Assessment Brief
Faculty of Business, Law and Social Sciences
Programme:
Assignment Brief: 2020/21
Module title:
Islamic Accounting and Finance
Level: 6
Module code:
FIN 6025
Credit rating: 20
Module leader:
Shaista Mukadam
Issue date :
January 25th 2021
Submission date :
3rd May 2021
Submission time:
12 noon
Return date:
31st May 2021
Learning outcomes:
1. Explain Islamic economics, the notion of social equality in Islamic finance, Islamic
commercial law, Shariah governance, Islamic finance legal system and development of
Islamic banking and finance.
2. Demonstrate the knowledge and awareness of underlying principles of Islamic finance
and its products and services.
3. Critically evaluate growth, challenges and critiques of Islamic banking industry and
evaluate regulatory changes made to foster the development of Islamic finance.
Assessment for this module:
Summative Assessment
An individual assignment on essay writing for up to 2,000 words on a selected topic.
Students will be asked on the theoretical background on the underlying concepts of Islamic
finance. Students are expected to read lecturer notes and journal articles in order to properly
reference their answers with empirical evidence.
This assessment covers learning outcomes 1, 2 and 3. The expected word count is 2,000
words +/- 10% and the work will be completes on an individual basis.
Topics for this assignment.
Please choose either 1 or 2 for your assignment.
1. a) A key feature in Islamic Economics is Socio-economic justice. Explain this concept
in relation to the Maqasid with reference to Islamic Commercial law and how Shariah
governance helps to implement this.
(30 Marks)
b) Diminishing Musharakah transaction is a proven way to finance buying a residential
property without the complexities and disadvantages of conventional compound
interest. Discuss the conditions for this and explain with a practical and numerical
example.
(30 marks)
c) Choose a country in the developing world (Indonesia, Malaysia, Iraq, Saudi Arabia,
Bangladesh) and track the growth of one of its Islamic bank. Comment on the General
Presentations and Disclosures in the Financial Statements of Islamic banks and
Financial Institutions with reference to AAOIFI standards.
Structure, academic writing and Harvard referencing
(30 marks)
(10 marks)
Total 100 marks
OR
1. a) As an alternative to the interest based economy, Islamic Economics offers an ethical
and sustainable proposition. Discuss with the reference to published research how
implementing Islamic Economic principles could help create a robust economy.
(30 marks)
b) An Islamic bank can accept Current, Saving and Investment Deposits. Discuss how
these will differ with the conventional banks and with reference to research critically
evaluate its success.
(30 marks)
c) The UK has made legal changes to its Finance Industry to accommodate Islamic
Banking. Discuss this statement with reference to the Regulatory framework for Islamic
Financial Institutions.
(30 marks)
Structure, academic writing and Harvard referencing
(10 marks)
Total 100 marks
Assessment criteria – the individual assignment
Introduction
Evaluation
0 – 39%
A limited introduction
and rationale with
limited/no appropriate
sources
Little or no review of
literature and little
evidence of research.
40 – 49%
Little or no critical
review of existing
literature and little
evidence of relevant
research
A fair overview of the
literature with limited
critical evaluation and
limited use of sources.
50 – 59%
A reasonable
introduction and
rationale backed up by
citations from some
appropriate sources
A reasonable overview
of the literature with
limited critical review
backed up by some
appropriate sources.
60 – 69%
A good introduction
and rationale backed
up by citations from
appropriate sources.
A good critical overview
of existing literature
backed up by
appropriate citations
from a variety of
appropriate sources.
70 – 79%
And very good
introduction and wellargued rationale
backed up by citations
from a variety of
relevant and
appropriate sources.
An excellent
introduction and
excellent rationale
backed up by a variety
of relevant and
appropriate sources.
An very good critical
overview of existing
literature backed up by
citations from a variety
of appropriate sources.
Very good structure,
and academic writing
style. Referencing
may contain some
minor errors or
omissions.
An excellent critical
overview backed by
citations from a variety
of appropriate sources.
Excellent structure
and academic writing
style. Referencing is
fully complete and
accurate.
80 – 100%
Structure, clarity
and use of language
Extremely poor
structure and
academic writing
style. No referencing.
Poor structure,
academic writing
style. Some attempt
at referencing but it is
limited and contains
errors.
Reasonable structure
and academic writing
style. Reasonable
attempt at referencing
but there are errors or
omissions.
Good structure and
academic writing
style. Referencing is
good but may not be
complete or may
contain some errors.
Please note that, under the Course Regulations, you are entitled to only two attempts to pass each assignment.
You are strongly advised to take every opportunity to submit work as failure to submit counts as a fail. Should
you fail an assignment, it is very important that you arrange a tutorial with the marker so that you can improve
your work.
How to submit your work
You should submit your work electronically on Moodle. If your work is submitted later than the stated
deadline you will be penalised as follows:
-
-
within 2 hours of submission date – your work will be capped by 10% of the mark allocated to
you ie if your work receives a mark of 60%, 6 marks will be deducted for lateness. If,
however, your work is a borderline fail, the deduction will be limited so that it remains a bare
pass ie if your work receives a mark of 42%, it will have only 2 marks deducted.
Within 7 working days of submission date – your work will be capped at 40%.
Later than 7 working days of submission date – your work will not be marked and will be
recorded as a fail.
Cheating and Plagiarism
You are reminded of the University Disciplinary Procedures which refer to cheating, details of which may be found on
the BCU Document Library (<http://diglib.bcu.ac.uk/webgate/dlib/templates/JAWS/index.asp>) in the University
Policies, Regulations and Procedures section. Except where the assessment of an assignment is group-based, the
final piece of work which is submitted must be your own work. Close similarity between assignments is likely to lead
to an investigation for cheating. It is not advisable to show your completed work to your colleagues or to share and
exchange disks.
You must also ensure that you acknowledge all sources you have used. Work which is discovered to be the result of
collusion or plagiarism will be dealt with under the University's Disciplinary Procedures, and the penalty may involve
the loss of academic credits. You should use Turnitin as a tool for checking your work for plagiarism; your module
tutor will be able to help you with this.
If you have any doubts about the extent to which you are allowed to collaborate with your colleagues, or the
conventions for acknowledging the source you have used, you should first of all consult module documentation and,
if still unclear, your module tutor.
Assignment Word Count
There is a limit to the number of words you should be writing in this assignment. The word limit should be clear
to you when you have finished reading this brief, but do please see your tutor if you are not sure about what you
have to do.
The front cover sheet you will complete before handing in your work will ask you to confirm the word limit for that
assignment and also the number of words you have actually used. The word count should include all quotes and
citations within the main text, but should exclude appendices, abstracts and bibliographies. There are penalties
for exceeding the word limit you have been given by your tutors, but there is no penalty for writing fewer words.
The penalties for exceeding the limit are as follows:
Students who exceed the word limit by up to 10% will not be penalised.
Students who exceed the word limit by more than 10%, your marks will be reduced by 10% of the mark allocated
to you ie 60% mark will be reduced by 6 percentage points to 54%. If a penalty results in your mark going below
40%, 40% will be awarded.