Executive Diploma in Islamic
Banking and Finance
Modules and Study Details
For the successful completion of this Diploma, a student should devote an average of 18 hours a week for study and submit the assignments accordingly. As the duration to complete this course is 8 months, however it may be completed in one year.

Duration: 12 Months
Number of Modules: 4
Duration of each Module: 12 Weeks
Total Number of Courses: 12

Module I
(Introduction to Riba & Islamic Economic System)

IB&F: 401: Riba & Its Prohibition
  • What is Riba (Interest)? Prohibition of Riba in Islam.
  • Types of Riba.
    • Riba tul Nissayah       
    • Riba tul Fadle
  • Riba in Modern Banking and Finance.
IB&F: 402: Islamic Economics
  • Introduction to Islamic Economic System.
  • Land, Labor, Wages and Entrepreneur Laws in Islamic Economics.
  • Comparison of Islamic Economic System with Socialism & Capitalism.  
IB&F: 403: Islamic Banking and Financial Mechanism
  •  Introduction to Islamic Banking and Finance.
  • Overview of Islamic Banking and Financial Industry – Worldwide.
  • Shariah Perspective of Islamic Banking and Finance 
Module II
(Islamic Banking and Financial Products)

IB&F: 404: Partnership Based Mode of Islamic Banking & Finance Mudarabah & Musharakah)
  • Mudarabah
    • The basic rules and features of Mudarabah
    • Distribution of Profit & Loss in Mudarabah
  • Musharakah
    • The basic rules and features of Musharakah.
    • Distribution of Profit & Loss in Musharakah.
  • Diminishing Musharakah
    • Determine the Rental in Diminishing Musharakah
    • Unit Sale mechanism in Diminishing Musharakah
    • Diminishing Musharakah as Ideal product for Islamic Housing Finance.
IB&F: 405: Trade Based Mode of Islamic Banking & Finance (Murabahah, Musawamah, Salam & Istisna)
  • Basic Rules & Kind of Bai ( Trade) in Islamic Banking and Finance.
    • Some Basic Types of Bai ( Murabahah, Salam, Istisna, Tawarruq, Musawamah Surf, Urboon, Eenna,  Touliya, Wadhia etc )
    • Bai according to Quality (Bai Salah, Bai Fasid, Bai Batil, Bai Maqoof, Bai Majool, Bai Muqayaddah, Bai Mu’ajal etc. )
  • Murabahah
    • Basic features of Mudarabah
    • Murabaha as financing mode
    • Stages involve in Murabaha transaction.  
    • Shariah compliance & legal documentation of Murabaha contract.
    • Murabaha in international trade.
    • Practical aspects & issues of Murabahah
  • Salam & Istisn’a
    • Basics of Bai Istisna
    • Difference between Salam & Istisna
    • Practical implementation of Salam & Istisna.
IB&F: 406: Rental Based Modes of Islamic Banking & Finance
  • Ijarah (Islamic Lease)
    • Introduction and brief perspective of Ijarah.
    • Sharia’h alternative of Conventional Leasing - Ijarah.
    • Ijarah (Operating Lease)  vs. conventional leasing (Financial Leasing)
  • Sharia’h compliance of Ijarah
    • Legal framework & documentations for ijarah products
    • Basic feature of Ijarah contract & its Operational Mechanism
  • Practical aspects & Issues of Ijarah.
    • Practical implementation of Ijarah
    • Ijarah as ideal mode for Vehicle, Machinery & Fixed asset Financing.
    • Some common misconception of Ijarah.
Module III
(Takaful & Risk Mitigation tools in Islam)

IB&F: 407: Takaful (Islamic Insurance)
  • Introduction to Takaful (Islamic Insurance)
    • Takaful in Islamic Era.
    • Basic features of Takaful.
  • Structural & Operational details of Takaful,
    • Structure of Takaful products
    • Operation and performance of Takaful.
  • Legal and regularity framework in Takaful.
    • Organizational Principles, Basis, Value Proposition, Law, Ownership, Management Status, Management and Invest Status in Conventional Insurance and Takaful
    • Legal and Regularity requirement of Takaful.
IB&F: 408: Different Models, Products & Type of Takaful
  • Different Takaful Models.
    • Mudarabahah Model
    • Wakalah Model
    • Wakalah Waqf Model
  • Takaful products and Its Applications.
    • General Takaful Products
    • Faimly Takaful Products.
  • Other Kind of Takaful
    • Re - Takaful
    • Banca Takaful
    • Micro Takaful.
IB&F: 409: Risk Management in Islam Banking & Finance
  • Introduction of Risk and its management.
    • Concept of Risk and its type
    • Use of Derivative, Future, Hedging & Swaps instruments.
    • Islamic Perspective for Risk Management
    • Fundamentals of risk Management in Islam.
  • Risk Management of Islamic Banking
    • Types of Risk in Islamic Banking and Financial Instruments (other than insurance)
    • Credit Risk, Equity Risk, Market Risk, Liquidity Risk, Rate of Return Risk, Operational Risk, Political Risk, Internal Risk, External Risk etc.
  • Hedging in Islamic Banking
    • Concept of hedging in Islam.
    • Hedging product according to Islamic perspective.
    • Conventional vs. Islamic hedging instruments
Module IV
(Sukuk, Islamic Fund & Investments)

IB&F: 410: Sukuk (Islamic Bond)
  • Sukuk (Islamic Bond)
    • Introduction of Sukuk (Islamic Bond)
    • Sukuk in Islamic era.
  • Mechanism and Structuring of Sukuk
    • Structuring, Operation and performance of Sukuk
    • Advantages of Sukuk for Issuer and Investors
  • Latest Trends in Sukuk
    • Issues and challenges in Shariah Compliant Securitization.
    • Latest Trends & AAOIFI standards of Sukuk
IB&F: 411: Types and Structure of Sukuk (Islamic Bond)
  • Different types of Sukuk
    • Different type of Sukuk
      (Ijarah Sukuk, Murabahah Sukuk, Salam Sukuk, Istisna Sukuk etc.)
  • Opportunities in Sukuk Market.
    • Creating opportunities in emerging market.
    • Sukuk as Liquidity Market Instrument.
    • Issuance of Sukuk, factor to be considered
  • Different Specialized Models of Sukuk
    • Real Estate Sukuk, Infrastructure Development, Airline Sukuk, Energy Sector, Port Development etc.
    • Case Studies
IB&F: 412: Islamic Fund, Investment, Stock Exchange & REIT’s
  • Islamic Funds.
    • Mechanism of Islamic Fund.
    • Type of Islamic Fund e.g. Equity Fund, Commodity Fund, Bai'-al-dain, Mixed Fund, REITs Fund, Sukuk Funds, Hedging Funds etc.
    • Market Opportunities of Islamic Fund Industry.
    • Policy, Procedure and Performance Assessment of Islamic Funds.
  • Islamic Investment.
    • Shariah Principle of Islamic Investment.
    • Shariah screening of Assets.
  • Shariah Indices, Shariah Stock Exchange
    • Structuring of Shariah Indices & Stock Exchanges
    • Role of Islamic Fund, Shairah Indices and Stock Exchanges for the strengthening of Islamic Banking and Financial Industry.
    • Islamic Indices – Worldwide
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