ISLAMIC FINANCIAL SYSTEM | The Investigator

Understanding the key principles of the Islamic Financial System, 22 October 2026

Workshop provides an insight into the fundamental principles of the Islamic Finance System to help inform the work of investigators and analysts.

Islamic finance is a way of managing money and doing business while adhering to the moral principles of Islam. It covers matters such as saving, investing and borrowing to buy a home.

Islamic finance is based on the belief that money should not have any value in and of itself. It is just a way to exchange products and services that do have a value.

The workshop is aimed at investigators and analysts who conduct investigations in the following specialisms: financial investigations, serious and organised crime investigations and Counter Terror Investigations.

Outline of the day

Session One: Introduction to Islamic Finance: principles, sources and key market data

This session will provide delegates with an introduction to Islamic finance as an ethical, legal and economic framework.

It will cover its main principles, including the prohibition of Riba, the avoidance of excessive uncertainty and speculation, the emphasis on fairness and risk-sharing, and the connection with the real economy.

It will also include a brief overview of the development of the Islamic finance industry globally, with some Se reflections on the European and UK context.

Session Two: Main Islamic Financial Contracts and Structures

The second session will focus on the principal contractual forms used in Islamic finance. The principal contractual forms are:

Murabaha (Cost-Plus Financing): A common sale contract where the financial institution buys an asset requested by a client and sells it back at a cost plus a disclosed profit margin, often paid in instalments. It is widely used for trade and asset financing.
Mudaraba (Profit-Sharing Partnership): A trust-based partnership where one party (the investor, rabb al-mal) provides capital, and the other party (the manager, mudarib) provides expertise. Profits are shared according to a pre-agreed ratio, while financial losses are borne solely by the investor.
Musharaka (Joint Venture/Equity Partnership): A partnership where all parties contribute capital to a venture, sharing profits and losses in proportion to their contributions or as agreed upon. It is considered a truer reflection of Islamic finance principles (profit-and-loss sharing) compared to debt-based models.
Ijara (Leasing): An arrangement where the bank purchases an asset and leases it to a client for a specific period in exchange for rental payments. A common variant is Ijara wa-iktina, which allows the lessee to own the asset at the end of the lease.
Salam (Forward Sale): A contract for the advance purchase of goods. The buyer pays the full price upfront, and the seller delivers the specified goods at a future date. It is commonly used for agriculture or commodity financing.
Istisna'a (Manufacturing/Construction Contract): A contract for the manufacture or construction of an asset according to specific requirements. Payments are typically made in stages as the project progresses.
Sukuk (Islamic Investment Certificates): Often referred to as ‘Islamic bonds’, these represent ownership certificates in a tangible asset, project, or investment activity. Unlike conventional bonds, they do not pay interest but rather generate returns from the cash flow of the underlying asset.

We will explain how these structures operate in practice and how they differ from conventional financial products.

Session Three: Islamic Finance and Terrorism Financing: risks, distortions and control measures
The third session will address the sensitive issue of the perceived connection between Islamic finance and terrorist financing.

This section would be approached in a rigorous and balanced way, clarifying that there is no automatic link between Islamic finance and terrorism, while examining how otherwise legitimate instruments, charities or informal transfer mechanisms may be abused where transparency and controls are weak.

We will also cover AML/CFT considerations, red flags and the importance of proportionate safeguards.

Held online via Teams

Certificates of CPD available

Our Speaker

Antonio Rossi is a Certified Fraud Examiner with over a decade of experience in the fields of financial crime, fraud investigation, and anti-money laundering (AML). After working for ten years with a Big Four firm across Europe, he now focuses on training and advisory services for law enforcement agencies, financial institutions, private sector and international organisations.

His areas of expertise include Islamic finance, with a particular emphasis on the intersection between informal financial systems and financial crime, including hawala networks and their use in terrorist financing and money laundering schemes. Antonio has also conducted advanced training sessions on OSINT (Open Source Intelligence) techniques to support investigative strategies. He regularly collaborates with public and private entities to deliver specialised training on illicit financial flows, cryptocurrency abuse, and risk-based approaches to AML/CTF compliance. He holds internationally recognised certifications and is a frequent speaker at conferences and workshops across Europe.

HOW TO BOOK

Cost: £214.99 + VAT (GBP) per delegate per workshop (LEA and Government Agency rate). £275 + VAT (Industry rate), per delegate

Group bookings: We offer various discounts for group bookings depending on numbers, please contact us for details.

Booking: Please send the delegates name(s), email address(es) and purchase order (made out to The Investigator) to booking@the-investigator.co.uk or telephone +44(0)844 660 8707 for further information.

Payment can be made by PayPal/debit/credit card. The meeting link will be sent out 7 days before the event.