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ECO728Social Sciences2 Unitsintermediate

Islamic Financial System

This course introduces postgraduate students to the Islamic financial system, exploring its theory and practice as an alternative to conventional finance. It provides a guide for establishing an alternative system, highlighting its guiding principles, institutions, and products. The course assists in capacity building, meeting the increasing need for knowledge and practice in Islamic finance. Key issues include an overview of Islamic financial institutions, their features, governing principles, products, Shari'ah, and regulatory frameworks.

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156h
Study Time
13
Weeks
12h
Per Week
none
Math Level
Course Keywords
Islamic financeShari'ahFinancial institutionsRegulatory frameworkIslamic banking

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📚
Math Level
No Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Islamic finance principles

2

Shari'ah law

3

Islamic banking

4

Financial markets

5

Regulatory framework

6

Islamic financial instruments

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Islamic Banker

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Shari'ah Advisor

Apply your skills in this growing field

Investment Manager

Apply your skills in this growing field

Compliance Officer

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceInsuranceInvestmentConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Introduction to Islamic Financial System

2h

Unit 1: Overview of Islamic Financial System

2 study hours
  • •Understand the nature of the Islamic finance industry.
  • •Explore the overview of its development.
  • •Learn about the Shari'ah framework for the Islamic financial system.
Week
2

Module 1: Introduction to Islamic Financial System

2h

Unit 2: Growth Drivers of Islamic Finance

2 study hours
  • •Identify the major factors that led to the growth of Islamic finance globally.
  • •Show the growth potentials of the Islamic finance industry accrued to different financial segments.
  • •Appraise the global integration of the Islamic financial system (IFS).
Week
3

Module 1: Introduction to Islamic Financial System

4h

Unit 3: Fundamental Principles of Islamic Finance

2 study hours
  • •Understand the guiding principles of Islamic finance operation.
  • •Explore the reasons behind certain prohibitions in Islamic finance transactions.
  • •Enhance knowledge of Islamic finance dealings.

Unit 4: Models of Islamic Finance

2 study hours
  • •Introduces the various model practiced in Islamic finance industry around the globe
  • •Enable the students to identify the right models in practice in various countries of world
  • •To be able to distinguish between the models as far practice by the students
Week
4

Module 2: Structure of Islamic Financial System

2h

Unit 1: Islamic Financial Institutions

2 study hours
  • •Understand Islamic financial institutions operating within the Islamic Financial System.
  • •Learn the role Islamic financial institutions play in financial intermediation.
  • •Identify the key characteristics of Islamic institutions.
Week
5

Module 2: Structure of Islamic Financial System

4h

Unit 2: Islamic Financial Markets

4 study hours
  • •Understand the components of the Islamic financial system.
  • •Learn the various types of Islamic financial markets.
Week
6

Module 2: Structure of Islamic Financial System

4h

Unit 2: Islamic Financial Markets

4 study hours
  • •Understand the components of the Islamic financial system.
  • •Learn the various types of Islamic financial markets.
Week
7

Module 2: Structure of Islamic Financial System

2h

Unit 3: Islamic Financial Instruments

2 study hours
  • •Understand the nature of the Islamic financial instruments.
  • •Learn the uses of the financial instruments.
Week
8

Module 2: Structure of Islamic Financial System

2h

Unit 4: Challenges Facing Islamic Financial Institutions

2 study hours
  • •Understand the various factors that negates the active performance of IFIs globally
  • •Learn the challenging issues faced by IFIs in meeting the global financial standard in transaction.
Week
9

Module 3: Regulatory Framework of Islamic Financial System

2h

Unit 1: Rationale for Regulations of Islamic finance

2 study hours
  • •Understand the need for regulation in the development of Islamic finance.
  • •Know the key regulatory framework for Islamic finance institutions
Week
10

Module 3: Regulatory Framework of Islamic Financial System

4h

Unit 2: Regulatory and Supervisory authorities for Islamic Finance

4 study hours
  • •Learn the key functions of the regulatory authorities.
  • •Understand their supervisory and legal frameworks.
  • •Explore environmental controls of the economic and financial issues emanating.
Week
11

Module 3: Regulatory Framework of Islamic Financial System

4h

Unit 2: Regulatory and Supervisory authorities for Islamic Finance

4 study hours
  • •Learn the key functions of the regulatory authorities.
  • •Understand their supervisory and legal frameworks.
  • •Explore environmental controls of the economic and financial issues emanating.
Week
12

Module 3: Regulatory Framework of Islamic Financial System

2h

Unit 3: International Standard-Setting organizations for Islamic finance

2 study hours
  • •Understand the significance of the international standard setting organizations.
  • •Learn the roles they play in shaping the activities of the institutions.
Week
13

Final Revision

6h

Final Revision

6 study hours
  • •Review all course materials
  • •Revise all assignments
  • •Prepare for final examination

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Shari'ah principles to financial instruments.

2

Practice applying Islamic finance principles to real-world case studies.

3

Review key definitions and concepts from each unit weekly.

4

Focus on understanding the differences between Islamic and conventional finance.

5

Allocate time to study regulatory frameworks and international standards.

6

Practice past exam questions to familiarize yourself with the format.

7

Create summaries of key concepts and principles for quick review.

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