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DETAIL SYLLABI OF PG DIPLOMA IN ISLAMIC BANKING AND FINANCE

COMPULSORY PAPERS

COURSE No. IFC-I01PRINCIPLES OF NEO-CLASSICAL ECONOMICS

Course Obje!"#es

U$"! I% I$!ro&u!"o$ !o Eo$o'"s

Principles of Economics; Theory of the Firm; demand and supply analysis; elasticity of demand, demandforecasting.

U$"! II% Pro&u!"o$ Proess ($& Cos! A$()*s"s

Properties of Production function, Law of diminishing returns; Isoquants and returns to scale; Cost

concepts and cost cures !short and long run"; economies of scale and scope.

U$"! III% M(r+e! s!ru!ure

Price and output under perfect competition, monopoly; monopolistic competition and oligopoly; Pricediscrimination

U$"! I,% M(roeo$o'"s I

Circular Flow of economic actiities; #ational Income$ concepts and measurement, Instruments of Fiscal

Policy; The monetary system and tools of %onetary policy

U$"! ,% M(roeo$o'"s II

Economic growth and deelopment, &usiness Cycles; The 'alance of Payments and e(change rates

determination, Inflation.

Sues!e& Re(&"$s%

1 Fran), *o'ert + and &en &ernan)e,Principles of Economics, Tata%c-raw+ill, //0.

2 %an)iw, -regory, #.,Principles of Macroeconomics!1thedition", Thomson Learning, //0.

3 %ar) +irshey,Economics for Managers, Thomson Learning, //0.

4 Peterson, Craig +., Lewis, Chris and 2udhir 3ain,Managerial Economics, Pearson Education, //4.

5 2amuelson, Paul,Principles of Economics, !56thedition", Tata%c-raw +ill, //7.

COURSE No. IFC-I0

FUNDAMENTALS OF ACCOUNTING

Course Obje!"#es

To familiari8e students with 'asics of financial, cost and management accounting To equip them techniques of 'usiness decisions 'ased on accounting information To use financial data in decision ma)ing


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U$"! I% I$!ro&u!"o$

%eaning, definition and needs of accounting 'usiness decisions; forms of accounting and users of

accounting information; accounting standardisation and role of 9ICP9; framewor) of accounting

postulates; principles, conentions, concepts, procedures, methods etc; accounting equations and types ofaccounts, rule of recording 'usiness transactions.

U$"! II% Pre/(r(!"o$ B(s" Aou$!"$ Reor&sPreparation of 'asic accounts :ournal to trial 'alance, income statement, position statements !PL 9>0.

2 99=IFI,Accounting Auditing and Governance Standards for Islamic Financial Institutions,%anama, &ahrain,

//.3 ?earden 3 and &hattacharya 2@,Accounting for Management Text and Cases, Ai)as Pu'lishing +ouse Priate Ltd,

#ew ?elhi, //7.

4 +ingorani, *amnathan and -rewal,Management Accounting, 2. Chand 2ons, #ew ?elhi, //7.

5 Pandey, I.%.Management Accounting, Ai)as Pu'lishing +ouse Priate Limited, #ew ?elhi, //0.

COURSE No. IFC-I0

CON,ENTIONAL FINANCIAL MANAGEMENT

Course Obje!"#es

To familiari8e students with 'asic concepts used in F%

To proide 'asic understanding of wor)ing capital management To introduce pro:ect appraisal mechanism and 'asics of diidend decisions

U$"! I% I$!ro&u!"o$

Introduction, %eaning, scope and deelopment of financial management; finance function; Indian

financial 2ystem, *is) and *eturn, Aaluation of securities, legal, regulatory and ta( framewor) related tofinancial management; Time alue of money and its releance.


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U$"! II% 2or+"$ C(/"!() M($(e'e$!

Bor)ing Capital %anagement, oerall considerations in BC%; determinants and determination of B.C.

requirements; management of cash; management of receia'les; management of inentories.

U$"! III% I$#es!'e$! De"s"o$s

%anagement Longterm Capital, Ta( considerations in inestment appraisal; methods of pro:ectappraisal; pay'ac) period method; aerage rate of return method; accounting rate of return method; net

present alue method; internal rate of return method; capital rationing.

U$"! I,% F"$($"$ De"s"o$s

Cost of Capital and Capital 2tructure, Cost of de't and preferred stoc); cost of equity, retained earning

and oerall cost of capital; financial and optimum capital structure; theories of capital structure; %.%hypothesis on capital structure.

U$"! ,% D"#"&e$& De"s"o$s

Issues in Financial %anagement, =eriew of diidend policy; diidend policy and share aluation;

practical considerations and legal requirements on diidend; lease financing in India, contemporary

issues in financial management.

Sues!e& Re(&"$s%

1 Chandra Prasanna,Financial Management T!eor" and Practice, Tata %c-raw l, #ew ?elhi, //7.

2 @han, .%. and 3ain P@,Financial Management Text and Pro#lems, Tata %c-raw +ill Pu'lishing Company Ltd,

#ew ?elhi, //0.

3 Aan +orn 3ames C,Financial Management and Polic", Prentice +all of India, #ew ?elhi, ///.

COURSE No. IFC-I03 ELEMENTS OF ISLAMIC ECONOMICS Obje!"#e To define the scope and significance of Islamic Economics with special reference to the central

pro'lems of economic choice.

To e(plain the ethical character of Islamic Economics within the conte(t of the current de'ate oneconomic methodology, particularly the positie


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Sues!e& Re(&"$s%

1 Iq'al, %unawar and %olyneu(, T!irt" &ears of Islamic 'an(ing )istor", Prospects and Performance , Philip, //7.

2 #qbal, $ubair and %irakhor &bbas, '#slamic anking, International Monetary Fund, *ashinton +:

(-ccasional Paper .o/01), 2134

3 5han, 6/ %ohsin, '#slamic #nterest Free anking: & 7heoretical &nalysis, International Monetary Fund

Staff Papers, (*ashington +), 8ol/ 99, .o, 2, 213/

4 %ills, Paul 2. and 3ohn *. Presley,Islamic Finance T!eor" and Practice, London, %acmillan, 5>>>.

5 ='aidullah, %ohammad, GIslamic Financial Services, Islamic Economics *esearch Center, @ing 9'dul 98i8

niersity !3eddah, 2audi 9ra'ia, //7.

6 2iddiqi, %.#.,*i#a, 'an( Interest and t!e *ationale of its Pro!i#ition, I*TI, I?&, //1.

7 smani, %., Taqi,An Introduction To Islamic Finance, @arachi, Idaratul %aDarif, 5>>6.

OPTIONAL PAPERS

COURSE No. IFC-I08

ISLAMIC INSURANCE 6TAKAFUL7

Obje!"#es%

To proide students with a )nowledge and understanding of the

deelopment of Islamic insurance and its modern day use and

application. E(plain concepts associated with insurance as

discussed in shariah such as *i'a, gharar or :uhala, qimar or maysir.

?escri'e the different models of Islamic insurance serices.

U$"! I% I$!ro&u!"o$

Position of Islam regarding insurance. The origins of Islamic insurance;

a o The nature of a Ta)aful underta)ing and the need to aoid gharar !uncertainty" through Ta'arruD

!donation" and ri'a !interest" through the use of noninterest 'earing assets

b o The structure of Ta)aful underta)ings$ nonprofit and commercial

U$"! II% B(s" C4(r(!er"s!"s Types of Ta)aful$ general

and life !family" including the nature of Family Ta)aful

using GendowmentD type policies. ?ifferences 'etween

conentional proprietary insurance, conentional mutual

insurance and Ta)aful The structure of Ta)aful$

i. 2eparation of participantsD funds from those of the Ta)aful operator

ii. The role of Hard !interest free loan"

U$"! III% T(+(u) Mo&e)s

%udara'a Ba)ala the

com'ined model

U$"! I,% M($(e'e$! o T(+(u)

nderwriting and managing the inestments

?istri'ution of underwriting surpluses in Ta)aful;

a o The definition of an underwriting surplus

b o The nature and allocation of technical proisions

oThe rules for distri'uting underwriting surpluses *is)s associated with Ta)aful claims and their

mitigation


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U$"! ,% Re"$sur($e 6Re!(+(u)7

+ow reinsurance operates in Islamic insurance$

a o The funding of reinsurance

b o The place of *eTa)aful

c o *esponsi'ility of the Ta)aful operator for 2hariah compliance

Sues!e& Re(&"$s%1 9hmed, 2alahuddin,Islamic 'an(ing, Finance and Insurance A Glo#al +vervie$, @uala Lumpur, //4.

2 9ly, @horshid, Islamic Insurance$ 9 %odern 9pproach to Islamic &an)ing, London, *outledge, //1

3 3affer, 2ohail,Islamic Insurance Trends, +pportunities and t!e Future of Ta(aful, Euromoney &oo)s, //0.

COURSE No. IFC-I09

ISLAMIC BONDS 6SUKUK7

Obje!"#es%

To proide students with a )nowledge and understanding of Islamic 'onds.

To highlight issues inole in structuring and shariah compliance of su)u)

To ena'le and encourage students deelop different types of su)u) meeting arious economicrequirements.

U$"! I

2u)u) the alternate of &onds

a o Principles of securitisation$ Conentional and Islamic

b o =eriew of su)u) mar)et

c o The shariah requirement of securitisation

d o 99=IFI 2tandards of 2u)u)

e o *ole and importance of 2u)u) in Islamic Capital %ar)et

U$"! II

The &asic structures and parameters of 2u)u)

a o Eolution ?efinition

b oEssential difference 'etween conentional &onds Su(u(

c o *is) Factors

d o *atings of 2u)u)

U$"! III

Types of su)u)

a o 2u)u) al I:arah

b o 2u)u) al 2alam

c o 2u)u) al Istisna

d o 2u)u) al %udara'a

e o 2u)u) al %ushara)a

U$"! I,

Issues and shariah concerns of 2u)u)

a o Conclusie rates of return; purchase underta)ing, profit distri'ution

b o 2ale and lease 'ac)

c o Trading of su)u)

d o -uaranteeing su)u) return


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U$"! ,

2ome important case studies

a o -ulf !*egion"

b o %alaysia !*egion"

c o Europe !*egion"

Sues!e& Re(&"$s%

1 9dam, 3. #athif and Thomas, 9'dul)ader,Islamic 'onds &our Guide to Structuring, Issuing and investing in Su(u(,

Euromoney Pu'lications, //7.

2 9yman +. 9'del@haleq and Christopher F. *ichardson, #ew +ori8ons for Islamic 2ecurities$ Emerging Trends in

Su(u( =fferingsJ, C!icago ournal of International -a$, Aol. 0 #o. , //0.

3 9yu', %ohammad, Securitisation, Su(u( and Fund Management Potential to #e *eali.ed #" Islamic Financial

Institutions, 2tate &an) of Pa)istan, //7.

4 +aneef, %ohamed *afe,*ecent Trends and Innovations in Islamic /e#t Securities Prospects for Islamic Profit and

-oss S!aring Securities, Proceedings of 2eenth +arard niersity Forum on Islamic Finance, +arard Law

2chool, //4.

COURSE No. IFC-I0: ISLAMIC ASSET ANDFUND MANAGEMENT Obje!"#es%

To proide students an understanding of the wor)ing of Islamic financial mar)et.

To highlight wor)ing of the Islamic equity mar)et.

To ena'le student ealuate Islamic capital mar)et instruments.

To proide student an indepth understanding of the shariah screening norms for inestments and

wealth management.

U$"! I

Introduction

a o The Capital mar)et$ Functions and o':ecties

b o The Capital mar)et in India

c o *is) *eturn principle in Islam Cost of Capital Choice 'etween Capital and ?e't financing

9gency pro'lem

d o 2hariah Principles for Capital %ar)et

U$"! II

Islamic 2toc)s and Bealth %anagement

a o Equity 2hares and equity funds

b o&usiness and structure of Islamic enterprise Inde'tedness of the enterpriseEarnings from

impermissi'le actiities Cash and receia'les


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b o 2creening #orms relating to financial ratios

c o 2uita'ility of %ar)et cap

d o Purification and 8a)ah

U$"! ,

Islamic *eal Estate and Pro:ect financing

a o Characteristics of *eal estate

b o Islamic *EIT2 *E%Fs

c o Islamic nit Trusts and %udara'a Certificates

Sues!e& Re(&"$s%

1 9hmed, =sman &a'i)ir,Islamic E0uit" Funds T!e Mode of *esource Mo#ili.ation and Placement, Islamic

*esearch and Training Institute, Islamic ?eelopment &an), //5.

2 9li 2alman, 2yed,Islamic Capital Mar(et Products /evelopments and C!allenges, Islamic *esearch and Training

Institute, Islamic ?eelopment &an), //7.

3 9li 2alman, 2yed !eds",Islamic Capital Mar(ets Products, *egulation and /evelopment, Islamic *esearch and

Training Institute, Islamic ?eelopment &an), //6.

4smani, %, Taqi,Principles of S!ari1a! Governing Islamic Investment Funds, Pa)istan.

b a islamic banking

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