Module Descriptors
ACCOUNTING FOR ISLAMIC FINANCIAL INSTITUTIONS
ACCT70235
Key Facts
School of Justice, Security and Sustainability
Level 7
15 credits
Contact
Leader: Ahmad Mlouk
Email: A.Mlouk@staffs.ac.uk
Hours of Study
Scheduled Learning and Teaching Activities: 36
Independent Study Hours: 114
Total Learning Hours: 150
Assessment
- CLASS-TEST weighted at 40%
- PORTFOLIO weighted at 60%
Module Details
Module Texts
CIMA (2011) Accounting for Islamic Financial Institutions, Study Guide Four.
Iskandar, Raja Ahmed Razwan (2011) Standardisation of Governance Standards for the Islamic Banking Sector: A Critical Appraisal on the Standardisation of Corporate and Shari'ah Governance for the Islamic Banking sector, LAMBERT Academic Publishing.
Iskandar, Raja Ahmed Razwan (2011) Standardisation of Governance Standards for the Islamic Banking Sector: A Critical Appraisal on the Standardisation of Corporate and Shari'ah Governance for the Islamic Banking sector, LAMBERT Academic Publishing.
Module Resources
Module study guide
The University Library and Learning Resources ¿ books and academic journals
The module VLE
Electronic data bases
Learning support materials
Internet
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Website: http://www.aaoifi.com/aaoifi/.
The University Library and Learning Resources ¿ books and academic journals
The module VLE
Electronic data bases
Learning support materials
Internet
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Website: http://www.aaoifi.com/aaoifi/.
Module Additional Assessment Details
A one hour class test weighted at 40% Testing LOs 1 & 2 and a portfolio of 2000 words weighted at 60% Testing LOs 3 & 4.
Module Learning Strategies
The learning strategy for the module requires students to commit 150 learning hours (including assessment) of which there will be 36 hours of tutor support and 114 hours of independent and self directed study.
The lecture/tutorial pattern may vary with some activities taking place in medium size group workshops.
18 hours of tutor lead sessions
18 hours of student centred learning sessions
There will be sessions to introduce the core material, as well as smaller group sessions, including problem solving, discussion and workshop type activities. Students will be expected to complete the exercises and directed learning in their independent learning time.
The lecture/tutorial pattern may vary with some activities taking place in medium size group workshops.
18 hours of tutor lead sessions
18 hours of student centred learning sessions
There will be sessions to introduce the core material, as well as smaller group sessions, including problem solving, discussion and workshop type activities. Students will be expected to complete the exercises and directed learning in their independent learning time.
Module Indicative Content
This module will introduce the development and application of the accounting system for Islamic financial institutions. This will include the framework of financial reporting for Islamic financial institutions, financial statements - balance sheet and statement of restricted investment; income statement and accounting policies on income determination, equity investment accounts and profit distribution policy. It will also cover the accounting and reporting for: Mudarabah and Musharakah financing, Murabahah financing, Ijarah and Ijarah muntahia bi tamleek, Salam and Istisna' financing. It will conclude with corporate governance, Shari'ah governance and auditing of Islamic financial institutions.
When studied as part of the MSc Islamic Finance and Accounting, the successful completion of this module may lead to an exemption from the equivalent unit in the CIMA Diploma in Islamic Finance. For up to date information on accreditation and exemptions please contact the Award Leader
When studied as part of the MSc Islamic Finance and Accounting, the successful completion of this module may lead to an exemption from the equivalent unit in the CIMA Diploma in Islamic Finance. For up to date information on accreditation and exemptions please contact the Award Leader