This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.

Undergraduate Handbook 2016-2017 (archived)

Module ECOS3361: Islamic Economics and Finance

Department: Business School (Economics and Finance) [Queen's Campus, Stockton]

ECOS3361: Islamic Economics and Finance

Type	Level	Credits	Availability	Module Cap	Location
Tied	3	20	Available in 2016/2017	None.	Queen's Campus Stockton

Tied To

Pre-requisites

None

Corequisites

None

Excluded Combinations

None

Aims

The module seeks:
To provide students with a knowledge and understanding of the foundational issues in Islamic economics;
To provide students with a knowledge and understanding of the principles of Islamic finance and accounting;
To develop students' knowledge of the operation mechanism of Islamic banks and financial institutions;
To develop students' knowledge of the structure of Islamic financial and capital markets and institutions;
To provide students with the opportunity to develop knowledge and understanding of theoretical and practical aspects of Islamic finance and capital market;
To encourage students to analyse the role of regulation and of the Shari’ah supervision in Islamic financial institutions;
To develop students' understanding of the existence and operations of Islamic non-banking financial institutions;
To provide students with the opportunity to develop an understanding to critically assess theoretical issues and recent developments in Islamic finance.

Content

Background and History of Islamic Economics and Finance
An Introduction to Islamic Economics
Foundation and Principles of Islamic Economics
Islamic Moral Economy
Islamic Fiscal and Monetary Policy
Principles of Islamic Finance and Islamic Financial Transactions
Islamic Banking Models and Products
Islamic Insurance (takaful) models
Risk Management Issues in Islamic Finance
Regulatory Issues in Islamic Finance Industry
Islamic Capital and Financial Markets: An Overview
Islamic Capital Markets: Operations
Islamic Capital Markets: Instruments
Islamic Bonds (Sukuk)
Islamic Corporate Governance
Islamic Corporate Social Responsibility
Critical Assessment of Developments and Challenges in Islamic Finance

Learning Outcomes

Subject-specific Knowledge

On completion of this module students should have:
knowledge of the way in which Islamic banking and financial institutions operate;
an understanding of the functions of Islamic financial institutions, Islamic financial and Islamic capital markets and appreciation of the role of Islamic law, corporate governance and Shari’ah regulation;
knowledge and understanding of key issues in risk management practices;
knowledge and understanding of key issues in sukuk (Islamic bonds)
an understanding of the importance of Islamic ethics in the shaping and operations of financial markets.

Subject-specific Skills

On completion of this module students should have:
developed technical and academic skills to distinguish and analyse the operation of Islamic financial instruments, institutions and markets;
the ability to examine practical issues, practice problem-solving and analysis in risk management, governance, regulation and capital markets related issues in Islamic finance;
developed skills to critically evaluate developments, performance and progress of Islamic financial institutions and markets.

Key Skills

Written Communication through the summative assignment and exam as well as formative assignment;
Planning and Organising - observing the strict assignment deadlines; revising relevant material in preparation for examinations;
Problem Solving by applying the necessary analytical and quantitative skills, as well as the ability to utilise concepts relating to Islamic financial instruments and markets, in preparation for exams and assignment;
Initiative by searching relevant literature and information in preparation of the summative assignment;
Numeracy by applying core mathematical and statistical skills to answer a range of examination questions and also analyzing Islamic finance related data;
Computer Literacy by word-processing the summative assignment; downloading articles and other reading material; accessing DUO; analysing financial data provided on Zawya terminals.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Teaching is by lectures and seminars. Learning will be based on knowledge transfer by lectures, seminars and support for private study.
Seminar activities and discussions will provide the technical awareness of topics in a comprehensive form.
Formative assessment will be by means of preparation of a written assignment (1,500 words maximum) which will provide feedback to students regarding their understanding of the main concepts and technical treatments.
Summative assessment will comprise a written examination to test students' subject-specific knowledge and understanding, and a written assignment requiring students to undertake a critical evaluation of the chosen topic in Islamic economics and finance.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total Hours	Attendance Monitored
Lectures	20	1 per week	1 hour	20
Seminars	8	4 in each of the first two terms	1 hour	8	Yes
Preparation and Reading				172
Total				200

Summative Assessment

Component	Component Weighting	Element	Length/Duration	Element Weighting	Resit Opportunity
Assignment	50%	Written assignment	2,000 words	100%	same
Examination	50%	Written examination	1 hour 30 mins	100%	same

Formative Assessment

Students will receive written comments on a formative written assignment of 1,500 words.

Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.