Islamic financial and banking system is considered one of the most important aspects of the modern global financial system. There has been noticeable growth in Islamic financial services in recent years and this growth is expected to continue at a rapid pace. The module addresses the key elements, concepts and practices of Islamic finance and banking system.
The first part of the module provides an overview of the basis of Islamic banking and finance law, the origin and components of the Islamic banking and finance industry, and the growth of this industry. It also addresses the concept of Riba (interest) in the Islamic financial system.
The second part of the module focuses on particular Islamic financial and banking aspects such as Islamic financial institutions, Financial Instruments of Islamic Banking and Finance, risk management, Islamic insurance (Takaful), and the main challenges for Islamic finance law.
Aims
The module aims to familiarise students with principles, methods and practices of Islamic finance and banking. It will acquaint students with the key differences and similarities with the principles and concepts of conventional finance and banking. Some of the focus will be on the prohibition of interest (Riba) as a key principle in Islamic finance and banking system.
The first part of the module provides an overview of the basis of Islamic banking and finance law, the origin and components of the Islamic banking and finance industry, and the growth of this industry. It also addresses the concept of Riba (interest) in the Islamic financial system.
The second part of the module focuses on particular Islamic financial and banking aspects such as Islamic financial institutions, Financial Instruments of Islamic Banking and Finance, risk management, Islamic insurance (Takaful), and the main challenges for Islamic finance law.
Aims
The module aims to familiarise students with principles, methods and practices of Islamic finance and banking. It will acquaint students with the key differences and similarities with the principles and concepts of conventional finance and banking. Some of the focus will be on the prohibition of interest (Riba) as a key principle in Islamic finance and banking system.
- Module Supervisor: Mohammed Khair Alshaleel