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.

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.

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.

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.

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.

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.

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.

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.

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.