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PG DIPLOMA IN ISLAMIC FINANCE AND BANKING

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PG DIPLOMA IN ISLAMIC FINANCE AND BANKING


Delivery Model Course Duration Course Certified By ABP qualification framework level Weekend/Evening/Online 8 weeks / 16 weeks ABP - UK 7 (Postgraduate)

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. This unit is linked to the unit Applied Islamic Finance and Banking so that students conversant with all the principles and structures behind Islamic Banking and Finance can be empowered to engage in application

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.

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.

LEARNING OUTCOMES
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 finance

The Association of Business Practitioners (ABP) is a notf o r- p r o f i t U K a w a r d i n g organization which develops and accredits business related, professional qualifi cations, from short courses to postgraduate diplomas, delivered through accredited colleges

LEARNING OUTCOMES, CONTENT AND ASSESSMENT CRITERIA


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.

MODULE - 1 EVOLUTION 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 - 2 DIFFERENCES BETWEEN ISLAMIC FINANCE AND BANKING AND THE 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)

With regards to the recent developments in the global market in this field, it is utmost important to have the necessary required expertise in the field of Islamic Finance for individuals and institutions operating in the banking and finance domains in order to keep them abreast of the develop ments taking place in the industry and global market place.

MODULE - 3 ISLAMIC 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

Westford School of Management is establi shed in Middle East and India for delivering courses in Management, Islamic Banking & MBA, awarded by accredited & reputed UK and Indian universities, Awarding bodies through onsite and online modes.

MODULE - 4 GOVERNANCE 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

Association of Business Practitioners (ABP) being a reputed UK awarding body, the certificate issued by A B P, U K i s a c c e p t e d internationally by leading corporate firms and employers.

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.

Financial soundness, solvency of Islamic banks remained strong despite global financial crisis.

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
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 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. nA qualified Mufti from Dar Ul Uloom Haqqaniya, he specializes in Fiqh Ul Mu? amalaat (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 to 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

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 fianc 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

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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