BS Islamic Banking and Finance

Program Summary

Admission Requirements:

Minimum 50% marks in Intermediate/A-Level or equivalent and Matriculation

50% marks in NTS/UMT Entry Test

Duration: 4 years
Semesters: 8
Credit Hours: 126

Curriculum Overview:

Introduction Program Summary Program Structure

Mission                      

The mission of BS-IBF program is to prepare students well versed with conventional as well
as Islamic financial system to contribute nationally and internationally in the banking
sector. 

Rationale

The growing market of Islamic Banking and Finance creates a high need for Islamic
scholars who are equipped with Islamic financial sector’s knowledge and who are able to
address the ongoing challenges faced to this market. The global awareness of Islamic
financial markets intensifies the need of producing skills in the area of Islamic banking and
finance. The BS-IBF provides students with the opportunity to become a good Islamic
financial knowledge bearer to cater the ever growing demand for a human resource in the
area.

Objectives 

The objectives of BS-IBF program are:

 To develop in graduates a strong foundation of Islamic banking and finance.

 To produce competent graduates with the knowledge of Shariah, Economics,
Finance, Accounting, Legal Shariah and Social Issues.
 To equip graduates with a particular understanding to operate the system of Islamic
banking and finance.
 To cater the growing demand for human resources in the area of Islamic banking
and finance by the industry, and academia.

Learning Outcomes

Upon completion of this program, graduates will be able to:

 Paradigm the rationale behind the development of the Islamic finance industry
 Evaluate the nature and scope of the Islamic finance industry in relation to its
conventional counterpart.
 Provide a solution to the issues related to Islamic banking and Finance.
 Utilize research work in the specified area of their expertise.
 Apply the Shariah based knowledge in banking and financial sector.

Exemption Policy

All participants in BS-IBF program are required to complete a minimum of 126 credit
hours.  A participant who has already studied a core course at an equivalent level may get
an exemption from the course.  However, in this case, the participant will need to take an
additional elective course to complete the mandatory 126 credit hours.

Career Opportunities

After completing the degree students will have ample opportunity to join Islamic or
conventional banks, Islamic investment, mudarabah and takaful companies. There is an
increasing number of companies acquiring the consultation of experts in Shariah and
Islamic finance. Graduates of BS Islamic Banking and Finance will be the relevant
candidates for such companies. Graduates of BS-IBF can also get administrative position in
any of the private, public and nonprofit organizations for their expertise in the area of
Islamic finance, CSR and Shariah compliant practices.
Program Structure

Introduction Program Summary Program Structure

ROAD MAP (SEMESTER-WISE)

Year 1

  Semester 1   Semester 2

Pre Cours Pre-

Course Req. Credit e Req Credi
    Course Title Course Title
Codes Hours Code Hours
s

   - AC – Introduction to -
IB-110 Principles of Microeconomics 3 3
125 Accounting

   - IB – -
IB – 108 Arabic Language I 3 Islamic Economics I 3
205

     - Money and -

IB –
QM – 110 Basic Mathematics 3 Financial 3
270
Intermediaries

English Grammar &     - IB – Principles of -

EN-111 3 3
Comprehension 120 Macroeconomics

 - QM- -
IS – 125 Introduction to Computer 3 Basic Statistics 3
120

 - EN - Composition and EN-

  SC-310 Islamic Studies 3 3
125 Communication 111

Total      18       18

 
 

Year 2

  Semester 3   Semester 4

Pre- Cours   Cre

Course Req. Credit e t
Course Title Course Title
Codes Hours Code Hou
s s

IB- MK – Principles of -
IB -210 Islamic Economics II 3 3
205 210 Marketing

Pakistan Development &  - IB – IB-

SC - 200 3 Study of  Fiqh I 3
Reconstruction 215 210

 - IB – Islamic Laws of  -
MG – 230 Business Law 3 3
307 Contract

- FN – Business -
MG – 120 Principles of Management 3 3
340 Finance

Introduction to Islamic Banking and Ib- SC- Introduction to -

IB – 355 3 3
Finance 270 160 Sociology

  Management IS-
IS – 125
EN - 310 English for Specific Purpose (Business) EN- 3 Information 3
240
125 System

Total      18 Total      18

 
 Year 3

  Semester 5 Semester 6

Course Pre- Credit Course Pre- Credit

Course Title Courses Title
Codes Req. Hours Codes Req. Hours

FN- IB – Islamic Capital IB-

IB -345 Islamic Financial legal maxims 3 3
340 380 Market I 307

QM- IB – Research  -
IB - 210 Inferential Statistics 3 3
120 375 Methodology

AC- IB-
IB - 220 Islamic Financial Accounting I 3 IB -416 Study of Fiqh II 3
125 215

Commercial & IB-

Introduction to International FN- IB – Islamic Banking 330
IB – 405 3 3
Finance 340 417 Operations
Management

IB – 450 Entrepreneurship   3 IB-XXX Elective I   3

Total   15 Total     15

Third Summer:  Internship    (0 Credit Hours)

Year 4

  Semester 7   Semester 8

Course Course Title Pre Credit Cours Course Title Pre Cr

Codes Req. Hours e - Ho
Code Re
 s q.

IB- Contemporary IB-

417 IB – Issues in 345
IB - 480 Product development 3 3
435 Islamic
Finance

- IB –  
IB - 370 Audit and Internal Control 3 Elective III 3
XXX

 Risk Management in Islamic Financial IB- IB –  

IB 460 3 Elective IV 3
institutions 345 XXX

  IB –  
IB – XXX Elective II 3 Elective V 3
XXX

Total    12 Total     12

* Student may take a maximum of 2 electives from other disciplines after permission from
COD.

*Courses may shuffle between semesters

Internship

Students will undertake 6-8 weeks internship in a company during summer. No credit
hours are given for the internship but it is a mandatory part of the Program.

List of Electives

 IB –490           Asset Pricing and Derivatives-  Islamic Perspective

 IB – 400          Islamic Capital Market II
 IB – 410          Ethics and Governance of Islamic Financial Institutions
 IB – 445          Takaful theory and Practice
 IB –447           Introduction to Actuarial sciences
 IB –441           Econometrics
 IB – 411          Deposits and Financing operations of Islamic banks
 IB – 408          Corporate Governance
 IB – 390          Islamic Financial Management
 IB–  412          Shahriah Governance
 IB –200           Arabic Language II
 IB – 401          Islamic Financial Accounting II
 IB – 407          International Business Management
 IB – 440          Islamic Microfinance
 IB – 495          Internship ( 0 credit hours )
 IB – 499          Thesis / Project ( 6 credit hours)

Admission Criteria

Admission Criteria for PhD Program

Admission to the program is based entirely on merit. The basic policy of the Admissions
Committee of the Institute of Islamic Banking is to select those participants whose
intellectual capacity, potential and personal characteristics best qualify them to pursue
careers in Islamic Banking and Finance.

Eligibility Requirement for Admission

 The candidate must have 1st Division (where division criteria applicable) or

Cumulative Grade Point Average (CGPA) of 3.00 out of 4.00 in MS/MPhil in one of
the following areas:


 Banking, Finance and Economics;
 Islamic Banking, Islamic Finance and Islamic Economics;
 Islamic Studies;
 Or equivalent 18 years of education from an institution/university recognized
by HEC
  No 3rd division in entire academic career (where ‘division’ criteria is applicable)
 No ‘D’ grade in entire academic career (where ‘grade’ criteria is applicable)
 Must have passed UMT entry test with a minimum score of 70% or NTS GAT Subject
(Islamic Studies/Economics/Management Sciences) with a minimum score of 60% in
their relevant area. (GAT Subject is preferable but not compulsory)
 Appear and Clear the interview with selection committee
 Note: Non-credit but compulsory language deficiency courses will also be offered as per
the decision of Interview commettee.

Admission Criteria for MS Program

Admission to the program is based entirely on merit. The basic policy of the Admissions
Committee of the Institute of Islamic Banking is to select those participants whose
intellectual capacity, potential and personal characteristics best qualify them to pursue
careers in Islamic Banking and Finance.

Eligibility Requirement for Admission

The candidate must have 2nd Division (where division criteria applicable) 50% marks in
annual system or Cumulative Grade Point Average (CGPA) of 2.50 out of 4.00 in one of the
following areas:


 Banking, Finance and Economics;
 Islamic Banking, Islamic Finance and Islamic Economics;
 Islamic Studies;
 Or equivalent 16 years of education from an institution/university recognized
by HEC
 No 3rd division in entire academic career (where ‘division’ criteria is applicable)
 No ‘D’ grade in entire academic career (where ‘grade’ criteria is applicable)
 Must have passed UMT entry test with a minimum score of 60% or NTS GAT
General (Islamic Studies/Economics/Management Sciences) with a minimum score
of 50% in their relevant area. (GAT General is preferable but not compulsory)
 Appear and Clear the interview with selection committee
 Note: Those candidate who hold the degree of "Shahad-ul-Almiya" are also eligible
to apply for MS Islamic Banking and Finance. The title of their degree will be "MS
Islamic Studies" (Specialization in Islamic Banking and Finance).
Admission Criteria for BS Program

Admission to the program is based entirely on merit. The basic policy of the Admissions
Committee of the Institute of Islamic Banking is to select those participants whose
intellectual capacity, potential and personal characteristics best qualify them to pursue
careers in Islamic Banking and Finance.

Admission Requirements:

 Minimum 50% marks in Intermediate/A-Level or equivalent and Matriculation

 50% marks in NTS/UMT Entry Test

Interview Performance

There is no age, nationality or gender restrictions. The Admission Committee will first
review the applications to ensure that candidates meet the basic requirements. After
preliminary review, the Admission Committee will shortlist candidates for interviews and
final decision.

Assessment and Evaluation System

During a semester, the participants may be required to take the tests and examinations for
each course(s) that they are being studying. Each instrument carries proportionate marks
(already mentioned by the Resoure Person in the distributed course outlines), which are
accumulated in total marks of 100% weightage.

Institute of Islamic Banking (IIB) like other schools and institutes of the University of
Management and Technology (UMT) is using Relative Grading Scheme (Normal or Bell
Shaped curve), allowing the student to achieve a grade with respect to his/her ranking in the
class. Students are formally evaluated by the resource person through different
pedagogical assessment tools throughout the semester. A combination of the following
may be employed constituting sessional as well as final evaluation and can be used to
grade the students in Relative Grading Scheme.

 Case Study
 Presentation
  Assignments
 Quizzes
 Class Participation
 Attendence
 Term Projects
 Viva Voce (for final projects/term papers)
 Mid Term Exam
 Final Term Exam

A wide range of assessment methods are available to resource persons to evaluate the
level of knowledge and skills acquired by students in a particular subject. The following two
methods are employed at IIB, generally known as sessional evaluation and final term. A
total of 100 marks are allocated to a course or a subject. These marks are normally
assigned as per following 

Sessional work (includes case study, presentation, assignments, quizzes, participation,

attendence, term papers) - 65%

End Term Exam (may include final projects, excluding internship/thesis) - 35%

However, marks allocation or weightage may vary in some cases depending on the nature
of the course or as deemed appropriate by the Resource Person. The Resource Person is
supposed to announce the student’s sessional evaluation in the class and also display it on
the notice board before the closing of classes. After classes are over, final term
examinations are conducted by the Office of Controller Examination (OCE) as per the
announced date sheet.

Compilation of Result

After the marking of the end term papers, respective Resource Person shall initially
compile the result by adding the marks secured by the participants in Sessional Work and
End term examination to complete the course evaluation. The percentage of marks
secured by a participant are then converted into letter grades.

Requirements for Result Compilation

 Complete Award List/Result is duly signed by two authorities (Resource Person and
Director)
  Signed result must be submitted to Office of Controller Examination (OCE) within
four days of exam date after reviewing the students
 Resource person should have adopted Relative Grading Scheme to grade the
students

Grading Scheme

The definition of letter grades and corresponding grade points is illustrated in the following
table.

Undergraduate / Graduate / Post Graduate Degree

Letter Grades Programs

Grade Points

A+/A 4.0

A- 3.7

B+ 3.3

B 3.0

B- 2.7

C+ 2.3

C 2.0

C- 1.7

F 0.0

P (Pass) -

I (Incomplete) -

W (Withdrawal) -

SA (Short Attendance) -

S (Satisfactory) -
 Undergraduate / Graduate / Post Graduate Degree

Letter Grades Programs

Grade Points

NC (Non Credit) -

Merit Award Scheme

Institute of Islamic Banking has started Rector and Dean Merit Awards for their participants
from the Fall 2013 to appraise the efforts of hardworking students and to promote healthy
knowledge capacity building within the institute in vision of UMT culture on semester basis.

Rector's Merit Award

Rector's Merit Award is given to participants earning Semester GPA of 4.00/4.00 who fulfill
the following conditions:

 The participant is required to take minimum 15 credit hours for bachelors,12 credit
hours for masters and 9 credit hours for MS/MPhil course load excluding the pre
and non-GPA (non credit) courses, internship, thesis and final projects.
 There should not be any 'F', 'SA', 'W' grade or course repeat.
 The participant should not have been penalized as a result of disciplinary and/or
unfair means.

The participant qualifying for Rector's Merit award will get tuition fee discount of six (06)
credit hours along with merit certificate.

Dean's Merit Award

Dean's Merit Award is given to participants fulfilling the following conditions:

The participant is required to take minimum 15 credit hours course load for bachelors,12
credit hours for master programs and 9 credit hours course load for MS/MPhil programs
excluding the pre and non-GPA (non credit) courses, internship, thesis and final project.

 The participant must have earned semester GPA 3.80/4.00

  For bachelors and master degree (equivalent to 16-years of education), criteria is
semester GPA of 3.70 or above.
 There should not be any 'F', 'SA', 'W' grade or course repeat.
 The participant should not have been penalized as a result of disciplinary and/or
unfair means.

The participant qualifying for Dean's Merit Award will get tuition fee discount of three (03)
credit hours along with merit certificate. Only top ten participants in a program who meet
the above criteria will be given Dean's Merit Award. Participants in their last semester will
only receive certificates.

Degree Requirements

 A participant has to complete the scheme of studies of a particular degree program

as per the prescribed Road Map including thesis/project/internship; Road Map of
degree program includes semester-wise courses, total number of credit hours
required to complete a degree program, foundation, core and elective courses.
 Minimum passing CGPA for Bachelors level programs is 2.00/4.00 and for Masters
level programs (sixteen years of education and above) is 2.50/ 4.00.
 Participants, who fail to maintain a CGPA of at least 2.00/4.00 at Bachelors level and
at least 2.50/4.00 at Masters level for three consecutive semesters, shall be
expelled on academic ground and shall not be readmitted in any program of the
University.
 Maximum time frame allowed for the award of four-years Bachelors Degree is six
calendar years/twelve semesters and for Masters Degree (2 years) it shall be three
years/six semesters. Summer semesters are not counted in maximum time frame
allowed for completion of degree.