For the successful completion of this Diploma, a student should devote an average of 18 hours a week for study and submit the assignments accordingly. As the duration to complete this course is 8 months, however it may be completed in one year.
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(Introduction to Riba & Islamic Economic System)
IB&F: 401: Riba & Its Prohibition
IB&F: 402: Islamic Economics
- What is Riba (Interest)? Prohibition of Riba in Islam.
- Types of Riba.
- Riba tul Nissayah
- Riba tul Fadle
- Riba in Modern Banking and Finance.
IB&F: 403: Islamic Banking and Financial Mechanism
- Introduction to Islamic Economic System.
- Land, Labor, Wages and Entrepreneur Laws in Islamic Economics.
- Comparison of Islamic Economic System with Socialism & Capitalism.
- Introduction to Islamic Banking and Finance.
- Overview of Islamic Banking and Financial Industry – Worldwide.
- Shariah Perspective of Islamic Banking and Finance
(Islamic Banking and Financial Products)
IB&F: 404: Partnership Based Mode of Islamic Banking & Finance Mudarabah & Musharakah)
IB&F: 405: Trade Based Mode of Islamic Banking & Finance (Murabahah, Musawamah, Salam & Istisna)
- The basic rules and features of Mudarabah
- Distribution of Profit & Loss in Mudarabah
- The basic rules and features of Musharakah.
- Distribution of Profit & Loss in Musharakah.
- Diminishing Musharakah
- Determine the Rental in Diminishing Musharakah
- Unit Sale mechanism in Diminishing Musharakah
- Diminishing Musharakah as Ideal product for Islamic Housing Finance.
IB&F: 406: Rental Based Modes of Islamic Banking & Finance
- Basic Rules & Kind of Bai ( Trade) in Islamic Banking and Finance.
- Some Basic Types of Bai ( Murabahah, Salam, Istisna, Tawarruq, Musawamah Surf, Urboon, Eenna, Touliya, Wadhia etc )
- Bai according to Quality (Bai Salah, Bai Fasid, Bai Batil, Bai Maqoof, Bai Majool, Bai Muqayaddah, Bai Mu’ajal etc. )
- Basic features of Mudarabah
- Murabaha as financing mode
- Stages involve in Murabaha transaction.
- Shariah compliance & legal documentation of Murabaha contract.
- Murabaha in international trade.
- Practical aspects & issues of Murabahah
- Salam & Istisn’a
- Basics of Bai Istisna
- Difference between Salam & Istisna
- Practical implementation of Salam & Istisna.
- Ijarah (Islamic Lease)
- Introduction and brief perspective of Ijarah.
- Sharia’h alternative of Conventional Leasing - Ijarah.
- Ijarah (Operating Lease) vs. conventional leasing (Financial Leasing)
- Sharia’h compliance of Ijarah
- Legal framework & documentations for ijarah products
- Basic feature of Ijarah contract & its Operational Mechanism
- Practical aspects & Issues of Ijarah.
- Practical implementation of Ijarah
- Ijarah as ideal mode for Vehicle, Machinery & Fixed asset Financing.
- Some common misconception of Ijarah.
(Takaful & Risk Mitigation tools in Islam)
IB&F: 407: Takaful (Islamic Insurance)
IB&F: 408: Different Models, Products & Type of Takaful
- Introduction to Takaful (Islamic Insurance)
- Takaful in Islamic Era.
- Basic features of Takaful.
- Structural & Operational details of Takaful,
- Structure of Takaful products
- Operation and performance of Takaful.
- Legal and regularity framework in Takaful.
- Organizational Principles, Basis, Value Proposition, Law, Ownership, Management Status, Management and Invest Status in Conventional Insurance and Takaful
- Legal and Regularity requirement of Takaful.
IB&F: 409: Risk Management in Islam Banking & Finance
- Different Takaful Models.
- Mudarabahah Model
- Wakalah Model
- Wakalah Waqf Model
- Takaful products and Its Applications.
- General Takaful Products
- Faimly Takaful Products.
- Other Kind of Takaful
- Re - Takaful
- Banca Takaful
- Micro Takaful.
- Introduction of Risk and its management.
- Concept of Risk and its type
- Use of Derivative, Future, Hedging & Swaps instruments.
- Islamic Perspective for Risk Management
- Fundamentals of risk Management in Islam.
- Risk Management of Islamic Banking
- Types of Risk in Islamic Banking and Financial Instruments (other than insurance)
- Credit Risk, Equity Risk, Market Risk, Liquidity Risk, Rate of Return Risk, Operational Risk, Political Risk, Internal Risk, External Risk etc.
- Hedging in Islamic Banking
- Concept of hedging in Islam.
- Hedging product according to Islamic perspective.
- Conventional vs. Islamic hedging instruments
(Sukuk, Islamic Fund & Investments)
IB&F: 410: Sukuk (Islamic Bond)
IB&F: 411: Types and Structure of Sukuk (Islamic Bond)
- Sukuk (Islamic Bond)
- Introduction of Sukuk (Islamic Bond)
- Sukuk in Islamic era.
- Mechanism and Structuring of Sukuk
- Structuring, Operation and performance of Sukuk
- Advantages of Sukuk for Issuer and Investors
- Latest Trends in Sukuk
- Issues and challenges in Shariah Compliant Securitization.
- Latest Trends & AAOIFI standards of Sukuk
- Different types of Sukuk
- Different type of Sukuk
(Ijarah Sukuk, Murabahah Sukuk, Salam Sukuk, Istisna Sukuk etc.)
IB&F: 412: Islamic Fund, Investment, Stock Exchange & REIT’s
- Opportunities in Sukuk Market.
- Creating opportunities in emerging market.
- Sukuk as Liquidity Market Instrument.
- Issuance of Sukuk, factor to be considered
- Different Specialized Models of Sukuk
- Real Estate Sukuk, Infrastructure Development, Airline Sukuk, Energy Sector, Port Development etc.
- Case Studies
- Islamic Funds.
- Mechanism of Islamic Fund.
- Type of Islamic Fund e.g. Equity Fund, Commodity Fund, Bai'-al-dain, Mixed Fund, REITs Fund, Sukuk Funds, Hedging Funds etc.
- Market Opportunities of Islamic Fund Industry.
- Policy, Procedure and Performance Assessment of Islamic Funds.
- Islamic Investment.
- Shariah Principle of Islamic Investment.
- Shariah screening of Assets.
- Shariah Indices, Shariah Stock Exchange
- Structuring of Shariah Indices & Stock Exchanges
- Role of Islamic Fund, Shairah Indices and Stock Exchanges for the strengthening of Islamic Banking and Financial Industry.
- Islamic Indices – Worldwide