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Programme Structure (Professional Certificate)

PROGRAM DETAILS

Programme Code: PC5023
Medium of instructions: English
Programme Tutor: Assoc. Prof. Dr. Aishath Muneeza

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 muḍarabah, murabahah, baiʾ bi thaman ajil / baiʾ muajjal, salam, istisnaʿ, ijarah, baiʾ al-ʾinah, tawarruq, hawalah, kafalah, wakalah, wadiah, and rahn.

Learning Outcomes

By the end of this course students should be able to :

  • Comprehend the Shariah principles governing financial transactions.
  • Apply effectively the shariah principles in the related field in Islamic finance.
  • Structure Shariah compliant products.
  • Evaluate the Islamic financial transactions/practices from Shariah perspectives.

PROGRAM DETAILS

Programme Code: PC5043
Medium of instructions: English
Programme Tutor: Abd Rasid Abd Kadir

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

Learning Outcomes

By the end of this course students should be able to :

  • Examine the fundamental philosophies and Shariah framework of Islamic banking.
  • Explain the conceptual and operational practices of Islamic banking.
  • Explain products and services offered by Islamic Banks.
  • Discuss management issues in Islamic banking institutions.
  • Articulate and critically evaluate contemporary issues pertaining to Islamic banking.

PROGRAM DETAILS

Programme Code: PC5113
Medium of instructions: English
Programme Tutor: Mr. Zainal Abidin Mohd Tahir

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.

Learning Outcomes

By the end of this course students should be able to :

  • Explain the financial needs of the various categories of customers and identify relevant Shariah- compliant financing products to meet their respective needs.
  • Analyse the economic and business environment as well as the associated risks that may influence the customers’ capabilities to survive and to service the financing given.
  • Structure banking products and services that are not only appropriate to the customers’ needs and their capacity to pay but also within the parameters specified by the bank.

PROGRAM DETAILS

Programme Code: PC5033
Medium of instructions: English
Programme Tutor: Dr. Ziyaad Mahomed

The course critically examines the nature and operational aspects of the Islamic Capital Market including its infrastructure, components and the various types of Islamic Capital instruments. Topics will include the historical development of ICM and it’s in economic development.

Students will be able to analyse contemporary issues in Islamic Capital Market industry in the light of Shariah principles applied.

Learning Outcomes

By the end of this course students should be able to :

  • Understand the framework of financial market and Islamic Capital Market.
  • Recognize the components of ICM, different types of instruments and the Shariah underlying principles applied.
  • Evaluate the conceptual and application of each instrument and product of ICM.
  • Distinguish the differences between Islamic and conventional capital markets.

PROGRAM DETAILS

Programme Code: PC5053
Medium of instructions: English
Programme Tutor: Prof. Dr. Saiful Azhar Rosly

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.

Learning Outcomes

By the end of this course students should be able to :

  • Describe the existence of risks in banking and finance and the concept of risk from the Islamic perspectives.
  • Distinguish the different types of risk and be familiarised with the risk management process, and the regulatory requirements and governance.
  • Apply the quantitative tools and techniques in identifying and measuring the various types of risk.

PROGRAM DETAILS

Programme Code: PC5083
Medium of instructions: English
Programme Tutor: Dr. Mohamed Fairooz Bin Abdul Khir

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.

Learning Outcomes

By the end of this course students should be able to :

  • Apply Shari’ah knowledge in Islamic Finance.
  • Effectively communicate and articulate concepts and opinions pertaining to Shariah issues in Islamic finance.
  • Undertake assignment or decision in the contemporary Islamic finance issues.

PROGRAM DETAILS

Programme Code: PC5073
Medium of instructions: English
Programme Tutor: Mr. Abd Rasid Abd Kadir

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 requirement and legal requirement that are needed to ensure an efficient exercise of Sharia audit.

Learning Outcomes

By the end of this course students should be able to :

  • Apply Shari’ah knowledge in the area of Shariah audit and compliance.
  • Apply principles and practices of Shariah in Shariah audit and compliance.
  • Determine the major aspects of non Shariah compliance in the process of audit
  • Assess the Shariah compliance through audit process in the product and services.
  • Undertake assignment of Shariah audit and compliance.

PROGRAM DETAILS

Programme Code: PC5133
Medium of instructions: English
Programme Tutor: Assoc. Prof. Dr. Shaikh Hamzah Abdul Razak

The course starts with an exposition on wealth from both conventional and Islamic perspectives, touching on concepts, ownerships rights and rights to use as background to discuss the objectives of wealth planning. Wealth allocation to different investible instruments will be discussed, emphasizing on optimal asset allocation, risk-return analysis and investment valuation mechanisms.

Different investment avenues such as real estate, securities, fixed income instruments and structured products. Other topics to be covered will be wealth protection through insurance and takaful; wealth distribution through zakat, waqf, inheritance and finally tax and retirement planning.

Learning Outcomes

By the end of this course students should be able to :

  • Differentiate between the conventional and Islamic concepts and ownership of wealth as a basis to comprehend the theory and practices of wealth management
  • Understand the investment process in Shariah compliant capital market instruments and real estate.
  • Understand the protection, purification and distribution process in Islamic wealth planning.
  • Illustrate the process of retirement through the various retirement schemes and tax planning and management.
  • To understand risk modelling for Islamic banking.
  • To evaluate risk-models from Islamic perspectives.

PROGRAM DETAILS

Programme Code: PC5143
Medium of instructions: English
Programme Tutor: Assoc. Prof. Dr. Shaikh Hamzah Abdul Razak

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.

Learning Outcomes

By the end of this course students should be able to :

  • Understand Shariah concepts which underlies takaful and how to integrate Shariah attributes in takaful operations.
  • Elucidate the key processes in managing takaful operations.
  • Understand in-depth and articulate statutory and regulatory requirements in takaful.
  • Understand and demonstrate the use of actuarial concepts and techniques in takaful.
  • Demonstrate the application of takaful in various personal and business situations.
  • Able to promote takaful.
  • 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