Certificate In Islamic Economics And Finance - 4-8 March, 2019
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AL-MAKTOUM COLLEGE OF HIGHER EDUCATION
&
ISTANBUL 29 MAYIS UNIVERSITY
Present
Certificate in Islamic Economics and Finance
Intensive Course (one week) 04-08 March, 2019
About this course
As a result of the financial crisis, there is an increasing need among scholars of economics and those working in the field to identify and understand what Islamic economics is and how it can contribute to the conventional system of finance and multiculturalism. This, of course, poses the questions ‘What is the difference between the concept of “Islamic economics and finance” and that of pure “economics and finance”?’ and ‘Is “Islamic economics and finance” capable of contributing to a secular society?’ The two compulsory units of this programme meet the requirements of those who wish to improve their understanding of key Islamic economics, finance and banking concepts and practices that may have a significant impact on their work. The programme is available on an intensive basis.
Further Study and Careers
The full programme is intended for students who wish to pursue a qualification in the field of Islamic economics, finance and banking. The programme will also promote students’ career development in both the private and public sectors through learning appropriate skills such as critical analysis of different concepts and approaches in specific subjects, networking and teambuilding, communication skills, problem-solving, negotiation and influencing skills and written and oral presentation skills.
Also, this Program offers an introduction to the evolving Islamic financial sector. It will enhance and develop your knowledge of Islamic finance. The program will enable the participants to:
Get well versed in the main Islamic financing modes and contracts.
Understand the main terminology of Islamic finance and economics.
Recognise the main differences between Islamic and conventional finance.
It is intended for:
Financiers, bankers and professionals
New entrants to, and those intending to work in, the Islamic financial sector
Academics, undergraduate and post-graduate students
Anyone wishing to know more about this emerging industry
Tuition Fees
Academic / Professional Fee: $1000
Waged Researcher (Student) Fee: $600
Students (Unwaged) Fee: $350
Please note that 8% VAT will be added to all fees.
The programme is comprised of the following two compulsory units:
Applied Islamic Banking and Insurance will enable students to apply the core concepts of Islamic finance in an Islamic banking and insurance operation, to review and assess the commercial performance of Islamic financial institutions according to underlying Islamic principles, and critically compare the ideal concepts and practical implementation in Islamic and western banking and insurance.
Islamic Economics and Finance will enable students to identify and understand the origin, concepts, and aims of Islamic moral economy at the micro and macro levels, including Islamic finance as a practical tool of Islamic economics systems. This unit will develop an understanding of the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and neoclassical points of view. The unit will also address systematic understanding of Islamic political economy and its axioms which defines the frame, methodology and institutions. From a broader perspective, this unit will also enable students to understand Islamic financial engineering and liquidity management within the capital market context.
Intensive Timetable - Turkey
Applied Islamic Banking and Insurance (AIBI)*
Islamic Economics and Finance (IEF)**
Day
Date
Time and Lecture Title
1
Monday
04/03/2019
9:30am – 12:30pm (AIBI)
1:30pm – 4:30pm (IEF)
2
Tuesday
05/03/2019
9:30am – 12:30pm (AIBI)
1:30pm – 4:30pm (IEF)
3
Wednesday
06/03/2019
9:30am – 12:30pm (AIBI)
1:30pm – 4:30pm (IEF)
4
Thursday
07/03/2019
9:30am – 12:30pm (IEF)
1:30pm – 4:30pm (IEF)
5
Friday
08/03/2019
9:30am – 12:30pm (AIBI)
1:30pm – 4:30pm (AIBI)
*AIBI will be taught by Dr Salah Alhammadi
**IEF will be taught by Dr Harun Sencal
Certificate in Islamic Economics and Finance
Unit 1: Applied Islamic Banking and Insurance (15 Hours)
Unit Coordinator: Dr Salah Alhammadi
UNIT SUMMARY
The growing importance of the Islamic finance industry and the rapid global development of Islamic financial institutions, make it essential that anyone interested in the area of Islamic finance is conversant with the fundamentals, core concepts, and practical operation, control system and regulatory framework of Islamic banking and insurance. The unit will cover the differences between Islamic and western banking and insurance models in terms of conceptual framework, governing principles, governance system, business model, and product level differentiation. It will also cover all aspects associated with Islamic banking and insurance operation, including the embedding of Shari’ah compliance and regulatory frameworks in product development, asset liability management, internal control system, internal and Shari’ah audit as an independent assurance process. The unit will explore how Islamic principles have evolved into structures of products, services, control and governance system in Islamic banking and Takaful industry. The issues of Islamic banking and insurance products and services also will be critically analysed.
AIMS
To provide students with an advanced understanding of the theoretical aspects of the Islamic banking and insurance systems.
To provide students with the understanding of the contemporary application of Islamic banking and insurance.
To critically examine the institutional frameworks, governance systems and regulation of Islamic banking and insurance.
To critically evaluate the main controversies and challenges facing Islamic banking and insurance.
LEARNING OUTCOMES
On completion of this unit the students should be able to:
Critically understand the differences of the institutional framework, governing principles, governance system, business model, and products of Islamic and western banking and insurance.
Critically understand the process of product development and asset liability management in Islamic banking and insurance.
Critically understand the three levels of defence in Islamic banking and insurance operation, which includes the internal Shari’ah control system, implementation of a risk management framework, and the process of internal and Shari’ah audits.
Understand how to apply and evaluate the integration of Shari’ah compliance principles and regulatory frameworks into all aspects of Islamic banking and Takaful operation.
Critically evaluate the issues within the evolvement of product structures, services, control and governance system in Islamic banking and Takaful industry.
GENERAL COURSE PLAN
Session
DATES
TOPICS
1
04/03/2019
9:30 - 12:30
Introduction to Islamic Finance. Institutional framework, governing principles, and governance system of Islamic and conventional banking. The business model and products of Islamic Finance
2
05/03/2019
9:30 - 12:30
Islamic insurance (Takaful) and reinsurance (Retakaful).
Why Islamic insurance?
3
06/03/2019
9:30 - 12:30
Risk management in Islamic banking and insurance, and Asset liability management in Islamic banking and insurance.
4
07/03/2019
9:30 - 12:30
Corporate governance issue within product structures, services in Islamic banking, and Shari’ah governance and Internal Shari’ah control system in Islamic banking
5
08/03/2019
13:30 - 16:30
The effect of conflict of interest between unrestricted profit sharing investment account holders and shareholders (Practical case study)
Unit 2: Islamic Economics and Finance (15 Hours)
Unit Coordinator: Dr Harun Sencal
UNIT SUMMARY
The unit will cover the origin, concepts, and aims of Islamic economics, including Islamic finance as practical tool of system of Islamic economics. This unit will also develop an understanding of the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and neoclassical point of views. The unit will also address systematic understanding of Islamic political economy and the axioms of Islamic moral economy which defines the frame, methodology and institutions.
It will also cover all aspects associated with Islamic Finance, including the definitions, classifications and nature. Moreover, this unit will discuss the emergent financial institutions. It will explore how Islamic Finance principles have evolved into structures of products and services. Issues of financial and non-financial products and services also will be considered.
This unit is linked to the Applied Islamic Banking and Insurance unit, so that students conversant with all the principles and structures behind Islamic Banking and Insurance can be empowered to engage in its application.
AIMS
To redefine Islamic economics and finance with its aspects to construct a comprehensive and integrated economic system;
To critically evaluate the implementation of Islamic finance according to Islamic Moral economy postulates and assumptions;
To acquire a clear understanding of Islamic economic methodology through a critical appraisal of key postulates in existing literature;
To examine the emergent financial institutions and instruments of Islamic Finance;
To understand the non-market institutions and their role in economic development and securing the welfare for the larger stakeholder.
LEARNING OUTCOMES
On successful completion of the course, students should be able to:
Understand and evaluate the origin, concepts, and aims of Islamic economy in the micro and macro level;
Critically understand and assess the methodology of Islamic economics in comparison with neoclassical economics;
Analyse and evaluate the policies of Islamic economy in the market place: Islamic financial transactions, and the practical applications in the products and services in Islamic financial industry;
Critically understand the process of economic development in the light of al maqasid al Shari’ah and institutions for welfare.
GENERAL COURSE PLAN
SESSION
DATE
TOPIC
1
04/3/2019
13:30-16:30
Background of Islamic Economics and Various Approaches towards Islamic Economics
2
05/3/2019
13:30-16:30
Islamic Political Economy
3
06/3/2019
13:30-16:30
Islam and Economic Development
4
07/3/2019
9:30-12:30
Background of Islamic Finance and Current Trends
5
08/3/2019
13:30-16:30
Corporate and Shari’ah Governance
Contact
e-mail: mcoban@29mayis.edu.tr Tel: 009 0216 474 08 61 (2718/2725)
