Terms, conditions, and errata
Welcome to Ethica Institute of Islamic Finance™. If you continue to browse and use this website or engage in a contractual agreement with Ethica you agree to comply with and be bound by the following terms and conditions of use and the pricing and terms contained therein, which together with our privacy policy govern Ethica Institute's™ relationship with you.
This Agreement is agreed upon by Ethica Institute of Islamic Finance™ (referred to as "Ethica™") and The User (referred to as "The User"), where "The User" is defined as any individual or institution using any of the products or services provided by Ethica Institute of Islamic Finance™, ethica.institute, IslamicAdvisory.com, and/or its affiliates and associates, including and not limited to its Associate Membership, Premium Membership, Corporate License, Executive Tracks, or any other product or service we provide.
The terms "Ethica Institute of Islamic Finance™," "Ethica™," "ethica.institute," "Islamic Advisory," "IslamicAdvisory," "IslamicAdvisory.com," "Islamic Advisory Group," or "us" or "we" refers to the owners of the website whose registered name is Ethica Institute LLC with registered agent address of 651 North Broad Street, Middletown, DE 19709. The term "you" refers to The User of our website.
General Terms and Conditions
1.1. Ethica™ and The User agree to maintain Shariah compliance in all dealings, and God is our witness.
1.2. This Agreement does not grant any sort of exclusivity to either of the parties.
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Responsibilities of The User
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on period, where 'access' disregards any obstructions, firewalls, delays, or technical difficulties on the part of the User.
2.10. Institutional users receive one bulk delivery for multiple users’ certificates. Separate deliveries will be charged at prevailing shipping and handling rates.
2.11 All CIFE and ACIFE certification programs are non-refundable once payment is made.
2.12 Ethica is not responsible for users having technical difficulty with their device. Ethica does not recommend using a smartphone or tablet for the modules and the examination.
Exit Clause
3.1. This Agreement may be terminated by Ethica™ without prior notice at any time. If either party violates any of the terms and conditions of this Agreement, the contract may be terminated unilaterally by either party.
on expires. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
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General
4.1. While this contract is in force, no party shall (and shall ensure that their associates shall not) discuss, agree or negotiate with any third party the conduct of all or any part of the terms of this Agreement. Neither Party shall disclose in its publicity material or otherwise the terms of this Agreement or its relationship with the other party without the prior written consent of that party. All know-how, trade secrets, commercial, financial, marketing and technical information, and any other information relating to a party in any form or medium, whether or not marked as 'confidential' and whether disclosed orally or in writing before or after the date of this Agreement, together with any reproductions of such information (in whole or in part) in any form or medium, given by one party to this Agreement to the other party or otherwise obtained, developed or created by the Recipient relating to the Disclosing Party will be treated by the Recipient, its employees, agents and subcontractors as confidential and will not be used other than for the benefit of the Disclosing Party nor disclosed to third parties without the prior written consent of the Disclosing Party.
4.2. This contract sets out the entire Agreement between the parties in respect of the subject matter contained herein. It supersedes any previous agreement between them in relation to the subject matter of this Agreement.
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4.9. The User agrees that Ethica™ has made no express warranties, oral or written, to you regarding the product and that the product is provided to you 'as-is' without warranty of any kind. Ethica™ disclaims any and all other warranties, whether expressed, implied or statutory, including, but without limitation, the implied warranties of non-infringement of third party rights, merchantability, and fitness for a particular purpose.
4.10. Ethica™ makes every effort to base its content on the Shariah Standards of the Accounting and Auditing Organization for Islamic Financial Institutions. This does not imply that we are affiliated with, endorsed by, or working in collaboration with AAOIFI. We choose their standards out of an effort to promote Shariah convergence in the Islamic finance industry.
4.11. The content of the pages of ethica.institute and its related streamable and downloadable content is for your general information and use only and is subject to change without notice.
4.12. In order to receive any form of referral income, you must first register and be approved for becoming a Licensed Reseller. All referrals, referrers, and referees who are not processed in advance through our Licensed Reseller program are considered unpaid and voluntary referrals, referrers, and referees.
4.13. If you decide to become a CIFE or ACIFE, Ethica reserves the right to share your name and contact details with other graduates, prospects, and other third parties for purposes of promoting the CIFE or ACIFE program.
4.14. All individuals and institutions who use, benefit from, are referred to or referred by, are recommended to or recommended by, a recommendation letter from Ethica agree that all information in the recommendation is given to the best of Ethica’s knowledge and is believed to be accurate. Your conditions of use and hiring of the referred individual are beyond our control. There is no guarantee regarding the accuracy of any given data or statements. Ethica specifically disclaims any responsibility or liability relating to the service of the referred individual and shall under no circumstances whatsoever, be liable for any special, incidental or consequential damages which may arise from the referred. Ethica’s recommendation is not a guarantee, assurance, promise, or the like, for work or employment of any kind at any institution.
4.15. By opening emails from Ethica, you permit to record and view your open and click through history on such emails. If you wish for Ethica not to record and view your open and click through history, you may unsubscribe.
4.16. All prices quoted on Ethica’s website, print material, and digital material are in United States dollars (USD) unless noted otherwise.
Errata
1. In Module ‘Understanding Ijarah (part 1), it is stated that ‘earnest money is returned to client if he starts Ijarah as per his undertaking.’ Here, by earnest money we mean “Hamish Jiddya (security deposit)” and in some old literature of Islamic finance, earnest money has been used for the meaning of Hamish Jiddiyah. However, you may replace the words earnest money with security deposit.
2. In Module ‘Understanding Murabaha’, it is stated under the heading of ‘Usability’ that an imported car can not be purchased at sea before reaching port. Please note the following as well: In addition to this documentary evidence, constructive possession also requires that the one possessing the asset must be in a position to use the item for which it is intended. For instance, one may not claim complete constructive possession of an imported car while it is still in transit at sea and he bought the car from its importer. Only once the car reaches the port and the owner is in a position to actually claim the vehicle does he establish constructive possession. However, the importer of the car may sell the car after receiving the bill of lading because it is in its constructive possession through the shipping company.
3. In Module, ‘Understanding Murabaha’, it is stated under ‘profit calculation’ that the period of advance against Murabaha’ cannot be considered for determining the price of Murabaha goods. In Islamic Financial institutions, profits are calculated on the basis of the period for which the institution is out of fund in all modes of Islamic finance i.e. either in case of ‘Advance against Murabaha’, ‘Advance againt Ijarah’, ‘Advance against Diminishing Musharakah’ and ‘Advance against Salam & Istisna’ etc.
4. In ACIFE Accounting, the following statements should be noted for greater clarity:
Statement: “The amount that remains on the date of the statement of financial position from the funds the bank originally receives plus profit shares less losses if any, also decreased by withdrawals or transfers to other accounts.”
Replace with: “The amount remaining, at the date of the statement of financial position, from the funds originally received by the Islamic bank from the account holders plus (minus) their share in the profits (losses) and decreased by withdrawals or transfers to other types of accounts.”
Statement: “Decrease in assets resulting from the depreciation in their value or from reciprocal or no non-reciprocal transfers during the period covered by the income statement.”
Replace with: “A loss is a net decrease in net assets which results from holding assets that depreciate in value during the period covered by the income statement or from incidental legitimate reciprocal and non-reciprocal transfers (e.g penalties by Central Bank, or involuntary conversion of assets- theft, destruction, etc), except for non-reciprocal transfers with equity holders or holders of unrestricted investment accounts or their transfers.”
Statement: “In an operating Ijarah the economic life of an asset is depreciated and in an Ijarah Muntahiya bi Tamleek the contract tenure is depreciated.”
Replace with: “The difference between an Operating Ijarah and an Ijarah Nubtahiya Bi Tamleek is that in an Operating Ijarah, after the termination of the lease period the assets return to the bank; on its part the bank looks for a new lessee. Whereas, Ijarah Muntahiya Bi Tamleek provides an option for the customer to acquire the ownership at the end of a specified period.
5. Understanding Ijarah 2 (CIFE): Self assesment quiz - The “black, fully loaded car” is a “lease based on specifications.”
6. Schedule for Redemption Schedule Of Diminishing Musharakah in ACIFE FA, under the column for Formula For Consideration Of Usufructs, place brackets around (3ML + 1%) and In the formula, only one zero should be kept after the point as in the following formula
E5*(0.03+0.01)/(360)*90.
7. Understanding Musharakah 2 (CIFE): At 10:19, the answer for question number 3 is 535.05.
Disclaimer
The answers to all Islamic finance questions received at ethica.institute, by email, phone, fax, or by any other means, or are listed on Ethica's Q&A database, are provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information contained in or provided from or through these answers is general in nature and not specific to you or anyone else and is not intended to be and does not constitute financial, legal, investment, trading or any other advice. You understand that you are using any and all information available on or through this and other answers at your own risk.
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