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Master in DiplomaISLAMIC FINANCE AND BANKING
Master in DiplomaISLAMIC FINANCE AND BANKING
IMF survey, 2010 has stated that Islamic banks have on an average shown stronger resilience to the recent global financial crisis and meltdown. Economists are of the view that due to the robust growth of Islamic banks during the crisis periods, they are highly likely to take a lead to grow the market share in the future.
Master in Islamic Finance and Banking
Diploma
This course is designed to offer students of financial management a well rounded
perspective of the fundamentals of Islamic Finance and Banking. The growing global
importance of Islamic financial structures and the implications for financial
management make it essential that any learner interested in financial management is
conversant with the fundamentals of this area of finance and banking. The module will
cover all aspects associated with Islamic Finance and Banking from the prohibitions in
taking or receiving interest through the prohibitions in masir and gharar to Islamic
banking fees and charges. The module will explore how Islamic Banking and Finance
principles have evolved into structures. Issues associated with products and services will
be investigated and developed. The module will also address regulatory frameworks
and applications of Sharia law to all aspects of banking and finance.
Weekend/Evening/Online
Course Duration 8 weeks / 16 weeks
Delivery Model
Course Certified By IAAP - UK
7 (Postgraduate)
For the purposes of this module the term Islamic Finance is juxtaposed against what
might be described as secular banking but which is here termed 'conventional
banking' on the basis that Islamic Finance has emerged as a system relatively more
recently.
IAAP qualification framework level
Islamic banking assets with commercial banks globally are set to cross us $ 1.7 trillion in 2013 suggesting an annual growth of 17.6 % over last four years.
Sources: Central Banks, BMI, EY analysis
Learning Outcomes
The learning outcomes describe the abilities that learners will
possess after they have completed the unit. The content identifies the
breadth of knowledge, skills and understanding needed to design
and deliver a programme of learning to achieve the learning
outcomes. The assessment criteria provide a list of achievements
sufficient to demonstrate that a learner has met the learning
outcomes. The learner should be given the opportunity to cover all of
the content but it is not a requirement that all of the content is
assessed.
Understand the evolution of Islamic banking and finance principles
Understand the differences between Islamic finance and banking and the conventional modes of finance and banking
Understand aspects of Islamic banking and finance product and services markets
Understand the governance of Islamic Banking and Financial Organizations
Learning Outcomes, Content and Assessment Criteria
Module - 1Evolution of Islamic Banking and Finance Principles
An introduction to Islam
Framework of Islamic Finance and Banking: the Shar'iah
Compliance with Shar'iah Law
Foundation of Islamic commercial law
Legal maxims (Qawai'd fiqhiyyah and Fiqh al
Mu'amalat) in Islamic finance and banking
Sources of Islamic finance and banking principles
Qur'an, Hadith, Ijma, Qais
Ijtihad and relation to Ijma and Qiyas
The correlation between Shariah Law and Ethics, the role of Ijma
History of Islamic finance
Early Islamic banking
Key periods in development of Islamic banking and finance
Islamic banking and finance and Globalisation
The ethical underpinnings of Shar'iah-based economics and social or societal implications
Production versus intermediation approaches
Islamic banking and finance – The Future
Contemporary Islamic Finance is an emerging sector in the world of international finance. Estimates reveal that the global industry has experienced a growth rate of 15% to 20% per annum with up to $500 billion in managed assets and a potential market size of $4 trillion. It is believed that between 200 and 300 institutions worldwide currently contribute to the Islamic Finance Industry. These are primarily concen trated in the Middle East and Southeast Asia (with Bahrain and Malaysia being the largest hubs). However, hubs for Islamic Finance are beginning to form in both Europe and the United States.
Module - 2Differences Between Islamic Finance and BankingThe Conventional Modes of Finance and Banking
Fundamentals of Islamic finance and banking
Aim of exploitation free activities
Financial instruments – debt, quasi-debt and profit-and-loss sharing
The role of money and inflation
Gharar, Maisir and Riba
Islamic finance and wealth distribution
Resource income under Islamic finance rules
Key differences between Islamic and conventional finance
Elimination of risk (conventional) versus bear the risk (Islamic)
Liability and Haram
Borrowing and lending versus Mudarbah and Musharka or Mubadalah
Depositor relations – open (Islamic) versus closed (conventional)
Differences in returns to depositors
Transactions - financial asset based (conventional) versus real asset based (Islamic)
Module - 3Islamic Banking and Finance Product and Services
Islamic modes of finance
Murabaha, Ijarah, Ijara-was-iktana, Ijarah-wal-iqtina, Bay' Istisna, Ju'ala, Musharaka, Musawamah,
Wadiah, Bai Muajjal, Bai Bithaman Ajil, Mudarabah & Bay Salam
Codification of Islamic Banking Products and Services
Islamic financing contracts (Mudarabah, Musyarakah, Salam, Istishna, Ijarah, Qardh)
Islamic financial markets
Islamic Banking Services (Letters of credit, Bank guarantee & Foreign Exchange (Sharf))
Islamic Asset and Fund Management
Slamic Asset and Fund Management market drivers and restraints
Risk and liquidity management within Islamic finance
Risk and Liquidity – Islamic versus convention, Liquidity management, Products and instruments & Shar'iah compliant schemes
Takaful – Islamic Insurance
Insurance business and conflict with Islamic finance principles
Takaful versus conventional insurance
Growth of Takaful
The Sukuk market
A Sukuk versus a bond, Types of Sukuk & Risk and Sukuk markets
Module - 4Governance of Islamic Banking and Financial Organization
Islamic finance and banking governance frameworks and challenges
Standard-setting organizations
Islamic Financial Services Board corporate governance principles
General Governance Approach
Rights of Investment Account Holders
Compliance with Shar'iah rules and principles
Transparency of financial reporting
Shar'iah Supervisory Boards (SSB)
Regulatory applications associated with Islamic banking
Shar'iah auditing
Delay in payment
Securitization of debt
Shar'iah arbitrage
Short-selling and Islamic finance principles
International financial harmonization
Delivery and Assessment
Delivery would engage students in their learning by using a range of
teaching and learning techniques that accommodate different
learning styles, including: presentations, case studies, simulations,
professional discussions, group activities, visits, guest speakers and
independent research. Assessment will use vocationally relevant
methods that require students to adopt a realistic work role and
produce work in the formats that are expected in business.
Examinations and assignments that use a range of assessment
methods will be used. Case studies, problems and examples used in
assessments need to be current and to have the requisite range of
issues for students to consider at this level of study. Students would be
able to apply their understanding of theory to their investigations
and to their proposed solutions to problems.
Indicative Reading Texts
Jaffer, S (ed.) (2005) Islamic Retail Banking and Finance – Global
Challenges and Opportunities. Emerald Group Publishing.
Kettell, B (2010) Introduction to Islamic Banking and Finance. Brian
Kettell, Islamic Banking Training
Iqbal, Z (2011) An Introduction to Islamic Finance: Theory and
Practice. John Wiley & Sons.
Hanif, M (2011) Islamic Banking: Financial Reporting Perspective.
CreateSpace.
Lead Trainer
A dynamic Sharia scholar qualified to issue religious edicts (Fatwa), Mufti Aziz Ur Rahman represents a rare breed of Sharia scholars, who is able to combine the best of contemporary finance with Islamic Jurisprudential principles. A qualified Mufti from Dar Ul Uloom Haqqaniya, he specializes in Fiqh Ul Muamalaat (with a specialization in Islamic commercial transactions). Mufti Aziz Ur Rahman is the author of various research papers, has delivered training, and conducted industry leading market research on the prospects of Islamic finance within the UAE. With his keen aptitude for innovation and learning, he is capable of bringing any Islamic financial institution to the highest standards of Sharia counsel expertise. He is ideally suited to support multipronged services such as consultancy, Training and Sharia guidance
Mufti Aziz Ur Rehman [MA, CSAA, CIPA]
A certified trainer (Islamic Banking and AAOIFI Standards)
by AAOIFI
ACADEMIC & PROFESSIONAL CERTIFICATION
Certified Islamic Professional Accountant (CIPA) from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Kingdom of Bahrain
Associate Sciences Degree in Islamic Banking, from Al Khawarizmi International College Abu Dhabi, UAE
Certified Sharia Advisor and Auditor (CSAA), from Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), Kingdom of Bahrain.
Specialization in Fiqha, Ifta and Judiciary, (Mumtaz (Excellent) – leading to Mufti Status) from Darul Uloom Haqqaniya .
Master in Islamic Studies (First Division) from Gomal University, with “Equivalency Certificate of Master” by the Ministry of Higher Education and Scientific Research of United Arab Emirates
He is presently working as Sharia Manager with a leading Islamic
Finance company and also as an Sharia Advisor for Islamic GDP
(Global Distribution Platform) London-UK. He worked as member
of sharia board with many financial institution in the Middle East and
Europe and also having extensive teaching experience with many
leading universities in Islamic fiancé and sharia related subjects. He
also worked as an External Consultant for for Dar Al Istithmar-
London, which is a subsidiary of Deautche Bank and is a specialist
Sharia advisory firm based in London
17 Islamic banks have US$1bn or more in equity and sufficient regulatory capital. This provides for a good platform for organic and acquisitive growth.
Lead Trainer
Muath Mubarak is a qualified Chartered Management Accountant by profession and an Islamic Banker, Trainer and Author by practices in the field of Islamic Banking & Finance industry. He is currently working as a Head of Finance & Corporate Strategy of First Global Group and he is experienced in the field of Management Accounting, Financial Control, Strategic Planning, Regulatory Compliance and Corporate Strategy in Islamic Banking & Finance industry. He has been awarded as “Rising Islamic Finance Personality of the Year 2013” by UTO EduConsult & KPMG – Sri Lanka.
Previously Muath was attached to Barwa Bank in the Finance Control Department, which at the time was the newest fully fledged Islamic Bank in Qatar. He was a member of the core team members to deploy the efficient and effective functioning of Financial Control Department of Barwa Bank during 2010 / 2011.
He was also an instrumental key member of the project of Abu Dhabi Commercial Bank (ADCB)' Islamic Unit called “Meethaq” during 2008 which was training project accomplished by First Global.
He is an Associate member of Chartered Institute of Management Accountants (CIMA) – UK, Chartered Institute for Securities & Investments (CISI) - UK and Associate Fellow Member of Institute of Islamic Banking and Insurance (IIBI) – UK, Successfully completed the Post Graduate Diploma in Islamic Banking and Insurance.
Muath is also an Islamic Banking & Finance Trainer and lectures on various topics on Islamic Banking & Finance for students following the Islamic Finance Qualification (IFQ) course (which is offered by CISI – UK), I-Banker, CIMA IF, PGDIBI and Diploma in Islamic Banking & Finance courses in Sri Lanka, Qatar & UAE.
MUATH MUBARAK
LEAD TRAINER [ACMA, CGMA, ACSI, AFIBI]
Also he is an External subject matter expert for Bankers' Academy –
USA for Islamic Banking & Finance. He is also a Guest Trainer at
Business Management Training Group – Singapore. Since October
2012, he is serving as an Islamic Finance Community member for
Thomson Reuters. He is also a well-known writer on various topics
relating to Islam & Islamic banking and finance. His Islamic Banking
& Finance articles have been published by various international
journals including IFN-Malaysia, CIMA-UK, IB&F-UK, Path Solutions
– Kuwait and many more.
Nurturing Islamic Banking & Finance in Sri Lanka www.sailanmuslims.com January-10
Glimpse into Islamic Banking Softwares IFN-Malaysia May-10
Flourishing Islamic Finance in Malta IFN-Malaysia May-10
Qatar - More clarity unveiled IFN-Malaysia February-11
Islamic Banking in Qatar IFN-Malaysia March-11
Dawn in Tajikistan IFN-Malaysia March-11
The next milestone: Islamic bankingand finance in Sri Lanka IFN-Malaysia June-11
Islamic wealth management - A paradigm shift in Islamic Finance IFN-Malaysia June-11
The heartbeat of Islamic banks IFN-Malaysia July-11
Beyond traditional accounting IFN-Malaysia August-11
Uncovering Islamic Finance Framework in Sri Lanka IFN-Malaysia September-11
Publications by Muath
Westford School of Management brings to you an opportunity to get certified in Islamic Banking and finance, delivered using innovative methodology to suit busy work schedules of working professionals.
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