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Course Syllabus
Post Graduate Diploma in Islamic Banking and Insurance
 
Module I : Islamic Economics & Finance

This module provides an introduction to the concepts of Islamic economics and Divine Guidance in Islam for the development of an interest-free economy based on the principles of socio-economic justice. The module also explains the objective (the maqasid) of Shari'ah that provides a moral framework for conducting business and personal dealings with justice and fairness.

Lesson 1. Introduction to Islamic Economics
Lesson 2. Divine Guidance for a Moral Economy
Lesson 3. Evolution of Islamic Interest-free Banking
Lesson 4. Realisation of Maqasid Al-Shari'ah (Objectives of Islamic Law)

Module II : Islamic Commercial Law & Contract

This module explains the Islamic principles and the modes used in financing and contracts, such as Qard, Dayn, Musharakah, Mudarabah, Ijarah, Wakalah, Kafalah, Hawalah, Jua'lah and Tawarruq.

Lesson 1. Early Contracts, Rules of Sales(Bai) and Evolution of Islamic Commercial Law
Lesson 2. Concept and Rules of Loan (Qard) and Debt (Dayn)
Lesson 3. Concept of Partnerships: (Shirkah) Musharakah, and Mudarabah
Lesson 4. Diminishing Musharakah
Lesson 5. Credit Sales: Murabaha and Musawamah, Commodity Murabaha (Tawarruq)
Lesson 6. Foward Sales: Salam and Istisna'a
Lesson 7. Leasing: Ijarah as Financing Modes
Lesson 8. Supporting Shari'ah Contracts and Hibah (Wakalah, Jua´lah, Tawarruq, Kafalah, Rahn, Hawalah, Istijrar, Amanah, Wadiah, Hibah)

Module III : Islamic Banking Operations

This module provides an introduction to the conventional banking system and goes on to deal with the key operations of Islamic banks and co-operation between conventional and Islamic banks. 

Lesson 1. Outline of the Conventional Banking System
Lesson 2. Deposit and Resource Mobilisation by Islamic Banks (Liability Side)
Lesson 3. Financing by Islamic Banks (Asset Side)
Lesson 4. Islamic Banks Services and Fee-based Operations
Lesson 5. Cooperation between Conventional and Islamic Banks

Module IV : Islamic Venture Capital and Financial Markets

This module deals with the Islamic Financial Markets, scope and instruments. It also discusses the concepts of venture capital, investment funds, units trusts, securitisation and sukuk in accordance with Islamic principles as well as use of Shari'ah screening requirements regulate investments by Islamic banks.

Lesson 1. Islamic Venture Capital
Lesson 2. Islamic Financial Markets and Instruments
Lesson 3. Islamic Financial Derivatives
Lesson 4.
Islamic Funds and Unit Trusts
Lesson 5. Securitisation and Sukuk
Lesson 6. Screening of Islamic Investments
 

Module V : Corporate Governance, Regulation and Supervision, and Financial Accounting for Islamic Banks

This modules deals with governance and transparency issues in Islamic banks, supervisory and regulatory issues, the role of the Religious Board, Shari'ah compliance audit, accounting and taxation issues. Its also provides guidelines on  practical steps for establishing an Islamic bank and conversion of Interest-Based Banking to Islamic Interest-Free Banking.

Lesson 1. Corporate Governance, Regulation and Supervision
Lesson 2. Shari'ah Compliance, Supervision and Related Issues
Lesson 3. Financial Accounting and Reporting of Islamic Banks
Lesson 4. Practical steps to establishing an Islamic Bank
Lesson 5. Product Development Issues

 
Module VI : Takaful and Retakaful
 
This module first explains the nature of risk and the different types, the concept of insurance and reinsurance and the risks that can be protected through insurance. The rationale for the permissibility of insurance in Islam as a form of risk protection and savings plan is also explained. Finally, the module explains the main function areas in insurance and reinsurance operations as well as regulation and corporate governance of insurance companies. 
 
Lesson 1. Risk, Insurance, Insurable Risk, Reinsurance
Lesson 2. Insurance Company Operations
Lesson 3. Reinsurance Company Operations
Module VII : Takaful and Retakaful Business
This module first discusses the concepts and principles of takaful along with the historical background. It again addresses the perceived Shari'ah objections to conventional insurance. Finally, the module explains the basic takaful operating models, the nature of family takaful and general takaful business as an alternative to life and general insurance business in conventional insurance. The module also examines retakaful as an alternative to convential reinsurance.
Lesson 1. Takaful - Concepts, Principles, Historical Background
Lesson 2.  Takaful Operations
Lesson 3. Basic Operating Models of Takaful
Lesson 4. Family Takaful Business
Lesson 5. General Takaful Business
Lesson 6. Retakaful 
 
 
Module VIII : Takaful - Corporate Governance, Regulation, Supervision
 
This module deals with key issues concerning Corporate Governance, Regulation and Shari'ah Supervision in the Takaful framework. Important related issues are also discussed.
 
Lesson 1. Corporate Governance and Regulation in Takaful
Lesson 2. Shari'ah Supervision, Financial and Accounting Issues in Takaful  
 
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