C.2. Islamic Law of Financial Contracts - I
This unit focuses on the Islamic law of contracts as it relates to economic
and financial matters. In this first part of
Fiqh Muamalat or Islamic law, the basic classical exchange
contract and its variants are discussed. The module covers various forms of
bai (exchange), such as, bai-bithman-ajil
(credit sale),
bai-murabaha (cost-plus sale), bai-salam (advance
sale),
bai-istisna (manufacture and sale), bai-sarf
(currency sale),
bai-al-dayn (debt sale), and its variant ijara (leasing) are covered. The principles governing these contracts as also their
potential in terms of developing an Islamic economic and financial system are
discussed.
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C.3.Islamic Law of Financial Contracts - II
In this second part of Islamic law of financial contracts, the
partnership-based contractual mechanisms, such as,
modaraba, musharaka, and other mechanisms, such as, kafala
(insurance),
wadiyya (deposit), hawala (debt transfer), wakala
(agency),
heba (gift) and rihn (pledge) are covered. The principles
governing these contracts as also their potential in terms of developing an
Islamic economic and financial system are discussed.
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C.4. Islamic Financial System - I
This unit together with unit C.5 discusses the components of an Islamic
financial market: products, services, and institutions. It provides an
overview of the nature and economics of various Islamic financial institutions
acting as intermediaries and facilitators: commercial banks, investment banks,
development banks, insurance and reinsurance companies, mutual funds and unit
trusts, venture funds and the like.
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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.1. Islamic Commercial Banking: Products & Services
This module focuses on how a modern commercial bank can be organized in an
Islamic economy which offers the full range of traditional products and
services, such as, deposit mobilisation, lending, bank guarrantees, funds
transfer, and the like. Various problems and challenges facing Islamic banks
that engage in these activities, as also their possible solutions are
examined.
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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.13. Security Analysis & Portfolio Management
This unit presents the tools of analyzing and screening securities and
combining them into portfolios that meet the risk, return, and ethics-related
expectations of the Islamic investor. In addition to portfolio construction,
the unit also covers portfolio rebalancing and portfolio performance
evaluation methods that are relevant in an Islamic framework.
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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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P.2. Supervised Project - II
This
is a MAJOR project compared to the previous one. The project would involve
theoretical, empirical, or case research on a problem of significance in the
area, but at a higher level of rigor and scope. The length of dissertation is
expected to be approximately 5000 words.
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