Module FINN3041: Islamic Economics and Finance

Department: Finance

FINN3041: Islamic Economics and Finance

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• 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 moral economy and its institutions;
• To develop students' knowledge of the operation mechanism of Islamic banks and financial institutions;
• To provide students with the opportunity to develop knowledge and understanding of theoretical and practical aspects of Islamic finance and capital markets;
• To encourage students to analyse the role of regulation and of the Shariâh 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

• This module will cover a range of topics in Islamic economics and finance including:
• Ethics, Religion and Economics.
• Foundation and Principles of Islamic Economics.
• Moral Economy and Islamic Moral Economy.
• Islamic Economic Development and Sustainability.
• Principles of Islamic Finance
• Islamic Banking Models and Products.
• Risk Management Issues in Islamic Finance.
• Islamic Capital Markets: Instrument and Issues.
• Critical Assessment of Developments and Challenges in Islamic Finance

Learning Outcomes

• 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 Shariâ 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.

• 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.

• Written Communication through the summative assignment and exam as well as formative assignment;
• Planning and Organising - observing the strict assignment deadlines;
• 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 for analysing Islamic finance related data;
• Computer Literacy by word-processing the summative assignment; downloading articles and other reading material.

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 lectures, seminars and support for private study.
• Seminar activities and discussions will provide the technical awareness of topics in a comprehensive form.
• Formative assessment is via a written assignment (1,500 words maximum).
• The summative assessment takes the form of an assignment.

Teaching Methods and Learning Hours

Summative Assessment

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