Executive Masters In Islamic Finance (eMIF)

The purpose of this course is to improve students’ analytical skills. The course will provide students with the knowledge and skills to apply fundamental and advanced quantitative and qualitative techniques to analyse and develop solutions to contemporary business challenges. At the beginning of the course, students will learn the foundation of analytical tools. The students will apply them to analyse real-world issues. The course will conclude with the challenges and opportunities of big data. In addition, this course is a preparatory course for candidates to undertake their Project Paper and other assignments.

This course covers the aspects of ethics and professionalism critical for developing leadership, governance and management skills. It includes understanding key aspects and applying concepts, principles, codes and standards of ethics and professionalism for effective governance and sustainability of organisations as corporate citizens.

The course provides in-depth knowledge of economics principles and theories relating to macro and microeconomics issues. Students will be able to analyse economic issues and assess/evaluate policy options involving the society’s short, medium and long-term agenda. Emphasis will also be given to reviewing the assumptions of conventional economic theories from the perspectives of Islamic economics and Islamic finance. This, in turn, will prepare the students to recommend strategies and policies for the development of Muslim society

This module covers the essential Shariah tools required to converse in Islamic banking and finance concepts and appreciate the governance mechanism, audit structures and basic laws in Islamic contracts. Students are expected to gain fundamental skills and an understanding of how Shariah is applied across the most relevant Islamic finance components: banking, takaful and Islamic capital market.

This course provides students with a sufficient grounding in the core disciplines of business strategy development and how to apply them. Students examine the strategic concepts and tools that facilitate understanding the business environment’s challenges and opportunities, strategy formulation, implementation, and evaluation. This course equips students with the practical concepts and tools for analysing organisational strengths and weaknesses and market opportunities and threats.

This course is a learning method that involves working on real projects, issues and challenges in collaboration with selected partner companies, using models taught in the classroom and supported by mentors, academic experts and industry leaders.

This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and Shariah frameworks of the Islamic capital market (ICM). In achieving this objective, students will be exposed to the structure of Islamic Capital Markets across different jurisdictions, regulatory and Shariah frameworks, and various structures and contracts of Shariah-compliant ICM instruments. Students are expected to gain practical skills in structuring and analytical skills in assessing ICM instruments

The course introduces Islamic banking practices, the underlying philosophies and Shariah principles that drive Islamic banking, legal, tax and regulatory perspectives and recent developments in this industry. Students are also informed of the suite of Islamic banking products, the value-chain of the banking business, financial technologies, basic techniques and practices for managing Islamic Banking Institutions, and finally, some contemporary and pertinent issues in Islamic banking are discussed.

This course covers the analysis of financial statements issued by Islamic Financial Institutions from different financial reporting regimes, i.e. AAOIFI and IASB. The students will be able to validate reporting strategies adopted by Islamic Financial Institutions in communicating their financial sustainability. In addition, the course allows the students to apply accounting knowledge in the context of Shariah compliance business.

The course covers five major components of wealth management: (1) wealth generation, which is the primary source of wealth management. Wealth can be in the form of employment income, business and trade. (2) Wealth protection is where all our wealth needs to be protected through takaful or Islamic insurance. (3) Wealth accumulation is a constant process that involves generating more wealth, and, in the process, we need skills. (4). Wealth purification such as zakat, sadaqah and waqf as in the process, we might have tainted our wealth; (5) Wealth Management from an Islamic perspective.

This course examines the key principles of audit and compliance applicable to Islamic Financial Institutions (IFIs). The students will be exposed to Shariah governance and internal control frameworks, laws, regulations, guidelines and standards for IFIs.

This course critically examines the socio-economic challenges facing communities and nations globally. It assesses how Islamic finance instruments such as zakat, sadaqah, waqf, and takaful may be used with modern technology to alleviate hardship and develop communities in line with the Maqasid al Shariah and the UN goals for sustainable development.

The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah. It also explains why insurance is forbidden and, hence, the advent of takaful. It discusses the various takaful business models, products, and the key operational process of takaful. The study of the regulatory environment in various jurisdictions is a must for all takaful students, as the industry is highly regulated. The actuary plays a key role in the takaful organisation, and its position is a requirement in most jurisdictions. The study of actuarial principles and concepts includes critical product design, pricing, underwriting, investments, and reserving.

This course is designed to give students an insight into the documentation requirements for Islamic financing facilities and services. The course aims to equip students with basic knowledge about legal documentation requirements for Islamic financing facilities and services, particularly how these differ from documentation for conventional loans. They would be taught to gain familiarity with such documents and spot inappropriate provisions included therein or essential ones missing. Such familiarity will enable them to challenge legal counsel on documents they prepared and not accept the documents they produced without question. They will be trained to recognise various risks and losses that could arise from poor documentation.

The course aims to expose students to the risk management framework (RMF) and process (RMP) in banking. Students will acquire skills in identifying, measuring, and mitigating risks in loans and financing, such as credit, market, liquidity, and operational and Shariah non-compliance risks. In the RMF, the student will be able to critically analyse the role of corporate governance, internal control, capital allocation, and banking supervision in the banking organisation. The course will also explore new risks faced by Islamic banks that were not found in conventional banking and the implications of banking regulations.

A research project for students