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MSc Islamic Finance and Management

Essentials

At a glance

MSc Islamic Finance and Management

UCAS Code
N3K909
Course Duration
1 year (full-time)
Mode of study
Full Time
Location
Durham City
Start Date
02/10/2019
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This one-year full-time programme is designed to provide rigorous training at the frontier of research, giving you the opportunity to develop the advanced analytical and technical skills that are highly sought after by global employers... more

Course Summary

Course Summary

Description

This one-year full-time programme is designed to provide rigorous training at the frontier of research, giving you the opportunity to develop the advanced analytical and technical skills that are highly sought after by global employers.

The first of its kind at a global level, MSc Islamic Finance and Management is a cross-disciplinary specialised programme, aiming to provide management-related knowledge and skills to students who, at the same time, specialise in Islamic Finance. This programme requires less quantitative material, knowledge and skills then MSc Islamic Finance.

The programme consists of a set of core and elective modules, culminating in a practice-based business project or a research-based dissertation.

Core and elective modules

You will study:

  • Islamic Banking and Finance
  • Islamic Law and Financial Transactions
  • Islamic Political Economy
  • Islamic Accounting
  • Organisational Behaviour
  • Islamic Management
  • Risk Management Issues in Islamic Finance
  • Research Methods and Dissertation.

You will then choose one elective modules. The list of modules may vary from year to year, but has typically included Decision Making and Business Modelling, Financial Management, Global Business, Islamic Capital Markets, and Strategic Marketing Management.

Dissertation/Business Project

In the third term, you will complete a 12,000 word dissertation which could be a specific project with an organisation. Supervised by a faculty member with relevant experience, you will investigate in greater detail a subject that you have already studied as part of your programme. A major piece of independent work, the dissertation will enable you to exercise critical judgement and illustrate how economic analysis has relevance to financial decision taking.

Adding to your experience

International Opportunities

  • International Study Tour
    We organise an optional International Study Tour to a European destination, typically Switzerland. This intensive programme takes place over several days, normally in March/April, and offers you a great opportunity to get an ‘inside perspective’ on international business, and to network with key staff within organisations.
  • International Conferences
    We organise and sponsor international conferences on Islamic economics and finance in collaboration with other leading global academic institutions such as the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank; International Shari’ah Research Academy (ISRA), Malaysia; and Kyoto University, Japan.

Guest Speakers
As part of your programme, you have the opportunity to enjoy presentations by academics and practitioners within your chosen area of interest. Past speakers have included leading academics and professional financiers and bankers, providing an ideal opportunity to gain practical knowledge and progressive insight in Islamic finance related areas.

Course Detail

Course Detail

To find out more about the modules available to students studying at Durham University please click here.

Please note: Current modules are indicative. Information for future academic years may change, for example, due to developments in the relevant academic field, or in light of student feedback.

Learning and Teaching

Course Learning and Teaching

The programme is mainly delivered through a mixture of lectures and seminars. Lectures provide key contents of a particular topic. Occasionally lectures might be delivered by guest speakers who are internationally recognised academic experts or practitioners in their field. Students can also attend the Durham Speaker Series including Islamic Finance Programme’s specialised seminars, providing the opportunity to network with senior business leaders, academics, staff and alumni.

Seminars provide the opportunity for smaller groups of students to solve problems and discuss and debate issues based on knowledge gained through lectures and independent study outside the programme’s formal contact hours. These help students to articulate the knowledge they have developed in the lectures and independent study time.

Students study 7 core modules, and select 1 elective module to study, which enables them to undertake more in-depth study of particular topics. This is followed by a 12,000 word dissertation to allow students to carry out independent research and develop their skills in analysis and scholarly expression, using an appropriate theoretical framework. They are supported in writing their dissertation through the study of research methods, and attending individual meetings with an allocated supervisor, who monitors their progress and provides advice.

Academic Support:

Throughout the year, students may have the opportunity to participate in extracurricular activities, which includes conferences and seminars organised within the programme and also professional conferences organised within the industry. Durham Islamic Finance Summer School in August should also be considered as an extremely valuable opportunity to develop practical knowledge and for networking purpose. They also have the opportunity to attend an International Study Week at an overseas location at the end of Term 2, which gives students the opportunity to learn about the business, economy and culture of another country, gain an ‘insider perspective’ on international businesses and network with key business staff. 

Learning Resource:

Outside of timetabled contact hours, students are expected to undertake a significant amount of independent study in preparation for teaching sessions, assignments and other forms of assessment including exams, and general background reading to broaden their subject knowledge. All students have an Academic Adviser who is able to provide general advice on academic matters. Teaching staff are also available to provide additional support on a one-to-one basis via weekly consultation hours.

Students also have access to the facilities available at Mill Hill Lane including dedicated postgraduate working spaces, an onsite library and IT helpdesk.

Apply

Admissions Process

Subject requirements, level and grade

The Masters in Islamic Finance and Management is designed for new or recent graduates.

Please note: The application process opens on 1 October for entry the following academic year.

We aim to have a diverse student body and recognise that we can only offer places to a finite number of applicants. To help achieve our aim, we look to ensure we offer places to applicants from all nationalities and close applications when we receive the allocated numbers.

What do I need first?

The equivalent of a UK good upper second class honours degree. Check the full list of equivalent qualifications.

NB Chinese Applicants: Applications will be accepted from students who have graduated from a prestigious university in China. Entry requirements may vary depending upon the reputation of the university you have graduated from and the academic programme you have applied for. As a guide, applicants are expected to have achieved an overall average of 85%.

How do I apply?

You will need to complete an online application form.

Please note you can only apply for one Masters Finance programme.

>>Fill out the online application form 

To support your online application form, you will need to provide the following documents.

  •  Two academic references using our standard form (Download the form - Word format
  • Official transcript of marks
  • Copy of degree certificate (if available)
  • Copy of English test results (if available).

You can either upload your supporting documents with your online application or email or fax them to the Postgraduate Admissions Office using the contact details below.

Application fee

Once we receive your online application form, you’ll get an automatic email within 48 hours asking you to pay the £60 application fee* which is required to progress your application.

You’ll need to follow the link in the email to the webpage where you can confirm your details and make the payment using a debit or credit card. This is a secure website operated by Secpay, which will send you an automatic receipt of payment.

Once we receive confirmation that your application fee has been paid, we’ll be able to progress your application. If you do not pay the application fee your application will be automatically withdrawn.

*Please note you will only be able to make a payment for one programme in each suite i.e. one MSc Finance programme, one MSc Management programme, one MSc Marketing programme, one Islamic Finance programme.

College membership

If you’re applying for a full-time programme you’ll need to become a member of one of our Colleges as well as being accepted by a department. Here’s more information about how the college system works. Once you accept your programme offer, the College Postgraduate Office will get in touch with you to arrange accommodation. Please note that demand for college accommodation usually exceeds availability, so please try to arrange it as soon as possible.

Admissions process

Here are the steps in the admissions process:

  1. We will let you know when we’ve received your application.
  2. Once we’ve received all of your supporting documents, we will email you to let you know our decision.
  3. If the decision is to make you an offer of a place on the programme we will let you know by email. Please note we do not issue hard copy offer letters as these are not required to obtain a student visa.
  4. If you have requested university accommodation on your application form, the college will contact you direct. They will send you an accommodation application form, which you should complete and return direct to the college.
  5. You should confirm acceptance of your offer as soon as possible. In order to secure your place, you are required to pay a deposit within six weeks of the date of your original offer (check your offer documents for details of payment methods).
  6. International students requiring a student visa will receive a CAS (Certificate of Acceptance of Studies) via email once all offer conditions are met, acceptance and deposit have been received and you are within five months of the start date of your programme. 

PLEASE NOTE: YOU MUST LET US KNOW YOUR OWN PERSONAL EMAIL ADDRESS WHEN APPLYING. PLEASE DO NOT USE A UNIVERSITY-LINKED EMAIL WHICH MAY STOP WORKING ONCE YOU COMPLETE YOUR BACHELOR DEGREE.

Contact us

 

For more information, contact study@durham.ac.uk.

English Language requirements

Please check requirements for your subject and level of study.

How to apply

www.durham.ac.uk/postgraduate/apply

Fees and Funding

Fees and Funding

Full Time Fees

EU Student £13,000.00 per year
Home Student £13,000.00 per year
Island Student £13,000.00 per year
International non-EU Student £21,500.00 per year

Note: Fees are subject to review and change in-line with inflation.

Please also check costs for colleges and accommodation.

Scholarships and funding

www.durham.ac.uk/postgraduate/finance

Open Days and Visits

Open days and visits

Pre-application open day

www.durham.ac.uk/postgraduate/visit

Overseas Visit Schedule

www.durham.ac.uk/international/office/meetus

Postgraduate Visits

PGVI or

www.durham.ac.uk/postgraduate/visit/

Career Support

Key to your career

Whatever your specialist interests, you’ll find our careers team is one of the most useful resources to support you on your way to your target career. Now more than ever, it’s the skills you’re able to demonstrate in addition to your academic abilities that will make you shine in a fiercely competitive jobs market.

That’s why our facilities and services are designed to complement your course and help you develop essential professional and practical skills – from personal resilience and self-awareness to CV writing and interview techniques.

We work in partnership with the University's Careers, Employability and Enterprise Centre to connect you with events, organisations or individuals to help kick-start your career.

One-to-one career support

As a Business School Masters student, you can take advantage of one-to-one appointments with a specialist Masters Career Consultant to help you with specific issues, from finding a route into your career to applying for your dream role.

Career development programme

Our Career Development Programme has been designed alongside our core academic programme to help you achieve your career goals and develop the skills that employers are looking for.

This starts at the beginning of Term One with our Careers Weekend. This weekend will provide insight and enable the development of essential career management skills. Covering a wide range of topics, the event will support career planning, facilitate skills development and enhance your knowledge of the full recruitment cycle. The weekend will be actively focused on identifying, preparing and securing employment opportunities throughout your studies.

Sector specific presentations

Our Career Insights sessions are delivered by external professionals with expertise and knowledge of their particular sector which provide insights into working in areas that are popular with our students.

Previous guest speakers have delivered presentations on working in banking, professional services, and management development programmes within international companies.

Business Projects and Placements

The business project or placement is a great way to gain practical work experience and develop consultancy skills. We can help you choose from a range of regional, national and international organisations of different sizes in different sectors or you can source your own project – some target an organisation they’d like to work for. However you tailor the project, it will help you to put new knowledge and skills into practice and influence real life business issues.

International opportunities

We’re proud of our strong international connections. Helping you get an inside perspective on global business is a key part of the programme. That’s why you’ll have the opportunity to go on the optional International Study Tour to a European destination in March/April. This self-funded, one-week programme is a great way to immerse yourself in the country’s business environment, providing the chance to make new contacts and helping you stand out in the competitive jobs market.

If you are interested in carrying out research or a business project in an international location for your dissertation, we may also be able to connect you with our international partner institutions.

Support for International Students

We recognise that many of our students will progress their careers outside of the UK once they finish their studies, and our career development programme is designed with this in mind. We offer events focused on career opportunities in China and are continually developing relationships with international recruiters.

If you’re an international student interested in working in the UK after your studies, the careers team works closely with Durham University's Student Immigration & Financial Support Office to provide you with information related to immigration. Their advisers are dedicated to helping our students understand the requirements and restrictions of their visas during their studies and can provide limited advice on post-study visa requirements.

You can access English language support from English Language Centre.

Online resources

Through the Career Development Programme you will have access to a huge range of career resources including an interview simulator with a bank of interview questions, a CV builder, and our international Jobs Board.

Alumni career support

You can continue to make the most of our specialist career development advice after you graduate, including on-going one-to-one support from our Masters Career Consultants, workshops in our key locations, and continued access to our online career resources.

Core Modules

Please note: The module content below applies to the academic year 2015-16 and may be subject to change for 2016-17 entry.

Islamic Accounting

  • Framework of Financial Reporting for IFI;
  • Standards and Standard Setting: Developments in International Financial Reporting Standards (IFRS) and Implications for IFI;
  • Comparison of Financial Statements of conventional and IFI;
  • Financial Reporting for Islamic Banking and Finance;
  • Contemporary issues such as the Auditing and Governance of Islamic Financial Institutions, and Social Accounting and Reporting in Islam.

Islamic Banking and Finance

  • Background and History of Islamic Banking
  • Islamic contracts and Islamic finance
  • Islamic Banking Products
  • Risks in Islamic financial instruments
  • Islamic financial markets and nonbank financial institutions
  • Islamic securities
  • Regulatory and Governance Issues
  • Challenges Facing Islamic Finance

Islamic Law and Financial Transactions

  • Introduction to Islamic Law
  • Methodology of Islamic Law (Usul-al Fiqh)
  • Riba and Gharar
  • Types of Traditional Nominate Contracts
  • Application of Islamic contracts in Contemporary Financial Transactions
  • Shari’ah Governance
  • Issues Related to Application of Islamic Law in Financial Transactions
  • Islamic Banking Law/Statutes. Standardization of Shari’ah Rules. Dispute Settlement/Conflict Resolution Institutions. Application of Islamic contracts in common and civil law jurisdictions.

Islamic Management

  • Defining Management: Evolution and Historical Outline;
  • Managing in Different Cultures: Cross-Cultural Management;
  • Principles of Management in Islam;
  • Islamic Perspectives of Motivation;
  • Leadership Theories and Islamic Leadership;
  • Islamic Corporate and Shari’ah Governance;
  • Islamic Corporate Social Responsibility;
  • Islamic Management Styles and Entrepreneurship;
  • Halal Markets/Islamic Management and Branding.

Islamic Political Economy

  • Scope and definition of Islamic political economy;
  • Islamic Moral Economy;
  • The structure of an Islamic economy - the government sector;
  • The structure of an Islamic economy- Philanthropic Sector;
  • Developments in Islamic economic thought;
  • Islam, capitalism and Marxism;
  • Islam and economic development;
  • Institutionalisation of the Islamic Economy;
  • Islamic Corporate Governance and Corporate Social Responsibility– Political economy of Islamic governance and regulations.

Organisational Behaviour

  • Introduction to organisational behaviour;
  • Individual differences: personal and mental ability;
  • Management of attitudes and work motivation;
  • Leading others;
  • Organisational culture;
  • Managing group dynamics and teamwork;
  • Decision-making in organisations;
  • Trust within organisations;
  • An introduction to the management of change.

Risk Management Issues in Islamic Finance

  • Introduction to risks in Islamic banks and products
  • Risk management framework and role of different stakeholders
  • Systemic risks and banking stability: A regulatory perspective
  • Risk governance and operational risk management
  • Critical issues in liquidity risk management
  • Managing credit and market risks
  • Legal/Shari’ah compliance risks
  • Shari’ah compliant risk management products and processes

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