Professional Diploma in Islamic Banking & Finance

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Overview


The core taught modules provide an in-depth analysis of the core issues and debates surrounding Islamic banking and finance.

The optional (elective) units enable students to develop in-depth knowledge and understanding in areas of their interest. Elective units will be offered on student preference and viability of group size. This will be made clear to applicants on the programme. The project report provides an opportunity for an in-depth exploration of a specific issue related to specific financial project.

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 Professional Diploma is awarded at SCQF level 11.

Course Duration


The programme is delivered full-time comprising two semesters.

Part-time basis 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

Course Information


The programme will improve students understanding of key Islamic economics, finance and banking concepts and practices. Students will learn of the complex structures and principles behind Islamic Banking and in doing so, will gain the necessary skills to engage in practical application. The programme will encourage students to evaluate the origin, concepts, and aims of Islamic economic in the micro and macro level and consider how it can be applied in practice.

Programme Aims


  • To provide opportunity for students to acquire critical knowledge and training in Islamic economics, finance and banking.
  • To train employers/executives in banking, insurance and commercial sectors who desire to specialise in Islamic economics, finance and banking with an opportunity to explore Arabic language (with specific focus) or Islamic Study, in order to assist in expanding the banking and finance industry.
  • To provide opportunity for fresh graduates in related disciplines to pursue a Postgraduate Diploma in Islamic Banking & Finance in order to prepare them to have strong capabilities in Islamic finance with possible knowledge in Arabic or Islamic Study, to enter into the job market in banking and finance.

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
Applied Islamic Banking and Insurance 11 20 Compulsory September
Research Skills and Project Report 11 20 Compulsory September
Islamic Accounting and Auditing 11 20 Optional January
Prototyping and Product Development in Islamic Finance 11 20 Optional January
Raising Finance: Islamic Financial Models and Institutions 11 20 Optional January
Risk Management in Islamic Finance 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 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.

Applied Islamic Banking and Insurance

This unit covers the differences of Islamic and  western banking and insurance models in terms of conceptual framework, governing principles,  governance system, business model, and product level differentiation. It explores how Islamic principles have evolved into structures of products, services, control, and governance system in Islamic banking and takaful industry.

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.

Islamic Accounting and Auditing

This unit covers the differences of Islamic and  western core concepts, principles, and objective of conventional accounting, and accounting regulatory  standards differences for banking and insurance. It  also covers accounting for all transactions of Islamic banking, including accounting for sales-based transactions (murabahah, salam, istisna); investment-based transactions (mudharabah, musyarakah); lease-based transaction (ijarah), and socio-objective transactions (qardh hassan, zakah). Topic on financial statement analysis will be covered to equip students with the necessary tools to assess performance of Islamic financial institutions.

Prototyping and Product Development in Islamic Finance

This unit covers the sources, concepts, and principles of Islamic law, including Islamic juristic system and its application in economic and commercial  transactions (muamalah). It also develops an understanding of the law in muamalah within Islamic judicial framework, its scope, and some prohibitions. The unit is linked to the Applied Islamic Banking and Insurance unit and Islamic Accounting and Auditing, so that students conversant with all the Islamic  principles and structures behind Islamic Banking and Insurance can be empowered to engage in its  application.

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.

Risk Management in Islamic Finance

Risk management is central in operations of financial institutions, both from business and regulatory perspectives. From a business perspective, profitability and stability of banks depend on how risks associated with financing are managed. On the regulatory side, the Basel regulations focus on the
risk-based capital in banks making risk management an integral part of these institutions. Islamic banks face two types of risks – risks that are like those faced by traditional financial intermediaries and risks that are unique to them due to their compliance with the Shari’ah. This unit examines the risks that face the financial institutions in general and Islamic banks in particular from both business and regulatory perspectives.

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 Professional Diploma is beneficial for those who are seeking to work and advance their professional careers in the Islamic economics, banking and finance industry.

This programme provides a strong intellectual basis for Islamic economics, commercial law and Islamic financial instruments. Those completing the course will be able to seek employment opportunities or further enhance their skills if they are already employed in the finance and banking sectors including Islamic insurance (Takaful), financial regulation, Islamic capital markets, actuarial fields, and the investment arena, as well as for becoming researchers in the field.

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