INTERNATIONAL Senate endorsement ref.

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ISLAMIC UNIVERSITY Senate endorsement date:
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COURSE OUTLINE
1. Course Title: Accounting for Islamic Financial Institutions

2. Course Code: IBF 6250

3. Credit Value: 3 hours

4. MQF Level: Master MQF 6

5. Affected Batch: Semester 1 2015/2016

6. Centre of Studies: IIUM Institute of Islamic Banking and Finance

7. Department/Unit: Nil

8. Course Synopsis:
The course is delivered in a seminar based mode where
students are provided relevant standards, regulatory and
policy documents as well as concept and research papers
resources for extensive reading and discussion. Pertinent
areas engaged in the seminar are financial reporting
framework, regulation and corporate governance, financial
reporting standards, performance analysis and Islamic
financial contracts, zakat and social contribution, Shariah
governance and audit. Emerging issues on accounting
measurement and valuation of Islamic financial
instruments, Takaful, Zakat and Waqf Accounting.

9. Course Classification within the Curriculum: Elective

10. Prerequisite(s) (if any): None

11. Course Learning Outcomes

Bloom’s Programme
Taxonomy Soft skills
No. Outcomes Outcomes
(KI)
C A P (PO)
 1 Articulate accounting conceptual C1 A1 P1 S1,S2 PO1 – PO6
framework, principles and to to to CT1 to
requirements to Accounting C4 A3 P3 CT4
practices of IFIs
2 Adopt to apply international C3 A3 P4 S1,S2 PO1-PO6
financial reporting standards in & & & CT5 to
analyzing and interpreting Islamic C4 A4 P5 CT7
financial statements of IFIs
3 Assess, evaluate and formulate C5 A4 P6 S1,S4 PO6 to PO9
policies relevant to accounting, & & & CT5 to
audit and governance of IFIs C6 A5 P7 CT7

12. LO - Instruction Method - Assessment Alignment:

Outcomes Teaching-Learning Methods Assessment Methods
LO1 Seminar and Critical Discourse Article and technical
review of Standards
LO2 Seminar and Demonstration Problem based case
discussions
LO3 Seminar and Presentations Project based assignments

13. Assessment Methods Weightage:

Methods Percentage
Article and Technical Review 10
Problem Case Solutions 25
Project based Assignments 25
Final Exam 40
TOTAL 100

14. Student Learning Time:

1. Instruction Component Total Allocated Hours
1.1. Teacher-oriented methods
Seminar Discourse 10
Problem Based Learning 10
1.2. Student-oriented methods
Class/Individual Presentation 20
Total Instructor Contact Hours: 40
2. Independent Learning Component Total Estimated Hours
2.1. Reading and revision
Library research and consultations 30
2.2. Estimated hours for preparation toward assessments
Writing Assignments and Proposals 40
 70

3. Assessment Outside Instruction Hours Total Allocated Hours

Attending Seminars. Workshops. Conferences 10

TOTAL SLT 120

15. Course Contents and Related SLT:

Face to Face Self-Learning
Week Topics
Hours Hours
Accounting thought, conceptual framework of
1 3 6
IIFS and IFRS
Components and Elements of Financial
2 3 6
Statements of Financial Institutions
Accounting Policies of IIFS: Recognition and
3 3 6
Measurement Issues
Comparative Regulatory and Shari’ah Reporting
4 3 6
Requirements
International Financial Reporting and Prudential
5 3 6
Standards for IIFS
6 Accounting for Islamic Financing Contracts 3 6
Accounting for Islamic Deposits and Investment
7 3 6
Accounts
Accounting for Property, Plant and Equipment
8 3 6
Financing
9 Accounting for Trade Financing 3 6
Accounting for Investments and Islamic
10 3 6
Financial Instruments
Financial Performance (Non-performance)
11 3 6
Analysis and Solvency Requirements
Shari’ah, Operational and Financial Audit of
12 3 6
IIFS
Issues on Zakat Measurement and Reporting of
13 2 4
Waqf Institutions
14 Report presentation, submission and evaluation 2 4
TOTAL 40 80

16. References:

16.1. Required
 Maliah Sulaiman, Noraini Mohd Ariffin and Ros Aniza Mohd Shariff (2017) ”
Accounting for Islamic Banks” International Institute of Islamic Thought (IIIT)
Publications.
Abdul Rahim Abdul Rahman (2010) “An Introduction to Islamic Accounting: Theory &
Practice”, CERT: Kuala Lumpur
Syed Musa Alhabshi (2007) “Accounting for Islamic Financial Institutions” CIMA
publications.
Christopher Napier and Roszaini Haniffa (ed.) (2011), “Islamic Accounting”, Edward
Elgar.
IFRS Standards Guidelines and Pronouncements
AAOIFI Financial Accounting, Reporting, Auditing and Governance Standards
IFSB Standards, Guidelines and Pronouncements.
Selected Central Banks and Financial Authorities Statutes, Guidelines and
Pronouncements

16.2. Recommended

Additional readings will be provided.

Prepared by: Checked by: Approved by:

Signature: Signature: Signature:

Name: Name: Name:

Department/Unit: Head, Dean/Director,
Date: Date: Date:
 ANNEX

I. Course Instructor Details

Semester: 2 Academic Year: 2017/2018

No. Name Email Department

1 Syed Musa Alhabshu syedmusa@iium.edu.my IIUM Institute of Islamic
Banking and Finance

II. Programme Learning Outcomes

At the end of the programme, students are expected to be able to:

No. Outcomes Outcome Domain

1 Comprehend relevant research paradigm and research Knowledge
process as well as research methods
2 Apply research principles and concepts in problem Practical
formulation
3 Interact and collaborate on research ideas and Social Skills and
formulation. Responsibility
4 Embrace relevant research attributes in terms of research Values, Attitudes
objectivity and diligent literature review and Professionalism
5 Develop and communicate research constructs in the form Communication,
of research proposal. Leaderships and
Team Skills
6 Critically evaluate literature, identify research gap and Problem Solving
formulate research problem. and Scientific Skills
7 Explore and establish resources for research and learning Information
with systematic analysis to articulate ideas and Management and
suggestions. Life Long Learning
Skills
8 Organize research sources and data as well as conduct a Managerial and
timely and effective research agenda and plan. Entrepreneurial
Skills
9 Identify and relate as well as synthesize Islamic principles Integration of
and values in research ideas and methods. Islamic Revealed
Knowledge and
Values