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Professional Diploma in Islamic Banking & Finance

Learn the lawsregulations and practices of Islamic banking and finance as well as the origin, concepts, and aims of Islamic economics and finance at both micro and macro levels. This will enable you to evaluate the application of Islamic economics and finance in practice. 

  • Tuition fee: £4,850
  • Programme level: SCQF Level 11
  • Start date: September or January
  • Study mode: Full-time
  • Duration: 1 year

What will I study?

This programme will be delivered online starting in September 2022

The Professional Diploma in Islamic Banking & Finance will develop your understanding of key Islamic economics, finance and banking concepts and practices. You will learn the complex structures and principles behind Islamic Banking and in doing so, will gain the necessary skills to engage in practical application.  

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

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

The Professional Diploma in Islamic Banking & Finance is part of a suite of Professional qualifications in Moral Economy & Finance. You may also be interested in the Diploma in Moral Economy & Sustainable Development or the Executive Diploma in Islamic Finance & Entrepreneurship.

Download the programme handbook

What will I learn?

  • Provides an opportunity for you to acquire critical knowledge and training in Islamic economics, finance and banking 
  • Can provide training to 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 
  • Provides an 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

Programme information


Entry requirements

  • An honours degree from a UK university, or equivalent 
  • In addition, professional experience* may be also recognised for enrolment in the course 

*Applicants who do not meet the formal entry requirements may be asked to attend an interview.  

This programme may be suitable for: 

  • Those who are seeking to work and advance their professional careers in the Islamic economics, banking and finance industry 

English Language requirements 

Teaching takes place solely in English and you must demonstrate that your English language proficiency is at a level that will allow you to follow your intended programme successfully.

If English is not your first language you must hold a qualification as evidence of your English language skills. Full details of the qualifications we accept, can be found here.

Student Visa requirements for study in the UK

The UK Government approves certain English language qualifications as being Secure English Language Tests (SELT). These meet the government’s requirements for visa applications.

Al-Maktoum College will accept the following:

  • IELTS – 6.0 (Minimum of 5.5 in each component and 6.0 in writing) or equivalent
  • LanguageCert – B2 or equivalent

Full entry requirement information can be found here

The Professional Diploma in Islamic Banking & Finance 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.

 

Each 20-credit unit compromises 200 hours of learning; this is made up of 40 hours of teaching and 160 hours of independent study. 

Classes are made up of lectures, seminars and tutorials and you will have 2 hours of contact teaching per week. 

 

You should apply directly using the College online application system and your application will usually be assessed within 3 working days. We my contact you to provide further information or to invite you to a short informal interview.

Please make sure you have the following information before starting your application:

  • Academic transcripts and qualification certificates
  • Proof of English language proficiency (if required)
  • Passport details
  • Referee details

We consider all aspects of the application: academic qualifications, personal statement and references.

All correspondence will be sent from admissions@almcollege.ac.uk after an application of study has been submitted and you should direct any questions there.

Compulsory unit information

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 you to develop further as an independent learner through the completion of a supervised project, 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 your analytic skills, which are essential aspects of conducting independent projects. At the end of the unit, you will be required to produce a mini dissertation of 6,000 – 8,000 words. 

Optional unit information

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 (murabahahsalamistisna); investment-based transactions (mudharabahmusyarakah); lease-based transaction (ijarah), and socio-objective transactions (qardh hassanzakah). A topic on financial statement analysis will be covered to equip you 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 you are conversant with all the Islamic principles and structures behind Islamic Banking and Insurance and 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 and others. 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 that are like those faced by traditional financial intermediaries and risks that are unique to them due to their compliance with Shariah law. This unit examines the risks that face the financial institutions in general and Islamic banks in particular from both business and regulatory perspectives. 

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