Al Takhassus in Fiqh Al Muamalat al-Maliyah
(Accepting applications for February intake)
About the Course
Industry studies estimate that the Islamic finance industry will require as many as one million skilled professionals by 2020. Organisations yearly need 15,000+ professionals, who have a good understanding of laws and applications of Islamic finance in real life. This talent gap cannot be fulfilled with even the most experienced bankers with a conventional educational background instead; the industry requires a stream of leadership in reliable shariah scholars equipped with in-depth Islamic fiscal knowledge and practical expertise. With the growth of new economies and the rise of markets across the globe, business schools are expanding the conventional method of teaching economics and finance. Today’s varied and fluctuating markets call for finance professionals who are both flexible in their approach and knowledgeable of different financial models. We need the same in shari’a skill set.
Realising this need, the Albalagh Academy launched Takahssus (specialisation) Islamic Banking and Finance (TIBF) in Spring 2019. TIBF is an advanced level qualification, which produces highly skilled Shariah Scholars, who can fulfill the market demands. The program has been customised solely for fresh Shari’ah graduates in order to provide the theoretical and applied knowledge of Islamic finance, Islamic fiscal jurisprudence, banking, Takaful and economics. Graduates of the program will have up-and-coming career prospects in academia and the local and international Islamic finance industry.
24 - 36 Months
Access to Mobile App
50 - 60 Courses
From £50.00 /Month
Admin & IT Support
Start your application
Starts on 21st February 2021
Pay in Full:
Pay in two instalments: £275 for 2 months
Pay in 12 Installment:
10th February 2021
Islamic finance products are based on permitted economic and commercial activity, as outlined in the Holy Quran and Sunnah. Through it, we learn the permissible sources of income, the prohibiting of other types of income including riba (interest), moral directives in conducting business, unethical trade practices, charity, consumption, wealth accumulation, social responsibility as well as communal development. Islamic finance is simply the financial tools developed based on these requirements.Islamic finance is among the fastest-growing markets, and over 700 Islamic financial institutions are operating in both Muslims and Non-Muslim countries.
Many of the world’s leading emerging markets -notably the GCC countries, Malaysia and Indonesia have significant Muslim populations, which have driven the rise of Islamic banking. Ernst and Young’s World Islamic Banking Competitiveness Report 2016 notes that Islamic banking assets have risen about 16% each year since 2010, despite general economic and political volatility. Well-established in the Middle East and select markets in Asia, Islamic banking is also a burgeoning finance model in other parts of the world, like in Europe, Islamic banking is a booming finance sub-sector.
Globally, the number of institutions offering Islamic finance degrees has risen from 141 in 2014 to 191 in 2016, according to ICD-Thomson Reuters Islamic Finance Development reports. One catalyst has been the growth of the sector. There are 1,407 Islamic financial institutions globally, from retail to investment banks and asset managers. The 2017 ICD-Reuters report put the Islamic finance industry at $2.2tn of assets in 2016 and forecast that it would grow to $3.8tn of assets by 2022.
Industry studies estimate that the Islamic finance industry will require as many as one million skilled professionals by 2020. Organisations yearly need 15,000+ professionals, who have a good understanding of laws and applications of Islamic finance in real life. This talent gap cannot be fulfilled with even the most experienced bankers with a conventional educational background instead; the industry requires a stream of leadership in reliable shariah scholars equipped with in-depth Islamic fiscal knowledge and practical expertise.
Realising this need, the Al Balagh Academy launched Takahssus (specialisation) Islamic Banking and Finance (TIBF) in Spring 2019. TIBF is an advanced level qualification, which produces highly skilled Shariah Scholars, who can fulfill the market demands. The program has been customised solely for fresh Shari’ah graduates in order to provide the theoretical and applied knowledge of Islamic finance, Islamic fiscal jurisprudence, banking, Takaful and economics. Graduates of the program will have up-and-coming career prospects in academia and the local and international Islamic finance industry.
This is a core online course which emphasises on fundamental knowledge of Islamic banking products and services, including their operations—followed by strengthening Shariah Scholars’ clarity on the applicability of Shariah Maqasid in commercial contracts for Islamic banking products and services. This would build an ability to explain the differences between Islamic banking products and their operation, to those of conventional banking. Further coverage of this course, on the product type for different customer segmentation, is supported by the students’ assignment, discussion and presentation via a case study on product packaging/product bundling. Consequently, this course leads to exposure of traditional ulama kiram on associated risks and contemporary Shariah issues about Islamic banking products and services that may lead to their exploration of Islamic banking product enhancement and innovation.
The Al Balagh Takhassus fī Fiqh al-Maliat al-Muaāṣara Program will focus on the following themes:
- Advanced Expertise in Classical Islamic Literature: Develop advanced expertise in classical Islamic Fiqh literature focusing on the chapters of fiqh that serve importance and relevance to Islamic finance. This will include a thorough study and analysis of all relevant themes of classical Islamic fiqh, uṣūl al-fiqh, tafsīr, ḥadīth and kalām literature. The program will emphasize on comparing and contrasting analysis of classical Islamic rulings and literature relevant to the field of Islamic banking and Finance, encompassing all the four Sunni schools of jurisprudence (Ḥanafi, Māliki, Shāfiʿī and Ḥanbali).
- Specialised Knowledge in Contemporary Financial Market and Islamic Finance Literature: Equip students with an advanced understanding in relevant areas of contemporary Financial market and other related sciences. Furthermore, exploring an academic approach to Islamic Economic System and contemporary Islamic finance literature. Students will be able to critique and analyse all relevant facets of related contemporary fiqh and uṣūl al-fiqh literature contextualized to financial regulations, capital market, banking system and financial transactions, Islamic insurance and micro finance as practiced today.
- Research, Analytical Skills and the Application of Islamic Fiqh to Conventional and Contemporary Issues related to Banking and Finance: Build advanced research skills and critical analysis skills in order to achieve high standards in both contemporary academic literature writing and advanced iftā drafting. Throughout the program, students will research, learn, explore and examine concepts, theories and principles related to both the vertical and horizontal growth areas of finance and its impact on Fiqh and conventional and contemporary issues in this field. They will also achieve a Master’s degree in chosen area of interest which will put them on strong grounding to produce high calibre work and engage with academics and higher academic bodies.
- Personal, Professional and Academic Skills Development: Foster and build personal, professional and academic skills which are essential for Muslim scholars, as a prerequisite to resolve current issues in the growing field of Islamic banking and Finance from the perspective of the Islamic Fiqh. Students will enhance their skills by joining Al Balagh skill-based courses throughout the specialisation. Al Balagh Skill Development Program will identify your strengths and weaknesses and suggest a graded plan of action to address and improve personal, professional and academic skills that matter. The main aim is to enhance effective communication and presentation skills so that traditional Muftis/ʿUlamā can work alongside policy makers, Global Financial and Banking Regulation Bodies/Organisations, International Muslim Scholars/ Imams, Muslim Organisations, Banking and Financial Professionals, Stock Market Brokers, and Islamic bank customers by using multidisciplinary approaches.
- Future leadership in Global Islamic Finance: Develop a new generation of Muftīs who are experts in Islamic fiqh related to banking and finance and enable them to convey, advise and implement Islamic rulings in the post-modern world of dramatically evolving global financial market trends through a multidisciplinary approach. They will be the contributors to the future of global Islamic finance and guide, identify, analyse and resolve current challenges in Islamic banking, Islamic finance, other related contemporary sciences to revive the spirit of Islam in the field of Islamic finance and so enable and contribute to international academic literature on Islamic finance, and Islamic finance industry.
- Networking, Career Guidance and Internship: To provide networking opportunities with international recognised scholars and subject experts, and career guidance and internship opportunities. Our focus is to create a new generation of Muftis who can lead the Ummah and make a global impact by dedicating their lives to reviving the spirit of Islam in the field of finance.
Students will have:
- Specialised Knowledge in Contemporary Sciences and contemporary Islamic literature relevant to Banking and Finance: Students will be able to critique and analyse all relevant facets contemporary fiqh and uṣūl al-fiqh and understand the application Islamic rulings in contemporary Financial markets. They will learn about global financial markets, banking system, financial regulations, capital market, financial transactions, Islamic insurance, micro finance, global financial products and services as practiced today. Key focus is to build expertise in main sectors of Islamic Finance, like Islamic Banking, Islamic Capital Markets and Islamic Insurance (Takaful).
- Research, Analytical Skills and the Application of Islamic Fiqh to Conventional and Contemporary Islamic Banking & Finance: Students will be able to research, explore and examine concepts, theories and principles related to Islamic banking and Finance and its impact on Islamic Fiqh and apply it to conventional and contemporary issues of the same. They will achieve a Master’s degree in a chosen area of interest which will put them on strong grounding to produce high calibre work and engage with academics and higher academic bodies. They will learn the answers to Frequently asked questions and gain a thorough academic understanding of the fundamental principles of Islamic Finance. Learners will attain key insight of the current research areas of Islamic Finance and learn to publish relevant paper in leading Islamic Finance journals. Students will be able convert non-Shariah compliant financial instruments into Shariah compliant ones and will attain familiarity with established system in the field of Islamic banking products & services including operational processes and product marketing, and awareness of current development therein.
- Advanced Expertise in classical Islamic literature: Students will attain advanced expertise in classical Islamic fiqh literature with special focus on chapters of fiqh that serve importance and relevance to Islamic Banking and Finance. They will be able to analyse classical Islamic rulings and literature relevant to the field of Islamic banking and finance and compare and evaluate the rulings of major school of thoughts.
- Personal, Professional and Academic Skills Development:Students will acquire enhanced practical skills through Al Balagh skill-based courses throughout the specialisation. Muftis/ʿUlamā will be able to work alongside policy makers, Global Financial and Banking Regulation Bodies/Organisations, International Muslim Scholars/ Imams, Muslim Organisations, Banking and Financial Professionals, Stock Market Brokers, and Islamic bank customers by using multidisciplinary approaches.
- Personal, Professional and Academic Skills Development: Muftis/ʿUlamā will get to work alongside policy makers, International and National Islamic Banks and Financial Institutions, International Muslim Scholars/ Imams, Banking and Financial Professionals, Professional Stock Market Brokers and customers by using multidisciplinary approaches.
- Networking, Career Guidance and Internship: Students will have networking opportunities with international recognised scholars and subject experts. They will get career guidance and practical exposure by working in Islamic financial institutions as an intern
Frequently Asked Questions
Are Al Balagh courses recognised or accredited?
Al Balagh courses do not provide an externally accredited or recognised qualification. Our own expert team works at the course content. With over 5000+ learners, we are continuously growing and our vision is to make Al Balagh qualifications renowned worldwide through our expert team, without seeking formal accreditation or recognition from external institutional bodies.
How is this online course structured?
Our online course comprises live interactive online sessions, pre-recorded videos, online course material that include, presentations, reading material & online learning activities. Students may ask questions and get their doubts cleared from their respective lecturers, if any. Our dedicated academic support team will assist you as required.
When will I have access to the online course material?
Upon successful enrollment, you will get access to myAlBalagh (our online learning portal) within 24 hours.
Will I get notification for live sessions?
All students will receive notification for their course live sessions via email and/or course WhatsApp group. You may also check the Course Schedule tab on your dashboard after logging in on our website or Mobile App.
Is it mandatory to attend live sessions?
We always encourage attending live sessions among students, but it is not compulsory for technical course progress of the students.
I missed a live session. Can I get the video recordings?
If you are unable to attend a live session or have missed it, you can view recorded sessions on your course dashboard. You can access all the completed Recordings, PPT and assessments anytime.
Can I download the recordings and watch it offline?
You can download recordings and PPT of the course sessions from the myAlBalagh mobile App for all the enrolled courses.The recordings will be available for students after 48 hours of the live session.
Do I get marks for watching course recordings and presentations?
There are no additional marks for watching the course recordings. Only the module Assessments and the final exam add up to the final score.You can check the individual scores of your Assessments under the Progress tab of myAlBalagh.
I have doubts but I cannot attend the live session. Any other way to ask my questions?
You can discuss your doubts via Course WhatsApp Group dedicated for student discussion or access the Discussion Board on myAlBalagh. It is a platform for you to ask questions, discuss and get your doubts cleared.
When will the final exam be held?
The Final Exam will be held at the end of the course and will be a Graded And Timed Exam.
How do I interact with my classmates?
You can interact with your classmates on our Whatsapp Group exclusive for the course students. Furthermore, you can use the Discussion Board to connect with other course students as well.
How long will I have access to the online course?
You will have access to the online course content for up to 2 years. If you want lifetime access, contact our admin team via Email at [email protected]
I am facing trouble signing into the “myAlBalagh” Online Student portal. What should I do?
In case you find any trouble accessing your account, then please contact us immediately. Our dedicated support team will ensure that your problem gets resolved at the earliest.
How can I apply for the Al Balagh Scholarship?
Al Balagh Academy values seekers of knowledge more than anything. Please visit here to apply for a scholarship. Our team will assess your application and respond in 2-3 working days.