Nottingham University Business School
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Islamic Banking, Finance and Accounting

Please note that the following information may be subject to change.

Module Convenor:  Ahmed Barakat

Module Content:
The module will cover the underlying concepts, practices and new trends of Islamic banking and finance; the differences and similarities with the theories and business models of conventional banking and finance; financial, risk and governance implications of Islamic Law (Shari'ah); Islamic Insurance (Takaful); Islamic financial instruments; interactions between Islamic accounting standards and IFRS; development and integration of Islamic windows in conventional financial institutions.

Module Aims:
The aim of this module is to provide students with the ability to:
• distinguish between the underlying concepts, theories and business models of conventional and Islamic banking and finance
• critically discuss how the Islamic Law (i.e. Shari'ah) shapes the financial transactions and informs the developments in Islamic banking and insurance
• recognize the major sources and uses of funds in Islamic banks
• distinguish between the different types of Islamic financial contracts
• critically discuss the basic principles of Islamic accounting and financial statements and their interactions with IFRS
• analyse the structures of corporate governance and Shari'ah governance in Islamic banks
• identify the practices of Shari'ah governance and risk management in Islamic Investment Funds
• distinguish between Islamic and conventional bonds
• recognize the benefits, structures and AAOIFI standards for Islamic Bonds (Sukuk)
• distinguish between Islamic and conventional insurance
• explain the main models and products of Islamic insurance (Takaful)
• critically discuss the purposes and structures of Islamic microfinance products
• recognize the role of Islamic banks in financing micro-projects
• analyse the types of risk and IFSB guidelines on risk management in Islamic banks
• explain the concept of hedging and identify the unique types of Islamic derivatives

Module Assessment:
2 Hour Examination (50%); Individual Coursework (2,500 words) (50%)

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Nottingham University Business School

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