Islamic economics and finance certificate course

Instruction Language

English

Country

Ghana

English Abstract

The Africa Islamic economic foundation is pleased to announce its Islamic Economics and Finance certificate course, under its Islamic Finance Talent Development Program (IF-TDP).

This professional development course is offered for free, and it is a specially designed distance learning program intended to develop the talents of fresh university graduates and other midlevel professionals who have the interest and passion to pursue a meaningful Islamic finance professional career.

The Islamic economics and finance certificate course is a 12-week course that will require an estimated 10 hours per week of time to complete.

Course begins on February 1, 2017 and ends April 31st, 2017.

At the end of each module are (a) a short self-assessment that is intended to help participants review what they have learned and (b) a list of references for articles and websites with technical information designed to increase their understanding of the module topic.

Participants are required to complete worksheets for each module and are required to write final examinations at the end of the course.

Certificates for those who successfully complete the course will be issued in May 2017.

A unique aspect of the course is that capable students will be arranged to attend a 7-day structured classroom training on technical skills on Islamic finance, as well as soft skills of communication, business acumen and leadership at the end of the course to accumulate practical experience through extensive physical learning and working exposures.

In addition, each participant will have the opportunity to get-to-know and work with at least one participant from another country.

Participants are to be grouped and assigned with a skilled professional mentor who will serve as a course guide and advisor.

Program Duration

120

Objectives

- Upon completion of the course, participants would be able to : -Explain Islamic economics and the implementation of Islamic monetary policy. -Recognise the practical grounding of Islamic banking and finance. -Explain the funding operations of Islamic banks and finance : investment deposits and current account deposits ; long-term and short-term finance for industry and commerce ; modes of financing ; micro lending and micro-finance ; Islamic money products, capital market products and Takaful products; -Define the regulation and supervision of Islamic financial institutions. -Identify the practical issues of regulation and supervision of dual financial systems. -Recognise the challenges facing the Islamic industry in developing a comprehensive set of products and services in meeting the needs of modern economy-new innovative products (Sukuks), Islamic hedge funds and Islamic derivatives. -Relate to the challenges faced in regulating and supervising the Islamic banking and finance.

Features of the course

-A unique aspect of the course is that capable students will be arranged to attend a 7-day structured classroom training on technical skills on Islamic finance, as well as soft skills of communication, business acumen and leadership at the end of the course to accumulate practical experience through extensive physical learning and working exposures. In addition, each participant will have the opportunity to get-to-know and work with at least one participant from another country. Participants are to be grouped and assigned with a skilled professional mentor who will serve as a course guide and advisor.

Certificate / Course Program

The course consists of the following modules and course units, designed to equip participants with the theory and practice of Islamic economics and finance. Module 1 : fundamentals 1. Introduction. 2. Distinguishing features of the Islamic economic system. 3. The main prohibitions and business ethics in Islamic economics and finance. 4. The philosophy and features of Islamic finance. Module 2 : contractual bases in Islamic finance 5. Islamic law of contracts and business transactions. 6. Trading in Islamic commercial law. 7. Loan and debt in Islamic commercial law. Module 3 : Islamic finance-products and procedures 8. Overview of financial institutions and products : conventional and Islamic. 9. Murabaha and Musawamah. 10. Forward sales : Salam and Istisna‘a. 11. Ijarah-leasing. 12. Participatory modes : Shirkah and its variants. 13. Some accessory contracts. 14. Application of the system : financing principles and practices. 15. Sukuk and securitization : vital issues in Islamic capital markets. 16. Takaful : an alternative to conventional insurance. Appendix : Fatawa (juristic opinions) on different aspects of insurance 17. An appraisal of common criticism of Islamic banking and finance. Appraisal of criticism on Islamic banking practice. 18. The way forward.