Course Structure

The Post Graduate Diploma course consists of eight modules with 39 lessons and questions at the end of each lesson. The questions are designed to test in-depth understanding of the core concepts and their practical applications which have been explored within the lessons. 

Module I : Islamic Economics & Finance

This module provides an introduction to the concepts of Islamic economics and Divine Guidance in Islam for the development of an interest-free economy based on the principles of socio-economic justice. The module also explains the objective (the maqasid) of Shari'ah that provides a moral framework for conducting business and personal dealings with justice and fairness.

  • Lesson 1. Introduction to Islamic Economics
  • Lesson 2. Divine Guidance for a Moral Economy 
  • Lesson 3. Evolution of Islamic Interest-free Banking
  • Lesson 4. Realisation of Maqasid Al-Shari'ah (Objectives of Islamic Law)
Module II : Islamic Commercial Law & Contract

This module explains the Islamic principles and the modes used in financing and contracts, such as Qard, Dayn, Musharakah, Mudarabah, Ijarah, Wakalah, Kafalah, Hawalah, Jua'lah and Tawarruq.

  • Lesson 1. Early Contracts, Rules of Sales(Bai) and Evolution of Islamic Commercial Law
  • Lesson 2. Concept and Rules of Loan (Qard) and Debt (Dayn) 
  • Lesson 3. Concept of Partnerships: (Shirkah) Musharakah, and Mudarabah 
  • Lesson 4. Diminishing Musharakah 
  • Lesson 5. Credit Sales: Murabaha and Musawamah, Commodity Murabaha (Tawarruq) 
  • Lesson 6. Foward Sales: Salam and Istisna'a 
  • Lesson 7. Leasing: Ijarah as Financing Modes 
  • Lesson 8. Supporting Shari'ah Contracts and Hibah (Wakalah, Jua´lah, Tawarruq, Kafalah, Rahn, Hawalah, Istijrar, Amanah, Wadiah, Hibah)
Module III : Islamic Banking Operations

This module provides an introduction to the conventional banking system and goes on to deal with the key operations of Islamic banks and co-operation between conventional and Islamic banks. 

  • Lesson 1. Outline of the Conventional Banking System 
  • Lesson 2. Deposit and Resource Mobilisation by Islamic Banks (Liability Side) 
  • Lesson 3. Financing by Islamic Banks (Asset Side) 
  • Lesson 4. Islamic Banks Services and Fee-based Operations 
  • Lesson 5. Cooperation between Conventional and Islamic Banks 
Module IV : Islamic Venture Capital and Financial Markets

This module deals with the Islamic Financial Markets, scope and instruments. It also discusses the concepts of venture capital, investment funds, units trusts, securitisation and sukuk in accordance with Islamic principles as well as use of Shari'ah screening requirements regulate investments by Islamic banks. 

  • Lesson 1. Islamic Venture Capital 
  • Lesson 2. Islamic Financial Markets and Instruments 
  • Lesson 3. Islamic Financial Derivatives 
  • Lesson 4. Islamic Funds and Unit Trusts 
  • Lesson 5. Securitisation and Sukuk 
  • Lesson 6. Screening of Islamic Investments 
Module V : Corporate Governance, Regulation and Supervision, and Financial Accounting for Islamic Banks

This modules deals with governance and transparency issues in Islamic banks, supervisory and regulatory issues, the role of the Religious Board, Shari'ah compliance audit, accounting and taxation issues. Its also provides guidelines on  practical steps for establishing an Islamic bank and conversion of Interest-Based Banking to Islamic Interest-Free Banking. 

  • Lesson 1. Corporate Governance, Regulation and Supervision 
  • Lesson 2. Shari'ah Compliance, Supervision and Related Issues 
  • Lesson 3. Financial Accounting and Reporting of Islamic Banks 
  • Lesson 4. Practical steps to establishing an Islamic Bank 
  • Lesson 5. Product Development Issues 
Module VI : Takaful and Retakaful

This module first explains the nature of risk and the different types, the concept of insurance and reinsurance and the risks that can be protected through insurance. The rationale for the permissibility of insurance in Islam as a form of risk protection and savings plan is also explained. Finally, the module explains the main function areas in insurance and reinsurance operations as well as regulation and corporate governance of insurance companies. 

  • Lesson 1. Risk, Insurance, Insurable Risk, Reinsurance 
  • Lesson 2. Insurance Company Operations 
  • Lesson 3. Reinsurance Company Operations 
Module VII : Takaful and Retakaful Business 

This module first discusses the concepts and principles of takaful along with the historical background. It again addresses the perceived Shari'ah objections to conventional insurance. Finally, the module explains the basic takaful operating models, the nature of family takaful and general takaful business as an alternative to life and general insurance business in conventional insurance. The module also examines retakaful as an alternative to convential reinsurance. 

  • Lesson 1. Takaful - Concepts, Principles, Historical Background 
  • Lesson 2.  Takaful Operations 
  • Lesson 3. Basic Operating Models of Takaful 
  • Lesson 4. Family Takaful Business 
  • Lesson 5. General Takaful Business 
  • Lesson 6. Retakaful 
Module VIII : Takaful - Corporate Governance, Regulation, Supervision 

This module deals with key issues concerning Corporate Governance, Regulation and Shari'ah Supervision in the Takaful framework. Important related issues are also discussed. 

  • Lesson 1. Corporate Governance and Regulation in Takaful 
  • Lesson 2. Shari'ah Supervision, Financial and Accounting Issues in Takaful