Course Summary

This course responds to a growing demand for employees in a system of banking that is Sharia compliant and has increasing importance in both Muslim countries and Western marketplaces. The need to satisfy a growing Muslim clientele has prompted the UK to adopt Islamic banking and financial instruments and to work on possible conciliation between the two banking systems.

This course will provide students with training in Islamic banking, as well as putting it into context with core training in Islamic studies. You will gain a solid theoretical background in Islamic law, Islamic commercial law and Islamic finance law. You will also take specialised units through which you will achieve expert knowledge in Islamic banking, financial instruments and operations. Flexibility in your choice of units means you can even study wider international commercial law as part of this course.

This highly dynamic Masters invokes current and prospective innovation, which reflects a necessity within the banking industry to develop a range of new products for customers seeking compliance with Sharia. You will be supported by world-renowned experts in the field and teaching that is grounded in an exciting research environment.

Why choose this course?

This course will help to make students highly employable in both the West, representing Muslim interests, and in Muslim countries. You will be empowered to participate in a rapidly emerging new area for western commercial institutions and highly competitive Islamic marketplaces such as Oman and Dubai. Students may go on to careers in investment banks, international organisations, securities firms, portfolio management, finance departments of industrial and service companies, central bank auditors, multinational financial organisations, retail and investment banks, regulatory bodies and consultancy.

During this course you will:

• Understand Islamic banking within the context of Islamic culture and ideals
• Gain expert knowledge in Islamic banking, financial instruments and operations
• Study in a dynamic research environment that complements studies in the development of Sharia compliant products
• Be taught by world-renowned experts in Islamic studies and Islamic banking
• Benefit from the opportunity to study international commercial law alongside Islamic law
• Complete an independent dissertation relevant to this dynamic subject

Areas of study you may cover on this course include:

• Islamic banking
• Islamic finance
• Islamic financial and banking instruments
• Islamic commercial law
• Introduction to Islamic law and legal thought
• International commercial law
• Dissertation

Further Information

MSIFBAAF

Assessment

The assessment strategy for the MSc has been carefully designed to try and ensure the utmost participation by you in the learning process. This is to be principally achieved by making all the units core units and by compulsory attendance at tutorials and seminars by students.

As regards other forms of assessment within the programme, thought has been given to ensure a spread of assessment types. Individual assessments take the form of essays, presentations, projects, oral presentations, group working and seminar participation. In most cases, units will have at least two assessment points containing different types of assessment. It is felt by the law team that this is the best way to assess both the breadth and the depth of your knowledge. For example, in an individual unit, breadth of knowledge and analysis may best be tested by a presentation. By contrast, depth of knowledge and analysis may be tested by a written essay or seminar participation. The weighting given to assessment points reflects the contribution made to achieving the aims and objectives of the unit.

The use of coursework such as essays, group working and seminar participation also allows for feedback comments. This feedback is imperative for you and you must consider it carefully and if necessary discuss it further with your lecturer.

Administration of assessment

All assessments will be administered within the Universitys Unit Credit Scheme. This means that all written assessments go through the Universitys office administration. All units adhere to the Universitys guidelines on the granting of extensions, extenuating circumstances and other related matters. You will learn all about these through your hand book and induction. Deadlines are strict and must be met.

Marking criteria

Standard grading profiles will be used for the award. These profiles will describe the characteristics for the students work ranging from a Distinction standard (`A grading) through pass work down to a fail (`E / F grading). Students will be provided with full details of the marking criteria being used for the assessment of each unit via their unit handbooks given out by unit co-ordinators in respect of individual units.

Educational Aims

A Masters degree builds upon the knowledge and skills that you have already acquired. The MSc allows you to continue your studies by specialising in Islamic Banking and explore this expert subject area in real depth.

The MSc programme delivers theoretical, intellectual and practical tools to analyse a broad range of banking instruments and financial analytical tools used widely by professionals. The technical knowledge gained from this programme is enhanced by the development of case studies and the application of theory within the decision context. This solid background in theory and practice completed by training in both Islamic finance / commercial law and Islamic banking will enhance employment opportunities for a career in a finance related field.

Thus, at postgraduate level, the Masters aims to provide applicants with the ability to synthesise information from different sources, from different contextual approaches, from different perspectives and apply financial models in order to solve complex finance, in particular as they relate to the enforcement of Islamic instruments in the West and the influence these instruments have in the international marketplace.

You will have opportunities to develop your critical thinking and critical skills by undertaking a substantial piece of research in an area of your own choosing.

By undertaking this course you will:

• Judge, analyse and formulate hypothesis about the complex world of Islamic banking rules and instruments while putting into practice complex Islamic Banking and Finance rules and principles and apply them to case studies


• Enhance an enquiring, analytical and creative approach to Islamic banking and finance, implementing independent judgment and critical self awareness


• Solve banking and finance problems as they pertain to Islam and to the interactions between Western and Islamic banks and instruments


• Manipulate Islamic banking and finance instruments within the Muslim environment but also in interaction, comparison and contrast with the Western banking and finance tools


• Draw conclusions as to the development and the future of a law in the making, developing capacities to adapt to market changes


• Improve your written skills as well as your practical problem solving skills to a level where you can accurately and fluently address problem questions in the field of Islamic Banking


• Take a lead role in your own learning, acting autonomously to improve your own skills

More specific aims are to be found in the unit descriptions (UIF).

The course structure aims:

• To enable students to maximise their potential by getting an expertise in Islamic banking, expertise which reflects personal interests or career aspirations


• Support students in developing critical approaches to Islamic banking


• To provide opportunities for students whether they are aiming to enhance their employment prospects or to effect a change of career

On completing the programme, you should have an expert knowledge of Islamic banking instruments and Islamic financial institutions, and their place in the globalised economy. You will have been empowered to analyse thoroughly the structure Islamic financial instruments and will be able to use a wide variety of analytical techniques for Islamic and non Islamic finance.

Student support

You will undergo an induction programme upon entry to the degree, at the School of Law and at University level, to introduce you to the key features of the course and the University generally. Throughout your course you will have access to the Academic Advisory Service within the Faculty as well as central services provided by the University e.g. student counsellors and the Student Union. You will be provided with full information about these services in your course handbook.

Particular mention should be made of the Faculty requirement for staff to post outside their offices regular times when they are available to meet students (known informally as office hours). English language support is also available if you are identified as being weak in the use of English language.

Further information can be obtained from the website with regard to referral arrangements and other matters concerning the support we offer during your time of study.

Team working

You will engage with your peers and form teams that present material and PowerPoint presentations to other student members. These types of seminar activities and discussion encourage and engender team building and working together effectively.

You are expected to work with each other in the MSc units and with your supervisors in the compilation of the dissertation. You are also expected to interact with outside agencies and personnel in preparing for your research dissertation if appropriate.

Seminars, tutorials and dissertation meetings with supervisors provide a regular opportunity for students to interact with each other.

Career Management Skills

Many students undertaking the MSc in Islamic Banking and Finance intend to take up in the banking industrie upon successful completion of the course. The Universitys Careers Service addresses students on the subject of career planning and informs them of the facilities available through the Careers Service. There is also a Law Careers Day in the second term which you are encouraged to attend.

It is School policy to allocate dissertaton supervisors from among staff teaching on the course who will maintain a progress file of the students academic performance and provide general advice and guidance.

Career/Further study opportunities

Career:

• Banking Institutions


• Finance and Investment Banks


• Islamic financial institutions


• Expert in International Banks and in finance divisions of multinational corporations


• Career within international organizations


• Consultancy


• Commercial Organisations


• Project Finance


• Specialist structured products and derivatives


• Trade finance, sales and trading


• Regulatory agencies


• Insurance


• Management


• Career within common law firms


• Academia

Further study:

• M.Phil or PhD.

Work based learning and career development available as options.

Entry

Standard:

One of the following:

Finance, Banking, Business Studies or Law degree with a minimum classification of Lower Second class honours (2.2)

Or

In the case of degree holders in other disciplines with sufficient and adequate content on the basis of merit

Or

Applicants with foreign qualifications on the basis of individual merit.

Additional:

Applicants with English as their second language must show proof of competency in oral and written English generally to IELTS 6.5 band or above or its equivalent. Applicants with English as their second language must show proof of competency in oral and written English generally to IELTS 6.5 band or above or its equivalent. The Course team works closely with the admissions office and considers non standard applications by way of a course meeting.

UK students Undergraduate entry requirements

Standard entry requirements for Foundation degrees (FD/FdSc)

A foundation degree will be of particular interest if you have completed a Modern Apprenticeship, vocational A levels, BTEC National or equivalent.

Foundation degrees are also particularly suitable if you want to qualify while working.

• As a guideline, a typical offer would require you to obtain a UCAS tariff score of between 80-120 points, based on your level 3 studies.

Many students studying for foundation degrees come to us through work-based routes so you can apply for a foundation degree even if you don’t have traditional academic qualifications.

We welcome applicants with relevant work experience.

Standard entry requirements for Undergraduate degrees (BA/BSc)

We will consider you as an individual and take into account all elements of your application, not just your qualifications. We are looking for both breadth and depth in your current studies as well as enthusiasm for the subject you wish to study.

The general requirement is one of the following:

• UCAS Tariff Score greater than 200, which should include either two A level passes or an AVCE Double Award
• An Access qualification
• Equivalent qualifications such as Irish Leaving Certificate, Scottish Highers, International Baccalaureate or BTEC National Diploma

Students from the European Union

Entry requirements

As a general guide, to apply for a place on an undergraduate course (BA/BSc) at the University you need to have completed your high school education and have the required English qualification.

We have students from all the European Union member countries so we are quick to make decisions on most qualifications.

How to apply

International students

• Undergraduate applications (BA/BSc) can be made direct to the University or via our representatives in your home country. If you intend to apply to more than one university in the UK you should apply via UCAS. If you want to apply to the University of Bedfordshire only you should apply directly using our international application form (link below) or via our representatives in your home country
• Postgraduate applications should be made directly to the University using our international application form (link below) or via our representatives in your home country
• Healthcare, nursing and midwifery students Many of these courses are not available to overseas students due to UK immigration law in regard to bursary funding. Please contact international admissions to find out if you are eligible to apply
• BA Nursing Studies Level 3 (with or without Overseas Nursing Programme) is available to overseas students - please contact International Admissions by email at international-admissions@beds.ac.uk for further information

(Please note that applicants on a full student visa are not eligible for part-time study)

Course application form for international students

We recommend that you apply directly to the University where possible, as this allows us to offer the quickest turnaround time for your application.

• Course application form for direct applications [PDF]

How to complete your course application

Please read the Direct application instructions before completing the course application form.

Application forms for accommodation in the student halls at Bedford campus and Luton campus are available in the Student life section

Accreditation of prior certificated learning (APL)

APL is available for international students applying for undergraduate (Bachelor degree) study. Please do not use this APL form to apply for postgraduate courses.

Use the APL form to tell us about any non-standard qualifications and/or work experience you have that you think should be taken into consideration with your application. `

The APL form should be submitted at the same time as the course application form.

We regret we are unable to process APL forms from students who have not submitted a formal course application form.

• APL application form for International students [100Kb] updated 041007

What next?

Return your completed application to:

University of Bedfordshire
International Admissions
Park Square
Luton
Bedfordshire
LU1 3JU
United Kingdom

Contact International Admissions

T: +44 (0)1582 489326 (non-EU Students)
F: +44 (0)1582 743469
E: international-admissions@beds.ac.uk

Awarding institution

University of Bedfordshire

Professional, Statuatory and Regulatory Body Accreditation

N/A

Students with disabilities

The University Disability Advice Team is able to discuss and advise students on disability matters. Furthermore, the personal tutor system is in place to offer disabled students academic support. Full details of this service will be available in induction.

Skills Development

Communication

To help with the development of this you will:

• Debate ideas with your fellow students and lecturers in seminars


• Give individual and group presentations on Islamic banking issues


• Utilise research in written course works but also in your own unique dissertation


• Critically analyse cases, statutes and academic articles orally and in writing

In particular, in the Dissertation unit, you will be expected to acquire further skills of legal research and writing appropriate to Masters level.

Information Literacy

In all the units, but in particular in the Dissertation unit and in the Library exercises, you will learn to develop this skill by:

• Describing, interpreting and organising data, establishing relevant information as necessary


• Selecting and using appropriate packages (including word processors), making use of online facilities


• Using a spreadsheet package to handle data tables, as necessary


• Communicating quantitative information effectively to the audience, using an appropriate format, including charts and tabular data, as necessary


• Locating WWW sites from given addresses and searching for sites and information


• Sending and receiving email messages, including attachments


• Selecting and using on line learning tools such as BREO

BREO, discussion boards, forum, powerpoint, video conferences and peeblepad will be used at different levels in all courses.

Research and Evaluation:

Students seeking an MSc in Islamic Banking and Finance are required to undertake a 60 credit Dissertation unit. This requires you to use the skills and knowledge acquired in your programme for an in depth study of a particular Islamic banking topic. In addition to requiring you to demonstrate your competence in time management, you will also be able to display your ability to research materials and to manage a lengthy and complex piece of work. It is also an opportunity to demonstrate the inter-relationship between knowledge from a number of areas previously encountered on the programme. You will be expected to have a critical approach throughout the piece.

Creativity and Critical Thinking:

By its nature, Islamic banking is a practical subject. There are therefore ample opportunities in tutorials, seminars and formal assessments for you to be given case studies which could arise in banking industry / practice and where you are required to use your previous undergraduate and now higher Masters level knowledge and skills to identify the relevant principles and demonstrate their understanding and application. You will apply Islamic law and Islamic banking principles to the issues in order to arrive at a conclusion, in much the same manner as you might do, in industry / practice, when advising a client. Critical thinking is therefore at the core of your Masters studies, whether in class or when writing your dissertation. It is crucial to learn how to reflect upon Islamic law, Islamic banking theories and practice to become experts in your field.

Improving learning and performance

The Masters level units provide you with the tools and strategies to improve your own learning and performance and a practical grounding for your own personal development. Transferable skills such as in written and oral communication will build to postgraduate level from a prior foundation for learning in education, training and ultimately in work.

You are encouraged from the outset to further develop your own learning to postgraduate level. You actively participate in a number of group sessions, some of which encourage lively debate and discussion, whereas, other might include group work and presentations. Peer group reviews facilitates in students awareness and self-assessment. Similarly, individual awareness of progression is improved through a series of feedback and discussions with the teaching staff.

Problem solving is a key contributor to developing this skill because it requires not just the repetition of knowledge acquired but its understanding and application. This will often require you to go well beyond the guidance given to you.

Whilst this is particularly fostered in the Dissertation unit and in particular in the writing up of your dissertation over the summer, you are encouraged throughout your Masters programme to take increasing responsibility for your own learning. Guidance given in lectures and seminars is just that and you are expected to venture beyond such guidance.

The Dissertation unit is the Personal and Professional Development unit for students undertaking the MSc programme. The undertaking of the MSc dissertation introduces for some and develops for all students, research and transferable skills. However, whilst the dissertation unit is the lead vehicle in this respect, it is complemented and supported by regular supervision meetings with dissertation supervisors in particular, but by all units throughout the MSc programme.

Progress files

The progress file is made of the following constituent parts:

• A personal record of learning and achievement. These include copies of all assessment feedback as well as a formal transcript of your academic achievements, provided and accredited by the University of Bedfordshire


• Documentary evidence of all work that might be of interest to future employers. This will include an annually updated CV; examples of excellent written coursework; evidence of volunteering activities, work placements and part time work, such as personal references, etc


• Personal Development Planning. Your lecturers and you will review your academic progress and your career management skills during the course of your MSc studies


• Dissertation Supervision Meetings. The regular dissertation meetings between you and your supervisor, particularly in the third term, allow the supervisor to monitor your progress and to get to know you well enough to write references on your behalf

Professional standards

Professional attitudes, values and standards are prerequisite for successful academic performance and for managing transition from studies into employment. At University, postgraduate students are part of a wider learning community that emulates professional standards and therefore, you must adopt appropriate professional attitudes and behaviour. Most importantly, you are expected to drive your learning in a responsible and proactive manner.

In order to develop an appropriate professional attitude the MSc teaching team expect you, as postgraduate student, to:

• Attend at all lectures and tutorials / seminars


• Arrive punctually for all sessions


• Maintain contact with lecturers and dissertation supervisors


• Refrain from talking and use of phones etc during sessions


• Show politeness and courtesy both to fellow students and university staff at all times


• Be considerate to other students in the Learning Resources Centre and in University as well as be good ambassadors when visiting other universities for research


• Manage educational commitments and ensure assignment deadlines and classes are not missed


• Submit work which is fully referenced and is students own


• Adhere to staff office hours


• Undertake responsibility for your own learning


• Be proactive in research and learning to M level particularly in the context of research advice from dissertation supervisors

Strategy for developing and embedding the professional standards

The development of professional attitudes, values and standards is central to the postgraduate students study of Law. Consequently, during the course of the induction, teaching and with regular contact with the teaching staff you will be reminded of the need to attain, where necessary and maintain professional standards. These standards are maintained formally in the Masters Field Course Committee meetings held twice in the academic year. Breaches of the code will be reported to the Masters Course Manager, Field Chair and the Head of the School of Law.