Module FINN45115: Islamic Banking and Finance

Department: Finance

FINN45115: Islamic Banking and Finance

Tied To

• L1T509: Accounting
• M1KK09: Law and Finance
• N3KD09: Islamic Finance

Pre-requisites

Corequisites

Excluded Combinations

Aims

• To provide students with an advanced understanding of the principles and implications of Islamic law for financial systems.
• To provide students with an advanced understanding of the practice of Islamic banking and finance and the development of Islamic financial products.
• To critically examine the organisational structures used in different segments of Islamic banking and financial intermediation.
• To critically evaluate the controversies and challenges facing the Islamic banking and finance industry.

Content

• Islamic banking and finance; New institutional Economics and Islamic Finance; Islamic law and contracts; Status of Islamic banking and finance.
• Islamic banking models and Islamic banking products.
• Approaches to product development in Islamic finance. Debate on Sharia-compliant vs. Sharia-based products.
• Islamic insurance (takaful) models. Legal and regulatory issues and regimes of takaful.
• Islamic finance and financial inclusion; Islamic microfinance approaches; Organisational models of Islamic Finance.
• Islamic financial markets; Islamic stocks; Sukuk (Islamic bonds)
• Islamic finance innovations and fintechs; marginal and radical innovations in Islamic finance; Islamic fintechs.
• Islamic sustainable finance and the way forward.

Learning Outcomes

• An advanced knowledge of the principles of Islamic finance and an in-depth knowledge of current practice.
• An advanced understanding of the application of Islamic law in financial transactions.
• Advanced knowledge of the structures and risks of Islamic financial products.
• An advanced knowledge and critical understanding of essential components of Islamic finance and associated current research.

• An advanced ability to analyse the operations and practices of Islamic banking and finance.
• The ability the evaluate the structures of financial products used by the Islamic financial industry.
• The ability to critically review the experiences of Islamic finance and the challenges that may constrain its growth.
• Independent thought in analysing and critiquing existing practices of Islamic Banking and Finance.

• Independent learning within a defined framework of study at an advanced level.
• The ability to seek out and use relevant data sources, including electronic and bibliographic sources.
• Ability to understand financial concepts and transactions from multi-disciplinary perspectives.
• Advanced writing skills, including the ability to work to a deadline and complete written work within word limits.

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

• A combination of interactive classroom sessions in the form of two-hour lectures, one-hour seminars and guided reading at an advanced level to achieve the aims and learning outcomes. The lectures are based on presentations and provide suggested readings that develop knowledge and understanding through the systematic course of study. Summative assessment through assignment will test students' knowledge and understanding of the subject matter and their use of critical judgment and problem-solving and analytical skills.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment

Answers prepared by students to pre-assigned questions and readings that are presented and discussed in seminars.