Centre for Islamic Economics & Finance, South Africa


Training and Education

CIEFSA conducts seminars and training courses on Islamic economic and commercial matters. The Center offers a variety of programs to cater for the needs of different market segments. Examples of such programs are as follows:
a) Introductory courses for corporates, professionals and businessmen
b) Advanced courses for academics and Islamic scholars
c) Custom designed courses (product based) directed to employees in Financial Institutions offering Islamic products.
d) Courses structured for Regulatory Bodies in order to facilitate the implementation of Islamic Economic principles.
e) University and School outreach programs to create awareness amongst learners and harness important human resources for this growing industry. 

Bank Seta and CIEFSA have signed a Memorandum of Understanding in terms of which CIEFSA will play an important role in the Islamic Banking Industry in South Africa by rolling out the official Bank Seta Islamic Banking Material.

Ciefsa is an accredited Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI)  registration and testing centre for:

  • Certified Islamic Professional Accountant (CIPA) and
  • Certified Sharia Advisor and Auditor (CSAA)


Consultancy and Advisory Services

CIEFSA offers Shariah Based Consultancy Services covering a broad spectrum of needs such as :
Shariah compliant Structuring
Estate and Retirement Planning
Use of Waqf (Islamic trusts and endowments) instruments
Zakaat reviews and calculations
Review of Contracts
Mediation and Arbitration
Review of listed shares

Audit Services

CIEFSA offers Shariah-audit services to Islamic Financial Institutions,Investment funds and individual businesses.In this context, the Annual Shariah Audits for Companies and businesses would include a review of :
a) Entity Founding documentation
b) Capital structure, profit & loss sharing arrangements
c) trading activities and core offerings
d) financial statements
e) financing and investing activities
f) employment contracts
g) employee retirement fund arrangements
h) Purification of Impermissible income
i) Shariah Compliance controls in company operations
j) Any other area of concern with regard to Shariah Compliance

Research and Development

CIEFSA is committed to ongoing research and development in the field of Islamic Economics and Finance with a view to developing practical solutions to contemporary challenges faced at Macro and Micro levels. In this regard CIEFSA is committed to working with all stakeholders to organize and conduct seminars, conferences and symposiums to address critical issues in this field.