Financial

Islamic finance
The Islamic finance industry is growing at an exponential rate and the sector’s global worth is estimated to be between €870bn and €990bn with an annual growth rate of 15% to 20%. This growth has continued throughout the global economic crisis –albeit at a slower pace - largely because of its vigorous screening processes and stringent corporate governance practices in dealing with excess liquidity in many oil producing countries.
Islamic finance is both a new and old phenomenon. Its guiding principles originate in the early days of Islam. The modern form under the current financial framework is new to many stakeholders such as regulators, standard setting bodies, shareholders, practitioners and much of the general Muslim population.

The modern rebirth of Islamic finance took place in the Middle East in 1975 when the Dubai Islamic Bank became the first Islamic commercial bank in the world. The first Islamic insurance companies, or Takaful, were established shortly afterwards in Sudan and Dubai in 1979. Today, there are 300 Islamic finance institutions operating in more than 75 countries. As the sector grows, an international focus becomes more important.

Blended Tuition

The content of each of the four modules is as follows:
Certificate in Islamic Commercial Law
• The sources of the Islamic commercial law including the Qur’an and the traditions of the Prophet Mohammad
• The methodologies used to solve modern problems in Islamic finance
• The historic contracts involved in Islamic commercial law
• Shari’ah compliance and the importance of the Shari’ah standards.

Certificate in Islamic Banking and Takaful
• The developments which have taken place with regard to Islamic financial institutions and systems
• The main source of funds available to banks and how these sources are rewarded
• The various products developed by Islamic banks for their customers
• The products and services offered under Takaful and issues relating to underwriting, deficits, surpluses and Retakaful
• The financial and operational risks common to both the banking and insurance sectors.

Certificate in Islamic Capital Markets and Instruments
• The differences between conventional and Islamic capital markets
• The primary and secondary capital markets
• Regulation within the Islamic capital market
• Screening processes used in accepting/ rejecting Shari’ah compliant products.

Certificate in Accounting for Islamic Financial Institutions
• The reporting framework and standards of Islamic financial institutions
• The analysis and classification of Islamic funding and financing transactions
• How transactions adopting different contracts of financing are reported in the Islamic financial statements
• Financial accountability and Shari’ah compliance of Islamic financial institutions.

This two-module, Level 7 qualification is specifically designed for those who have successfully completed the Professional Certificate in Investment Fund Services and who wish to build on their knowledge. This Professional Diploma moves deeper into the area of Alternative Investments, Legal, Compliance and Taxation areas of the investment funds industry.

This programme is offered in partnership with the Irish Funds Industry Association (IFIA) and is designed to enhance the knowledge and experience gained at Professional Certificate level.

What Learning Supports are available?
• Specifically written comprehensive and user-friendly study manuals
• Access to the online Student Centre (using your password which will be sent to you following registration), including:
• Online learning plan, including module outline and study plan
• Online student handbook
• Online lecture and examination schedules
• Lecture notes and handouts
• Past examination papers
• Secure online access to your examination results and correspondence
• Lecturer contact through an email helpline
• Weekly lectures held in Dublin and Limerick – subject to adequate student demand
• Revision weekend, held prior to examinations
• Exam venues in Athlone, Cork, Dublin, Galway, Letterkenny, Limerick and Waterford – subject to demand.