1.1 About the AQIF Assessment & How to Use This Guide

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.

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The Assessment at a Glance

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.

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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.

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.

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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.

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.

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How This Guide Maps to the Official Topics

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A Practical Revision Plan

1. 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.
2. 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.
3. 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.
4. Use M5 to connect everything. The architecture chapters show how the contracts and rules combine in banking, takaful, sukuk, equity screening and wealth management.
5. 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.