Executive Master’s in Islamic Economics & Finance

Our EMIEF Executive Master’s in Islamic Economics & Finance program encompasses two different components.  Completing the two components successfully (total of 38 credit hours Courses) would entitle the candidate to earn an Executive Master’s Degree in Islamic Economics & Finance. While completing the first year courses only will result in an industrial qualification called Al-Huda CIFP (Certificate of Islamic Finance Professional).

Certificate of Islamic Finance Professional

Year One Courses (18 Credit Hours – Full Time)

Spring Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF610Accounting for Islamic Financial Transactions I3None
EMIEF620Islamic Economics I (History & Philosophy)3None

Summer Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF630Risk Management3None
EMIEF640Insurance Industry & Practice3None

Fall Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF650Banking Industry3None
EMIEF660Wealth Management3None

Year Two Courses (18 Credit Hours – Full Time)

Spring Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF700Research Methdology2None
EMIEF710Islamic Financial Transactions II3None

Summer Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF720Islamic Economics II (Modern Theories)2None
EMIEF730Econometrics3None

Fall Semester

Course CodeCourse NameCr. Hrs.Pre-Requisites
EMIEF740Islamic Finance Contracts3None
EMIEF750Development Economics3None
EMIEF760Thesis

Course Descriptions:

 

Accounting For Islamic Finance Transactions I

The course aims to introduce the accounting standards developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The course will also study the relevant international accounting and reporting standards and their implications for IFIs.

Islamic Economics I (History & Philosophy)

This course is intended to continue to introduce students to Islamic economic history and philosophy (wisdom) from the Qur’an and Sunnah. The course will build on other courses that introduced Islamic Finance. This Islamic economics course will show the difference between Islamic thinkers in the field of economics in the past and present. The course will enhance the students’ awareness on the body of classical economics and relate it to contemporary schools of economics. This course is based on advanced thinking and will discuss developing Islamic economics to the applied field by studying theory and practice.

Risk Management

This course is intended to introduce students to Islamic risk management in the corporate world. The course would show the difference between Islamic thinking in the field of finance by shifting attunes toward risk/reward relation by enhancing the students’ awareness on general case studies and relate it to contemporary applications. This course is advanced risk management course and will discuss applied finance by studying practice.

Insurance Industry & Practice

This course is aimed for students to develop an understanding of the nature and basis of insurance, indemnity and the concept of Takaful (literally, meaning ‘solidarity’) as an alternative to conventional insurance. The development of Islamic economics and finance has created the need for an acceptable alternative to conventional insurance. An Alternative that meets the requirements of Islamic law and the need of the market place. Takaful was successfully introduced and proven to be a viable alternative to conventional insurance. The takaful industry has the potential of becoming larger than the Islamic banking industry, thus, we want the students to learn the applied concept to be added to their set of skills.

Banking Industry

This course discuss  Islam and Islamic Banking: Islamic Banking principles, Balance sheet analysis of Islamic banks.  The course also discuss many islamic transaction including Murabaha-cost plus financing, Mudaraba-Tier One and Tier Two *, Musharaka, Ijara and Ijara-Wa- Iktina, Istisna and Parallel Istisna, Salam, Survey of the Islamic, instruments, Strategic issues faced by Islamic banks, Risk analysis for Islamic banks, Liquidity , management issues for Islamic banks.

Wealth Management

This course is designed for students to learn professionals and practitioners’ practices in the market place. Students who will choose this area of specialization or may have interest is Islamic Wealth Management will find this course as a guidebook to best practices in the Malaysian market very useful. Yet, the course is carefully selected to give a very special focus to this important area of emphasis and cater it toward the US market as well by introducing some education from the CFA program course material. These modules will provide the participants with deep knowledge and practical skills on the variety of issues involved in Wealth Management from the Islamic point of view. Some of these areas are listed as follows: Financial Planning and Wealth Management in Islam, Planning, Islamic Investment Planning and Portfolio Management, Assessment and Management of Zakah and Taxes and finally, Ethics and moral professional conduct.

Research Methodology

The course train Al-Huda students on the research methodologies used in Islamic Finance; that are directly relevant to the academic and professional investigations needed for his degree in Islamic Finance. It offers an overview of the different approaches, considerations, and challenges involved in two major selections of research, i.e. quantitative and qualitative methodologies. Al-Huda University E-Library will be a rich source of information that helps students explore the  research methods used (i.e. interviews, surveys,  thesis, ,  papers, conference proceedings, …etc)

Islamic Financial Transactions II

This course is designed to demonstrate to students the different modes of funding and contract structuring according to the Islamic financial industry with emphasis on case studies from Islamic mortgage companies in the US. The material is based on years of collective work done by specialist’s experience and field research conducted by Al-Huda University academic faculty through the collection of scholarly discussions and conclusions.

Islamic Economics II (Modern Theories)

The purpose of this course is to show how economic methods can be used to inform economic policy in a wide range of areas pertaining to environment, health, education, and labor. Specific topics will be chosen each year; the class will introduce widely applied economics techniques and discuss the relevant empirical literature. In addition, the course will cover some microeconomic and macroeconomic aspects of international relations between Islamic nations and their global trade partners.

Econometrics

Review and introduction of topics in probability and statistics needed to understand applied statistics and econometric techniques for quantitative research and analysis. The topics reviewed include random variables, discrete and continuous probability distributions, mathematical expectations, estimation and inference. The topics introduced include simple and multivariate regression models, least squares estimation, hypothesis testing, and specification analysis. This class will also emphasize practical applications of econometric theory.

Islamic Finance Contracts

The course aims to clarify the theory of the different modes of finance, addressed by scholars both in the past and present on one hand, and contracts and financial issues arising from the development and practices of Islamic finance industry and its institutions on the other. The module will explore nominated financial contracts as explained in Islamic jurisprudence, and the derived or structured financial instruments that were developed as a result of the need for financial inter-mediation from an Islamic perspective.

Development Economics

This course emphasizes the dynamic models of growth and development. Topics covered include: migration, modernization, and technological change; static and dynamic models of political economy; the dynamics of income distribution and institutional change; firm structure in developing countries; development, transparency, and functioning of financial markets; privatization; and banks and credit market institutions in emerging markets. Topics will also include productivity effects of health, private and social returns to education, education quality, environmental education policy and gender discrimination.

Thesis

After finishing the required 17 credit hours of the second year, a student has to pass comprehensive exam, which covers major disciplines taught. No minimum grade required because it is a “pass or fail” exam.

 

 

 

 

 

 

 

 

 

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