MSc Islamic Banking & Finance

Duration of programme: Full-time - 12 months / Part-time – 24-36 months / Online Learning

Start date: September 2013

Fees:
UK/EU:         £10,500 (2013 fee)
International: £16,000 (2013 fee)  

Scholarships:
If you are among ‘the brightest and the best’, we have scholarships for our online programme which can open the way for you to study with us. Find out more >>

Apply now:
Apply for this course online

There may be a delay in processing applications for this programme.

Contact details:
Ms Debbie Pallett
Aston Business School postgraduate admissions office
Tel: +44 (0) 121 204 3074
Email: t-pallettd@aston.ac.uk

Entry requirements

One of the following:

• A UK honours degree (minimum lower second class)
• Equivalent overseas degree recognised by Aston University
  
• A degree equivalent professional qualification
  
• (Interested applicants with lower qualifications should consider applying for a Postgraduate Certificate in Islamic Banking and Finance)

As well as:

• Two professional references – at least one must be from an academic referee
• An official academic transcript of your university grades to date
• A completed application form.
• GCSE or equivalent standard in maths.
  

For International Students:

• An overseas degree recognised by Aston University
  
• An official academic transcript, with an official English translation, of your university grades
• Students whose native language is not English will also need to satisfy our English language requirements Pre-sessional English language programmes are available for good applicants whose English qualification falls just short of these requirements.
  

Consideration will be given to equivalent professional qualifications and in exceptional circumstances those qualified by extensive relevant experience. Candidate interview would be required for those with non-standard qualifications and experience. 

Programme outline and modules

The programme has been developed to meet the growing interest in Shariah-compliant finance across the world. The Islamic banking and financial services sector is currently the fastest-expanding sector of the global financial market, In 2010 the actual global size of the Islamic financial industry was equal to $1 trillion (GIFR 2010). There is increasing demand for qualified personnel with knowledge of Islamic banking and finance.

Islamic finance is also a fast developing industry in the UK, and Aston Business School is leading the way with this postgraduate degree programme.

Modules

Core Modules: 

• Islamic Commercial Law (Block Release)
• Islamic Banking & Insurance (Block Release)
• Islamic Economics Business & Finance (Block Release)
• Islamic Accounting & Reporting (Block Release)
• Applied Research Methods
• Financial Accounting & Reporting
• Corporate Governance Regulation & Compliance

Elective Modules (select one):

• Business Finance
• Business Ethics, Responsibility and Human Rights
• Sustainability Accounting & Accountability

Optional Module:

• Arabic Language

The Business School is offering a number of bursaries to outstanding students.

Bursaries of up to £5,000 each are available for on-campus students entering the MSc Islamic Banking and Finance in October 2013.

To apply for a bursary, applicants must hold an offer for a place on the MSc Islamic Banking and Finance. Applicants must submit the following to the admissions office Aston Business School Postgraduate Admissions Office Email: abs-msc@aston.ac.uk

1. A one-page letter outlining why you are interested in studying Islamic Banking and Finance  

Taught modules are assessed by examinations and coursework.  In addition students will undertake a dissertation, a substantial piece of research on a specific issue or aspect of Islamic finance or business.

• Receive training in Islamic and conventional finance and investment techniques from industry specialists and academics, thereby increasing their opportunity to secure employment in the mainstream or Shari’ah compliant finance job market

• Benefit from living and studying in Birmingham, the city with the largest concentration of Islamic financial and legal services in all of Europe, including the headquarters of the Islamic Bank of Britain
• Be in a position to network themselves for a healthy future career, through first-hand exposure to corporate contacts in both the Islamic as well as conventional finance job markets, and through industry seminars, conferences and workshops
• Enjoy special benefits, such as free enrolment in our Islamic Finance workshops, conferences and seminars
• Have access to and learn the use of  Aston Business School’s Reuters trading room, including Islamic Finance Gateway, Zawya, Manifest and Euromoney IFIS databases
• Have the opportunity to continue their academic progress through a PhD in Islamic Finance or a related field. Outstanding students are also offered short-term research placements at the EIBF Centre. In addition, our MSc students could apply for the Aston Business School three-year Graduate Teaching Assistantship for a PhD in Islamic Finance.

For information on sector opportunities see the Banking, Investment and Insurance overview on the Prospects website.  In addition see link to Islamic Banks.

The MSc is also suitable for professionals in banking, finance, law and other sectors, looking to gain specialist knowledge and skills in Islamic Banking and Finance. Our students included employees at Dubai Bank, Abu Dhabi Islamic Bank, Qatar Islamic Bank London and Browne Jacobson Solicitors. Our flexible part-time and online learning options make the course ideal for professionals wishing to work as they study.

Modules taught on this MSc will enable you to develop a wide range of technical and transferable skills and knowledge demanded by graduate employers in both Islamic and conventional banking and finance. Specialist knowledge areas developed on this programme include:

• Understanding the frameworks and features of the Islamic banking system and the financial and operational risks faced by Islamic financial institutions
• Understanding the similarities and differences between conventional and Islamic financial structures
• Structuring, managing and screening of Islamic financial products
• Proficiency in using Reuters Islamic Finance Gateway and Zawya, as well as Euromoney IFIS databases
• Advanced understanding of the accounting and reporting framework, standards and practices of Islamic financial institutions and Shariah compliant businesses
• Evaluating the performance and governance of Islamic financial institutions
• Evaluating the ethical performance and social responsibility of Islamic financial institutions
• Learning from the practical experiences of experts in the Islamic finance industry
• Understanding of the ways in which modern corporations can access Islamic Finance

As well as setting graduates up for careers in Islamic and conventional finance, modules taught on this MSc programme will enable graduates to develop a wide range of skills suitable for other graduate careers where planning, decision-making, problem-solving and analysis are required. These skills include:

• Measuring costs, financial planning, forecasting and decision-making
• Assessing economic policy
• Interpreting accounting information using financial tools including balance sheets, profit and loss accounts and cash flow statements
• Ratio analysis and shareholding value reporting
• Analytical skills developed through the research dissertation
• Multi-cultural teamwork, negotiation and presentation skills developed through group-work.
  

Aston Business School's outstanding student facilities include:

• A purpose-built suite which is accessible exclusively to Masters students 
• 24 hours access
• Free Wi-Fi connection
• Modern lecture/tutorial rooms
• Computer labs
• Lounge area
• IT equipment and packages and use of Virtual Learning Environment (VLE).

Course director

 Dr Kathryn Ainsworth

Teaching staff

Mr M Iqbal Asaria CBE BA, MA 
Iqbal is a trained economist and accountant, with experience in conventional finance and asset management, and over thirty years of involvement in Islamic banking, finance and insurance. He is a member of the Bank of England Governor’s Committee on the Facilitation of Introduction of Islamic Finance in the UK. He also advises numerous banks and financial institutions on Islamic finance, and is special advisor to the Secretary General of the Muslim Council of Britain on business and economic affairs. Iqbal regularly contributes to seminars, conferences and symposiums on Islamic banking, finance and insurance, and organises the annual International Takaful Summit in London. 

Dr Mustapha Sheikh (Visiting) BSc, MSc, PhD 

Mustapha is a lecturer at Leeds University and teaches Islamic Commercial Law at Aston.  He holds BSc and MSc degrees in the study of religion and a PhD degree in Theology from Oxford  University.  He spent extensive periods of time in Syria and Turkey, reading texts in Arabic grammar, rhetoric, logic, jurisprudence, Qur'anic exegesis, legal theory, Arabic literature, hadith and mysticism. In 2006, he was awarded a Higher License (Ijazah 'Aliyah) in Islamic Law.  

• Dr Ataur Belal
• Dr Stuart Cooper
• Dr Robert Goddard
• Dr Carmel de Nahlik
• Mr Matt Davies
• Mrs Carol Parkes