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C.5. Islamic Financial System - II 

The second part of Islamic Financial System focuses on financial instruments and markets. It covers primary instruments, debt-based and equity-based. It also covers derivative instruments. The module discusses the institutional framework of Islamic money market, stock market (primary and secondary), markets for derivatives, such as, options and futures, and currency market.

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C.6. Islamic Monetary and Macro-economic Management

This unit examines the nature of an Islamic macro-economic and monetary system. It discusses the role of central bank in an Islamic economy in monetary management in order to achieve goals of need fulfillment, optimum rate of economic growth, full employment, equitable distribution, and economic stability. Various Islamic alternatives and instruments for monetary and fiscal management are explored.

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E.2. Islamic Commercial Banking: Operations & Management

This module covers managerial issues relating to commercial banking operations, such as, issues in product development and pricing and risk management. Specifically,  problems related to asset-liability management and risk management arising out of volatility in markets for commodities, stocks, bonds, and currencies are examined and their possible solutions are discussed.

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E.3. Islamic Microfinance

This unit is about financing small and micro-enterprises in the Islamic way with a focus of poverty alleviation in Islamic societies. It covers various models of Islamic microfinance, the instruments of microfinance that are acceptable in Shariah, the framework for development of integrated and inclusive Islamic microfinance. Various real-life case studies in Islamic microfinance from across the globe are discussed.

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E.4. Islamic Investment Banking and Fund Management

This unit explores the nature of investment banking and fund management in an Islamic economic system and the challenges facing Islamic banks that offer these services. The unit focuses on financial engineering and design of innovative financial instruments, structures and solutions by Islamic FIs in the face of complexities of modern business. Topics, such as, risk management, asset securitization, complex structures for infrastructure finance receive special emphasis. It also covers management of Islamic funds.

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E.5. Project Appraisal & Investment Decisions

This unit seeks to impart knowledge and understanding of techniques and skills required for undertaking a rigorous economic and financial evaluation of projects. Specific issues and challenges in modifying the conventional investment evaluation framework in the light of priorities in an Islamic economy are highlighted and sought to be operationalized.

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E.6. Accounting Standards & Regulations for Islamic Banks

This unit deals primarily with accounting standards for Islamic banks and financial institutions as these have evolved over time. The accounting stadards that have been developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as also other prudential norms for supervision of Islamic banks are specially under focus. Many unresolved problems and the suggested solutions thereto are discussed.

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E.7. Information Technology for Islamic Financial Institutions

This unit covers the use of information technology, specifically, the internet for providing financial services, beginning from creating product awareness and promotion to handling on-line transactions. Issues, challenges, and the potential for financial institutions in going online are highlighted and discussed.

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E.8.  Marketing of Islamic Financial Services

This unit looks at marketing as an important function in an Islamic bank from a strategic perspective. Various elements of marketing mix - product, pricing, people are discussed with the help of case studies and examples of real-life Islamic financial institutions.

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E.9. TQM & BPR for Islamic Financial Institutions

This unit discusses Total Quality Management (TQM) & Business Process Reengineering (BPR) for Islamic FIs. It focuses on customer satisfaction as the key driver and the methods of redesigning and reengineering business processes in an Islamic bank with a view to achieving competitiveness in the global financial services industry.

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E.10. Principles of Islamic Insurance (Takaful)

This unit analyzes the basic principles, specifically the legal principles underlying Islamic cooperative insurance or takaful as distinct from conventional insurance.

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E.11. Islamic Insurance (Takaful): Organization and Management

This unit discusses how Islamic insurance business is organized as distinct from a conventional insurance company. It discusses various operational issues in offering takaful products and services. It also covers challenges relating to retakaful or reinsurance.

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E.12. Accounting Standards & Regulations for Islamic Insurance Companies

This unit deals primarily with accounting standards that have been developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for Islamic insurance companies. Other prudential regulatory norms are discussed.

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E.14. Islamic Capital Market

The purpose of this unit is to acquaint the participant with characteristics and trends in the emerging capital markets of Muslim  countries in the Middle East, North Africa and South East Asia. The unit provides a comparative scenario of these markets in terms of instruments, regulations, the level of maturity, depth and sophistication. It deals extensively with various Islamic capital market products, with a focus on Islamic bonds (sukuk), equities, index-based products and equity derivatives.

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E.15. Management & Regulation of Islamic Funds

This unit begins with an analysis of strategies and strategic management at the 100-odd Islamic funds that have appeared on the scene. It also examines regulatory differences across markets that have affected their strategies in terms of product development, marketing and other managerial dimensions. 

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P.1. Supervised Project - I

This component involves theoretical, empirical, or case research on a problem of significance in the area. Students are required to prepare and submit a dissertation on a topic which is identified subsequent to deliberations and discussions between the student and his/her faculty mentor. The dissertation is expected to achieve high standards of academic rigor and excellence and would be restricted to approximately 3000 words. 

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