BFW1310
Introduction to Islamic banking and finance
Unit Guide
Semester 1, 2015
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this work may not be reproduced in any form without the written permission of the host Faculty and
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The information contained in this unit guide is correct at time of publication. The University has the right
to change any of the elements contained in this document at any time.
Last updated: 23 Feb 2015
Table of Contents
BFW1310 Introduction to Islamic banking and finance - Semester 1, 2015.........................................1
Mode of Delivery..............................................................................................................................1
Workload requirements....................................................................................................................1
Additional workload requirements........................................................................................1
Unit Relationships........................................................................................................................................1
Prohibitions......................................................................................................................................1
Chief Examiner(s)........................................................................................................................................1
Campus Lecturer(s).....................................................................................................................................1
Tutor(s)........................................................................................................................................................2
Malaysia...........................................................................................................................................2
Your feedback to Us....................................................................................................................................2
Previous Student Evaluations of this Unit....................................................................................................2
Academic Overview...................................................................................................................................3
Learning Outcomes.........................................................................................................................3
Unit Schedule.............................................................................................................................................4
Teaching Approach..........................................................................................................................5
Assessment Summary.....................................................................................................................5
Hurdle Requirements...........................................................................................................5
Second marking...................................................................................................................6
Return of final marks............................................................................................................6
Exam viewing.......................................................................................................................6
Assessment criteria..............................................................................................................6
Assessment Requirements......................................................................................................................7
Assessment Tasks...........................................................................................................................7
Assessment task 1...............................................................................................................7
Assessment task 2...............................................................................................................8
Examination(s).............................................................................................................................................8
Examination 1..................................................................................................................................8
Learning resources......................................................................................................................................9
Feedback to you..........................................................................................................................................9
Assignment submission...............................................................................................................................9
Online submission...........................................................................................................................9
Required Resources....................................................................................................................................9
Prescribed text(s) and readings.....................................................................................................10
Technological Requirements.....................................................................................................................10
Recommended text(s) and readings..............................................................................................10
Other Information....................................................................................................................................11
Policies..........................................................................................................................................11
Graduate Attributes Policy.................................................................................................11
Student Charter.........................................................................................................................................11
Student services........................................................................................................................................11
Monash University Library.........................................................................................................................11
Moodle 2....................................................................................................................................................11
Disability Liaison Unit................................................................................................................................12
BFW1310 Introduction to Islamic banking and finance - Semester
1, 2015
Topics covered include: Shariah and rationale for Islamic banking; history of Islamic banking; deposit,
financing and other banking facilities; Islamic financial markets; Islamic finance in selected countries; and
contemporary issues.
Mode of Delivery
Malaysia (Day)
Workload requirements
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per
semester typically comprising a mixture of scheduled learning activities and independent study.
Independent study may include associated readings, assessment and preparation for scheduled
activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled
activities may include a combination of teacher directed learning, peer directed learning and online
engagement.
See also Unit timetable information
Additional workload requirements
This is a six credit point unit with three hours class contact per week over 12 teaching weeks. It is
expected that you will spend, on average, nine hours in self-directed study each week, in addition to the
three hours of class contact. Self-directed study for a particular unit may exceed nine hours during
weeks preceding an in-semester test, submission of a major assignment or final examination. OR
Off-campus: This is a six credit point unit. For each six credit point unit the University expects you to
spend 12 hours a week in self-directed study.
Unit Relationships
Prohibitions
AFW1310
Chief Examiner(s)
Dr Mohammed Shaiban
Campus Lecturer(s)
1
BFW1310 Introduction to Islamic banking and finance - Semester 1, 2015
Tutor(s)
Malaysia
Dr. Mohammed Shaiban
Your feedback to Us
Monash is committed to excellence in education and regularly seeks feedback from students, employers
and staff. One of the key formal ways students have to provide feedback is through the Student
Evaluation of Teaching and Units (SETU) survey. The University’s student evaluation policy requires that
every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The
feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied
and areas for improvement.
For more information on Monash’s educational strategy, see:
www.monash.edu.au/about/monash-directions/ and on student evaluations, see:
www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html
Previous Student Evaluations of this Unit
Student feedback has highlighted the following strength(s) in this unit:1 Students appreciate audio/visual
clips of Islamic banking 2. Preparation for tutorials before coming to class enable them to better
understand the materials.
Student feedback has also contributed to continuous improvements, including: Better cross referencing
between lecture materials and reference book and textbooks.
If you wish to view previous Unit Evaluation Reports, please go to URL:
If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp
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Academic Overview
Learning Outcomes
The learning goals associated with this unit are to:
1. describe the need, structure and operations of Islamic banking and finance
2. explain the concept of shariah, its sources and applicability to Islamic banking and finance
3. identify the types of Islamic banking facilities
4. apply critical thinking, problem solving and presentation skills to individual and/or group activities
dealing with Islamic banking and finance
5. demonstrate in an individual summative assessment task the acquisition of a comprehensive
understanding of the topics covered by BFW1310.
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Unit Schedule
Week
Activities
0
Assessment
No formal assessment or activities are
undertaken in week 0
1
Introduction to Islamic banking and finance
Chapter 1, Khir, K., Gupta, L. pp. 1-12;
ISRA Chapter 1 pp 1- 12; ISRA Chapter
2 pp 36-69
2
Rationale for Islamic banking
Chapter 2, Khir, K., Gupta, L. pp. 14-26;
ISRA Chapter 5 pp 147-183
3
Shariah and principles of Shariah in Islamic banking
system
Chapter 3, Khir, K., Gupta, L. pp. 27-38;
ISRA Chapter 5 pp 147 - 183
4
History of Islamic banking and finance
Chapter 7, Khir, K., Gupta, L. pp.
196-205; ISRA Chapter 4 pp. 112- 121
5
Deposit facilities
Chapter 5, Khir, K., Gupta, L. pp. 62-106;
ISRA Chapter 8 pp 298 - 313
6
Financing and other banking facilities
Chapter 6, Khir, K., Gupta, L. pp.
107-195; ISRA Chapter 6 pp 202 - 238;
ISRA Chapter 7 pp 244 - 274; ISRA
Chapter 8 pp 314 - 334
7
Financing and other banking facilities
Chapter 6, Khir, K., Gupta, L. pp.
107-195; ISRA Chapter 6 pp 202 - 238;
ISRA Chapter 7 pp 244 - 274; ISRA
Chapter 8 pp 314 - 334
8
Islamic financial markets - Islamic money market
ISRA Chapter 1 pp 14 -18; ISRA Chapter
9 pp 354, 357- 386; ISRA Chapter 10 pp
390 - 424, 437; ISRA Chapter 11 pp 452,
481-485, 487; ISRA Chapter 13 pp 555;
ISRA Chapter 14 pp 590
9
Islamic capital market - Products and services
ISRA Chapter 1 pp 14 -18; ISRA Chapter
9 pp 354, 357-386; ISRA Chapter 10 pp
390 - 424, 437; ISRA Chapter 11 pp 452,
481 - 485, 487; ISRA Chapter 13 pp 555;
Islamic Capital Market Fact Finding
Report, 3.2.3 pp.27-44 Article will be
provided on Moodle 2
10
Liquidity Management & Capital Adequacy in Islamic
Banks
ISRA Chapter 1 pp 25 - 29; ISRA
Chapter 4 pp 140; ISRA Chapter 9 pp
353 - 355 ,360 -386; ISRA Chapter 15 pp
638 - 657; ISRA Chapter 16 pp 712 - 719
11
Islamic finance in selected Countries
Assessment Task 1: Assignment (tests
objectives 1, 2, 3, 4, 5.)
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Contemporary issues
ISRA Chapter 4 pp 123 - 126, 129 - 135,
139 -140; Article will be provided on
Moodle 2
SWOT VAC
No formal assessment is undertaken
SWOT VAC
Examination period
LINK to Assessment Policy:
http://policy.monash.edu.au/policy-bank/
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Unit Schedule
academic/education/assessment/
assessment-in-coursework-policy.html
Teaching Approach
In on-campus mode, this unit will be taught as a one hour class session once week for 12 weeks and an
hour tutorial each week for 12 weeks. Tutorials will consist of case studies, discussions and completion
of assigned work
The following material will be provided on Blackboard.
• The Unit Outline.
• Slides and lecture illustrations for each week’s lecture.
• The assignment.
• Articles which is in the students’ interest to read to enable him/her to prepare for lectures and
tutorials.
• Other relevant materials may be provided from time to time.
Assessment Summary
Within semester assessment: 30%
Examination: 70%
Assessment Task
Value
Group assignment
20%
Tutorial preparation and participation
10%
Examination 1
70%
Due Date
Week 11
To be advised
Hurdle Requirements
There is a hurdle requirement for this unit.
The learning outcomes of this unit require you to demonstrate a comprehensive understanding of the
topics covered in the unit. Hence the hurdle requirement for this unit requires that you must attain a
mark of at least 50% in the final examination. If you fail the unit solely because of failure to satisfy the
hurdle requirement, a mark of 48 will be determined by the faculty's Board of Examiners on the
recommendation of the unit's Chief Examiner.
The outcome from application of the hurdle requirement is often misunderstood by students who are
awarded 48N. For example, some students mistakenly believe that 48N means they failed the final
examination by two marks and that a second re-mark of their examination paper might find two extra
marks. Whereas 48N does not provide any indication of the mark attained in the final examination other
than a mark less than 50% was awarded.
The following example should make the application of the hurdle requirement clear. In this unit 30% of
the assessment regime is allocated to in-semester assessment and 70% to the final 3-hour examination.
A student enrolled in this unit might achieve 25 out of 30 for their in-semester assessment and 30 out of
70 for the final examination. While the overall total of these marks is 55 P the final examination mark is
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Unit Schedule
five marks below the required 50%. Consequently a mark of 48N will be determined by the faculty's
Board of Examiners on the recommendation of the unit's Chief Examiner.
Second marking
Where an assessment task is given a fail grade by an examiner, that piece of work will be marked again
by a second examiner who will independently evaluate the work, and consult with the first marker. No
student will be awarded a fail grade for an assessment task or unit without a second examiner confirming
the result.
Note: Exceptions to this are individual pieces of assessment contributing 10% or less of the final mark,
unless the total of such pieces exceeds 30% of the final mark.
Return of final marks
Faculty policy states that 'the final mark that a student receives for a unit will be determined by the Board
of Examiners on the recommendation of the Chief Examiner taking into account all aspects of
assessment'.
The final mark for this unit will be released by the Board of Examiners on the date nominated in the
Faculty Calendar. Student results will be accessible through the my.monash portal.
Exam viewing
Feedback on student performance in examinations and other end-of-semester assessment is required, in
accordance with the University procedures on Unit Assessment. For more information, please see the
following URL: http://www.buseco.monash.edu.au/aaf/student/exam-view/index.html.
Assessment criteria
Assessment Criteria Grading Descriptors available at:
http://www.buseco.monash.edu.au/esg/agu/policies/assessment.html.
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Assessment Requirements
Assessment Tasks
•
Assessment task 1
Title:
Group assignment
Due date:
Week 11
Details of task:
Group formation and management: Assignment will be formed in a group consisting of
3-4 students. Group management should in compliance with Monash requirements
specifically relating to group leader and peer evaluation.
Notification and resolution of disputes: Resolution of disputes should be in compliance
with Monash faculty requirement relating to group work entry. Students should solve their
disputes on a group level of not and, if not, proceed to tutor or unit leader.
Students can form group among themselves and submit the group members’ names
along with their group activity from list given in assignment details by the end of 6th week
of lecture
Task details: This assignment will be based on the practical aspect of Islamic Finance
industry. Detailed information about the assignment will be available on Moodle from
Week 1. Assignment task will be discussed with the students during week 2- 6 tutorials.
Word limit:
aprrox. 4,000 words
Weighting/Value:
20%
Presentation requirements:
Referencing requirements:; Work submitted for assessment must be consistent with the
guidelines set down in the Q Manual, which is the faculty's student guide for producing
quality work on time. Copies of this manual can be purchased at the bookshop or
accessed online at: http://www.buseco.monash.edu.au/qmanual/qmanual.pdf Marks may
be deducted where in-text citations and/or the reference list is not consistent with the
American Psychological Association (APA) style, which is illustrated in the Q Manual.
Academic integrity: In order to ensure the academic integrity of your submission and to
deter others from copying your work, your submission may be processed by text matching
software such as Turnitin. For additional information, the University's Student Academic
Integrity Policy can be found at URL:
http://www.policy.monash.edu/policy-bank/academic/education/conduct/student-academic-integrityEstimated return date:
All the assignments before the final week of semester can be collected from the unit
coordinator. You should retain the marked copy of your submission until the final results
for the unit are released.
Criteria for marking:
Overall, the work submitted for assessment will be graded in accord with the table
showing examples of grades and corresponding achievement levels published in the Q
Manual (2012, p.6).
Learning objectives assessed:
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Assessment Requirements
This assessment task is designed to verify your achievement of learning objectives 1, 2, 3,
4 and 5.
Submission details:
The assignment should be handed to your lecturer or drop in the assignment box located
on 5th Floor Building 6 in Week 11.
Work submitted for assessment must be accompanied by a completed and signed
assignment coversheet, available at
http://www.buseco.monash.edu.au/student/forms/assignment-cover-sheet-fbe.doc
Penalties for late lodgement:
A penalty of 1 mark of the total mark allocated to this assessment task will be deducted for
each day, or part thereof, it is late.
Applications for an extension of time allocated to an in- semester assessment task must
be made by completing the application form found at
http://www.monash.edu.au/exams/assets/docs/in-semester.pdf The application form must
be submitted to the Chief Examiner for consideration no later than two university working
days after the due date of the affected assessment or activity.
The outcome of an application for special consideration should not be assumed.
•
Assessment task 2
Title:
Tutorial preparation and participation
Due date:
Details of task:
Students will participate in tutorial questions and case study group discussions. Marks will
also be awarded for participating in sharing & discussing tutorial answers. Students will be
receiving 1 mark on average for each tutorial participation and submission.
Materials examinable: Tutorial questions
Weighting/Value:
10%
Estimated return date:
Marks will be made available to students during tutorials in week 12
Learning objectives assessed:
This assessment task is designed to test a student’s understanding of lecture topics.
(week 1 to week 12).
Examination(s)
• Examination 1
Weighting:
70%
Length:
3 hours
Type (open/closed book):
Closed book
Electronic devices allowed in the exam:
The final examination will be a closed book examination and approved calculators will be
permitted.
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Assessment Requirements
Remarks:
Learning objectives assessed: This assessment task is designed to test your
achievement of all five learning objectives. The examination will comprise five questions of
which candidates must attempt a total of four questions. The examination format will be a
combination of essay and/or short answer questions.
Date and location: The final examination will be held during the official examination
period. Information about examination schedule can be accessed through my.monash
portal at URL: https://my.monash.edu.au/.
Materials examinable: All materials covered during the semester are examinable. Please
refer to program and weekly outline of lecture program for details of examinable materials.
Criteria for assessment: Overall, the work submitted for assessment will be graded in
accord with the table showing examples of grades and corresponding achievement levels
published in the Q Manual (2012, p.6).
Learning resources
Monash Library Unit Reading List (if applicable to the unit)
http://readinglists.lib.monash.edu/index.html
Feedback to you
Types of feedback you can expect to receive in this unit are:
• Other: Our feedback to you will comprise: written comments on Assignments, verbal comments
on group discussion and tutorials, and feedback to the whole class, to groups, to individuals.
Assignment submission
Online submission
If Electronic Submission has been approved for your unit, please submit your work via the learning
system for this unit, which you can access via links in the my.monash portal.
Required Resources
Virtual learning environment (VLE):
Moodle Material used in class together with other information of importance to you will be published
online via the unit’s Moodle site. In order to access information about this unit in Moodle you must be
enrolled in the unit and have a valid student account with authcate username and password. Moodle is
accessed through “my.monash” portal at: https://my.monash.edu.au/. When you log in to the portal you
access Moodle in the “home page” by clicking on the Moodle 2 link under “Online Systems”.
Q Manual:
Work submitted for assessment must be consistent with the guidelines set down in the Q Manual, which
is the faculty's student guide for producing quality work on time. Copies of this manual can be purchased
at the bookshop or accessed online at:
http://www.buseco.monash.edu.au/publications/qmanual/qmanual.pdf.
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Assessment Requirements
Calculators:
Electronic devices (including calculators) are not permitted in tests and examinations in this unit unless
identified with an “approved for use” label. These labels are available from the Sunway Campus: Course
Management Staff (Building 6, Level 4, Room 9).
Prescribed text(s) and readings
Khir, K., Gupta, L., Shanumgam, B. (2008), Islamic Banking: A Practical Perspective. Pearson Longman
Technological Requirements
Electronic devices (including calculators) are not permitted in tests and examinations in this unit unless
identified with an “approved for use” label.
These labels are available from:
• Sunway Campus: Course Management Staff (Building 6, Level 4, Room 9)
Off-campus students who are unable to attend a Monash University campus must email a clear image of
their calculator to Ms. Noren De Costa Noren.costa@monash.edu .. If approved, the clear image will be
returned by post with an “approved for use” label. This document should be taken into the examination.
Recommended text(s) and readings
• Haron, S., Shanmugam, B., Alam, N. (2007), Islamic Financial System, Petaling Jaya: Insight
Network
• Dusuki, A. W. (Ed.). (2011). Islamic Financial Systems. Kuala Lumpur: International Shari'ah
Research Academy for Islamic Finance (ISRA).
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Other Information
Policies
Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and
students are aware of the University’s academic standards, and to provide advice on how they might
uphold them. You can find Monash’s Education Policies at:
www.policy.monash.edu.au/policy-bank/academic/education/index.html
Key educational policies include:
• Student Academic Integrity Policy and Student Academic Integrity: Managing Plagiarism and
Collusion Procedures ;
• Assessment in Coursework Programs;
• Special Consideration;
• Grading Scale;
• Discipline: Student Policy;
• Academic Calendar and Semesters;
• Orientation and Transition; and
• Academic and Administrative Complaints and Grievances Policy.
Graduate Attributes Policy
http://www.policy.monash.edu/policy-bank/academic/
education/management/monash-graduate-attributes-policy.html
Student Charter
www.opq.monash.edu.au/ep/student-charter/monash-university-student-charter.html
Student services
The University provides many different kinds of support services for you. Contact your tutor if you need
advice and see the range of services available at http://www.monash.edu.au/students
Monash University Library
The Monash University Library provides a range of services, resources and programs that enable you to
save time and be more effective in your learning and research. Go to www.lib.monash.edu.au or the
library tab in my.monash portal for more information.
Moodle 2
All unit and lecture materials, plus other information of importance to students, are available through the
virtual learning environment Moodle site. You can access Moodle via the my.monash portal.
Where to go for help
If you're stuck, confused or simply not sure how to approach Moodle, there are a number of Moodle
resources that you can tap into.
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Other Information
Disability Liaison Unit
Students who have a disability or medical condition are welcome to contact the Disability Liaison Unit to
discuss academic support services. Disability Liaison Officers (DLOs) visit all Victorian campuses on a
regular basis.
• Website: http://www.monash.edu/equity-diversity/disability/index.html
• Telephone: 03 9905 5704 to book an appointment with a DLO;
• Email: dlu@monash.edu
• Drop In: Equity and Diversity Centre, Level 1, Building 55, Clayton Campus.
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