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Programme Structure (eMIF)

(Choose any 4)

PROGRAM DETAILS

Medium of instructions: English

The course is designed to equip students with the working knowledge in accounting and Shariah, subsequently, apply the knowledge in reporting the Islamic financial transactions. Students should be able to demonstrate how Islamic financial instruments are recognised and reported in the financial statements of Islamic financial institutions (IFIs) according to Accounting and Auditing Organization (AAOIFI) and International Financial Reporting Standards (IFRS). Students will also be able to identify, analyse and evaluate issues in current Shariah review and auditing practice.


JAN & SEPT

7 Weeks

7 Weeks

Term 1

Term 2

Full Time

2 Courses

2 Courses

Part Time

1 Courses

1 Courses



JUNE

7 Weeks

Term 1

Full Time

2 Courses

Part Time

1 Courses

PROGRAM DETAILS

Medium of instructions: English

Audit and compliance functions are essential for proper corporate governance irrespective of the type of corporation. This course examines the key principles related to audit and compliance of IFIs including Shariah governance and internal control frameworks, laws, regulations, guidelines & standards for IFIs, commercial law and governance, legal documentation for Islamic finance products and governance structure of IFIs to achieve Shariah compliance.

PROGRAM DETAILS


Medium of instructions: English

The course provides students with a sufficient grounding in the core disciplines of business strategy development. Students examine the strategic concepts and tools that facilitate understanding of the challenges and opportunities of the business environment, strategy formulation, implementation and evaluation. This course equips students with the practical concepts and tools for analysing organisational strength and weaknesses as well as market opportunities and threats.

The Project Paper is equivalent to six credit hours and is optional, being replaceable with 2 elective courses. With the exception of Research Methodology which have 4 credit hours, all courses are 3 credit hours.


Course Study Requirements:

Semester
January
June
September
14 weeks 7 weeks 14 weeks
Full-time Min 3, Max 4 Min 1, Max 2 Min 3, Max 4
Part-time Min 2, Max 4 Min 1, Max 2 Min 2, Max 4

*(Minimum, Maximum courses)

Duration of Study:

Full-time 2 years
Part-time 4 years

PROGRAM DETAILS

Medium of instructions: English

The course will develop the students’ analytical skills through advanced quantitative and qualitative modelling techniques to analyse and develop solutions to contemporary business challenges. At the beginning of the course, students will learn the foundation of analytical tools which will later be applied to analyse real-world issues. The course will conclude with the challenges and opportunities of the big data. This course is designed as a preparatory course for students to undertake their Project Paper.

PROGRAM DETAILS

Medium of instructions: English

The course aims to equip students with the basic requirements of legal documentation for Islamic financing facilities and services, particularly on the difference between Islamic financing and conventional loans. Students will familiarise themselves with documents related to both transactions. The knowledge will enable them to evaluate legally prepared documents and make informed decisions.

PROGRAM DETAILS

Medium of instructions: English

The course helps students 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, the course also discusses related theories, and current economics and finance issues from the conventional perspective.

PROGRAM DETAILS

Medium of instructions: English

The course introduces the relationship between ethics, professionalism and effective governance in enhancing competencies of directors and managers in ensuring effectiveness of corporate strategies and operation.

(Consultancy Paper/Case Study)

This is a supervised research project that provides students with the opportunity to undertake independent research in a specific area of Islamic Finance.

PROGRAM DETAILS

>Medium of instructions: English

This module consists of Islamic Jurisprudence covering sources of Shariah, Ahkam al-Shariah, legal maxims and Maqasid al Shariah; Theory of Islamic Contracts covering the formation of contract, terms and conditions, performance of contract; Shariah Compliance covering Hisbah, Ijtihad, Fatwa, Shariah board, and Shariah non-compliance risk.

By appreciating these topics and issues, you would be in a position to devise strategies to address the issues in appropriate manners. Additionally the knowledge will enable you to pay attention to the Shariah aspects mentioned in the product development process.

PROGRAM DETAILS

Medium of instructions: English

The course introduces basic concepts related to banking, the underlying philosophies and Shariah principles that drive Islamic banking, legal and regulatory perspectives, brief history of Islamic banking and recent developments in the industry. Contemporary and pertinent issues in Islamic banking will also discussed through case studies, and subsequently, will prepare students for real world issues.

PROGRAM DETAILS

Medium of instructions: English

This course deliberates the detailed requirements and Shariah rules of financial transactions, together with the differing views of the schools of thought and contemporary scholars. It covers a thorough discussion and deliberation on the major Shariah issues debated in the Islamic finance industry, including banking, capital markets, Takaful and wealth planning.

PROGRAM DETAILS

Medium of instructions: English

This course is designed to equip students with the working knowledge of the structures of the instruments, regulatory and Shariah frameworks of the Islamic Capital Market (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 ICM across different jurisdictions, regulatory and Shariah frameworks. Topics include examining the pricing mechanism of the existing money market instruments, analysing various Sukuk structures issued globally, cases on Sukuk default, SRI (Socially Responsible Investment) Sukuk and Shariah approved derivative instruments.

Banking (to choose 3 from 4 electives)

PROGRAM DETAILS

Programme Code: FQ5103
Medium of instructions: English
Programme Tutor: Prof. Dr. Zulkarnain Muhamad Sori

The course covers financial reporting from conventional and Islamic accounting perspectives. Students will be introduced to the various types of Islamic contracts, and recording and reporting the relevant transactions.

Learning Outcomes

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

  • Understand Islamic accounting theoretical concepts
  • Apply fiqh rules to record Islamic financial transactions
  • Apply AAOIFI and Malaysian Islamic accounting standards
  • Understanding the effect of proposed and existing products on the income statement and balance sheet
  • Conduct financial and nonfinancial performance analysis of Islamic financial institutions

PROGRAM DETAILS

Programme Code: TK5413
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 :

  • To understand the concept of risk in Islamic law.
  • To understand the types of risk faced by Islamic banking and non banking companies.
  • To understand the meaning of risk management in Islamic banking.
  • To understand risk management strategies in Islamic banking.
  • To understand risk modelling for Islamic banking.
  • To evaluate risk-models from Islamic perspectives.

PROGRAM DETAILS

Programme Code: FN5053
Medium of instructions: English
Programme Tutor: Prof. Dr. Mohamed Ariff Abdul Kareem

The primary purpose of this course is to teach students how to think internationally. The main focus is on foreign exchange markets for spot and forward currency transactions, determinants of exchange rates, currency risk management, currency derivative instruments, multinational corporate finance, and international capital movements. In addition, this course will also address macroeconomic policies relating to exchange rate management, and Shari’ah concerns with respect to currency risk hedging and currency derivatives

Learning Outcomes

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

  • Have the knowledge on International Finance practices in the industry.
  • Have the ability to identify the issues and apply the right approaches to find solution.
  • Have the skills to collate and analyse information in a systematic way to address the issues and improve the industries International Finance practices.

PROGRAM DETAILS

Programme Code: FN5083
Medium of instructions: English
Programme Tutor: Prof. Dr. Mansor Ibrahim

The course introduces to modern theories of monetary economics with the attempt to look at them from the Islamic perspectives. In the course, the macroeconomic implications of money markets and monetary policies will be discussed in details. The course introduces students first with the macroeconomic model of monetary economics using the IS-LM-AS framework.

Then, a detailed discussion of money, money demand, money supply process and monetary policy making will be dealt with. Various contemporaneous issues in monetary economics will also be touched. These include the issues of monetary credibility, monetary policy and exchange rate regimes and others.

Learning Outcomes

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

  • Appraise the monetary theories to contemporary monetary issues.
  • Criticise the issues involved in developing a modern, effective framework for conducting monetary policy.
  • Explain monetary theories in details.
  • Evaluate and frame existing monetary theories in the context of Islamic Banking and Finance.

PROGRAM DETAILS

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 its key operational process. The course includes the study of the actuarial principles and concepts such as product design, pricing, underwriting, investments and reserving.

PROGRAM DETAILS

Medium of instructions: English

Wealth planning management has been part 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 to achieve al-falah, i.e Allah blessing in this world and hereafter. 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

Medium of instructions: English

The course is designed to provide students with all aspects of risk to which Islamic financial institutions (IFIs) are exposed to. The study will focus on the fundamentals in identifying, measuring and mitigating risks within a banking paradigm. Students will be exposed to tools for controlling and managing inherent and residual risks. It also highlights the principles of Islamic finance and risk management in Islamic financial contracts besides discussing on Shariah-related issues that may exist in IFIs. Other topics discussed will include BASEL guidelines and IFSB standards and issues and challenges faced by IFIs.

PROGRAM DETAILS

Medium of instructions: English

This course critically examines the socio-economic challenges facing communities and nations globally and assesses how Islamic finance instruments such as Zakat, Sadaqah, Waqf and Takaful may be used with modern technology to alleviate hardship and develop communities, in line with the Maqasid al Shariah and the UN goals for sustainable development.

PROGRAM DETAILS

Programme Code: AB5013
Medium of instructions: English
Programme Tutor: Assoc Prof Dr Ahmed Razman

The course aims to improve decision-making skills and to provide strategies for business improvement. The course covers problem analysis, strategy development process, and decision analysis techniques and group processes.

At the end of the course, students are able to analyse and evaluate real life company situations using strategic management concept in efficiently managing the use of the company’s resources (financial, information, human and material). They also should be able to apply tools, techniques and frameworks of decision making to solve various company’s situations and develop strategic decisions based on ethical decisions making concepts.

Duration of Study

  • Full Time : Minimum 1 1/2 year, Maximum 2 years
  • Part Time : Minimum 3 years, Maximum 6 years
  • Intakes are in January, June and September.
  • 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