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This course is designed to offer students of financial management a well rounded perspective of the fundamentals of Islamic Finance and Banking. The growing global importance of Islamic financial structures and the implications for financial management make it essential that any learner interested in financial management is conversant with the fundamentals of this area of finance and banking. The module will cover all aspects associated with Islamic Finance and Banking from the prohibitions in taking or receiving interest through the prohibitions in masir and gharar to Islamic banking fees and charges. The module will explore how Islamic Banking and Finance principles have evolved into structures. Issues associated with products and services will be investigated and developed. The module will also address regulatory frameworks and applications of Sharia law to all aspects of banking and finance. This unit is linked to the unit Applied Islamic Finance and Banking so that students conversant with all the principles and structures behind Islamic Banking and Finance can be empowered to engage in application
IMF survey, 2010 has stated that Islamic banks have on an average shown stronger resilience to the recent global financial crisis and meltdown. Economists are of the view that due to the robust growth of Islamic banks during the crisis periods, they are highly likely to take a lead to grow the market share in the future.
For the purposes of this module the term Islamic Finance is juxtaposed against what might be described as secular banking but which is here termed 'conventional banking' on the basis that Islamic Finance has emerged as a system relatively more recently.
LEARNING OUTCOMES
Understand the evolution of Islamic banking and finance principles Understand the differences between Islamic finance and banking and the conventional modes of finance and banking Understand aspects of Islamic banking and finance product and services markets Understand the governance of Islamic banking and finance
The Association of Business Practitioners (ABP) is a notf o r- p r o f i t U K a w a r d i n g organization which develops and accredits business related, professional qualifi cations, from short courses to postgraduate diplomas, delivered through accredited colleges
Contemporary Islamic Finance is an emerging sector in the world of international finance. Estimates reveal that the global industry has experienced a growth rate of 15% to 20% per annum with up to $500 billion in managed assets and a potential market size of $4 trillion. It is believed that between 200 and 300 institutions worldwide currently contribute to the Islamic Finance Industry. These are primarily concen trated in the Middle East and Southeast Asia (with Bahrain and Malaysia being the largest hubs). However, hubs for Islamic Finance are beginning to form in both Europe and the United States.
MODULE - 2 DIFFERENCES BETWEEN ISLAMIC FINANCE AND BANKING AND THE CONVENTIONAL MODES OF FINANCE AND BANKING
Fundamentals of Islamic finance and banking Aim of exploitation free activities Financial instruments debt, quasi-debt and profit-and-loss sharing The role of money and inflation Gharar, Maisir and Riba Islamic finance and wealth distribution Resource income under Islamic finance rules Key differences between Islamic and conventional finance Elimination of risk (conventional) versus bear the risk (Islamic) Liability and Haram Borrowing and lending versus Mudarbah and Musharka or Mubadalah Depositor relations open (Islamic) versus closed (conventional) Differences in returns to depositors Transactions - financial asset based (conventional) versus real asset based (Islamic)
With regards to the recent developments in the global market in this field, it is utmost important to have the necessary required expertise in the field of Islamic Finance for individuals and institutions operating in the banking and finance domains in order to keep them abreast of the develop ments taking place in the industry and global market place.
Westford School of Management is establi shed in Middle East and India for delivering courses in Management, Islamic Banking & MBA, awarded by accredited & reputed UK and Indian universities, Awarding bodies through onsite and online modes.
Association of Business Practitioners (ABP) being a reputed UK awarding body, the certificate issued by A B P, U K i s a c c e p t e d internationally by leading corporate firms and employers.
Financial soundness, solvency of Islamic banks remained strong despite global financial crisis.
LEAD TRAINER
Mufti Aziz Ur Rehman [MA, CSAA, CIPA] A certified trainer (Islamic Banking and AAOIFI Standards) by AAOIFI
He is presently working as Sharia Manager with a leading Islamic Finance company and also as an Sharia Advisor for Islamic GDP (Global Distribution Platform) London-UK. He worked as member of sharia board with many financial institution in the Middle East and Europe and also having extensive teaching experience with many leading universities in Islamic fianc and sharia related subjects. He also worked as an External Consultant for for Dar Al Istithmar-London, which is a subsidiary of Deautche Bank and is a specialist Sharia advisory firm based in London
Westford School of Management brings to you an opportunity to get certified in Islamic Banking and finance , delivered using innovative methodology to suit busy work schedules of working professionals.