Bachelor of Arts in Islamic Banking and Finance
Programme Background and Rationale
The growing demand for banking and finance services in Somaliland now require highly effective, efficient and transparent financial sector. The conventional banks and their traditional financial modalities cannot meet the basic conditions and requirements of a Muslim society. The conventional banking sector’s principles and their overall methodologies and goals do not wholly conform to the fundamental Islamic principles in many ways. For example, usuries and interest-bearing transactions which are the backbone of income in the conventional baking model are prohibited in the Islamic faith. While the fundamental agenda of conventional banking system is profit, the Islamic banking model promoted service. Islamic banking and financing in the light of Islamic Shariah is an alternative to the conventional banking model. This programme is designed to respond to the growing demand for qualified professionals in the areas of Islamic banking and finance to serve the country through provision of banking services within Islamic principles. The programme responds to the country’s growing demand for highly qualified and trained professionals in banking and finance in the light of Islamic Shariah. Somaliland people are legally Muslims and the banking and finance sectors should reflect Islamic laws. This is the surest way to increase the banked population and improve the contribution of banking services to the national economy. This programme will produce high level professionals in Islamic banking who can contribute to the realization of effective, efficient, and reliable Islamic banking sector in the horn of Africa and beyond. The program provides a complete basis for professional development and for further education in Islamic banking and finance through well designated practical courses and research work.
Prorgamme Objectives
General Objective
The overall objective of this bachelor of Arts in Islamic banking and finance programme is to produce highly qualified manpower in the field of Islamic banking and finance, with a concrete knowledge of financing theories, principles and models as applied to development issues, and other socio-economic matters relating to Somaliland and to developing countries in particular, and the world in general, but in the context of Islamic principles. They should be able to serve professionally in the banking and finance sector with the background and foresight of Islamic principles.
Specific Objectives
By the end of the programme, students should:
- Demonstrate concrete understanding of the fundamental Islamic finance and banking theories, principles, and models, and of their application in the study and practice of banking and finance.
- Demonstrate a detailed grasp of the methodologies of Islamic finance, and the capacity to perform financial analysis in the light of Islamic banking and finance at local and international level.
- Display broad understanding of the evolution of Islamic banking and finance and of its impact on banking and finance systems at all level, now and in the future.
- Display a complete and up to date knowledge of the dynamics of banking and finance sectors in the contemporary world with respect to Islamic principles.
Programme Duration
The programme shall run on a semester basis consisting of four semesters each lasting 17 weeks, or part-time basis as appropriately structured by the Faculty of Economics and Political Science, and the department of Islamic banking and finance, and approved by Senate.
Programme Modalities
The programme shall be conducted through course work, examinations and project, based on credit units. The last two weeks of each semester of each academic year shall normally be used for end-of-semester examinations. Further,
- A student shall take foundation/general courses in English, mathematics, science, Arabic, Islamic studies during the freshmen year. The freshman year also acts as a gateway to full admission into the Bachelor of Arts in Islamic banking and finance programme.
- By the end of junior year, a student may be required to attend at least 300 hours of internship in a real banking and finance work environment.
- A student shall come up with a well-written project in the area of Islamic banking and finance during the senior year of study.
Curriculum Plan
The programme shall run on a semester basis consisting of eight (8) semesters, each lasting 17 weeks in a period of four (4) academic years, whether on full time, part- time, or on sandwich, online, or any other mode as structured by the faculty of Economics and Political Science, and the department of IBF and approved by the senate.
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FRM 6111 | Introduction to reading | 45 | 0 | 45 | 3 | ||
FRM 6112 | Introduction to writing | 45 | 0 | 45 | 3 | ||
FRM 6113 | Introduction to biology | 30 | 45 | 75 | 3 | ||
FRM 6114 | Arabic language | 45 | 0 | 45 | 3 | ||
FRM 6115 | Pre-calculus | 45 | 0 | 45 | 3 | ||
Total |
| 210 | 45 | 255 | 15 | ||
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FRM 6121 | English academic reading | 45 | 0 | 45 | 3 | ||
FRM 6122 | Islamic studies | 30 | 45 | 75 | 3 | ||
IBF 6121 | Introduction to economics | 30 | 45 | 75 | 3 | ||
IBF 6122 | Statistics for economists I (Descriptive statistics) | 45 | 0 | 45 | 3 | ||
IBF 6123 | Introduction management | 45 | 0 | 45 | 3 | ||
IBF 6124 | Financial accounting, I (Fundamentals of financial accounting) | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6211 | Microeconomic I | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6212 | Macroeconomics | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6213 | Foundation of Islamic economics | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6214 | Statistics II (Probability inferential statistics) | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6215 | Financial accounting II (Accounting system for merchandizing and internal control) | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6216 | Fiqh Al mu amalat I فقهالمعاملات (١) | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6221 | Islamic banking and finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6222 | Introduction to business | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6223 | Microeconomics II | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6224 | IBF 6224 AL-AQIDA العقيد | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6225 | Fiqh Al mu amalat II فقهالمعاملات (٢) | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6226 | Sociology | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6311 | Mathematics of finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6312 | Financial management | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6313 | Marketing | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6314 | Financial statement analysis | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6315 | Islamic commercial law and contracts | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6316 | Zakat accounting | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6321 | Entrepreneurship | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6322 | Takaful (Islamic insurance) | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6323 | Islamic bank management | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6324 | Computer use in banking and finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6325 | Business law | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6326 | Money and banking | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6411 | International finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6412 | Investment analysis | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6413 | Risk management in Islamic financial institutions | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6414 | Accounting information systems | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6415 | Research methods in banking and finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6416 | Project planning and analysis | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 270 | 0 | 0 | 0 | 270 | 18 |
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IBF 6421 | Islamic capital markets | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6422 | Public finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6423 | Senior essay in Islamic banking and finance | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6424 | Managerial economics | 45 | 0 | 0 | 0 | 45 | 3 |
IBF 6425 | Accounting packages for banking and finance | 45 | 0 | 0 | 0 | 45 | 3 |
Total |
| 225 | 0 | 0 | 0 | 225 | 15 |
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General Regulations
General University regulations and guidelines for undergraduate programmes shall apply with regard to application, registration, teaching, learning, examinations, research and graduation. A student is required to sign a memorandum of understanding during the registration on pre-scribed forms.
Admission Requirements
This bachelors of Arts in Islamic banking and finance programme is best suited for students with high analytical thinking. To qualify for admission into the degree of bachelors of Arts in Islamic banking and finance, an applicant shall:
- Hold a Somaliland GCSE of at least Grade “C”, or its equivalent from a recognized examination body.
- Successfully complete a one-year freshman programme at Amoud University, and attain a GPA of at least 2.00.
- Meet other conditions as spelt out by the faculty of economics political science and the department of Islamic banking and finance, with approval of Senate.
Enrolment Types
There shall be three (3) categories of enrolments as follows:
- Full-Time Day face-to-face enrolled students who shall attend classes between 7.30 am 4.30 pm from Saturday to Thursday.
- Full-Time Evening face-to-face enrolled students who shall attend classes between 4.00 pm and 10.00 pm from Saturday to Thursday.
- Sandwich, part-time, and other modes enrolled students who shall attend classes during specific periods as specified by the faculty of economics and political science and department of IBF, and approved by Senate.
Staff, Facilities and Equipment
The faculty of economic and political science, and the department of Islamic banking and finance have adequate staff, teaching facilities, equipment and time to offer this programme. The programme is managed by highly qualified staff who are experts in Islamic banking. There are adequate modern facilities and equipment for use in the programme. The main library has adequate collection of relevant titles in finance and banking. The faculty also runs a mini library and a book bank with relevant and specialized texts in Islamic banking and finance. The faculty has adequate lecture halls and reading spaces that can accommodate all students at all times.
Funding
The programme of bachelors of Arts in Islamic banking and finance is sustained largely by funds from tuition fees and other relevant levies. The student must show proof of ability to pay tuition fees on time before being enrolled into the programme. There are no special funding arrangements for students enrolled in the programme. However, if and when, additional funds are available, they shall be dispensed according to the existing university financial policies.
Target Groups
The programme is designed for:
- Students who have successfully completed SGCSE with at least grade “C”, and who intend or aspire to work as bankers in the future or in finance related fields espousing Islamic principles.
- Persons who are already working in the banking and finance fields but whose basic training is not in Islamic banking and finance, and who intended to transform into career Islamic bankers and practical practitioner.
- Employees of the ministry of finance or persons who work in the finance related departments in private or public institutions and who intend to professionalize their employment, by applying to Islamic banking principles.
- Banking and financial institutions who intend to blend their conventional banking and financial practices with Islamic models to better serve the Muslim community.
Expected Programme Outcomes
Graduates of this programme shall be:
- Bankers, financial consultants and financial analysts for public and private institutions and organizations that are oriented towards Islamic banking principles.
- Market researchers, managers and analysts of banking and finance policies of the local and international institutions, espousing Islamic principles and practices.
- Experts of Islamic banking, finance and investment for public and private enterprises, who can work as consultants, advisors, analysists and technicians in Islamic banking and finance institutions.
- Employees in Ministry of Finance, and senior advisors on finance issues as senior managers of public and private Islamic financial institution.