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make Malaysia as a center for Islamic Finance. Malaysia has achieved those objectives, evidenced for example by it being the largest issuer of Sukuk in the world. INCEIF is a boutique university, focusing solely on Islamic Finance. Its faculty members are drawn from international experts engaged in teaching and research in the field of Islamic Finance. The Masters in Islamic Finance Practice is a new program introduced to blend theory and practical knowledge, and is set to be the benchmark program for Islamic Finance training. Deanship of Graduate Studies and Research University of Science & Technology, Yemen From its humble beginning in 1995 offering diploma level courses, University of Science & Technology Yemen (USTY), has emerged as an education powerhouse. It was voted the best private university in Yemen, and indeed would stand head-to-head with any public university in Yemen. It is the only private university with a Medical school and a private hospital which provides quality medical care. Its Distance Learning program has 10,000 students, and it possesses an equal number of students in the regular program. USTY has linkages with many foreign universities among others with China, Turkey, Netherlands, and Malaysia, with whom USTY has many joint programs. Its business school is a member of the AACSB. The teaching faculty is drawn from locals and foreign nationals. Funded mainly with awqaf funds, USTY is definitely a success story. With visionary leadership and a strong administrative support, USTY is set to be the leader in the new Yemen. The future begins with USTY, today. INCEIF, the International Center of Education in Islamic Finance INCEIF was established as a University by the Central Bank Malaysia as part of the initiative by the Government of Malaysia to promote Islamic Finance and Banking and to The Deanship of the Graduate Studies and Research (DGSR) was established in 2010 as part of the strategic effort by the University to move the University to the next level, which is to make research and development the key to future success of the University. Through cautious and deliberate planning, the DGSR executes graduate programs at Masters and Doctoral level for all disciplines in the University. To ensure standard and quality is maintained, before starting its own graduate programs, the DGSR conducted joint graduate programs with foreign universities such as from Turkey and Malaysia. In terms of Research, USTY has completed joint research with universities in Europe, and has recently been awarded a grant by the United States. Center of Islamic Finance and Banking The Center of Islamic Finance and Banking (CIFB) was established late 2013 at the University of Science & Technology, Sana a, Yemen as one of the centers at the University. Among the objectives for the CIFB are the following: Conducting of courses in Islamic muamalat, finance and banking, which lead to the award of certificate and diplomas; working with Islamic institutions local and abroad, to provide education in Islamic Finance at both undergraduate and postgraduate levels; conducting research in Islamic finance, especially in focusing on its application in Yemen and the region; publishing the result of such research and studies in the form of working papers and journals. The CIFB will be a source of reference for students and researchers in Islamic Finance and Banking. Details of the CIFB and updates on its activities can be viewed at www.cifb..ust.edu. For all communications, email cifb@ust.edu or phone +967 01531372. MIFP MASTERS IN ISLAMIC FINANCE PRACTICE 3
It is accredited by the Malaysian Qualifications Agency (MQA), and is designed by renowned international thought leaders, academicians and experts from both conventional and Shariah financial fields, ensuring that scholars graduate with a working knowledge of both disciplines. The course modules cover a wide range of critical topics ranging from wealth management, banking and investment to financial services, ethics and governance. The complete program will provide scholars with a comprehensive and practical understanding of Islamic economics, finance and Shariah as well as the environment in which Islamic Finance players operate within DEGREE WILL BE AWARDED BY INCEIF :the Global University in Islamic Finance ABOUT THE MIFP Nurturing Future Captains of the Islamic Finance Industry The Masters in Islamic Finance Practice (MIFP) program is a postgraduate course aimed at producing industry practitioners with global insight, holistic knowledge and cutting-edge expertise in Islamic Finance. MIFP COURSES THREE COURSES WILL BE OFFERED EACH REGULAR SEMESTER AND TWO COURSES IN THE SHORT SEMESTER. STUDENTS ARE EXPECTED TO TAKE COURSES ACCORDING TO THE FOLLOWING SEQUENCE Core courses 1. FN5014 Financial Management 2. IE5013 Economics for Islamic Finance 3. SH5013 Shariah Aspects of Business and Finance 4. QM5013 Quantitative Analysis 5. AC5023 Accounting for Islamic Finance 6. IE5023 Ethics and Governance 7. AC5013 Financial and Managerial Accounting 8. SH5023 Shariah Rules in Islamic Financial Transactions 9. TK5013 Islamic Insurance 10. IB5013 Islamic Banking Practices 11. IB5023 Structuring of Financial Requirements 12. IB5033 Risk Management for Islamic Financial Institutions 13. IB5043 Financial Services Marketing 14. FN5044 Islamic Capital Market Elective courses 1. Islamic Wealth Planning and Management 2. Shariah Issues in Islamic Finance 3. Commercial Law and Legal Documentation for Islamic Financial Services 4. Shariah Audit and Compliance 4 MIFP MASTERS IN ISLAMIC FINANCE PRACTICE
ENTRY QUALIFICATIONS: A Bachelor s degree an equivalent qualification a professional qualification from institutions recognised by INCEIF or the Government of Malaysia with a minimum CGPA of 2.50; Applicants are also required to be competent in English. They must have one of the following: Test of English as Foreign Language (TOEFL) with a score of 550 International English Language Testing System (IELTS) level 6 MUET Band 4 USTY English Proficiency Test ASSESSMENT AND EVALUATION: Students will be graded on the various components of the coursework consisting of: Assignments Mid Term examination Final Examination FEES Payment of Fees in Installment: Students may make payment via installment of USD200 (USD two hundred only) per month with a guarantee by the employer that they will make payment if the employee defaults. Total Fee for 15 Courses = USD6,000.00 PER COURSE US400. OTHER FEES: English proficiency Test USD 25 KMC Fees USD 300 Registration fees USD 25 MIFP MASTERS IN ISLAMIC FINANCE PRACTICE 5
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COURSE DESCRIPTION Financial Management The course covers basic finance concepts of risks, returns, present and future values and applies techniques to evaluate financial assets. Firm specific decisions such as capital structure, dividend policy, and level of desired diversification, financial planning and forecasting and working capital and cost of capital management are all discussed in light of maximizing the value of the firm. Students are also taught to analyse the market, industry and firm specific qualitative information to the quantitative numbers when making tactical and strategic investment and financing decisions. Some guidelines to ethical issues in value maximization decisions are also emphasised. Economics for Islamic Finance The course covers basic finance concepts of risks, returns, present and future values and applies techniques to evaluate financial assets. Firm specific decisions such as capital structure, dividend policy, and level of desired diversification, financial planning and forecasting and working capital and cost of capital management are all discussed in light of maximizing the value of the firm. Students are also taught to analyse the market, industry and firm specific qualitative information to the quantitative numbers when making tactical and strategic investment and financing decisions. Some guidelines to ethical issues in value maximization decisions are also emphasised. Shariah Aspects of Business and Finance This module consists of three major parts, the first part Islamic Jurisprudence covering the sources of Shariah, Ahkam al- Shariah, Legal maxims and Maqasid al Shari ah; the second part theory of Islamic contract covering the general theory of contract, Ahliyyah/capacity, Formation of contract, Terms and conditions, Performance of contract; Shari ah. The third part is about compliance covering Hisbah, Ijtihad, fatwa, Shari ah board, and Shari ah non-compliance risk. Quantitative Analysis The course covers rudimentary statistical techniques in analysing data. It starts with descriptive statistics and then build-up various concepts related to data analyses. These include probability, probability distribution function, sampling and sampling distribution. Based on those concepts, steps in hypothesis testing are detailed. Various cases are discussed for testing hypotheses. These include (i) mean, (ii) proportion and (iii) variance for one- and two-samples. Finally, the course covers basic approaches in analysing correlations between variables, namely, by means of correlation analysis and simple linear regression analyses. Accounting for Islamic Finance The course begins with a discussion of accounting in the Islamic and conventional perspectives. This is followed by a comparison of the conceptual framework including objectives according to according to AAOIFI and IFRS. A comparative study of Financial Statements of Islamic Financial Institutions, prepared under AAOIFI and IFRS standards is then carried out to distinguish differences and relevance and to evaluate their Islamicity. The course then prepares students to demonstrate the effect of Islamic Finance Transactions in the Financial Statements under both IFRS and AAOIFI as well as unique financial statements and additional disclosures relevant for IF transactions. The paper explains the financial reporting of takaful companies. Next, Issues in Shariah auditing are discussed along with the shariah governance framework of BNM and IFSB as well as AAOIFI standards. Finally, the students are taught to analyse IFI financial statements from a conventional and Maqasid shariah perspective. Ethics and Governance This course is designed to provide an understanding of the framework in which ethical principles are linked with the practices of corporate governance in a market based economy. It covers private, public and voluntary sector corporate entities. Students are expected to understand the link between ethical economic and legal perspectives when applying and evaluating the governance of profit and nonprofit organisations. This is because separation between ownership and management can be a potential source of conflict in achieving sustainability of such organisation. This course will cover conventional and Islamic perspective to the concepts of corporation as legal entities and how they ought to be regulated, guided, and led. Issues relating to the role of directors, boards of directors and board of committees as they represent shareholders, investors and stakeholders will be given significant coverage in this course. MIFP MASTERS IN ISLAMIC FINANCE PRACTICE 7
Financial and Managerial Accounting The paper is weighted at 70% financial accounting and 30% management accounting. The first part inter-relates the business functions of financing, investment and operation to accounting recording and valuation process and financial statements. It goes through from source documents to financial statements with some emphasis on financial assets and liabilities in accordance with IAS39, 32, IFRS7 and 9. In addition, Performance analysis of entities and the importance of the cash flow statement vs. income statement in the true performance of entities vs. paper performance are emphasised. The second part of the paper takes the student through the information of management accounting information for decision making with emphasis on service sector organizations such as banks. The course takes the students through traditional cost classification and product costing techniques as well as modern activity based costing relevant to business. The course also covers the preparation and use of budgets as well as the use of cost volume profit analysis to make decisions. Shariah Rules in Islamic Financial Transactions The aim of this module is to guide students to analyse the application and mechanism of the most widely used Shariah principles/transaction Islamic finance such as muḍarabah, murabahah, baiʾ bi thaman ajil / baiʾ muajjal, salam, istisnaʿ, ijarah, baiʾ al-ʾinah, tawarruq, hawalah, kafalah, wakalah, wadiah, and rahn. The module will cover the concept of each contract along with their types, pillars, terms and conditions to ensure its shariah compliance in execution and application. Islamic Insurance 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 would include areas of product design, pricing, underwriting, investments and reserving. Islamic Banking Practices This course will examine the Shariah principles that are entrenched in Islamic Banking and Islamic Banking operations. This course will also discuss the legal and regulatory aspects of Islamic Banking and recent developments in this industry. Students will learn how Islamic Banking institutions are managed to ensure its viability and profitability. Structuring Financial Requirements The course is designed to equip students with basic understanding of customers needs and behaviour as well as principles, rules and practices in structuring financial solutions (both deposits and financing). Students will also be given the tools and techniques for assessing the customers appropriate facilities, required amounts, repayment capabilities and methods on how to manage the banking relationship. Among the topics covered are the principles of financing, understanding business environment, quantitative and qualitative analysis, structuring/packaging financial requirements and managing financing portfolio. Risk Management for Islamic Financial The objective of this course is to equip students with the fundamentals of risk management in finance. Special emphasis will be accorded towards risk management in Islamic financial institutions. In addition, knowledge on risk issues both at macro and micro levels such as risk philosophy, policy, process, framework, guidelines, strategies and regulatory requirements will also be disseminated to students, complete with quantitative tools to measure various types of financial risk, operational risk and capital adequacy. Shariah risk and fiduciary risk that are peculiar to Islamic financial institutions will also be emphasized. 8 MIFP MASTERS IN ISLAMIC FINANCE PRACTICE
Islamic Capital Market This course is designed to equip students with the working knowledge of the structures of the instruments and regulatory and shari ah frameworks of the ICM within a dual-banking environment. In achieving these twin objectives, students will be exposed to topics such as, but not limited to, the structure of the Islamic Capital Markets across different jurisdictions, regulatory and shari ah frameworks, and various structures and contracts of shari ah compliant ICM instruments. Topics include examining the pricing mechanism of the existing money market instruments, analyzing various sukuk structures issued globally, cases on sukuk default, shari ah approved derivative instruments, foreign exchange market and current issues in ICM. Financial Services Marketing The course aims to equip students with the foundation of marketing principles which covers the core concepts of marketing, the marketing process, the environmental scanning and the marketing mix. This is further deliberated to the application of Shariah principles and rules in ensuring that the financial services marketing is done in an ethical way and uphold the Shariah values in every aspects of business starting from the organizational strategic planning process, product development, pricing strategy, distribution channels, selling and promotion. Islamic Wealth Planning and Management The main objective of Islamic wealth management is the achieve al-falah i.e Allah blessing in this world and hereafter. This course covers the five major components of wealth management: (1) wealth generation which is the primary source of wealth management. (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 and 5. the law of inheritance in accordance to Islamic principles as mentioned in the surah An-Nisaa. Shariah Issues in Islamic Finance This module is based on thorough discussion and deliberation on the major Shari ah issues debated in the Islamic finance industry. It covers the major aspects of Islamic finance including banking, capital market, Takaful and wealth planning and management. The module exposes the students to different issues and cases debated in Islamic finance from a Shari ah perspective along with their resolutions. Shariah Audit And Compliance This module focuses on Shariah audit and compliance which represents one of the very important areas in Islamic finance. It reflects the degree of Shariah compliance in the Islamic financial institutions in the market place. The module covers different aspects of Shariah audit including the concept, the process, Shariah requirements and legal requirement that are needed to ensure an efficient exercise of Sharia audit. Commercial Law And Legal Documentation For Islamic Financial 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. MIFP MASTERS IN ISLAMIC FINANCE PRACTICE 9
Center of Islamic Finance & Banking (CIFB) University of Science & Technology, Yemen Research Activities: Islamic Banking & Finance in Yemen - Status Human Resources Needs for Islamic Finance in Yemen Shariah Compliance of Islamic Banking Products in Yemen Islamic Finance products for Microfinance in Yemen Comparative performance of Islamic Banks in Yemen Consumer perception of Islamic Finance products in Yemen Financial Reporting compliance to AAOIFI Standards TRAINING Accounting for Islamic Financial Transactions SUKUK issues Islamic Banking Practices Shariah Aspects of Business and Finance Risk Management for Financial Institutions Islamic Insurance Introduction to Islamic Finance In-situ tailor made programs 10 MIFP MASTERS IN ISLAMIC FINANCE PRACTICE
Graduate level Courses offered by the University of Science & Technology, Yemen DOCTORAL Islamic Studies Business Administration Computing MASTERS Islamic Studies English Language (Translation) English Language (Linguistics) Arabic language (linguistic &Grammar studies) Arabic language (literature & linguistic studies) Business Administration Accounting Computing Architecture Civil Engineering Telecommunications of Engineering Computing and Network Engineering Medical and biological Engineering Pharmaceutical Sciences Dentistry MIFP MASTERS IN ISLAMIC FINANCE PRACTICE 11