MIN 420 – Islamic Finance and Banking



• Ethical, SRI and Faith Perspectives on Economics
• From Islamic Economics to Islamic Banking
• Evolution of the Muslim Schools of Jurisprudence of Commerce
• Islamic Financial Contracts – Origin and Evolution
• Financial Intermediation – the Islamic Banking Model
• Liquidity Management for Islamic Financial Institutions
• Islamic Asset Management – Savings, Investments and Capital Markets
• Development of Shariah-compliant Asset Classes
• Corporate Governance of Islamic Financial Institutions
• Shariah Governance of Islamic Financial Institutions
• Regulation of Islamic Financial Institutions
• Risk Management of Islamic Financial Institutions
• Accounting and Taxation Issues
• Contemporary Issues and Challenges in Islamic Financial and Banking

Learning, Teaching and Assessment Strategy

Assessment Modes

All learning materials are developed according to the SCATE format. Students are advised to study units available online followed by timetabled activities which are of crucial importance and require a serious attention. Students need to consult suggested reading materials which are not necessarily available online. At the same time, students are expected to contribute to Discussion Group as an integral part of their study. They would receive feedback regarding their activities and contribution by the module tutor. Extra reading and activities are provided for students who are interested to have a deeper and broader understanding of the issues of concern.
Formative Assessment:
Formative assessment for this module will consist of written feedback from the lecturer, questioning and discussion through the online forums. One draft of the students’ final essay (coursework) may be handed in to the lecturer at the 12th learning week for formative assessment, in which the lecturer will give the student feedback on how to improve their research and quality of writing.
Summative Assessment:
Students are required to submit 3 out of 5 Review Questions (RQ) and 3 out of 5 Activities (Act) as the weekly assignments for each module during the semester. All of these assignments as well as students’ final essays at the end of the semester will be commented and marked by tutors. Students can see those comments and marks in their drop box which are available in their D2L accounts. Finally, students are required to submit an Individual coursework -final essay (4000 words) on a relevant topic approved in advance by the module tutor.

Assessment Weighting
Activities: 30%
Review Questions & Discussion Group: 10%
Final Essay (Coursework): 60%
Students should get at least a pass mark for all three above components.

Learning materials

Core readings
Askari, H. Et al. (2015) Introduction to Islamic Economics: Theory and Application, John Wiley & Sons
Balala M.H (2011), Islamic Finance and Law – Theory and Practice in a Globalized World, I.B. Tauris
Chapra, M.U (2014) Morality and Justice in Islamic Economics and Finance, Edward Elgar Publishing Limited.
El Diwani T eds. (2010), Islamic Banking and Finance – What It Is and What It Could Be, 1st Ethical Charitable Trust, UK
Hassan M.K and Mahlknecht M eds. (2011), Islamic Capital Markets – Products and Strategies, John Wiley & Sons
Iqbal M. and Khan T (2005), Financial Engineering and Islamic Contracts, Palgrave Macmillan, UK
Iqbal Z and Mirakhor A (2011), An Introduction to Islamic Finance – Theory and Practice, John Wiley & Sons
ISRA (2011), Islamic Financial System – Principles and Operations, International Shari’ah Research Academy for Islamic Finance
Naqvi S.N.H (2010), Ethics and Economics – An Islamic Synthesis, The Islamic Foundation, Markfield, UK
Naqvi S.N.H (2003), Perspectives on Morality and Human Well-Being, The Islamic Foundation, Markfield, UK
Tripp C (2006), Islam and the Moral Economy – The Challenge of Capitalism, Cambridge University