Executive Diploma in Islamic Finance & Entrepreneurship

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Overview


The core taught units provide an in-depth academic, practical skills and applications in Islamic finance. The optional units enable students to develop in-depth knowledge and understanding in area of their interest. Students will also have an opportunity for an in-depth exploration of a specific issue relevant to Islamic finance in their project report where they need to demonstrate mastering of practical skills of Islamic finance and entrepreneurship.

Each unit draws on the practical experience of experts from the field to complement the theoretical components of the units offered. Guest lecturers share their experiences from the field to develop appreciation of Islamic finance and business in the real world.

Mentoring is an integral part of the programme. At the beginning of the programme, students will meet your mentor, who will provide one-to-one guidance for the duration of the programme.

Mentors are experienced academics and entrepreneurs with a wide range of expertise in many Islamic financial industries. Mentors are a point of consistency throughout the full duration of the programme.

The project report will be students’ most significant programme-specific endeavour to put their entrepreneurial knowledge into practice. This 6,000-7,000-word report requires a comprehensive analysis of a business opportunity; in most cases, this will be the student’s venture.

Course Level


This programme is approved and credit-rated by the Scottish Qualifications Authority (SQA). It is available on a full-time or part-time basis.

The programme comprises 120 credits at SCQF level 11.

Course Duration


The programme is delivered full-time comprising two semesters.

Part-time basis (one-year) and block delivery may also be available.

Entry Requirements


 

Academic requirements  An honours degree from a UK university, or equivalent.

In addition, professional experience will be also recognised for enrolment in the course.

Work experience Not required, however professional experience will be recognised for enrolment in the course

 

English language requirements

International applicants who require a Tier 4 visa to study in the UK will need to ensure that they have an IELTS test from a UKVI approved test centre.

Applicants would need to have achieved an average score of 6.5 in their IELTS test (with a minimum of 6.0 in each of the four sub-components of language learning (reading, writing, speaking and listening).

Full entry requirements can be found here

Programme Aims


The programme aims to provide a high-quality professional level study that comprises three inter-related elements:

  • The academic part of the programme aims to provide clarity of thought in a confusing Islamic finance world. The academic lectures offer the latest academic thinking and frameworks in Islamic economics, finance, commercial law, management and business ethics to help students to chart their own path. The blended learning environment combines face-to-face interactive teaching with incorporated video, text and small group work to provide the most useful and rigorous experience that still allows flexibility and real-time application.
  • The practical part of the programme aims to prepare students to apply the academic knowledge in real-time. Students will meet industry practitioners and learn about emerging entrepreneurial challenges in Islamic economics and finance that they are facing or have faced, and the solutions they found to overcome them. These interactions will help students to expand not just their industry-specific knowledge but also shape the way they approach their own venture challenges.
  • The community part of the programme is essential for entrepreneurs and it aims to build a vibrant network to allow them to discover new opportunities, raise their profile, increase the visibility of their business and create human centric impact. The purpose of Islamic economic developmentalism is to create functional individuals who are able to help themselves and their families and gradually expand ihsani society to wider stakeholders. To facilitate the process of quickly building a valuable network with a community, students will be brought into contact with alumni, industry experts of Islamic finance, interactive seminar trainers and mentors during the many events offered by the College.

Units


The programme is comprised of compulsory and optional units.

Unit SCQF level Credits Compulsory/ optional Start date
Islamic Moral Economy and Finance 11 20 Compulsory September
Theoretical and Practical Entrepreneurship 11 20 Compulsory September
Research Skills and Project Report 11 20 Compulsory September
Raising Finance: Islamic Financial Models and Institutions 11 20 Optional January
Managing and Assessing Growth and Constraints in Small Businesses 11 20 Optional January
Islamic Management 11 20 Optional January
Sustainability and Ethics 11 20 Optional January


Islamic Moral Economy and Finance      

This unit develops a critical understanding of the origin and evolution, concepts and aims of the Islamic moral economy at a micro and macro levels, including Islamic finance as practical tool of Islamic economics. The unit covers a number of themes including: an overview of the foundation of Islamic moral economy and economic analysis of the prevailing theories, Islamic macroeconomic theories and the major structural themes of Islamic economics related to the voluntary sector, prohibitive elements in market transactions, and appraisal of the factors of production from an Islamic perspective.

Theoretical and Practical Entrepreneurship

This unit examines the sources, concepts, and principles defined by Islamic ontology. Everyday practice of businesses and management can be different; and therefore, this unit draws upon the ‘normative’ and ‘positive’ discussion on management issues in Islamic and everyday life of Muslim societies. Examples of entrepreneurship from the Muslim world, which incorporate cultural and religious elements will be presented and discussed. In particular, the module develops a critical insight into the combined tool of entrepreneurship, social entrepreneurship, and Islamic finance, to reduce poverty, empower people and contribute to sustainable development.

Research Skills and Project Report         

This unit provides an opportunity for students to develop further as independent learners through the completion of a supervised study, which can include some elements of research carried out in a fieldwork context. It also explores a range of methods appropriate to a range of disciplines including entrepreneurship, banking and finance, management, and sustainable development and aims to develop students’ analytic skills, which are essential aspects of conducting independent project.

At the end of the unit, students will be required to produce a mini dissertation of 6,000 – 8,000 words.

Raising Finance: Islamic Financial Models and Institutions

This unit examines the concepts, types, frameworks and techniques of Islamic finance available for the community to raise the required funds for embarking on the business enterprise. It explores Islamic financial products, the types of Islamic financial and capital markets, Islamic financial instruments available, the nature of trading, advanced Islamic financial instruments, Islamic finance innovation such as crowd financing, fintech etc.  The unit also develops deeper analytical and theoretical insights of regulatory frameworks and instruments of Islamic commercial law used in a range of contexts.

Managing and Assessing Growth and Constraints in Small Businesses   

Assessing the growth and constrains is central in operations of business enterprise, both from business and regulatory perspectives. From a business perspective, profitability and stability of business depend on efficiency of overcoming the obstacles imposed by different stakeholders. On the constraint side, the focus is on impediments both from the industries as well as moral values which do not allow to embark on anything that might undermine the sustainability aspects.

Islamic Management    

This unit provides an overview in relation to the developments and changes that have taken place in management science and practice leading to current management models. By using the ontological sources and epistemological approach, Islamic principles in relation to management are identified. The unit also introduces and explore authentic Islamic approaches to motivation within a business or workplace setting. Leadership is explored as one of the main principles and functions of management. Various theoretical frameworks for corporate governance are discussed as a base to present and rationalise Islamic corporate governance model.

Sustainability and Ethics

This unit evaluates the influence of ESG issues inherent in the objectives of Islam (Maqāṣid al-Sharīʿah) on shaping responsible organisation/business and Islamic finance operations (particularly SRF – socially responsible finance – and SRI – socially responsible investment). In addition, it examines how ESG issues inherent in the objectives of Islam (Maqāṣid al-Sharīʿah) can be employed with financial metrics to assess the risks and opportunities of responsible investment decisions.

Teaching


Teaching for all compulsory and optional units will be delivered through a blended model of face-to-face and digital teaching methods.

Careers


The Executive Diploma in Islamic Finance & Entrepreneurship is beneficial for those who are seeking to work and advance their professional careers in the Islamic financial industry or they are looking to start their own business based on value principles of Islamic moral economy. This programme provides a strong practical basis for Islamic economics, commercial law and Islamic financial instruments. Those completing the course will be able to seek employment opportunities in the finance and banking sectors including Islamic insurance, financial regulation, and the investment arena, as well as for becoming entrepreneurs.

Student Life


The College provides a conducive environment for its learners and staff in terms of facilities. More importantly, the College promotes multiculturalism as encapsulated in its vision and philosophy. The College is also situated near the city centre of Dundee close to the Universities of Dundee and Abertay as well as the Dundee College.

Tuition Fees