Entry Entry to the MA/Diploma in Islamic Banking and Finance programme requires a good first degree in a relevant subject, e.g. economics, finance, accounting, management from a university, or a similar qualification from any other institution. Alternatively, possession of a suitable professional qualification and relevant practical experience may also be accepted. In general, however, applicants are judged on their individual merits and age, work experience and other factors are also considered. A two-year programme, with the first year as a "qualifying year", is also available for students whose backgrounds are different from those outlined above in order to prepare them more fully for their MA in Islamic Banking and Finance studies.
Over the past two or three decades or so, Islamic banking and finance has emerged as another viable way of financial intermediation. It has gained credibility and has spread worldwide and is the preferred way of banking for one fifth of the world’s population. This taught MA offers an opportunity to study the structure of the Islamic banking and finance industry, including its theoretical foundations, products, performance, Islamic financial instruments and risk management issues. These and other topics will be studied within the wider context of the banking and finance industry worldwide. There is also an MSc version of this MA programme, and whilst the MSc is more suitable for candidates with some previous background in mathematics, statistics or econometrics, this MA is more suitable for candidates who prefer a less quantitative approach to their studies.
MA Islamic Banking and Finance course structure
* Research Methods
This module equips students with knowledge of intermediate and advanced research methods, which they will encounter in other modules and in their dissertation.
* Islamic Banking
This module provides an insight into the key features of Islamic banking business. The first part of the course outlines the theoretical foundations and development of Islamic banking practices. In particular, the main characteristics of various types of Islamic banking products are discussed. The second part of the course examines the operational features of Islamic banks focusing on their performance and how they compete with conventional interest-based banks. The final part of the course outlines contemporary challenges to Islamic banking business.
* Islamic Finance
This module provides an insight into topical issues relating to Islamic financial instruments and related risk management issues. The first part of the course examines issues relating to financial contracting, instruments and various intermediation issues. The second part of the course focuses on the role of the capital market in providing Islamic financing and highlights financial engineering issues as well as risk management features of this type of business.
* Bank Financial Management
This module provides a grounding in the nature, strategic context and managerial functions of financial management in banks, and other financial services firms.
* International Banking
This module examines the origins of international banking, the activities of international banks, the markets in which they participate, and the sources of risk.
* International Financial Management
In this module, the financial management of multinational companies, and the influence of the macroeconomic, fiscal, currency and political environments on business and financial decision-making are examined in an international and global context.
* Bank Strategy and Performance
This module examines the main theoretical and practical issues concerning banking business.
* International Financial Markets
This module provides an overview of financial instruments in a multi-currency world, taking account of insights from portfolio theory concerning the relationship between risk and return, the diversification of risk, and the pricing of assets.
Dissertation - approximately 10,000 words