As Islamic Finance evolves to be more competitive and increasingly sophisticated, demand for Islamic Finance talent is set to grow. EduQual is keen to contribute to the expansion and enrichment of Islamic Finance knowledge, skills and understanding and as such, we have developed a postgraduate-level Diploma in Islamic Banking and Finance.
Stage 1: Islamic Banking and Finance [QCF / RQF / EQF Level 7]
Stage 2: MA Islamic Banking and Finance [Top Up][
The aim of this qualification is to provide candidates with an introduction to Islamic finance and banking. They will review the fundamental principles underlying Islamic finance and learn about the main Shariah-compliant financial instruments. They will be introduced to the main operations of Islamic banking and learn about Islamic contracts and Islamic bonds. Their study will include practical applications of Islamic financial principles including those involving calculations. This qualification will also offer learners of financial management the basic fundamentals of Islamic Finance and Banking. The learner will cover aspects associated with Islamic Finance and Banking from the prohibitions in taking or receiving interest and will also explore how Islamic Banking and Finance principles have evolved into structures.
The primary benefits of achieving this qualification is that learners will be able to:
Essentials of Islamic Finance and Banking
We make a professional judgement about the ability of a potential learner to successfully complete the programme of study and achieve the qualification, based on prior academic learning and/or prior relevant work experience.
|Qualification Title||Diploma in Islamic Banking and Finance|
|QCF / RQF / EQF Level||7|
Whilst the principles underpinning Islamic Finance have existed for hundreds of years, the modern industry did not start to develop until 1975 with the establishment of the Islamic Development Bank. It has grown rapidly – in 2014 alone, the global market (measured by assets) grew by 12% to $2 trillion. As Islamic Finance evolves to be more competitive and increasingly sophisticated, demand for Islamic Finance talent is set to grow. EduQual is keen to contribute to the expansion and enrichment of Islamic Finance knowledge, skills and understanding and as such, we have developed a postgraduate-level Diploma in Islamic Banking and Finance.
The qualification consists of the following four units:
|Unit Title||EduQual Level||EduQual Credits|
|Principles of Islamic Finance||7||30|
|Operational Islamic Finance||7||30|
|Economics in Finance and Banking||7||30|
|Islamic Finance and the Modern World||7||30|
Learners can obtain academic credit (four modules) towards the MA Islamic Banking, Finance and Management, delivered by the Markfield Institute of Higher Education and awarded by Newman University (Birmingham). To be awarded the Master’s degree, learners will need to complete four additional modules (including Research Methods) and a dissertation.
Acceptance onto the Top-Up stage to complete the postgraduate Master’s degree is at the discretion of the university directly. We deliver the course that is Ofqual regulated, accepted as an advanced entry route requirement to the Master’s degree, however, the final decision is of the university. We do not claim to be representatives of the university.
This unit introduces learners to the broad principles of Islamic banking and finance and the fundamental differences between Islamic and Western practices. The unit begins with the principles and history of Islamic finance and then explores differences between Western and Islamic financial practices. Learners will then develop their understanding of regulatory aspects, much of which are embedded in Islamic culture and the Koran, with limited formality for legal regulation. Learners will understand the importance of the Shariah Boards that govern practice in Islamic institutions, including their constitution of Islamic scholars.
The concept of Islamic banking and finance is built on a range of products that are permitted (halal) and products that are prohibited (haram). Learners will develop their understanding of those products that clients can properly use for a range of different purposes, and those products that – through the ethics of Islamic finance – cannot be used. Learners will also develop their understanding of how the concept of insurance operates in Islamic finance through takāful. Whilst this has similarities to Western applications of insurance products, learners will explain how this is interpreted in the world of Islamic finance.
Unit purpose This unit introduces learners to the key elements of macroeconomics and their connection with financial markets. The unit aims to show how theoretical and empirical knowledge of macroeconomics and financial markets provides ways to analyse the salient problems faced by modern macroeconomic policy makers. Learners will study a range of topics in a real-world context, including concepts of economics in finance and banking, fiscal policies, and the effects of risk and uncertainty in finance and banking. They will also develop the skills they need to apply decision-making techniques in finance and banking.
The role of Islamic finance in the modern world has developed at a rapid place and is exposing both Muslim and non-Muslim cultures to the benefits that it can offer. This unit will develop learners’ understanding of contemporary developments in Islamic finance and the risks that need to be evaluated in order for Islamic finance to operate effectively and to make a valuable contribution to the modern business world. Learners will also develop the skills needed to develop a research proposal for a contemporary issue, development or trend in Islamic finance and present their findings on the proposal.