www.mywestford.com

Master in DiplomaISLAMIC FINANCE AND BANKING

Master in DiplomaISLAMIC FINANCE AND BANKING

IMF survey, 2010 has stated that Islamic banks have on an average shown stronger resilience to the recent global financial crisis and meltdown. Economists are of the view that due to the robust growth of Islamic banks during the crisis periods, they are highly likely to take a lead to grow the market share in the future.

Master in Islamic Finance and Banking

Diploma

This course is designed to offer students of financial management a well rounded

perspective of the fundamentals of Islamic Finance and Banking. The growing global

importance of Islamic financial structures and the implications for financial

management make it essential that any learner interested in financial management is

conversant with the fundamentals of this area of finance and banking. The module will

cover all aspects associated with Islamic Finance and Banking from the prohibitions in

taking or receiving interest through the prohibitions in masir and gharar to Islamic

banking fees and charges. The module will explore how Islamic Banking and Finance

principles have evolved into structures. Issues associated with products and services will

be investigated and developed. The module will also address regulatory frameworks

and applications of Sharia law to all aspects of banking and finance.

Weekend/Evening/Online

Course Duration 8 weeks / 16 weeks

Delivery Model

Course Certified By IAAP - UK

7 (Postgraduate)

For the purposes of this module the term Islamic Finance is juxtaposed against what

might be described as secular banking but which is here termed 'conventional

banking' on the basis that Islamic Finance has emerged as a system relatively more

recently.

IAAP qualification framework level

Islamic banking assets with commercial banks globally are set to cross us $ 1.7 trillion in 2013 suggesting an annual growth of 17.6 % over last four years.

Sources: Central Banks, BMI, EY analysis

Learning Outcomes

The learning outcomes describe the abilities that learners will

possess after they have completed the unit. The content identifies the

breadth of knowledge, skills and understanding needed to design

and deliver a programme of learning to achieve the learning

outcomes. The assessment criteria provide a list of achievements

sufficient to demonstrate that a learner has met the learning

outcomes. The learner should be given the opportunity to cover all of

the content but it is not a requirement that all of the content is

assessed.

Understand the evolution of Islamic banking and finance principles

Understand the differences between Islamic finance and banking and the conventional modes of finance and banking

Understand aspects of Islamic banking and finance product and services markets

Understand the governance of Islamic Banking and Financial Organizations

Learning Outcomes, Content and Assessment Criteria

Module - 1Evolution of Islamic Banking and Finance Principles

An introduction to Islam

Framework of Islamic Finance and Banking: the Shar'iah

Compliance with Shar'iah Law

Foundation of Islamic commercial law

Legal maxims (Qawai'd fiqhiyyah and Fiqh al

Mu'amalat) in Islamic finance and banking

Sources of Islamic finance and banking principles

Qur'an, Hadith, Ijma, Qais

Ijtihad and relation to Ijma and Qiyas

The correlation between Shariah Law and Ethics, the role of Ijma

History of Islamic finance

Early Islamic banking

Key periods in development of Islamic banking and finance

Islamic banking and finance and Globalisation

The ethical underpinnings of Shar'iah-based economics and social or societal implications

Production versus intermediation approaches

Islamic banking and finance – The Future

Contemporary Islamic Finance is an emerging sector in the world of international finance. Estimates reveal that the global industry has experienced a growth rate of 15% to 20% per annum with up to $500 billion in managed assets and a potential market size of $4 trillion. It is believed that between 200 and 300 institutions worldwide currently contribute to the Islamic Finance Industry. These are primarily concen trated in the Middle East and Southeast Asia (with Bahrain and Malaysia being the largest hubs). However, hubs for Islamic Finance are beginning to form in both Europe and the United States.

Module - 2Differences Between Islamic Finance and BankingThe Conventional Modes of Finance and Banking

Fundamentals of Islamic finance and banking

Aim of exploitation free activities

Financial instruments – debt, quasi-debt and profit-and-loss sharing

The role of money and inflation

Gharar, Maisir and Riba

Islamic finance and wealth distribution

Resource income under Islamic finance rules

Key differences between Islamic and conventional finance

Elimination of risk (conventional) versus bear the risk (Islamic)

Liability and Haram

Borrowing and lending versus Mudarbah and Musharka or Mubadalah

Depositor relations – open (Islamic) versus closed (conventional)

Differences in returns to depositors

Transactions - financial asset based (conventional) versus real asset based (Islamic)

Module - 3Islamic Banking and Finance Product and Services

Islamic modes of finance

Murabaha, Ijarah, Ijara-was-iktana, Ijarah-wal-iqtina, Bay' Istisna, Ju'ala, Musharaka, Musawamah,

Wadiah, Bai Muajjal, Bai Bithaman Ajil, Mudarabah & Bay Salam

Codification of Islamic Banking Products and Services

Islamic financing contracts (Mudarabah, Musyarakah, Salam, Istishna, Ijarah, Qardh)

Islamic financial markets

Islamic Banking Services (Letters of credit, Bank guarantee & Foreign Exchange (Sharf))

Islamic Asset and Fund Management

Slamic Asset and Fund Management market drivers and restraints

Risk and liquidity management within Islamic finance

Risk and Liquidity – Islamic versus convention, Liquidity management, Products and instruments & Shar'iah compliant schemes

Takaful – Islamic Insurance

Insurance business and conflict with Islamic finance principles

Takaful versus conventional insurance

Growth of Takaful

The Sukuk market

A Sukuk versus a bond, Types of Sukuk & Risk and Sukuk markets

Average ROE of 12.6% for top 20 Islamic banks, compared to comparable conventional average of 15%.

Module - 4Governance of Islamic Banking and Financial Organization

Islamic finance and banking governance frameworks and challenges

Standard-setting organizations

Islamic Financial Services Board corporate governance principles

General Governance Approach

Rights of Investment Account Holders

Compliance with Shar'iah rules and principles

Transparency of financial reporting

Shar'iah Supervisory Boards (SSB)

Regulatory applications associated with Islamic banking

Shar'iah auditing

Delay in payment

Securitization of debt

Shar'iah arbitrage

Short-selling and Islamic finance principles

International financial harmonization

Delivery and Assessment

Delivery would engage students in their learning by using a range of

teaching and learning techniques that accommodate different

learning styles, including: presentations, case studies, simulations,

professional discussions, group activities, visits, guest speakers and

independent research. Assessment will use vocationally relevant

methods that require students to adopt a realistic work role and

produce work in the formats that are expected in business.

Examinations and assignments that use a range of assessment

methods will be used. Case studies, problems and examples used in

assessments need to be current and to have the requisite range of

issues for students to consider at this level of study. Students would be

able to apply their understanding of theory to their investigations

and to their proposed solutions to problems.

Indicative Reading Texts

Jaffer, S (ed.) (2005) Islamic Retail Banking and Finance – Global

Challenges and Opportunities. Emerald Group Publishing.

Kettell, B (2010) Introduction to Islamic Banking and Finance. Brian

Kettell, Islamic Banking Training

Iqbal, Z (2011) An Introduction to Islamic Finance: Theory and

Practice. John Wiley & Sons.

Hanif, M (2011) Islamic Banking: Financial Reporting Perspective.

CreateSpace.

38 million customers globally with Islamic banks.

Lead Trainer

A dynamic Sharia scholar qualified to issue religious edicts (Fatwa), Mufti Aziz Ur Rahman represents a rare breed of Sharia scholars, who is able to combine the best of contemporary finance with Islamic Jurisprudential principles. A qualified Mufti from Dar Ul Uloom Haqqaniya, he specializes in Fiqh Ul Muamalaat (with a specialization in Islamic commercial transactions). Mufti Aziz Ur Rahman is the author of various research papers, has delivered training, and conducted industry leading market research on the prospects of Islamic finance within the UAE. With his keen aptitude for innovation and learning, he is capable of bringing any Islamic financial institution to the highest standards of Sharia counsel expertise. He is ideally suited to support multipronged services such as consultancy, Training and Sharia guidance

Mufti Aziz Ur Rehman [MA, CSAA, CIPA]

A certified trainer (Islamic Banking and AAOIFI Standards)

by AAOIFI

ACADEMIC & PROFESSIONAL CERTIFICATION

Certified Islamic Professional Accountant (CIPA) from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Kingdom of Bahrain

Associate Sciences Degree in Islamic Banking, from Al Khawarizmi International College Abu Dhabi, UAE

Certified Sharia Advisor and Auditor (CSAA), from Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), Kingdom of Bahrain.

Specialization in Fiqha, Ifta and Judiciary, (Mumtaz (Excellent) – leading to Mufti Status) from Darul Uloom Haqqaniya .

Master in Islamic Studies (First Division) from Gomal University, with “Equivalency Certificate of Master” by the Ministry of Higher Education and Scientific Research of United Arab Emirates

He is presently working as Sharia Manager with a leading Islamic

Finance company and also as an Sharia Advisor for Islamic GDP

(Global Distribution Platform) London-UK. He worked as member

of sharia board with many financial institution in the Middle East and

Europe and also having extensive teaching experience with many

leading universities in Islamic fiancé and sharia related subjects. He

also worked as an External Consultant for for Dar Al Istithmar-

London, which is a subsidiary of Deautche Bank and is a specialist

Sharia advisory firm based in London

17 Islamic banks have US$1bn or more in equity and sufficient regulatory capital. This provides for a good platform for organic and acquisitive growth.

Lead Trainer

Muath Mubarak is a qualified Chartered Management Accountant by profession and an Islamic Banker, Trainer and Author by practices in the field of Islamic Banking & Finance industry. He is currently working as a Head of Finance & Corporate Strategy of First Global Group and he is experienced in the field of Management Accounting, Financial Control, Strategic Planning, Regulatory Compliance and Corporate Strategy in Islamic Banking & Finance industry. He has been awarded as “Rising Islamic Finance Personality of the Year 2013” by UTO EduConsult & KPMG – Sri Lanka.

Previously Muath was attached to Barwa Bank in the Finance Control Department, which at the time was the newest fully fledged Islamic Bank in Qatar. He was a member of the core team members to deploy the efficient and effective functioning of Financial Control Department of Barwa Bank during 2010 / 2011.

He was also an instrumental key member of the project of Abu Dhabi Commercial Bank (ADCB)' Islamic Unit called “Meethaq” during 2008 which was training project accomplished by First Global.

He is an Associate member of Chartered Institute of Management Accountants (CIMA) – UK, Chartered Institute for Securities & Investments (CISI) - UK and Associate Fellow Member of Institute of Islamic Banking and Insurance (IIBI) – UK, Successfully completed the Post Graduate Diploma in Islamic Banking and Insurance.

Muath is also an Islamic Banking & Finance Trainer and lectures on various topics on Islamic Banking & Finance for students following the Islamic Finance Qualification (IFQ) course (which is offered by CISI – UK), I-Banker, CIMA IF, PGDIBI and Diploma in Islamic Banking & Finance courses in Sri Lanka, Qatar & UAE.

MUATH MUBARAK

LEAD TRAINER [ACMA, CGMA, ACSI, AFIBI]

Also he is an External subject matter expert for Bankers' Academy –

USA for Islamic Banking & Finance. He is also a Guest Trainer at

Business Management Training Group – Singapore. Since October

2012, he is serving as an Islamic Finance Community member for

Thomson Reuters. He is also a well-known writer on various topics

relating to Islam & Islamic banking and finance. His Islamic Banking

& Finance articles have been published by various international

journals including IFN-Malaysia, CIMA-UK, IB&F-UK, Path Solutions

– Kuwait and many more.

Financial soundness, solvency of Islamic banks remained strong despite global financial crisis.

Nurturing Islamic Banking & Finance in Sri Lanka www.sailanmuslims.com January-10

Glimpse into Islamic Banking Softwares IFN-Malaysia May-10

Flourishing Islamic Finance in Malta IFN-Malaysia May-10

Qatar - More clarity unveiled IFN-Malaysia February-11

Islamic Banking in Qatar IFN-Malaysia March-11

Dawn in Tajikistan IFN-Malaysia March-11

The next milestone: Islamic bankingand finance in Sri Lanka IFN-Malaysia June-11

Islamic wealth management - A paradigm shift in Islamic Finance IFN-Malaysia June-11

The heartbeat of Islamic banks IFN-Malaysia July-11

Beyond traditional accounting IFN-Malaysia August-11

Uncovering Islamic Finance Framework in Sri Lanka IFN-Malaysia September-11

Publications by Muath

Westford School of Management brings to you an opportunity to get certified in Islamic Banking and finance, delivered using innovative methodology to suit busy work schedules of working professionals.

Westford School of Management FZ LLC

UAE -Office No 206, RAKIA Business Centre 3, Building A 2, RAK,

nd2 Floor, BM Towers, Al Nahda, ndINDIA - 2 Floor Vijaya Complex, Kakkanad, India.

Opp EMC, Byepass Road, Palarivattom, India.

Call: +91 8086 000 111

UAE.

SHARJAH

Kochi,

Kochi,

www.mywestford.com

Toll Free: 800 938323 (WFUAE)

For more information please email to info@westford.org.uk

Call : + 97152 926 3000

WESTFORD ADVANTAGE

Globally Recognized

Weekend | Evening Classes

Online and Onsite Classes

Industry Expert Tutors

Real Life Case Study and Assignments

Fully Equipped Class Rooms