Durham University
Programme and Module Handbook

Undergraduate Programme and Module Handbook 2020-2021 (archived)

Module ECOS3361: Islamic Economics and Finance

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

ECOS3361: Islamic Economics and Finance

Type Tied Level 3 Credits 20 Availability Available in 2020/21 Module Cap Location Queen's Campus Stockton
Tied to N402
Tied to N403
Tied to N405
Tied to NN43
Tied to N302
Tied to N304
Tied to N401
Tied to N404
Tied to N406
Tied to NN42
Tied to N204
Tied to N206
Tied to N305
Tied to N306
Tied to N307
Tied to NN12
Tied to N205
Tied to N208
Tied to N201
Tied to N203
Tied to N207
Tied to N500
Tied to N506
Tied to N508
Tied to N501
Tied to N505
Tied to N507


  • None


  • None

Excluded Combination of Modules

  • None


  • 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.


  • 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
Lectures 20 1 per week 1 hour 20
Seminars 8 4 in each of the first two terms 1 hour 8
Preparation and Reading 172
Total 200

Summative Assessment

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

Formative Assessment:

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

Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University