Islamic Banking

Master of Islamic Banking and Finance

This course is the first course in Australia dedicated to Islamic banking and finance. The cutting-edge program is built around a defined body of knowledge of proven relevance to the Islamic finance industry. It seeks to meet the growing demand for graduates with sound academic and industry knowledge in Islamic finance in the Middle East and South East Asia, and in particular, the Gulf Cooperation Countries (GCC), Indonesia and Malaysia. Graduates are also be prepared to enter the growing Islamic finance sector in Australia.

The program trains students in the technical skills required by global Islamic capital markets and institutions. Students develop expertise in Islamic banking, Islamic insurance and Islamic capital markets. Graduates are granted full exemptions from the Chartered Islamic Finance Professional (CIFP) Part One requirements for international professional recognition.

Course structure
The course structure is built on a combination of two or three modules depending on the point at which students enter the program. The foundation module consists of four subjects. The core module consists of eight subjects, and the elective module consists of four subjects.

Principles of Islamic Economics and Shariah Boundaries, Basic Concepts of philosphy of Islamic Banking

Certified Islamic Banker (CIB) comprises of three courses and participants are awarded 90 hours of professional training in Islamic Banking.

These three courses comprise of several lectures and each lecture covers numerous topics in Islamic Banking. They lectures are designed by expert Islamic Banking scholars & practitioners. Detailed outline of these three courses are mentioned below:

Course-1: Islamic Economical and Financial System: The course starts with the overview of Conventional & its differences with Conventional Banking. It than covers the History of Islamic Banking, Market Perceptions & performance of Islamic Finance Industry, Analysis on Islamic Interest Free Banking, Current Economical System & its problems, Comparison of Capitalism & Socialism, Philosophy of Islamic Economical System, Islamic Model for distribution of wealth, Comparison of factors of Production in Conventional & Islamic Economical Systems. This course gives in depth study of Sources of Sharia, Ijtihad, Riba & its types, Commercial Interest, Usury, Simple & Compound Interests, Markup, Profit, Gharar and Gambling. This course also gives profound overview of Islamic Financial Contracts such as Bai, Bai Wafa, Bai Salam, Bai Istisna & Bai Muajjal, and orders regarding Wakalah, Amanah, Wadia, Rihn, Hawala & Kifala. This course ends with the sanctity and overview of Islamic modes of finance such as Modarabah, Musarakah, Salam, Istisna, Morabaha, Ijarah and Diminishing Musharakah.

Course-2: Islamic Modes of Finance: This course focuses on Islamic Modes of Financing. The program starts with Mudarabah �a Equity Based Product & explains its basic rules, conditions of sale, steps of Mudarabah Financing, its contractual mechanism, important Issues in Mudarabah financing, its applications, its model agreement and relevant Case studies. Course than consider Musharakah �a Equity Based Product in which participants study Shirkah & its types, rules related to Musharkah, conditions for termination of Musharkah, issues related to Musharkah, its model agreement & relevant case studies. Another form of Musharakah is than studied i.e. Diminishing Musharakah, its differences with Musharakha, types & features of Diminishing Musharakah, its structure, its implementation in house financing & other case studies. This course than discusses Murabaha �a Equity Based Product, its contract, types, conditions for termination, its rulings, requirements related to profit, its comparison with Musharakah, its model agreement and case studies. After Murabaha, another major financial instrument is discussed i.e. Ijarah �a Semi Debt based product. The course explains its types of Ijarah, its basic rules, its contractual mechanism, explanation of Ijarah Wa Iqtina, Ijarah lease agreement and case studies related to Ijarah financing. Course then focuses on Salam �a Trade Based Product, its conditions, its comparison & combination with Murabaha, its types, its lease agreement & case studies associated to Salam. At the end of this course, Istisna �a Trade Based Product is discussed, including its contractual mechanism, its model agreement & case studies.

Course-3: Islamic Commercial and Investment Banking: The course covers many practical areas towards Islamic Commercial & Investment Banking. They includes implementation of Islamic Finance, Musharakah accounts in Islamic Bank, Financing Projects through Islamic Banks, Islamic Financing for Imports & Exports and use of Musharakah for working capital. Course then covers Accounting for Islamic Banks and Islamic Banking products, such as, information needs for accounting society, accounting theories for Islamic Financial system, valuation of assets, time value of money & determination of profit, trust & investment deposits, comparison of accounting for several modes of finance and Qard-e-hasana. This course also gives an in-depth study of AAOIFI and its standards for Shariah & Accounting, AAOIFI Shariah Standards & its major rulings, introduction to AAOIFI accounting standards, Zakat accounting and factors affecting Islamic financial reporting. Course than covers several areas in Islamic Investments, such as: Sukuk, Shares, Bonds, Securitization, Islamic Investment Funds, etc. Program than focuses on Risk Management in the light of Shariah rulings, its policies, procedures adopted by IFIs for Risk Management, guidelines issued by Islamic Financial services Board and its application process.

Achieving Online Degree/Certification through AIMS is an easy 4-Steps process.

Step-1: Online Enrollment
Step-2: Self Study Under Online Faculty Supervision + Assignments
Step-3: Online Examination
Step-4: Receiving Certificate

This MBA is a 36 Credit Hours Degree, which is awarded on the successful completion of following 12 courses and 1 Thesis:

MBA-521: Financial and Managerial Accounting
MBA-551: Marketing Management
MBA-523: Human Resources Management
MBA-524: Managerial Finane
MBA-525: Organizational Behavior
MBA-526: Managerial and Business Economics
MBA-527: Managerial Analysis - Data and Decisions
MBA-550: Thesis in Islamic Finance
MBA-501: Islamic Economical and Financial System
MBA-502: Islamic Modes of Finance
MBA-503: Islamic Commercial and Investment Banking
MBA-504: Islamic Insurance System
MBA-505: Advanced Areas in Islamic Finance

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