Markfield Institute

Start date

Jan 29, 2024

Typical offer

Honours Degree

Duration

Full-Time (12 Months) or Part-Time (24 Months)

Fee

UK: £

6000

Overview

The MSc in Islamic Economics, Finance and Management programme gives students a critical understanding of Islamic economics and finance from Islamic and conventional theories. The programme employs a multi-disciplinary approach to examine Islamic principles, financial regulations, Islamic commercial law, Islamic financial instruments, and evaluation of financial data as part of the global financial system to equip students for employment, further studies or research. The course will develop research capabilities and critical insights into the theory and practice of the Islamic financial sector. It contextualises Islamic principles within a contemporary financial setting.

The MSc in Islamic Economics, Finance and Management is offered full-time (12 months, over three semesters) and part-time (24 months, over six semesters). The programme employs various teaching and learning methods in and outside the classroom. The taught modules are delivered through blended learning, which combines traditional class-based methods and guided independent study with online learning.

Validating University: This course has been validated by Birmingham Newman University.

Course structure

<module-heading-orange>Core modules<module-heading-orange>
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<course-name>Dissertation<course-name> <course-hours>(60 credits)<course-hours>
‍

This module allows students to develop further as independent learners through completing a supervised study, which can include some elements of research carried out in a fieldwork context. The module is a year-long module (over two semesters)

Assessment
100% Coursework

Module code
MF7 600

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<course-name>Islamic Economics and Moral Economy<course-name> <course-hours>(20 credits)<course-hours>
‍

The module develops a critical understanding of Islamic Economics and the origin, evolution, concepts and aims of the Islamic moral economy at micro and macro levels, including Islamic finance as a practical tool of Islamic economics. It also examines Islamic economic principles and the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and conventional perspectives.

‍Assessment
60% Coursework
40% Examination

Module code
MF7 700
‍

‍
<course-name>Econometrics for Islamic Finance<course-name> <course-hours>(20 credits)<course-hours>

The module examines statistical techniques for economic and financial analysis. Students will develop an understanding of data analysis and presentation techniques and their application in Islamic economics and finance, as well as statistical and econometric analysis and computational skills.

‍Assessment
50% Coursework
50% Examination

Module code
MF7 703
‍

<module-heading-purple>Optional modules<module-heading-purple>

<course-name>Islamic Commercial Law and Transactions: Foundation of Islamic Finance<course-name> <course-hours>(20 credits)<course-hours>

This module examines Islamic law's sources, concepts, and principles, including the Islamic juristic system and its application in economic, financial and commercial transactions (muamalah).Students will develop a critical understanding of the law in muamalah within the Islamic judicial framework, its scope, and some prohibitions. The module also explores aspects associated with contracts of exchange (sales) and the contract of leasing (ijarah) and their application in Islamic deposit and financing, including murabahah, salam, istisna. In addition, students will examine the contract of investments in the form of equity-like instruments and their application, including musharakah, and mudarabah.

‍Assessment
100% Coursework

Module code
MF7 701

<course-name>Risk Management in Islamic Finance<course-name> <course-hours>(20 credits)<course-hours>
This module examines the risks facing financial institutions (including Islamic banks) in general and Islamic banks in particular from both business and regulatory perspectives.

Assessment
100% Coursework

Module code
MF7 702

<course-name>Islamic Microfinance and Entrepreneurship<course-name> <course-hours>(20 credits)<course-hours>

This module critically explores Islamic microfinance concepts, principles, practices, and limitations in addressing poverty and examines key contemporary issues and debates. Topics covered include microfinance models and methodologies, impacts on poverty, entrepreneurship and the microenterprise sector in developing countries. It also provides a critical understanding of the approaches for evaluating the performance of Islamic microfinance institutions.

Assessment
100% Coursework

Module code
MF7 704

<course-name>Objectives of Shari’ah: Social Responsibility and Sustainability<course-name> <course-hours>(20 credits)<course-hours>
This module provides acritical understanding of the debates around sustainable development and social responsibility (and corporate social responsibility). In particular, it examines the implications of environmental, social, and governance (ESG) dimensions of sustainability for responsible organisations/businesses, including responsible financial investment and accounting. In addition, it examines how ESG issues inherent in the objectives of Islam (Maqāṣid al-Sharīʿah) can be employed with financial metrics to assess the risks and opportunities of responsible investment decisions.

Assessment
100% Coursework

Module code
MF7 705
‍

<course-name>Islamic Financial and Capital Markets<course-name> <course-hours>(20 credits)<course-hours>
The module examines Islamic financial and capital markets' concepts, types, frameworks, and techniques and their key features and principles. It explores Islamic finance principles and products, the types of Islamic financial and capital markets, Islamic financial instruments available, the nature of trading, advanced Islamic financial instruments, the nature of Islamic inter-bank money markets, Islamic forward markets, and Islamic foreign exchange markets. The module also develops deeper analytical and theoretical insights into regulatory frameworks and instruments traded in the Islamic capital markets in various contexts.

Assessment
100% Coursework

Module code
MF7 706

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<course-name>Strategy, Change and Leadership<course-name> <course-hours>(20 credits)<course-hours>
This module provides acritical understanding of the concepts, models and approaches for effectively managing organisational change. It explores the drivers and challenges of strategic change in the global context and approaches for implementing it through project management tools and leadership skills required in this process. It emphasises the importance of adhering to ethical leadership frameworks in managing change, drawing on conventional and Islamic leadership frameworks

Assessment
100% Coursework

Module code
MF7 707

The Course is offered on both a full-time and part-time basis.

Postgraduate Certificate: Awarded on the basis of 60 credits which must include 45 credits from core modules.
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Postgraduate Diploma: Awarded on the basis of 120 credits.

MA Degree: 180 credits (including the dissertation)

Please note that our modules are subject to change – we review the content of our courses regularly, making changes where necessary to improve your experience and graduate prospects.

Contact hours

Contact hours or guided learning hours are the number of hours a student will be taught and/or supported by their tutors during their studies. This includes direct teaching, guidance or supervision time. In addition, students are expected to spend additional time to attempt tutor set tasks and reading, completing their assessments, as well as independent study to learn the material covered in order to complete the qualification.

Each module is worth a certain number of credits. Each credit is estimated to be 10 hours of learning. For example, a 20-credit module requires 200 hours of learning, and this will include scheduled contact hours with your tutor(four hours/week online and/or in-person class attendance, and 48 hours over a 12 weeks semester). The remaining time is for the student to engage in tutor guided reading and tasks set for them, and also completing assessments.

The modules will be delivered by blended learning, which employs multiple methods to deliver learning by combining face-to-face interactions with online activities. Face-to-face interactions include lectures, seminars/tutorials, student presentations, and one-to-one support. In addition, students will be expected to engage in independent study to prepare for weekly classes, formative assessments, and coursework for each module..

Teaching staff

Students will be taught by a highly qualified, enthusiastic team of academics with wide-ranging research interests. Their research is used in lectures and seminars so you learn about the latest issues impacting the subject area.

Entry requirements

Typical offer: Candidates will generally need an honours degree from a UK university or an overseas university as an equivalent, as confirmed by UK ENIC (formerly NARIC).Students may also enter with up to 60 Level 7 credits via the Recognition of Prior Learning (RPL).

International applicants: Please see the following link on this website for the entry requirements for international students: https://www.mihe.ac.uk/international-students

Fees and funding

UK and EU

6000

Full-time course per annum. Studying at the Markfield campus.

International

9500

Full-time course per annum. Studying at the Markfield campus.

What's included? The fees includes registration, tuition, examination/assessment marking and graduation. It excludes: study materials, re-examination, residential accommodation, meals, travel, graduation robes and photographs. Please also note that the tuition fees above are for ONE YEAR of study, and therefore, those on undergraduate programmes that are more than one year, will need to pay the above tuition fees for each year of study.

Fees and financial support information

Further international fees information

Career paths

The MSc in Islamic Economics, Finance, and Management course opens up career opportunities that demand postgraduate skills, such as research, policy analysis, management and advisory/consultancy. Graduates from this course would be able to pursue careers in economics, finance and accounting professions, particularly those which focus on value-based products and services - such as conventional banks with Islamic windows and products, social, commercial and investment banks, microfinance, government bodies, money markets, insurance companies, NGOs, development agencies and businesses involved in the emerging Islamic banking and finance industry including Islamic banks, Islamic insurance (Takaful) financial regulation, Islamic capital markets, actuarial fields, and the investment arena. Graduates can also proceed to PhD Research.

How to apply

All prospective students mustcomplete an online application form on this website. To gain a place at theMarkfield Institute, you must meet our general entry requirements and thespecific entry requirements of your chosen course.

The Admissions Team will review your application and decide whether your application should receive an offer. Specific entrance requirements for individual courses can be found on individual course pages on this website. Entry to our postgraduate programmes usually requires a good Honours degree, or equivalent if you were educated outside the UK.

After considering an application and associated documents, MIHE will email the candidate about the outcome of his/her application. Successful candidates will be sent an offer letter by email informing them about fees and the level and exact title of the course. Unsuccessful candidates will be informed by email.

If you have difficulty in completing the online application form for any reason, please get in touch with admissions@mihe.ac.uk

Application form