Dersin Ayrıntıları
YarıyılKoduAdıT+U+LKrediAKTSSon Güncelleme Tarihi
2EFIN 518Islamic Finance3+0+03802.11.2025

 
Dersin Detayları
Dersin Dili İngilizce
Dersin Düzeyi Yüksek Lisans
Bölümü / Programı İktisat Tezli Yüksek Lisans Programı (İngilizce)
Öğrenim Türü Örgün Öğretim
Dersin Türü Seçmeli
Dersin Öğretim Şekli Yüz Yüze
Dersin Amacı This course aims to enhance the understanding of students on the following subjects:
1. The core principles of the Islamic financial system.
2. The various norms and prohibitions that govern activities and contracts in the Islamic financial system.
3. The differences between the Islamic financial system, Islamic Financial Institutions and its conventional counterpart.
4. The primary instruments used in the industry of Islamic banking and finance.
5. The key products and services offered by Islamic banks.
6. The Fundamental concepts of Islamic capital market
7. Conceptual and operational framework of takaful industry
8. The regulatory framework governing Islamic financial institutions.
9. The current issues and challenges of Islamic finance industry
Dersin İçeriği This course offers a comprehensive insight into the concept and the fundamental principles of Islamic finance. Students will learn throughout this course the general Shariah framework of Islamic finance in particular the Shariah objectives of financial transactions, the concept of contract in Islamic jurisprudence, types and validity conditions. At a later stage, students with also be introduced to the core principles governing Islamic banks with a thorough exploration to the key functions of Islamic banks and main products and services. Additionally, student will be exposed adequately to the most important contracts used in structuring Shariah- compliant products and services in Islamic Financial Institutions (IFIs). Other primary topics in this course will include Islamic capital market, industry of takaful (Islamic insurance) and regulatory framework of Islamic banks and financial institutions.
Dersin Yöntem ve Teknikleri
Ön Koşulları Yok
Dersin Koordinatörü Yok
Dersi Verenler Doktor Omar Kachkar
Dersin Yardımcıları Yok
Dersin Staj Durumu Yok

Ders Kaynakları
Kaynaklar Islamic Financial System: Principles & Operations. ISRA Publication (hard copy)
Ders Notları Learning resources
1. Islamic Financial System: Principles & Operations. ISRA Publication
(hard copy)
2. An introduction to Islamic Finance by Mufti Muhammad Taqi Usmani
https://attahawi.files.wordpress.com/2010/01/an-introduction-to-islamic-finance.pdf
3. Understanding Islamic Finance by Muhammad Ayub
http://www.acarindex.com/dosyalar/kitap/acarindex-1424384539.pdf
4. Handbook of Islamic Banking Edited by M. Kabir Hassan, Mervyn K. Lewis
https://www.kantakji.com/media/2266/c1005.pdf
5. Global Report on Islamic Finance 2016 –World Bank Group & the Islamic Research and Training Institute (IRTI), the Islamic Development Bank Group.
http://www.irti.org/English/News/Documents/438.pdf
6. Islamic Financial Services Industry Stability Report by The Islamic Financial Services Board (IFSB)
http://www.ifsb.org 2017
7. AAOIFI Shariah Standards by the Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI)
http://www.assaif.org/ita/content/download/31770/162486/file/Mr+Khairul+Nizam+%28AAOIFI+-+Governance+and+Auditing+Standards%29.pdf
8. Shariah Governance Framework 2010, Bank Negara Malaysia (BNM) (the Central Bank)
https://www.bnm.gov.my/guidelines/05_shariah/02_Shariah_Governance_Framework_20101026.pdf
9. Islamic Financial Services Act 2013 by BNM, Malaysia http://www.bnm.gov.my/index.php?ch=en_legislation&pg=en_legislation_act&ac=222&full=1&lang=en
10. Shariah Standards of Bank Negara Malaysia
http://www.bnm.gov.my/index.php?ch=en_policy&lang=en
11. Guiding Principles on Shari`ah Governance Systems for Institutions Offering Islamic Financial Services by (IFSB)
https://ifsb.org/standard/IFSB-10%20Shariah%20Governance.pdf
Useful Websites:
• www.aaoifi.com
• www.ifsb.org
• www.isdb.org
• www.bnm.gov.my
• https://ifikr.isra.my/
• http://www.irti.org/English/Pages/Publications.aspx

Ders Yapısı
Alan Bilgisi %100

Planlanan Öğrenme Aktiviteleri ve Metodları
Etkinlikler ayrıntılı olarak "Değerlendirme" ve "İş Yükü Hesaplaması" bölümlerinde verilmiştir.

Değerlendirme Ölçütleri
Yarıyıl Çalışmaları Sayısı Katkı
Kısa Sınav 2 % 10
Ödev 2 % 10
Proje 1 % 30
Toplam :
5
% 50

 
AKTS Hesaplama İçeriği
İş Yükü Sayısı Süre Toplam İş Yükü (Saat)
Ders Süresi 14 52 728
Sınıf Dışı Ç. Süresi 14 52 728
Ödevler 2 0 0
Sunum/Seminer Hazırlama 1 50 50
Proje 1 20 20
Yarıyıl Sonu Sınavı 1 20 20
Toplam İş Yükü   AKTS Kredisi : 52 1546

 
Dersin Öğrenme Çıktıları: Bu dersin başarılı bir şekilde tamamlanmasıyla öğrenciler şunları yapabileceklerdir:
Sıra NoAçıklama
1 The core principles of the Islamic financial system.
2 The various norms and prohibitions that govern activities and contracts in the Islamic financial system.
3 The differences between the Islamic financial system, Islamic Financial Institutions and its conventional counterpart.
4 The primary instruments used in the industry of Islamic banking and finance.
5 The key products and services offered by Islamic banks.
6 The Fundamental concepts of Islamic capital market
7 Conceptual and operational framework of takaful industry
8 The regulatory framework governing Islamic financial institutions.
9 The current issues and challenges of Islamic finance industry

 
Ders Konuları
HaftaKonuÖn HazırlıkDökümanlar
1 OVERVIEW OF ISLAMIC FINANCE 1. General overview of Islamic Finance 2. What is Islamic finance 3. Value Preposition of Islamic Financial System 4. What are the basic principles of Islamic finance 5. Historical development of Islamic finance
2 FIQH (JURISPRUDENCE) PERSPECTIVE OF ISLAMIC FINANCE, (1) 1. Definition of Contracts in Shariah Shariah 2. Maqasid al-Shariah in contracts 3. Pillars of Valid contracts 4. Validity requirement for contracts o Contract form o Contracting parties o Contract subject matter
3 FIQH (JURISPRUDENCE) PERSPECTIVE OF ISLAMIC FINANCE, (2) 5. Classification of Contracts o Invalid and void contracts (Batil and fasid) o Binding and non-binding contracts o Equity vs. debt based contracts o Exchange-based Contracts (‘Uqud Al-Mu’awadat) o Charity-based Contracts o (‘Uqud Al-Tabarru’at) o Waiving Contracts (‘Uqud Al-Isqatat) o Partnership Contracts (‘Uqud Al-Ishtirak) 6. Fundamental Prohibited Elements in Islamic Finance o Prohibition of Riba o Prohibition of Gharar o Prohibition of Gambling (Maysir)
4 SHARI’AH CONTRACTS FOR ISLAMIC FINANCIAL INSTRUMENTS (1) 1. Bay’ Al-Murabahah (Mark-up Sale) 2. Bay’ Al-Istisna’ (Manufacturing Sale) 3. Bay’ Al-Salam (Forward Sale) 4. Bay’ Al-Dayn (Sale of Debt) 5. Bay’ Al-Sarf (Sale of Currency) 6. Bay’ Al-’Inah (Sell and Buyback) 7. Bay’ Al-Tawarruq (Monetisation/Cash Financing/ 8. Cash Procurement) 9. Ijarah (Lease)
5 SHARI’AH CONTRACTS FOR ISLAMIC FINANCIAL INSTRUMENTS (2) 1. Partnership Contracts in Islamic Finance 2. Musharakah 3. Mudarabah 4. Security Contracts 5. Kafalah (Guarantee) 6. Rahn 7. Charitable Contracts 8. Hibah 9. Wadi’ah (Deposits) 10. Agency Contract: Wakalah 11. Definition of Wakalah 12. Legality of Wakalah 13. Basic Rules and Conditions of a Wakalah Contract 14. Types of Wakalah Contract 15. Supporting Contracts 16. Hiwalah 17. Muqasah (Set-off) 18. Ibra’ 19. Wa?d
6 ISLAMIC BANKING OPERATIONS AND INSTRUMENTS Operations of Islamic banks A. Sources of Funds • Savings Deposit • Current Deposit • Term Deposit • Investment Deposit • Underlying Contracts for Savings and Current Deposit B. Uses of Funds • Islamic Retail Financing • Corporate Financing • Working Capital Financing C. Supporting Services (Trade Financing) • Islamic Letter of Credit • Islamic Bank Guarantee
7 ISLAMIC CAPITAL MARKET (1) 1. Financial market 2. Types of financial markets 3. Primary and secondary market 4. Money Market 5. Derivatives (Futures, Options, Swaps, Forwards, ) 6. What is Capital Market 7. Importance & functions of capital market 8. Stakeholders in capital market 9. What is Islamic capital market 10. Difference between Islamic and conventional capital market 11. Sukuk as an Islamic alternative to conventional bonds 12. Types and structures of sukuk 13. Issues and challenges of sukuk 14. Islamic equity market 15. Islamic Real Estate Investment Trusts (REITs) 16. Islamic Exchange Traded Funds (ETFs) 17. Shari’ah-Screening of Shares 18. Issues and Challenges
8 ISLAMIC CAPITAL MARKET (2) 1. Sukuk Market 2. Preview 3. Shari’ah Framework for Islamic Securities 4. Definition of Sukuk 5. Origin of Sukuk 6. Role of Shari’ah Framework in Sukuk Structuring 7. Sukuk Structures 8. Sale-Based Sukuk 9. Lease-Based Sukuk 10. Equity-Based Sukuk 11. Issues, Opportunities and Challenges in the Sukuk Market 12. Sukuk — Debt or Equity 13. Sukuk Trading 14. Sukuk Pricing 15. Sukuk Default
9 ISLAMIC EQUITY MARKET 1. The Characteristics of Islamic Equity 2. Shari’ah Permissibility of Modern Day Corporations 3. Shari’ah Permissibility of Secondary Market Trading 4. Approach 1: Shares as Reflecting Partnership Interest 5. Approach 2: Shares as Ownership of Enterprise 6. Equity Valuation 7. Supply, Demand and Price of Equity 8. Models of Pricing and Equity Valuation 9. Understanding and Measuring Risks 10. Islamic Equity Market Instruments 11. Shares or Stocks 12. Preference Shares 13. Stock Index Futures 14. Short-selling 15. Unit Trusts or Mutual Funds 16. Islamic Real Estate Investment Trusts (REITs) 17. Islamic Exchange Traded Funds (ETFs) 18. Shari’ah-Screening of Shares 19. Sector Screening 20. Financial Screening 21. Dividend Purification 22. Issues in Shari’ah Stock Screening 23. Islamic Equity Market Index 24. Issues, Opportunities and Challenges 25. Speculation in Equity Markets
10 TAKAFUL (ISLAMIC INSURANCE) 1. Concept of Insurance 2. Why Conventional Insurance is not Accepted by Shari’ah 3. Islamic Alternative to Insurance — Takaful 4. Historical Development of Takaful 5. The Evolution of Takaful 6. Shariah Ruling of takaful 7. Why takaful is permissible 8. The difference between takaful and insurance 9. Classification of takaful operations 10. General and family takaful 11. Underlying Contracts in Takaful 12. Models of Takaful
11 RISK MANAGEMENT TOOLS AND MECHANISMS 1. The Basics: Defining Derivatives 2. Foreign Exchange Basics (Nominal Versus Real Exchange Rate) 3. What is an Exchange Rate? 4. Exchange Rate Risk 5. Nominal versus Real Exchange Rates 6. Forwards, Futures, Options, and Swaps from the Islamic Perspective 7. Islamic Forex Derivative Instruments 8. Islamic Promissory Forward Contracts 9. Islamic Forex Swap 10. Islamic Cross Currency Swap 11. Islamic Profit Rate Swap 12. Islamic Options 13. Islamic-Structured Products 14. Pricing of Islamic Derivatives and Islamic-Structured Products 15. Valuing a Basic Sukuk Ijarah 16. Valuing the Embedded Call Option 17. Valuing Wa’d-Based Currency Swaps 18. Issues, Opportunities and Challenges
12 REGULATORY FRAMEWORK AND SUPERVISION 1. Introduction 2. Attitude of countries to Islamic finance 3. Llewellyn’s Theory on the need for Regulatory framework 4. Rationale for the Regulation of Islamic Finance 5. The Unique Characteristics of the Regulation of Islamic Finance 6. Regulatory and Supervisory Authorities for Islamic Finance
13 CORPORATE AND SHARI’AH GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS 1. Corporate Governance 2. Conceptual Definition of Corporate Governance from the Islamic 3. Perspective 4. The Role of Corporate Governance in Islamic Financial Institutions 5. (IFIs) 6. The Development of Corporate Governance in IFIs 7. Foundational Dimension of Corporate Governance 8. Corporate Governance Framework in IFIs 9. Corporate Social Responsibility in IFIs 10. Corporate Governance Issues 11. Shari’ah Governance 12. Conceptual Framework of Shari’ah Governance System 13. Functions of a Shari’ah Governance System 14. Institutionalisation of Shari’ah Board 15. Role of a Shari’ah Board 16. International Standard-Setting Agencies 17. Shari’ah Governance Process 18. Shari’ah Governance Issues 19. Independence of Shari’ah Board 20. Competency and Conflict of Interest 21. Disclosure, Transparency and Consistency 22. Legal Status of the Shari’ah Pronouncement
14 MOVING FORWARD — OPPORTUNITIES, ISSUES AND CHALLENGES 1. Islamic Finance in Light of the 2007-2009 Global Financial Crisis 2. Challenges Facing Islamic Finance 3. Islamic Finance : Between Ideals and Reality 4. Shari’ah Governance 5. Standardisation 6. Developing a Comprehensive and Robust Islamic Financial System 7. Debt vs Equity 8. A Way Forward 9. Need For a New Approach 10. Going Beyond Shari’ah-Compliance

 
Dersin Program Çıktılarına Katkısı
P1 P2 P3 P4 P5 P6 P7 P8
Tüm 5 5 4 3 4 4 4 3
Ö1 5 5 4 3 4 4 4 3
Ö2 5 5 4 3 4 4 4 3
Ö3 5 5 4 3 4 4 4 3
Ö4 5 5 4 3 4 4 4 3
Ö5 5 5 4 3 4 4 4 3
Ö6 5 5 4 3 4 4 4 3
Ö7 5 5 4 3 4 4 4 3
Ö8 5 5 4 3 4 4 4 3
Ö9 5 5 4 3 4 4 4 3

  Katkı Düzeyi: 1: Çok Düşük 2: Düşük 3: Orta 4: Yüksek 5: Çok Yüksek

  
  https://obs.ihu.edu.tr/oibs/bologna/progCourseDetails.aspx?curCourse=248732&lang=tr