ISLAMIC BANKING AND FINANCE

SHE Level 5
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MMN323979
Module Leader n/a
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)

Pre-Requisite Knowledge

Standard Programme Entry Requirements

Summary of Content

-359 The fundamental objective of the module is to provide a theoretical and empirical introduction to the principles of Islamic Banking and Finance, for those studying accounting and finance. Its focus will be on developing student's basic understanding of Islamic economic concepts and the underpinning philosophical and ethical systems, as applied to banking, finance and insurance. As aspiring professionals who would end up working in multinational companies, students will be expected develop an understanding of the legal and cultural precepts that underpin doing business in Islamic countries and societies, so that they gain insights into the specific challenges facing international businesses in such situations. Students will engage with local and global communities. In so doing, students will be introduced to how Islamic finance concepts relate to broader issues surrounding CSR and ethical business practice. These concepts will be developed through a specific series of lectures and related activities.

Syllabus

-360b7 Introduction - why study Islamic banking and finance? -360b7 Muslim societies and Islamic economic systems b7 An overview of basic Islamic financial instruments b7 Islamic accounting b7 Islamic banking systems b7 Saving and spending b7 Islamic financial markets b7 Debt-based financing b7 Lease-based financing b7 Other finance methods b7 Insurance b7 Insurance systems b7 Investment b7 Trade financing

Learning Outcomes

On successful completion of this module, the student should be able to:1. Understand the economic and cultural environment of doing business in Islamic societies; 2. Develop a critical awareness of different approaches to financing and banking systems; 3. Develop a toolkit of basic frameworks to understand Islamic approaches to finance; 4. Develop a critical awareness of the importance of opportunity recognition processes involved in creating and developing business opportunities in Islamic societies; 5. Be able to integrate their awareness of Islamic economic and legal concepts in key functional business sectors (insurance, banking, finance)

Teaching / Learning Strategy

The MSc Accounting and Finance programme is geared towards the development of business skills that encourage responsible leadership, internationalisation and professionalism, aiming to engage students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. Face to face contact involves three hours of class contact per week: normally 2 lectures and 1 seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to discursive and where necessary, computational questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Extensive use is made of VLE to complement and support the face to face and independent learning elements of the module as well as enhancing the student learning experience and engagement. The V LE site used as a repository for resources including key readings such as scanned material, journal articles, book chapters, digital book chapters, web-links, embedded video clips but also for interactive forums such as discussion boards and blogs. The teaching and learning strategy includes 8 hours of practicals to complement the face to face delivery of the module and independent learning through such activities as specialist speakers, site visits related to project management and other academic community activities to enhance the learning experience such as an away-day to develop dissertation topics from within the distinct module areas. The module uses electronic media via GCU Learn including key readings such as scanned material, journal articles, book chapters, digital book chapters, web-links, embedded video clips. Email through GCU Learn is a central communication tool between staff and students.

Indicative Reading

Abdullah, D. and Chee, K. (2010) ' Islamic Finance: Why it makes sense '. Marshall Cavendish: Singapore. Kettell, Brian (2011) 'Introduction to Islamic Banking and Finance '(Wiley Finance Series), John Wiley & Sons, London. Hassan, Kabir & Kayed, Rasem (2013), 'Introduction to Islamic Banking & finance: Principles and Practice", Pearson Education, London. Schoon, Natalie (2010), 'Islamic Banking & Finance', Spiramus Press. Usmani, Mufti Muhammad Taqi (2000), 'Historic Judgement on Interest', Idaratul-Ma'arif, Karachi. Journals Islamic Banking and Finance Journal of Excellence in Islamic Banking and Finance Journal of Economic Behaviour and Organisation Review of Financial Economics International Journal of Islamic and Middle Eastern Finance and Management

Transferrable Skills

On successful completion of this module, the student should be able to: -359 1. Critical thinking and problem solving; 2. Cognitive/intellectual skills; 3. Ability to reflect. 4 Knowledge and understanding in the context of the subject; 5. Numerical skills. 6 . Time management (organising and planning work); 7. Independent working; 8. Planning, monitoring, reviewing and evaluating own learning and development; 9. Self-marketing/presentation skills; 10. Information retrieval skills; 11. Group working; 12. Desire to go on learning; 13. Research skills; 14. Communication skills: written, oral and listening; 15. IT skills

Module Structure

Activity Total Hours
Practicals (FT) 8.00
Lectures (FT) 24.00
Independent Learning (FT) 126.00
Assessment (FT) 30.00
Seminars (FT) 12.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 2.00 60.00 45% Final examination. Minimum pass mark in each component 45%. Students must achieve a minimum aggregate of 50% to pass the module.
Coursework 1 n/a 40.00 45% Essay 2,000 words