Masters in Islamic Finance Practice (MIFP)

The purpose of this course is to improve students’ analytical skills. The course will provide students with the knowledge and skills to apply the fundamental and advanced quantitative and qualitative techniques to analyse and develop solutions to contemporary business challenges. At the beginning of the course, students will learn the foundation of analytical tools. The students will apply them to analyse real-world issues. The course will conclude with the challenges and opportunities of the big data. In addition, this course is a preparatory course for candidates to undertake their Project Paper and other assignments.

This course covers the aspect of ethics and professionalism that are critical for developing leadership, governance and management skills. It includes understanding key aspects and the application of concepts, principles, codes and standards of ethics and professionalism for effective governance and sustainability of organisations as corporate citizens

The course provides in-depth knowledge of economics principles and theories relating to macro and microeconomics issues. Students will be able to analyse economic issues and assess/evaluate policy options involving short, medium and long-term agenda of the society. Emphasis will also be given to reviewing the assumptions of conventional economic theories from the perspectives of Islamic economics and Islamic finance. This, in turn will prepare the students to recommend strategies and policies for the development of Muslim society.

This module covers the essential of shariah tools required to converse in Islamic banking and finance concepts and appreciate the governance mechanism, audit structures and basic laws in Islamic contracts. Students are expected to gain fundamental skills and understanding how shariah is applied across the most relevant Islamic finance components that is banking, takaful and Islamic capital market.

This course explores the evolving landscape of central banking within dual financial systems, encompassing both conventional and Islamic frameworks. It provides a comprehensive understanding of the functions, operations, and policy mechanisms of central banks operating in environments where both systems coexist.

Students will critically evaluate central banking theories and practices through empirical case studies from countries such as Malaysia, Turkey, Indonesia, Pakistan, and the UAE. The course emphasizes:

Monetary policy transmission mechanisms

Financial regulation and supervision

Integration of digital technologies, including blockchain, AI, and central bank digital currencies (CBDCs)

Shariah-compliant tools and Islamic macroprudential instruments

Sustainability objectives of central banks, including ESG-aligned reserve management

By the end of the course, students will be equipped to interpret data systematically, propose solutions to challenges in dual banking systems, and contribute to policy innovation in central banking.

Micro-Credential Option: The “Dual Central Banking” course will also be offered as a micro-credential course, available unbundled from its respective main programme. This provides flexibility for learners who wish to gain specialised knowledge in central banking without enrolling in a full degree programme.

This course provides students with a sufficient grounding in the core disciplines of business strategy development and how to apply them. Students examine the strategic concepts and tools that facilitate understanding of the challenges and opportunities of the business environment, strategy formulation, implementation, and evaluation. This course equips students with the practical concepts and tools for analysing organizational strengths and weaknesses as well as market opportunities and threats.

This course is a method of learning that involves working on real projects, issues and challenges in collaboration with selected partner companies, using models taught in the classroom and supported by mentors, academic experts and industry leaders.

This course is a learning method that involves working on real projects, issues and challenges in collaboration with selected partner companies, using models taught in the classroom and supported by mentors, academic experts and industry leaders.

This course is designed to equip students with the working knowledge of the structures of the instruments, regulatory and shariah frameworks of the Islamic capital market (ICM). In achieving this objective, students will be exposed to the structure of the Islamic Capital Markets across different jurisdictions, regulatory and shariah frameworks, and various structures and contracts of shariah compliant ICM instruments. students are expected to gain practical skills in structuring and analytical skills in assessing ICM instruments.

The course introduces Islamic banking practices, the underlying philosophies and Shariah principles that drive Islamic banking, legal, tax and regulatory perspectives and recent developments in this industry. Students are also be informed of the suite of Islamic banking products, value-chain of the banking business, financial technologies, basic techniques and practice on how to manage Islamic Banking Institutions and finally, some contemporary and pertinent issues in Islamic banking are discussed

This course covers analysis of financial statements issued by Islamic Financial Institutions from different financial reporting regimes i.e. AAOIFI and IASB. The students will be able to validate reporting strategies adopted by Islamic Financial Institutions in communicating their financial sustainability.  In addition, the course provides opportunity for the students to apply accounting knowledge in the context of Shariah compliance business.

The course covers five major components of wealth management: (1) wealth generation which is the primary source of wealth management. Wealth can be in the form of employment income, business and trade. (2) Wealth protection is where all our wealth needs to be protected through takaful or Islamic insurance. (3) Wealth accumulation is a constant process that involves generating more wealth and, in the process, we need skills. (4). Wealth purification such as zakat, sadaqah and waqf as in the process we might have tainted our wealth, (5) Wealth Management from Islamic perspective

This course examines the key principles of audit and compliance applicable to Islamic Financial Institutions (IFIs). The students will be exposed to Shariah governance and internal control frameworks, laws, regulations, guidelines and standards for IFIs.

This course critically examines the socio-economic challenges facing communities and nations globally and assesses how Islamic finance instruments such as zakat, sadaqah, waqf and takaful may be used with modern technology to alleviate hardship and develop communities, in line with the Maqasid al Shariah and the UN goals for sustainable development.

The course examines risk from the Islamic perspective and ways of mitigating it in accordance with Shariah and explains why insurance is forbidden and hence the advent of takaful. It discusses the various takaful business models, products, and the key operational process of takaful. The study of the regulatory environment in various jurisdictions is a must for all takaful students as the industry is highly regulated. The actuary plays a key role in the takaful organization, and its position is a requirement in most jurisdictions. The study of the actuarial principles and concepts are critical product design, pricing, underwriting, investments and reserving

This course is designed to give students an insight into the documentation requirements for Islamic financing facilities and services. The course aims to equip students with the basic knowledge about the requirements of legal documentation for Islamic financing facilities and services and particularly how these differ from documentation from conventional loans. They would be taught to gain familiarity with such documents and to spot inappropriate provisions included therein or essential ones missing therefrom. Such familiarity will enable them to challenge legal counsel on documents prepared by them and not accept without question documents produced by them. They will be trained to recognise various risks and the consequent losses that could arise from poor documentation.

The objective of the course is to expose students to the risk management framework (RMF) and process (RMP) in banking. Student will acquire skill in identifying, measuring and mitigating risk in loans and financing such as credit, market, liquidity, operational and Shariah non-compliance risk. In the RMF the student will acquire the ability to analyse critically the role of corporate governance, internal control, capital allocation and banking supervision in the banking organisation. The course will also explore new risks faced by Islamic bank that were not found in conventional banking and implications from banking regulations

The objective of this course is to provide knowledge on how to plan, construct and manage portfolios of financial assets. This includes elements of investment, portfolio theory, equilibrium in capital markets, risk/return tradeoffs and optimal portfolios, security portfolio analysis, managing risk using derivatives and issues related to Shariah-compliant portfolio investments.

The course is designed to prepare the students in the field of sustainability management and investment. The main focus of the course is to provide a strong understanding on the sustainability concepts and how firms can integrate its practices in their business decisions.  The course will also expose the students to cutting-edge policy that can help firms to comply or support sustainability agenda.

A research project for students.