Islamic finance.
• ICIFE Certificate on Takaful for Educators Programme (ICTEP) Comprehensive certification programme covering six modules on Takaful (Islamic insurance): Fundamentals of Shariah for Takaful, Principles and Practices of General Takaful, Family Takaful, Retakaful, Shariah Regulatory Requirements, and Accounting and Reporting for Takaful Operators. Targeted at educators and professionals in Islamic finance.
• ICIFE Shop - Textbooks and Publications Online shop selling textbooks and educational materials including Operations Management from an Islamic Perspective, Auditing and Governance for Islamic Financial Institutions, Islamic Banking Operations, Strategic Management from an Islamic Perspective, and Islamic Capital Market. Targeted at students, educators, and professionals in Islamic finance.
• ICIFE Membership Programme
• RoundTable Discussion Series (IRDS) Discussion forum series covering Islamic finance topics such as Shariah Governance Policy, Maqasid Shariah, Value Based Intermediation, and Covid-19 impacts on Islamic finance education. Targeted at members and the broader Islamic finance educator community.
• Training Courses Short-term courses and training programmes for professional development in Islamic banking, Takaful, and related financial topics. Targeted at educators, practitioners, and students seeking structured professional development.
• MIFER Research Publication
• Educational Publications (E-Bulletins, Books, Modules)

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Research Center for Islamic Economics (IKAM)coreStrategic or Co-development Partner · 17 July 2017IKAM and ICIFE signed an MoU on July 17, 2017, to jointly organize workshops on Islamic Economics and Finance Education in Turkey and Malaysia. The partnership includes organizing three joint events annually: International Conference, Laboratory Workshop, and Train the Trainer Program. IKAM focuses on producing competent ideas and theories for Islamic economic thought through research, publication, education, and training.
• Association for Science Culture and Education (ILKE)coreStrategic or Co-development Partner · 17 July 2017ILKE joined the partnership with ICIFE and IKAM to promote Islamic finance education globally. Representatives from ILKE participated in the September 2017 visit to Malaysia, including Mr. Davut Şanver (Chairman Board of Trustees) and Prof. Dr. Nihat Erdoğmuş (Executive Committee Member).
• World Association of Business Schools (WAiBS)coreGTM or Marketing Partner · 3 November 2015ICIFE and WAiBS signed a Reciprocal Membership Agreement on November 3, 2015, at Fraser Residence Kuala Lumpur. Both organizations are dedicated to promoting Islamic finance education and business schools in OIC countries.
• International Shariah Research Academy for Islamic Finance (ISRA)coreStrategic or Co-development PartnerISRA and ICIFE collaborated on research activities and curriculum development. ISRA provides reference books (Islamic Financial System, Islamic Capital Market, and Sukuk) used in over 80 universities worldwide. Agreed to translate these books into Turkish for Turkish universities.
• Finance Accreditation Agency (FAA)minorStrategic or Co-development PartnerFAA met with ICIFE and IKAM delegates to discuss assessment program development and joint training initiatives. FAA provides accreditation services for financial professionals.
• Islamic Financial Services Board (IFSB)minorStrategic or Co-development PartnerIFSB collaborates with ICIFE on education sector initiatives. ICIFE suggested adding Education Sector to the Islamic Financial Institutions Stability Report issued annually by IFSB.
• Emerald Group Publishing LimitedminorGTM or Marketing PartnerEmerald Group approached ICIFE to explore publishing cooperation for training programs and Islamic Finance Bulletin through their website and distribution channels.
• International Islamic University Malaysia (IIUM)coreStrategic or Co-development PartnerIIUM serves as the lead institution for ICIFE, hosting its headquarters at the Kulliyyah of Economics and Management Sciences. IIUM Institute of Islamic Banking and Finance (IIiBF) is a key collaborator in organizing events and training programs.

Scale indicators3 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• CFA Institute: Global professional certification body for finance professionals. Analogous to ICIFE in operating a member-driven certification ecosystem for finance educators and practitioners, though CFA Institute is far larger and serves conventional finance.
• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): Bahrain-based global standard-setter for Islamic finance accounting, auditing, governance, and Shariah standards. ICIFE complements AAOIFI's work on the education side, and they are both international bodies serving Islamic finance capacity-building, though AAOIFI is larger and more established.
• Islamic Financial Services Board (IFSB): Malaysia-based international standard-setting body for Islamic finance, partnered with ICIFE. Both serve the Islamic finance ecosystem with capacity-building and policy work; IFSB is more established and plays a regulator-adjacent role.

Direct peers

• ISRA (International Shariah Research Academy for Islamic Finance): Malaysia-based Shariah research academy partnered with ICIFE. Both serve the Islamic finance education ecosystem with reference books and research; ISRA focuses on Shariah research deliverables while ICIFE focuses on educator certification.
• IIUM Institute of Islamic Banking and Finance (IIiBF): Academic institute within ICIFE's host university (IIUM) running Shariah-compliant finance programs. Deeply comparable to ICIFE — they co-organize events, and IIiBF's Deputy Dean is on ICIFE's Exco — but operates as a university institute rather than a global membership body.
• INCEIF (International Centre for Education in Islamic Finance): Malaysia-based dedicated Islamic finance university offering degrees, certifications, and executive education. Directly comparable to ICIFE as both are Malaysia-anchored, government-aligned institutions specializing in Islamic finance education, though INCEIF operates as a full degree-granting university whereas ICIFE is an educator-focused certification body.

Emerging players

• Finance Accreditation Agency (FAA): Malaysia-based accreditation agency for financial professionals, partnered with ICIFE. Comparable as a credentialing body within Islamic finance capacity development, though FAA focuses on financial planning rather than Islamic finance educator certification.
• Gulf International Finance and Economics (GIFER) training bodies: Various Gulf-based Islamic finance training providers (e.g., BIBF, Ethica Institute of Islamic Finance). Comparable as specialist Islamic finance training and certification providers targeting the same educator and practitioner audience, but concentrated in GCC markets.
• International Islamic Fiqh Academy (IIFA): Jeddah-based OIC-affiliated body for Islamic jurisprudence related to finance. Comparable as an authority in Islamic finance education at the global level, though IIFA focuses on fatwas and jurisprudential rulings rather than educator certification.

Others

• IFBLA (International Federation of Business and Life-long Learning Associations): International federation of business education associations. Comparable as a global membership association for finance/business educators, though broader in scope than ICIFE's Islamic finance specialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/icifeofficial
• LinkedInlinkedin.com/company/icife

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about International Council of Islamic Finance Educators