Islamic economics is based upon principles in accordance with Islamic law (Shari’ah). Fundamentally dissimilar to the conventional systems, Islamic economics and finance concerns itself with social economic justice and human welfare. With respect to conventional banking, seminal texts have often referred to Islamic banking as a more ethical system, therefore making it relevant to discussions about its contribution to conventional system of finance and multiculturalism.
In the aftermath of the financial crisis especially, there is an increasing need among scholars of Economics and those working within the industry to identify and understand what Islamic Economics is about and to debate, in order to construct a comprehensive and integrated economic system.
The Islamic economic and finance sector has experienced significant growth in recent years with an annual growth rate of 10-15%, with over 500 Islamic Financial Institutions worldwide. Islamic finance is expected to be the mainstream finance in the Gulf region, Malaysia, and other part of the world in the next decade.
The programme will evaluate the implementation of Islamic finance according to Islamic Moral economic postulates and assumptions. It aims to develop students’ abilities to understand the regulatory framework for legitimate economic exchange and productive organisation; understand market imperfection from the Islamic Economic perspective. Moreover, the course will also examine the non-market institutions and their role in economic development and securing the welfare of the larger stakeholder.
This course may be suitable for students who:
- wish to begin a career in Islamic banking and finance, or already working in the industry
- have an interest in Islamic banking and finance
It may also be of interest to businesses that would like to develop their staff performance in the principles of Islamic Banking and Finance.
The programme will improve students understanding of key Islamic economics, finance and banking concepts and practices. Students will learn of the complex structures and principles behind Islamic Banking and in doing so, will gain the necessary skills to engage in practical application. The programme will encourage students to evaluate the origin, concepts, and aims of Islamic economic in the micro and macro level and consider how it can be applied in practice.
This programme is approved and credit-rated by the Scottish Qualifications Authority (SQA). It is available on a full-time or part-time basis.
The Professional Diploma is awarded at SCQF level 11