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Master Diploma in Islamic Finance Program Structure: MDIF is a two part program, and courses are divided into two semesters. Certified Islamic Finance Expert (CIFE) is awarded on completion of Semester-I and Master Diploma is awarded on completion of Semester-II: Semester-I IBF-511: Islamic Economic and Financial System IBF-512: Islamic Modes of Finance IBF-513: Islamic Commercial and Investment Banking IBF-514: Islamic Accounting Treatment and Standards IBF-515: Islamic Insurance System Semester-II IBF-516: Islamic Macro Economics IBF-517: Advanced Areas in Islamic Finance IBF-518: Designing an Islamic Financial Product Below is the detailed outline of each course: 2
SEMESTER-I: IBF-511: Islamic Economic and Financial System THE ORIGINS OF ISLAMIC ECONOMICS INTRODUCTION TO IQTISAD GENERAL PRINCIPLES OF ISLAMIC ECONOMIC SYSTEM ROLE OF MUSLIM ECONOMISTS ISLAMIC ECONOMIC SYSTEM VS OTHER ECONOMIC SYSTEMS INTEREST OR RIBA MAJOR PROHIBITED ELEMENTS IN ISLAMIC ECONOMY PROHIBITED MEANS OF PRODUCTION OF WEALTH CAUSES OF THE ECONOMIC PROBLEM BASIC PROBLEMS OF AN ECONOMY NATURE AND SCOPE OF ECONOMICS CLASSIFICATION & IMPORTANCE OF ECONOMICS MICROECONOMICS AND ITS NATURE MICRO ECONOMICS CONCEPTS IN ISLAM CONSUMPTIONS BEHAVIOUR OF FIRM UNDER THE INFLUENCE OF ISLAMIC SPIRIT CAPITAL PRODUCTION ISLAMIC PRINCIPLES REGARDING SOME MAIN TRANSACTIONS (FIQH-UL-MUAMLAAT) ISLAMIC PRINCIPLES OF BUSINESS OVERVIEW OF ISLAMIC MODES OF FINANCE ENTERPRISE PARTNERSHIP (SHIRAKAH) MODARBAH SOME IMPORTANT PRINCIPLES ISLAM AND THE DISTRIBUTION OF WEALTH IBF-512: Islamic Modes of Finance INTRODUCTION TO ISLAMIC FINANCE THE EVOLUTION OF THE ISLAMIC FINANCIAL SYSTEM GEOGRAPHIC DISTRIBUTION OF ISLAMIC FINANCE ISLAMIC FINANCE & DIFFERENT CONCEPTS OF PAPER MONEY 3
IMPACT OF ISLAMIC MODES OF FINANCE ON MONETARY EXPANSION ISLAMIC CONTRACT & ITS TYPES SOME BASIC METHODS OF ISLAMIC FINANCE PARTICIPATORY, NON-PARTICIPATORY & ACCESSORY MODES OF FINANCE MURABAHA A TRADE BASED PRODUCT MURABAHA - PRACTICE IN ISLAMIC BANKING MUSHARAKAH EQUITY BASED PRODUCT DIMINISHING MUSHARAKAH MUDARABAH AN EQUITY BASED PRODUCT IJARAH - SEMI DEBT BASED PRODUCT PROCESS OF LEASING (IJARAH) IN ISLAMIC BANKING SYSTEM IBF-513: Islamic Commercial and Investment Banking SALAM A TRADE BASED PRODUCT ISTIJRAR ISTISNA A TRADE BASED PRODUCT TAWARRUQ TENANCY (MUZARAT) THE APPLICATION OF BAY BITHAMAN AJIL (BBA) KAFALAH (GUARANTEE) HAWALAH (ASSIGNMENT OF DEBT) WAKALAH JU ALAH MISCELLANEOUS ISLAMIC FINANCIAL PRODUCTS & SERVICES SHARIA AH CONTROLS IN RESPECT OF VARIOUS MODES OF FINANCE DEALING IN SHARES SUKUK MISCELLANEOUS SHARIAH RULINGS FOR IFIS IBF-514: Islamic Accounting Treatment and Standards ACCOUNTING FOR ISLAMIC BANKS AAOIFI ACCOUNTING STANDARDS ACCOUNTING FOR MURABAHAH ACCOUNTING FOR MUDARABA ACCOUNTING FOR MUSHARAKAH ACCOUNTING FOR SALAM ACCOUNTING FOR IJARAHA 4
ACCOUNTING FOR ISTISNA ACCOUNTING FOR TIJARAH ISLAMIC INVESTMENT MISCELLANEOUS ACCOUNTING STANDARDS A REALISTIC & BALANCED ANALYSIS OF CURRENT ISLAMIC BANKING ` IBF-515: Islamic Insurance System OVERVIEW OF CONVENTIONAL INSURANCE SYSTEM SOURCES OF SHARIAH MAJOR NORMS OF TAKAFUL OVERVIEW OF TAKAFUL DESCRIPTION OF TAKAFUL SYSTEM MAJOR DIFFERENCES BETWEEN TAKAFUL & INSURANCE TAKAFUL MODELS FAMILY TAKAFUL DRAFT TAKAFUL POLICIES RE - TAKAFUL TAKAFUL ANALYSIS & MISCONCEPTS DRAFT TAKAFUL RULES SHARIAH RULINGS & ACCOUNTING STANDARDS FOR INSURANCE COMPANIES SEMESTER-II: IBF-516: Islamic Macro Economics ISLAMIC PRINCIPLES OF THE GOVERNMENT ROLE IN THE ECONOMY ISLAMIC STATE THE PLAN OF THE COLLECTIVE SOCIAL ORDER ISLAMIC PRINCIPLES ABOUT THE INDIVIDUALS FISCAL POLICY IN ISLAM MONETARY POLICY EVALUATION INFLATION IN AN ISLAMIC ECONOMY AGGREGATE EQUILIBRIUM IN THE ECONOMIC SYSTEM OF ISLAM INTERNATIONAL TRADE AND ISLAM ISLAM & ECONOMIC DEVELOPMENT ECONOMIC PLANNING AND ISLAM AN OVERVIEW OF CONVENTIONAL & ISLAMIC BANKING 5
THE TRANSITION COMPARATIVE STUDY OF VARIOUS ECONOMIC SYSTEMS ON THE MACRO LEVEL EVOLUTION OF ISLAMIC ECONOMIC SYSTEM POLITICAL SITUATION OF EUROPE IN THE MIDDLE AGES OBJECTIONS AND RATIONALE AGAINST RIBA-FREE ISLAMIC ECONOMY IBF-517: Advanced Areas in Islamic Finance OBJECTIONS ON MUSHARKAH & ISSUES WITH MURABAHAH PRINCIPLE OF LIMITED LIABILITY ISLAMIC INVESTMENT BANKING ISLAMIC FINANCIAL ENGINEERING POOL MANAGEMENT IN IFIs ISLAMIC AGRICULTURE FINANCING ISLAMIC CREDIT CARDS CONVERSION OF A CONVENTIONAL BANK TO AN ISLAMIC BANK RISK MANAGEMENT GUIDELINES FOR IFIs GUIDELINES FOR SHARIAH COMPLIANCE IN IFIs AUDITING STANDARDS FOR IFIs GOVERNANCE STANDARDS FOR IFIs ETHICS IBF-518: Designing an Islamic Financial Product Students are required to develop an Islamic Financial product, which examines: Their knowledge, skills and capabilities. In the proposed Product Plan students prepare: Product operational flowchart for the organization Product legality under Shariah rulings Rules for discontinuation/termination Implementation and Marketing plans 6