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Programme Structure (MIFP)

PROGRAM DETAILS

Programme Code: QM5023
Medium of instructions: English

The course covers rudimentary statistical techniques in analysing data. It starts with descriptive statistics and then build-up various concepts related to data analyses. These include probability, probability distribution function, sampling and sampling distribution.

Based on those concepts, steps in hypothesis testing are detailed. Various cases are discussed for testing hypotheses. These include (i) mean, (ii) proportion and (iii) variance for one- and two-samples. Finally, the course covers basic approaches in analysing correlations between variables, namely, by means of correlation analysis and simple linear regression analyses.

PROGRAM DETAILS

Programme Code: AC5013
Medium of instructions: English

The paper is weighted at 70% financial accounting and 30% management accounting. The first part inter-relates the business functions of financing, investment and operation to accounting recording and valuation process and financial statements. It goes through from source documents to financial statements with some emphasis on financial assets and liabilities in accordance with IAS39, 32, IFRS7 and 9. In addition, Performance analysis of entities and the importance of the cash flow statement vs. income statement in the “true” performance of entities vs. paper performance are emphasised.

The second part of the paper takes the student through the information of management accounting information for decision making with emphasis on service sector organizations such as banks. The course takes the students through traditional cost classification and product costing techniques as well as modern activity based costing relevant to business. Finally the students are taught to prepare and use budgets as well as conduct and make use of cost volume profit analysis to make decisions.

PROGRAM DETAILS

Programme Code: IE5033
Medium of instructions: English

This course allows the student to develop a critical understanding of the development of Islamic economic and finance theory and become more appreciative of the contributions made by Muslim thinkers. Other than referring to the Quran and Sunnah as the key referral materials, this course also discusses the related theories and the current economics and finance issues from the conventional perspective.

PROGRAM DETAILS

Programme Code: SH5013
Medium of instructions: English

This module consists of three major parts, the first part Islamic Jurisprudence covering the sources of Shariah, Ahkam al-Shariah, Legal maxims and Maqasid al Shari’ah; the second part theory of Islamic contract covering the general theory of contract, Ahliyyah/capacity, Formation of contract, Terms and conditions, Performance of contract; Shari’ah.

The third part is about compliance covering Hisbah, Ijtihad, fatwa, Shari’ah board, and Shari’ah non-compliance risk.

PROGRAM DETAILS

Programme Code: SH5023
Medium of instructions: English

The aim of this module is to guide students to analyse the application and mechanism of the most widely used Shariah principles/transaction Islamic finance such as mudarabah, murabahah, bai’ bi thaman ajil / bai’ muajjal, salam, istisna’, ijarah, bai’ al-‘inah, tawarruq, hawalah, kafalah, wakalah, wadiah, and rahn. The module will cover the concept of each contract along with their types, pillars, terms and conditions to ensure its shariah compliance in execution and application.

PROGRAM DETAILS

Programme Code: IE5023
Medium of instructions: English

This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market based economy. It covers private, public and voluntary sector corporate entities. Students are expected to understand the link between ethical economic and legal perspectives when applying and evaluating the governance of profit and non-profit organisations.

This is because separation between ownership and management can be a potential source of conflict in achieving sustainability of such organisation. This course will cover conventional and Islamic perspective to the concepts of corporation as legal entities and how they ought to be regulated, guided, and led. Issues relating to the role of directors, boards of directors and board of committees as they represent shareholders, investors and stakeholders will be given significant coverage in this course.

PROGRAM DETAILS

Programme Code: AC5023
Medium of instructions: English

This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market based economy. It covers private, public and voluntary sector corporate entities. Students are expected to understand the link between ethical economic and legal perspectives when applying and evaluating the governance of profit and non-profit organisations.

This is because separation between ownership and management can be a potential source of conflict in achieving sustainability of such organisation. This course will cover conventional and Islamic perspective to the concepts of corporation as legal entities and how they ought to be regulated, guided, and led. Issues relating to the role of directors, boards of directors and board of committees as they represent shareholders, investors and stakeholders will be given significant coverage in this course.

PROGRAM DETAILS

Programme Code: TK5013
Medium of instructions: English

The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah and explains why insurance is forbidden and hence the advent of takaful. It discusses the various takaful business models, products and the key operational process of takaful. The study of the regulatory environment in various jurisdictions is a must for all takaful students as the industry is highly regulated.

The actuary plays a key role in the takaful organization and its position is a requirement in most jurisdictions. The study of the actuarial principles and concepts would include areas of product design, pricing, underwriting, investments and reserving.

PROGRAM DETAILS

Programme Code: IB5013
Medium of instructions: English

This course will examine the Shariah principles that are entrenched in Islamic Banking and Islamic Banking operations. This course will also discuss the legal and regulatory aspects of Islamic Banking and recent developments in this industry. Students will learn how Islamic Banking institutions are managed to ensure its viability and profitability.

PROGRAM DETAILS

Programme Code: IB5023
Medium of instructions: English

The course is designed to equip students with basic understanding of customers’ needs and behaviour as well as principles, rules and practices in structuring financial solutions (both deposits and financing). Students will also be given the tools and techniques for assessing the customers’ appropriate facilities, required amounts, repayment capabilities and methods on how to manage the banking relationship.

Among the topics covered are the principles of financing, understanding business environment, quantitative and qualitative analysis, structuring/packaging financial requirements and managing financing portfolio.

PROGRAM DETAILS

Programme Code: IB2002
Medium of instructions: English

An Islamic financial institution (IFI), as a business entity is not exempted from both systematic and unsystematic risks. If all the risks are properly identified, measured and mitigated, an IFI’s overall mission, goals and objectives will not be severely jeopardized. Students are not only being exposed but are also required to learn about the fundamentals of risk and their management. In addition, the current risk environment, risk issues, frameworks, guidelines, standards and strategies will also be discussed.

The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions. In addition, knowledge on risk issues both at macro and micro levels such as risk philosophy, policy, process, framework, guidelines, strategies and regulatory requirements will also be disseminated to students, complete with quantitative tools to measure various types of financial risk, operational risk and capital adequacy. Shariah risk and fiduciary risk that are peculiar to Islamic financial institutions will also be emphasized.

PROGRAM DETAILS

Programme Code: FN5044
Medium of instructions: English

This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and shari’ah frameworks of the ICM within a dual-banking environment. In achieving these twin objectives, students will be exposed to topics such as, but not limited to, the structure of the Islamic Capital Markets across different jurisdictions, regulatory and shari’ah frameworks, and various structures and contracts of shari’ah compliant ICM instruments

Topics include examining the pricing mechanism of the existing money market instruments, analyzing various sukuk structures issued globally, cases on sukuk default, shari’ah approved derivative instruments, foreign exchange market and current issues in ICM.

PROGRAM DETAILS

Programme Code: IB5043
Medium of instructions: English

The course aims to equip students with the foundation of marketing principles which covers the core concepts of marketing, the marketing process, the environmental scanning and the marketing mix. This is further deliberated to the application of Shariah principles and rules in ensuring that the financial services marketing is done in an ethical way and uphold the Shariah values in every aspects of business starting from the organizational strategic planning process, product development, pricing strategy, distribution channels, selling and promotion.

In order to attract business prospects and retaining the existing customers, students need to understand the critical function of customer relationship management in achieving the customers’ objective for reliable products and excellent services delivery that eventually give them a satisfaction. Further, to have a sustainable business within the highly competitive environment, apart from being a Shariah-compliant entity; the Islamic Financial Institution should also be socially responsible to its surrounding and the public at large in line with the precept of Islam.


PROGRAM DETAILS

Programme Code: TK5033
Medium of instructions: English

The Islamic wealth management has been part and parcel of Islamic finance. The main philosophy of Islamic wealth management is that wealth belongs to Allah (swt) and human beings are mere trustee. The main objective of Islamic wealth management is the achieve al-falah i.e Allah blessing in this world and hereafter. The five major components of wealth management are (1) wealth generation which is the primary source of wealth management.

Wealth can be in the form of employment income, business and trade. (2) Wealth protection is where all our wealth needs to be protected through takaful or Islamic insurance. (3) Wealth accumulation is a constant process that involves generating more wealth and in the process we need skills. 4. Wealth purification such as zakat, sadaqah and waqf as in the process we might have tainted our wealth. Allah also requires us to share with us as they also have rights to our wealth and financial wealth distribution.

After the accumulation of wealth and the huge amount of wealth who will inherit it. The law of inheritance in accordance to Islamic principles as mentioned in the surah An-Nisaa needs to be complied. We are not supposed to leave our children in proverty. Surah an-Nisaa have identified the quantum each of beneficiaries their rightful portion. The above process corresponds to the life-cycle of a person from the time the person begins to earn and income until the day he dies. The most important point of Islamic wealth management is that a Muslim needs to practice it as it helps to ensure the generation and accumulation of wealth is in accordance to Shariah principles and it is halal.

PROGRAM DETAILS

Programme Code: SH5033
Medium of instructions: English

This module is based on thorough discussion and deliberation on the major Shari’ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital market, Takaful and wealth planning and management. The module exposes the students to different issues and cases debated in Islamic finance from a Shari’ah perspective along with their resolutions.

PROGRAM DETAILS

Programme Code: AC5033
Medium of instructions: English

This module focuses on Shariah audit and compliance which represents one of the very important areas in Islamic finance. It reflects the degree of Shariah compliance in the Islamic financial institutions in the market place. The module covers different aspects of Shariah audit including the concept, the process, Shariah requirements and legal requirement that are needed to ensure an efficient exercise of Sharia audit.

PROGRAM DETAILS

Programme Code: PC5093
Medium of instructions: English

The course aims to equip students with the basic knowledge about the requirements of legal documentation for Islamic financing facilities and services and particularly how these differ from documentation from conventional loans. They would be taught to gain familiarity with such documents and to spot inappropriate provisions included therein or essential ones missing therefrom.

Such familiarity will enable them to challenge legal counsel on documents prepared by them and not accept without question documents produced by them. They will be trained to recognise various risks and the consequent losses that could arise from poor documentation.

  • Bank Negara Malaysia
  • Finance Accreditation Agency (FAA)
  • International Shari’ah Research Academy for Islamic Finance
  • Securities Commission Malaysia (SC)
  • Shariah Advisory Council
  • Chartered Institute of Islamic Finance Professionals
  • Malaysia International Islamic Financial Centre (MIFC)
  • Islamic Banking and Finance Institute Malaysia