Professional Diploma in Islamic Economics and Finance 2018/19
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Provide an opportunity for students to acquire critical knowledge and training in Islamic economics, finance and banking.
Train employers/executives in banking, insurance and commercial sectors who wish to specialise in Islamic economics, finance and banking, with an opportunity to explore Arabic language or Islamic studies.
Provide an opportunity for graduates in related disciplines to specialise their knowledge in the area of Islamic economics and finance.
Candidates should be able to provide evidence of any one of the following:
- UK 2.2 Bachelor’s degree or equivalent
- Postgraduate Diploma
- Graduate Diploma
- Graduate Certificate
The qualifications should be equivalent to at least the Framework for Higher Education Level 6 or the Scottish Credit and Qualifications Framework Level 9 and can be in any subject area. However, qualifications in social sciences, cultural studies and religious studies are preferable.
No work experience is required, but is considered an asset. Students who do not meet the normal entry qualification requirements may still be considered for entry if they can demonstrate relevant work experience of a minimum duration of two years.
About this course
What is the Professional Diploma in Islamic Economics and Finance?
In the aftermath of the financial crisis, there is an increasing need among scholars of economics and those working in the field to identify and understand what Islamic economics is and how it can contribute to the western system of finance and multiculturalism.
This poses the questions ‘What is the difference between the concept of “Islamic economics and finance” and that of pure “economics and finance”?’ and ‘Is “Islamic economics and finance” capable of contributing to a secular society?’
The four compulsory units of this programme will improve your understanding of key Islamic economics, finance and banking concepts and practices that may have significant impact on your work.
This programme is approved and SCQF credit-rated by the Scottish Qualifications Authority (SQA).
Who is the diploma for:
- Individuals who wish to begin a career in Islamic banking and finance, or already working in the industry
- Individuals who have an interest in Islamic banking and finance
- Businesses that would like to develop their staff performance in the principles of Islamic banking and finance
How long will it take?
7 months – full-time
Up to 3 years – part-time
Modules can be studied individually on a semester-long basis.
Further Study and Careers
The Professional Diploma may enhance your career by developing skills such as critical analysis, networking, team-building, communication skills, problem-solving, negotiation and influencing skills and written and oral presentation skills.
How to apply
The programme is comprised of the following five compulsory units (+ 1 optional unit).
The whole programme is equal to 72-80 credit points with 20 credit points for optional Arabic Language units and 12 credit points for any other unit. The Professional Diploma will be awarded to students who successfully pass all units.
The compulsory units are as follows:
Islamic Economics and Finance will enable students to identify and understand the origin, concepts, and aims of Islamic moral economy at micro and macro levels, including Islamic finance as a practical tool of Islamic economics systems . This unit will develop an understanding of the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and neoclassical points of view. The unit will also address systematic understanding of Islamic political economy and its axioms which defines the frame, methodology and institutions.From a broader perspective, this unit will also enable students to understand Islamic financial engineering and liquidity management within the capital market context.
Islamic Commercial Law is designed to enable students to understand the sources, concepts and principles of Islamic law (Shari’ah), and its application in commercial transactions. This unit will enable students to analyse the main rulings of Islamic commercial law, including the prohibitions of interest, excessive uncertainty, and their rationale. From a broader perspective, it will enable students to comprehend the legal concepts underlying Islamic insurance products.
Applied Islamic Banking and Insurance will enable students to apply the core concepts of Islamic finance in an Islamic banking and insurance operation, to review and assess the commercial performance of Islamic financial institutions according to underlying Islamic principles, and critically compare the ideal concepts and practical implementation in Islamic and western banking and insurance.
Islamic Accounting and Auditing is designed to offer a comprehensive understanding of accounting for Islamic financial services, to enable students to analytically apply Islamic accounting principles and the related accounting regulatory framework into the context of business and social transactions in Islamic financial services, and review and assess the financial reporting and performance of Islamic financial institutions.
Research Methodology in Social Sciences and Islamic Studies is designed to strengthen students’ critical thinking while writing or reading scientific research, to familiarise students with theories and the practical application of research methodology, methods, design and strategy while conducting a research proposal. The unit also includes aspects of methodology of Muslim scholars in searching for the truth by considering the revealed knowledge of the Qur’an and Sunnah, evidence from iltizam and qiyas (logic) or even disputed sources.
- Islamic Economics and Finance (SCQF 11)
- Islamic Commercial Law (SCQF 11)
- Applied Islamic Banking and Insurance (SCQF 11)
- Islamic Accounting and Auditing (SCQF 11)
- Research Methodology in Social Sciences and Islamic Studies (SCQF 10)
Students choose one unit from a list of eight compulsory units from either the Advanced Diploma in Islamic Studies or from the Advanced Diploma in Arabic Language. These will be made available at the start of the academic year:
Arabic as a Foreign Language (SCQF 7)
Arabic as a Foreign Language (SCQF 8)
Arabic as a Foreign Language (SCQF 9)
Arabic as a Foreign Language (SCQF 10)
Introduction to Islamic Studies (SCQF 9)
Women and Islam (SCQF 10)
Islamic Core Sources and Approaches (SCQF 10)
Islamic Ethics (SCQF 10)