Friday 27 May 2011

Islamic Banking & Finance*

 

This innovative new programme provides an introduction to the theory and practice of Islamic Banking and Finance, which is one of the fastest-growing areas of the commercial sector, with new Islamic banks starting up every year.  There are an estimated 270 Islamic banks worldwide, with assets of at least $265 billion.  The recent global financial crisis and changes in the international banking system means that Islamic banking and finance has taken on an even greater prominence; particularly in areas such as the London markets, the Gulf states, and Malaysia.  Not only offering opportunities for the implementation of key Islamic religious values within a global economic context, but also the various models of Islamic finance share the strength of emphasising ethics based financial transactions.

Programme Aims

Students will be introduced to the concepts of Islamic finance and banking, relating them to the Islamic core sources of the Qur’an and the Hadith; and applying these to specific case studies of Islamic banking in the contemporary world.

Students are required to explore issues and approaches in general finance and accountancy and gain an understanding of international non-Islamic banking systems.  There is an introduction of the issues of business in the Muslim world, including business ethics within an Islamic framework, and the issues of Muslims human resources and managment.  Drawing on the expertise of the Institute, the course combines an in-depth understanding of the key concepts of Islamic finance, with an appreciation of the practicalities of applying them in a real-world context.

Assessment

There are no exams.  All assessment is by coursework, with most subjects assessed by a combination of:

  • Critical Review (2,000 words)
  • An Essay (3-4,000 words)
  • A Seminar Presentation

Students who undertake an MLitt are required to complete a research dissertation of 15-18,000 words.

Further Study and Careers

This programme provides a key qualification for those who are already involved personally or professionally in this wide ranging area, and for those who intend to enter a career in the sector of Islamic finance.  It can also be used a preparatory qualification for developing further research in the field.

Programme Elements

Principles of Islamic Banking & Finance

This course provides an introduction to Islamic economics, in particular Islamic finance and banking. It examines the relationship between Islamic core sources (Qur’an and Hadith), ethical and financial issues, and practical financial transactions.

Key concepts of financial transactions are also studied, including: murabaha, mudaraba, musharaka, ijara, takaful, salam and istisna’a. The course also touches on the history of Islamic finance and banking since the 1960s.

Introduction to Finance, Accountancy & Banking

This course focuses on the key elements of non-Islamic/’conventional’ banking and finance systems, to provide students with an understanding of the international context in which Islamic banking operates.

The course examines the structures of contemporary international banking and finance and systems, and the principles of economic analysis (at micro and macro levels). It outlines the basic elements of accounting and financial reporting, and introduces key aspects of financial analysis.

Islamic Banking Models

This course provides an overview of the recent international history of Islamic banking, with a particular focus on the past 50 years. The course explores different models of Islamic banking and finance and the different ways they are implemented around the world. It uses examples and case studies from Islamic banks, and from providers of Islamic finance ‘windows’ in conventional banks.

Optional Course 1

Students choose one course (subject to availability) from:

  • Core Sources & Approaches in the Study of Islam & Muslims
  • Islam and the West: Multiculturalism, Globalisation & Muslims
  • Multiculturalism in Theory & Practice

Optional Course 2

Students choose one course (subject to availability) from:

  • Business in the Muslim World
  • Principles of Islamic Jurisprudence

Postgraduate Research Methods

This course addresses various research methods in the humanities and social sciences (e.g. analytical, comparative, historical and social) and introduces an in-depth critical analysis of contemporary research methods. Students engage with qualitative and quantitative methodologies in historical, textual, anthropological (ethnographic) and social scientific disciplines. They are also expected to reflect on different methodologies and select appropriate methodological approaches for their own research.

Dissertation

The dissertation is an independent piece of work of 15-18,000 words in length. The topic to be studied is selected by the student in consultation with a member of academic staff, under whose supervision they develop and write the dissertation.

Contact pgadmin@almi.abdn.ac.uk or click here to apply

*this programme is subject to validation

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