Newcastle University

Aims

The module has been designed to provide the students with:
- Critical understanding of the genesis of Islamic banking and finance.
- Awareness of the main principles and concepts that govern Islamic finance.
- Sufficient knowledge of the main sources of the Islamic economic theory.

Original Summary:
What is Islamic banking? How is it different from the mainstream? How did it become a global phenomenon?

This course will be of use for professionals and graduates who are interested in learning more about this growing banking sector and who may not have the required background to understand the structure of Islamic banks’ products.
It is essential for those who are interested in the subject to be aware of the key characteristics of Islamic banking and the genesis of the Islamic banking differences.

The Islamic theory of economy draws on many different disciplines; it consists of a wide range of socio- economic principles that are different from the current practices of the financial market. The course will give an insight into the unique mixture of religious, social and economic concepts and how they are projected in the practice of Islamic banking.

Finally, the course will present a logical analysis of the development of Islamic banking that answers the question of how Islamic banking and finance reached the international banking market.

Outline Of Syllabus

- Brief introduction to the main Islamic legal sources
- The ideological background if Islamic banking
- The key characteristics of Islamic banking and finance
- Development of Islamic banking around the globe
- Islamic banking between the theory and practice

Teaching Rationale And Relationship

The lectures will be largely explanatory of the main principles of Islamic finance and economy.
During the interactive student led seminars students will deepen and apply their knowledge and understanding gained in lectures and private study.

Assessment Rationale And Relationship

The coursework will assess both students’ understanding of the theory and concepts of Islamic Economics, and their research skills, independent learning and critical capacities.