LL.M IN ISLAMIC BANKING & FINANCE (SCHOOL OF ADVANCED LEGAL AND SHARI’AH STUDIES, IIUM ACADEMY)
Islamic Bank is a financial institution that operates with the objective to implement and materialise the economic and financial principles of Islam in the banking arena. The Organisation of Islamic conference (OIC) defined an Islamic Bank as "a financial institution whose statutes, rules and procedures expressly state its commitment to the principles of Islamic Shari'ah and to the banning of the receipt and payment of interest on any of its operations." The industry began on a modest scale since its inception in the mid-1970s and has undergone rapid expansion and evolution over the past three decades. Although the concept of Islamic finance can be traced back about 1,400 years, its recent history can be dated to the 1970s when Islamic banks in Saudi Arabia and the United Arab Emirates were launched. Bahrain and Malaysia emerged as centres of excellence in the 1990s. It is now estimated that worldwide around US $1 trillion of assets are managed under the rules of Islamic finance. Islamic banking and finance has proven to provide alternative solution to the present turbulence in the global financial market.
This gives rise to the necessity to develop capacity building programmes for the personnels involved in the Islamic banking and finance system as we all as for those seeking to enter the sector. Islamic finance rests on the application of Islamic law, or Shariah, whose primary sources are the Qur'an and the sayings of the Prophet Muhammad. Shariah, and very much in the context of Islamic finance, emphasises justice and partnership.
With the estimated growth rate of up to 20% year on year, the need for human capital to bring Islamic finance to the level at which it deserves and meet its markets demands is higher than ever. At least 60,000 professionals are needed within the industry over the next 7 years. This course provides a comprehensive understanding to the Islamic Banking and Finance law augmented with an analysis of the situation in Malaysia and the global perspectives.
WHY MALAYSIA - BENEFIT OF LEARNING FROM THE PIONEERS
Malaysia is one of the pioneering country that has laid a strong foundation in the discipline of Islamic Banking and Finance for the global community. All modules are taught by the full time academic staff of the International Islamic University Malaysia and experts from the industry. Flexible delivery model using mixed mode such as e-learning and face to face sessions will benefit individuals in full-time employment. Use of the most advanced teaching and learning methods using case studies, students will not only obtain exposure to some of the leading academic lawyers they will also have the opportunity to make use of the International Islamic University Malaysia's state-of-the-art libraries and research facilities.
OBJECTIVES OF PROGRAMME
- To provide opportunity for graduates with relevant working experience to acquire knowledge and training for a career in Islamic Banking and Finance.
- To train executives desiring specialization in Islamic Banking and Finance in order to assist in expanding the banking and finance industry.
- To provide opportunity for fresh graduates from related disciplines to pursue a Masters degree in Islamic Banking and Finance Law in order to prepare them to enter into job market in Islamic banking and finance.
- To provide training in developing workforce with expert knowledge, relevant and up-to-date information about contemporary and emergent theoretical, empirical and policy related developments in the field of Islamic banking and finance law.
- To provide the platform and opportunity for professionals and practitioners who may already have knowledge and qualifications in the field of Islamic banking and finance law to acquire in-depth knowledge.
- To produce professionals who can demonstrate mastery of the various areas of contemporary Islamic banking and finance law with ability to view them from the conventional and Islamic perspectives coupled with the ability to comprehend, analyze and solve various legal problems posed by globalization.
- To demonstrate the knowledge acquired by examining critically the primary and secondary sources and materials relating to the principles of Islamic banking and finance law.
- Independently and effectively conduct research with the use of the available tools including advanced technology.
- Organise and present arguments logically, coherently and professionally on any given Islamic banking and finance issues individually or in group.
- Evaluate the banking and financial legal issues and provide solutions from the Islamic and legal perspective.
- Identify professional responsibilities that are consistent with Islamic and ethical banking and finance practices.
WHO SHOULD APPLY
- Professionals involved in managing banking financial institution, Islamic and conventional system
- Bankers, Accountants, Financial planners
- Lawyers and Judges
- Administrators of Institutions managing Islamic Affairs
- Anyone seeking to enhance knowledge in Islamic Law
Requires on-campus study
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