SN
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CODE NO.
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TOPIC
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CONTENTS
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COURSES IN ACCOUNTING
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1.
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ACC201
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ACCOUNTING AND AUDITING STANDARDS I
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All accounting and
auditing standards for Islamic finance are divided into 5 courses and taught
systematically and in succession.
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2.
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ACC202
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ACCOUNTING AND AUDITING STANDARDS II
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3.
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ACC203
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ACCOUNTING AND AUDITING STANDARDS III
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4.
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ACC204
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ACCOUNTING AND AUDITING STANDARDS IV
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5.
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ACC205
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ACCOUNTING AND AUDITING STANDARDS V
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6.
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ACC206
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ACCOUNTING AND AUDITING STANDARDS VI
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COURSES IN ISLAMIC FINANCE
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7.
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IF101
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FOUNDATIONS AND PRINCIPLES OF ISLAMIC FINANCE
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An introductory course that includes: an introduction to
the concept of Reba, fundamentals of Islamic banking and finance, rationale
and advantages of Islamic banking, and a brief review of the performance of
the Islamic finance industry in the Gulf.
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8.
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IF102
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DEPOSIT PRODUCTS
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Deposit products are the most important means of
resource mobilization for Islamic banks.
The course includes the fundamentals of Mudaraba, an actual Mudaraba
contract is reviewed and discussed in class, Mudaraba applications, including
single and multiple Mudaraba, issues related to early redemption, the motives
behind depositors’ actions, and categories of deposits including innovative
kinds, deposit certificates with variable and stable income flows, deposit
management, profit distribution and case studies.
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9.
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IF103
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MUSHARAKA IN PROFIT AND PRODUCT, MUDARABA
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This course introduces the details of partnership in
profit, namely Musharaka (constant and diminishing) and Mudaraba (unrestricted
and restricted), and Partnership in Product:
Muzara', Mugharassa, and Mussaqah.
Live examples and practical applications are heavily used. For each mode of finance, trainees are
introduced to documentation.
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10.
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IF104
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MURABAHA, BAI BETHAMAN AJEL: & INTERNATIONAL COMMODITIES, RULES &
APPLICATIONS
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This course is about sale (commodity) finance. It includes the particulars of the
Murabaha and Bai' Bethaman Ajel contracts and how they are used in commodity
finance. Since Murabaha contract is close
in form to the Reba-lending contracts, safeguards are stressed to prevent
falling into the trap of Reba. The
practical and institutional aspects of international commodities, including
the particulars about the London Metal Exchange are introduced without
neglecting the issues related to the controversial aspects of international
Murabaha. The course also includes practical issues, common mistakes and
documentation.
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11.
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IF105
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IJARAH FINANCE
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Ijarah finance is presented in both of its forms:
operating and financial Ijarah (Ijarah Muntahia Bettamleek). The use of forward Ijarah contract is also
explained several applications as well as a wide variety of configurations
are presented, including variable and fixed rent. Ijarah securitization is explained in
detail, including the issue of both asset-based and usufruct-based
Ijarah. Service Ijarah is also
introduced as an innovation. For each contract, trainees are introduced to
documentation.
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12.
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IF106
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ISTISNA’ AND SALAM: CONCEPTS AND APPLICATIONS IN ISLAMIC FINANCE
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It introduces in
detailed how to use Istisna’ contract in Islamic finance, with practical
applications and case studies. A
special attention is given to project finance and BOT finance. The mechanics and Shari’a requirements for
using the Salam contract, with practical applications and case studies. Further case studies containing mixing
Istisna' and Salam in product structuring.
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13.
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IF107
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INVESTMENT WAKALA & ITS APPLICATIONS
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The course contains the general rules of Wakala contract
(both conditional and unconditional), the practical steps of using in
finance, mixing Wakala with other modes of finance (e.g., Wakala with
Murabaha, Musharaka, Istisna' and Salam), the use of Wakala in securitization
and syndication, practical examples, case studies and documentation.
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14.
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IF108
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BANKING SERVICES, E-BANKING & CARDS
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The course gives a comprehensive review of banking
services, including: payments services associated with demand deposits, using
checks, ATM, electronic banking, credit and debit cards. Special attention is given to the details
of structuring Shari'a-compliant credit cards. Other services get brief exposure, like
documentary credit, bank guarantees and foreign exchange. Personal finance and wealth management are
given sufficient attention as an innovative area for Islamic finance.
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15.
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IF200
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SYNDICATED FINANCE |
Trainees are introduced to the nature and advantages of
syndicated finance, its main features and use in conventional finance, and
how it is used in Islamic finance.
Syndication is taken up in detail in all cases of Islamic modes of
finance, its marketing and transparency requirements as well as
documentation.
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16.
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IF101
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ISLAMIC TRADE FINANCE
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The course starts with the mechanism and documentation
of international trade, and then discusses the conventional means of trade
finance. Then, Shari'a rules for
documentary credit are explained in detail, highlighting the alternative
configurations of the uses of Murabaha and Wakala in trade finance. Complications, practicalities and case
studies are introduced. Throughout the
course, documentation requirements for transactions are explained
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17.
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IF202
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FUNDS & INVESTMENT
PORTFOLIOS
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The course starts with the concept of funds,
their advantages, disadvantages and categories. Then, Shari'a rules related to fund
establishment, use and trading fund shares are introduced. The course focuses on the practicalities
Shari'a-compliant fund structuring and management with attention to the
specific Islamic modes of finance used as well as documentation. Portfolios concepts, categories and Shari'a
rules are introduced in detail with special attention to their management and
documentation. Finally a holistic approach to using fund and portfolios in
private banking, personal finance and wealth management is introduced.
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18.
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IF203
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SHAREHOLDING
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The course
starts with stressing the importance of the corporate sector and the
corporation as a tool for mobilizing resources for large-scale economic
activities. The trainees are then
introduced to the classification of companies in light of Shari'a according
to their activities. The question of
companies occasionally involved in unlawful activities is discussed. Shari'a ruling with respect to
shareholding, as well as holding and trading in shares are highlighted. Finally, the course looks into the methods
of restructuring companies in order to obtain Shari'a compliance.
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19.
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IF204
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CREDIT FACILITIES IN ISLAMIC FINANCE
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The course
includes: meaning and nature of credit, its economic role, risk and
mitigation, credit management, credit operations, Scoring and rating, Shari'a
rules for credit provision, Islamic financing lines, for example: Mudaraba
lines, Murabaha lines, Wakala lines, Salam lines, Istijrar lines, Secured
overdraft, appropriate credit
environment, Credit documentation, Credit control and supervision, Major
sources of credit problems.
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20.
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IF205
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ISLAMIC BANK TREASURY PRODUCTS
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The course
includes: functions & structure of Islamic bank treasury, trade in
foreign exchange, hedging against foreign exchange risk, liquidity &
balance-sheet management, foreign trade finance and documentary credit, sale
of commodities and derivatives is in organized markets, international
Murabaha, financial instruments: Sukuk, derivatives,
Islamic mutual funds, and indexes, money market products, practical examples
and case studies.
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21.
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IF206
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FINANCIAL AND FOREIGN EXCHANGE
MARKETS: RULES OF TRANSACTIONS AND CONTRACTS
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The course
offers an overview of financial and foreign exchange markets as they
currently exist and operate. Trainees are then introduced to the rules of
Islamic financial investment, focusing on shares, and Sukuk. The rationale and use of Shari'a standards
for such instruments are explained.
Derivatives are briefly explained and compared with Shari'a-compliant
alternatives. The mechanics and rules
of the foreign exchange markets are introduced, with alternatives available
in Islamic finance for hedging foreign exchange risks. Documentation is emphasized throughout the
course.
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22.
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IF207
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FINANCIAL ENGINEERING
(STRUCTURING AND DEVELOPMENT OF FINANCIAL INSTRUMENTS)
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The course
starts with introducing the concept of financial engineering, distinguishing
between Islamic and conventional financial instruments. It contrasts asset-based with debt-based
securitization. The steps of
securitization is traced starting from the formation of asset pool (either to
securitize directly or to use the proceeds for their acquisition),
establishment of SPV’s, issues of credit rating and enhancement, and the
choice of single and multiple modes of finance. The course concludes with the details of
securitization process for Sukuk, Islamic banks investment deposits, and
investment certificates issued by government treasury, central bank,
corporations and small business enterprises.
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23.
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IF205
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SHARI’A SUPERVISION
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The course
introduces concepts rationale and methods of Shari’a auditing, its
application and process, with practical examples of how Shari'a auditing can
be instrumental in contributing to the quality of Islamic financial products.
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24.
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IF206
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RISK ANALYSIS & MANAGEMENT FOR ISLAMIC FINANCE
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The course includes
mitigating risk through structuring, types of risk: market risk, liquidity
risk, rate of return risk, operational risk, and equity investment risk. Then, the course introduces risk analysis
for each of the modes of
Islamic finance, like Mudaraba risk, Murabaha risk, Salam risk, Istisna'
risk, Ijarah risk, Musharaka risk, risk of Sukuk held in banking book, Risk
weights and capital requirements, and risk-management policy guidelines.
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25.
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IF207
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PRODUCT STRUCTURING &
DOCUMENTATION
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The course
includes rules and guidelines for using multiple contracts, uses of promises,
matching modes of finance: Istisna' and parallel Istisna', Salam and parallel
Salam: risk and business analysis,
documentation, mixing modes of finance: several examples with risk, business
analysis and documentation. This
course is based on real-life case studies for each single mode as well as
major multiple modes of Islamic finance.
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26.
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IF208
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REAL ESTATE FINANCING
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Concepts and
characteristics of the real estate market, Real estate investment, Real
estate investment trusts, REIT, Real estate financing: Predevelopment
finance, Acquisition finance, Risk and business considerations, case studies
representing successes and problems in real-estate finance.
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27.
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IF209
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TAKAFUL (ISLAMIC INSURANCE) AND
ITS SHARI’A RULES
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The course
starts with explaining the nature of conventional insurance and its problems
from a Shari'a perspective, particularly Reba and Gharar. Then it explains the different models of
Takaful, e.g., models of Mudaraba, Wakala, surplus and non-surplus sharing,
relationships among Takaful parties, mainly company shareholders and policy
holders, practical issues, like segregation between the insurance pool and
equity, treatment of Takaful surplus and deficit, installments, delay,
delinquency and withdrawal, and estimation of compensation payments. Then a comprehensive list of Takaful
products is introduced, stressing the wide space for innovation, Retakaful,
and the status of the Takaful industry.
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COURSES FOR
CENTRAL BANKERS AND REGULATORS
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28.
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IF310
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Legal and regulatory issues in
Islamic Finance
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Why banks in
general and Islamic banks in particular should be regulated, how to design a
proper law for Islamic finance? What rules and regulations should be adopted?
How laws and regulations should be designed to benefit from the advantages of
Islamic finance? Monetary policy and Islamic finance.
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COURSES IN
MONETARY AND FINANCIAL ECONOMICS
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29.
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MFE 201
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CONVENTIONAL MONETARY &
FINANCIAL ECONOMICS I
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30.
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MFE 202
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CONVENTIONAL MONETARY &
FINANCIAL ECONOMICS II
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Demand for
Money, Liquidity Preference Framework, Structure of Central Banks and the
Fed, Multiple Deposit Creation: the money multiplier, Determinants of the
Money Supply: the money multiplier, Tools of Monetary Policy, Conduct of
Monetary Policy, Monetary Theory, Aggregate Demand and Supply Analysis, Money
and Inflation, Transmission Mechanisms of Monetary Policy,
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31.
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MFE 203
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CONVENTIONAL MONETARY &
FINANCIAL ECONOMICS III
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Present Value,
the Opportunity Cost of Capital, and Investment Decisions, Risk, Return, and
the Opportunity Cost of Capital, Capital Budgeting and Risk, Project Finance,
Financing Decisions and Market Efficiency, Corporations Securities, Dividend
Policy and Capital Structure, Debt and conventional borrowing, Financing and
Valuation,
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32.
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MFE 204
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CONVENTIONAL MONETARY &
FINANCIAL ECONOMICS IV
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Options,
Warrants and Convertibles, Conventional Leasing, Risk Management, Financial
Planning, Cash Management, Credit Management, Mergers, Corporate Control, and
Governance
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33.
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MFE 205
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ISLAMIC ECONOMICS AND FINANCE I
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The Islamic
economic system: structure and institutions, Basic Principles of Exchange and
Finance in Islam, Prohibition of Reba, its Rationale and Economic
Implications, Ghabn, Gharar and Jahala and their Implications for Financial
Contracts, Islamic financial Intermediation, Working of an Islamic Bank: Case
Study, Islamic Banking Windows: Case Study,
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34.
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MFE 206
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ISLAMIC ECONOMICS AND FINANCE II
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Theory and
Models of Islamic Banking Problems of Moral Hazard and Adverse Selection,
commercial vs. universal banking, Islamic Banking
in Practice, Islamic Fund Management: Case Study, Sukuk : case
study,
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35.
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MFE 207
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ISLAMIC ECONOMICS AND FINANCE
III
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Project
finance, Working Capital Finance, Housing and real estate Finance, Finance of
consumers durables, Personal finance, Managing finances for an enterprise,
Debt Delinquency and how to deal with it, Risk Management, Liquidity
Management,
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36.
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MFE 208
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ISLAMIC ECONOMICS AND FINANCE IV
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Financial analysis of Islamic banks and
financial institutions financial statements, project appraisal and
evaluation.
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COURSES IN
SHARI’A
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37.
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SH100
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AN INTRODUCTION TO SHARI’A FOR ISLAMIC FINANCE
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An introductory
course in Shari'a that satisfies the required knowledge of those working in
Islamic finance and includes: sources of Shari'a, Ijtihad, fundamentals of
contracts, formal validity and validity of purpose, and applications.
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38.
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SH101
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TRANSACTIONS AND INVESTMENT
CONTRACTS IN ISLAMIC FINANCE:
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The course provides the details of
transactions contracts, both commutative and enforcement contracts, contract
validity and factors rendering them invalid (Reba, Ghabn, Gharar and Jahala),
modes of Islamic finance, examples of structuring (mixing modes) of Islamic
finance transactions.
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39.
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SH102
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SHARI’A STANDARDS I
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A comprehensive course on Shari'a standards
governing profit-sharing, equity finance and investment Wakala taught from
the Shari'a point of view.
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40.
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SH103
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SHARI’A STANDARDS II
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A comprehensive course on Shari'a standards
governing commodity finance taught from the Shari'a point of view.
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41.
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SH104
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SHARI’A STANDARDS III
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A comprehensive course on Shari'a standards
governing financial and foreign exchange transactions taught from the Shari'a
point of view.
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42.
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SH200
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ADVANCED SHARI’A FOR BANKERS
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Major Shari'a issues for Islamic finance,
including Shari'a approach to product structuring, mixing of contracts, and
evolution from Shari'a compliance to total Shari'a conformity.
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43.
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SH201
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TERMINOLOGY AND SHARI’A CONCEPTS IN ISLAMIC BANKING
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It explains all concepts and terminologies
related to Shari’a rules governing Islamic banking, as well as those related
to contracts and actions in Islamic banking.
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Wednesday, February 18, 2015
TRAINING COURSES OFFERED IN ISLAMIC FINANCE
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