INTERNATIONAL FINANCE AND PARTICIPATION BANKING - NON THESIS

About the Program

About the Program

The International Finance and Participation Banking Master's Program, established in 2012, places emphasis on gaining the necessary knowledge in order to contribute to the professional experience of professionals working in participation banks and interest-free banking. On the other hand, new candidates looking for a career opportunity in the sector aim to create their professional knowledge in this highly competitive field.

Another aim of the program is to contribute to the development of the theory and practice of Islamic economics and the establishment of an Islamic economic and financial system, with an emphasis on the legal and moral aspects of Islam. The theoretical and practical aspects of Islamic economics and finance reveal how economic activities can be carried out within the framework of Islamic principles. In that sense, unlike the current economic system that causes problems such as excessive financialization, unequal distribution of wealth, as well as financial crises, Islamic economics envisages a stable economic structure based on the real economy, where prosperity is shared fairly, and excessive uncertainty and risk are eliminated.

In this context, it is aimed to provide students with the necessary knowledge about Islamic economics, basic fiqh knowledge on economic and financial issues, interest-free banking, comparative characteristics of traditional and participation banks. In addition, it is aimed to gain both qualitative and quantitative analysis methods and interpretation skills as well as scientific research in Islamic economics and finance literature.

Note: The program language is Turkish.

It consists of ten courses (3 hours per week) and master's project work (Total 90 ECTS). The normal duration of this program is 2 semesters, the maximum duration is 3 semesters.Students must successfully pass pre-required course(s) in order to graduate from the program.

Program Objectives & Goals

Objectives

To adopt the principles and rules of Islamic commercial law in general and Shari'ah contracts in particular and to apply them correctly to the relevant processes in business / academic life.
To learn the fundamentals of Islamic economics and finance, its historical development and its current applications and to transfer them to their business / academic life.
To teach basic professional knowledge to candidates who work or want to work in participation banks or interest-free financing, participation insurance etc., to develop their professional experience in the fields of method of financing, Shari'ah contracts, risk management, fund management and marketing management, and to gain skills in customer relationship management.
To equip the graduates who are aware of the current problems and have sufficient knowledge and initiative to solve these problems in the fields of participation banks, interest-free finance, and participation insurance.

Program Learning Outcomes

KNOWLEDGE

To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law.
Having knowledge about Islamic moralilty and ethics
To have sufficient knowledge about Islamic commercial law
To have sufficient knowledge about conventional economics and finance theory
To endow the students with the background regarding the theory of Islamic economics, economies of Muslim-majority countries and their relations with each other, history of Islamic economic thought and Islamic economic history within a comparative perspective

SKILL

To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance.
To substantially explain and interpret new developments in economy and finance from the perspective of Islamic law and moral understanding
To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system
To enable students to make qualitative and quantitative data analysis and to interpret them in a relevant context

COMPETENCE

Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance
To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities
To have a vision of seeking new models with an awareness of his own belief, morality and historical background in the field of Islamic Economics and Finance.

To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law.
Having knowledge about Islamic moralilty and ethics
To have sufficient knowledge about Islamic commercial law
To have sufficient knowledge about conventional economics and finance theory
To endow the students with the background regarding the theory of Islamic economics, economies of Muslim-majority countries and their relations with each other, history of Islamic economic thought and Islamic economic history within a comparative perspective
To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance.
To substantially explain and interpret new developments in economy and finance from the perspective of Islamic law and moral understanding
To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system
To enable students to make qualitative and quantitative data analysis and to interpret them in a relevant context
Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance
To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities
To have a vision of seeking new models with an awareness of his own belief, morality and historical background in the field of Islamic Economics and Finance.

Subject-Specific Qualifications	Programme Learning Outcomes
KNOWLEDGE
Theoretical / Conceptual
Lisans düzeyi yeterliliklerine dayalı olarak, aynı veya farklı bir alandaki bilgilerini uzmanlık düzeyinde geliştirir ve derinleştirir. Alanının ilişkili olduğu disiplinlerle etkileşimi açıklar.	To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law. Having knowledge about Islamic moralilty and ethics To have sufficient knowledge about Islamic commercial law To have sufficient knowledge about conventional economics and finance theory To endow the students with the background regarding the theory of Islamic economics, economies of Muslim-majority countries and their relations with each other, history of Islamic economic thought and Islamic economic history within a comparative perspective
SKILL
Cognitive / Pratical
Alana ilişkin bilgileri çalışanlar ve ekip arkadaşlarına aktarabilme becerisine sahiptir. Alana ilişkin bilgileri analitik ve sistematik olarak analiz etme, yorumlama ve değerlendirme becerisine sahiptir. Karar, uygulama ve davranışlarında alana ilişkin edindiği bilgileri kullanmak suretiyle verileri yorumlayabilme, analiz edebilme, sorunları tanımlayabilme ve çözüm önerileri getirebilme becerisine sahiptir	To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance. To substantially explain and interpret new developments in economy and finance from the perspective of Islamic law and moral understanding To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system To enable students to make qualitative and quantitative data analysis and to interpret them in a relevant context
COMPETENCE
Learning Competence
Edindiği bilgi ve becerileri eleştirel olarak değerlendirir.	Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance
Communication and Social Competence
Alanı ile ilgili edindiği bilgi ve beceriler düzeyindeki düşüncelerini ve önerilerini ilgililere yazılı ve sözlü olarak aktarır. Alana ilişkin çalışma yapanlarla iletişim kurar. Bir yabancı dili en az Avrupa Dil Portföyü B2 Genel Düzeyinde kullanarak sözlü ve yazılı iletişim kurar. Çalışma alanlarına ilişkin veri giriş ve analizlerini yapabilecek düzeyde bilgisayar yazılımı, bilişim ve iletişim teknolojilerini ileri düzeyde kullanır.	To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities
Field Specific Competence
Örgütün/Kurumun paydaşlarıyla ilişkilerini analiz edebilme ve etkin biçimde yürütür. Alana ilişkin yapılacak çalışmalarda özgünlük ve katkı sağlar. Örgüt/Kurum, iş ve toplumsal etik değerlere uygun davranır. Sosyal hakların evrenselliği, sosyal adalet, kalite ve kültürel değerler ile çevre koruma, iş sağlığı ve güvenliği konularında yeterli bilince sahiptir.	To have a vision of seeking new models with an awareness of his own belief, morality and historical background in the field of Islamic Economics and Finance.

Relationship Between Programme Learning Outcomes and Objectives

KNOWLEDGE		OBJECTIVE				T	%
Theoretical / Conceptual		O1	O2	O3	O4
1	To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law.	5 VH ✔	4 H ✔	4 H ✔	4 H ✔	17	%85,00
2	Having knowledge about Islamic moralilty and ethics	5 VH ✔	4 H ✔	3 M ✔	5 VH ✔	17	%85,00
3	To have sufficient knowledge about Islamic commercial law	5 VH ✔	4 H ✔	5 VH ✔	5 VH ✔	19	%95,00
4	To have sufficient knowledge about conventional economics and finance theory	2 L ✔	3 M ✔	4 H ✔	3 M ✔	12	%60,00
5	To endow the students with the background regarding the theory of Islamic economics, economies of Muslim-majority countries and their relations with each other, history of Islamic economic thought and Islamic economic history within a comparative perspective	3 M ✔	4 H ✔	3 M ✔	4 H ✔	14	%70,00
SKILL		OBJECTIVE				T	%
Cognitive / Pratical		O1	O2	O3	O4
1	To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance.	4 H ✔	4 H ✔	3 M ✔	3 M ✔	14	%70,00
2	To substantially explain and interpret new developments in economy and finance from the perspective of Islamic law and moral understanding	4 H ✔	4 H ✔	3 M ✔	4 H ✔	15	%75,00
3	To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system	4 H ✔	4 H ✔	4 H ✔	4 H ✔	16	%80,00
4	To enable students to make qualitative and quantitative data analysis and to interpret them in a relevant context	2 L ✔	4 H ✔	4 H ✔	3 M ✔	13	%65,00
COMPETENCE		OBJECTIVE				T	%
Learning Competence		O1	O2	O3	O4
1	Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance	3 M ✔	5 VH ✔	3 M ✔	3 M ✔	14	%70,00
Communication and Social Competence		O1	O2	O3	O4
1	To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities	4 H ✔	4 H ✔	4 H ✔	4 H ✔	16	%80,00
Field Specific Competence		O1	O2	O3	O4
1	To have a vision of seeking new models with an awareness of his own belief, morality and historical background in the field of Islamic Economics and Finance.	4 H ✔	4 H ✔	4 H ✔	4 H ✔	16	%80,00
NUMBER OF PROGRAMME LEARNING OUTCOMES (12)		12	12	12	12	-	-
WEIGHT		45	48	44	46	-	-
PERCENTAGE		%75,00	%80,00	%73,33	%76,67	-	-
CONTRIBUTION LEVEL - LOW [2] (L)		2	0	0	0
CONTRIBUTION LEVEL - MEDIUM [3] (M)		2	1	5	4
CONTRIBUTION LEVEL - HIGH [4] (H)		5	10	6	6
CONTRIBUTION LEVEL - VERY HIGH [5] (VH)		3	1	1	2

* T: Total, %: Percentage

O1 — To adopt the principles and rules of Islamic commercial law in general and Shari'ah contracts in particular and to apply them correctly to the relevant processes in business / academic life.

O2 — To learn the fundamentals of Islamic economics and finance, its historical development and its current applications and to transfer them to their business / academic life.

O3 — To teach basic professional knowledge to candidates who work or want to work in participation banks or interest-free financing, participation insurance etc., to develop their professional experience in the fields of method of financing, Shari'ah contracts, risk management, fund management and marketing management, and to gain skills in customer relationship management.

O4 — To equip the graduates who are aware of the current problems and have sufficient knowledge and initiative to solve these problems in the fields of participation banks, interest-free finance, and participation insurance.

Contribution Level: 2 = Low 3 = Medium 4 = High 5 = Very High

Contribution Level: L = Low M = Medium H = High VH = Very High

Contribution Level: ✔ = Has contribution

Teaching Methods

The most frequently used Instructional Methods of the educational programs of Istanbul Sabahattin Zaim University are given below.

Expression
Question-Answer
Discussion
Exercise and Practice
Presentation
Guided Practice
Role Playing
Group Study
Simulation
Brain Storming
Six Hat
Case Study
Experiment - Test / Lab/ Workshop / Field Practice
Self study
Problem Solving
Project Based Learning (Including Field Work)

Assessment Methods

The most frequently used Evaluation Methods of the educational programs of Istanbul Sabahattin Zaim University are given below.

Testing (Essay / Tests: True-Falls, multiple-choice, short answer, matching)
Oral Exam
Homework
Project / Design
Portfolio
Performance Assignment ( Lab / Workshop / Field Work / Seminar / Presentation / Completion Study / Thesis)

Degree and Level Awarded

Students who successfully complete the International Finance and Participation Banking Master's Program are entitled to receive a masters' degree without thesis.

Admission Requirements

- Have a Bachelor degree

- The courses of this program are taught in both Altunizade and Halkalı campuses.

Graduation Requirements

International Finance and Participation Banking Masters’ Program consists of 5 required and 4 elective courses (27 hours in total), graduate seminar, and thesis study (120 ECTS total). The normal duration of this program is 4 semesters; the maximum duration is 6 semesters. In order to graduate, students should successfully pass their pre-requisite course(s) and have their Cumulative GPA minimum 2.50.

Recognition of Prior Learning

Students enrolled can apply for exemption for courses previously taken at the master's level and included in the International Finance and Participation Banking graduate program curriculum. These applications are evaluated by the Department.

Employment Opportunities

Graduates of International Finance and Participation Banking Master's Program can work in related institutions in the public sector and private sector. Students who will graduate from this program can also find the opportunity to work in the institutions of the academic world related to the field. These institutions include both national and international universities and research organizations. Currently, the two universities in Turkey in 13 undergraduate and graduate university level Islamic economics and finance programs are available.

Another area in which our graduates can be employed is institutions and organizations in the private sector. They can work in domestic and international companies that operate in different sectors in our country within the framework of Islamic principles, as well as find employment opportunities in participation banks, participation insurance companies, savings-based financing companies and participation portfolio management companies. Currently, six branches of participation banks in Turkey and continues its activities in 1207 with market share of 6.3%. In addition, the share of participation insurance companies in the insurance sector has reached 4.3%. More than 30 companies operate in the increasingly growing savings-based financing sector.

Access to Further Studies

Students enrolled in or graduated from non-thesis master's programs before 6/2/2013 can apply for doctoral programs

Course Plan Year

Study Plan

1th Semester

Number of Compulsory Courses: 4 Number of Elective Courses: 0

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
UKB 543	Islamic Economy	Compulsory	Turkish	3	3	7.5	3
UKB 597	Scientific Research Methods	Compulsory	Turkish	3	3	7.5	3
BLS 001	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
BLS 002	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
Total:				12	12	30,0	12,0

1th Semester Elective Courses

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
ISL 501	Graduate Seminar	Departmental Elective	Turkish	2	2	7.5	2
UKB 505	International Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 521	Credit Analysis	Departmental Elective	Turkish	3	3	7.5	3
UKB 527	Financial Management	Departmental Elective	Turkish	3	3	7.5	3
UKB 535	International Islamic Banking	Departmental Elective	Turkish	3	3	7.5	3
UKB 537	Islamic Law Methodology	Departmental Elective	Turkish	3	3	7.5	3
UKB 541	Participation Banking Marketing	Departmental Elective	Turkish	3	3	7.5	3
UKB 543	Islamic Economy	Departmental Elective	Turkish	3	3	7.5	3
UKB 547	Economics and Finance Theory	Departmental Elective	Turkish	3	3	7.5	3
UKB 549	International Islamic Finance Institutions	Departmental Elective	Turkish	3	3	7.5	3
UKB 553	Advanced Macroeconomics	Departmental Elective	Turkish	3	3	7.5	3
UKB 555	Applied Time Series Econometrics	Departmental Elective	Turkish	3	3	7.5	3
UKB 557	Mathematical Methods for Islamic Economics and Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 560	Islamic Social Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 561	Islamic Economic Analysis	Departmental Elective	Turkish	3	3	7.5	3
UKB 563	Fiqh and Contemporary Financial Transactions	Departmental Elective	Turkish	3	3	7.5	3
UKB 565	Ottoman Economics and Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 567	Turkish Economy	Departmental Elective	Turkish	3	3	7.5	3
Total:				53	53	135,0	53,0

2nd Semester

Number of Compulsory Courses: 5 Number of Elective Courses: 0

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
UKB 544	Islamic Finance	Compulsory	Turkish	3	3	7.5	3
BLS 004	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
BLS 005	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
BLS 006	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
BLS 007	Departmental Elective Course	Departmental Elective	Turkish	3	3	7.5	3
Total:				15	15	37,5	15,0

2nd Semester Elective Courses

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
UKB 506	Corporate Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 518	Modern Economic Systems and Islamic Economics	Departmental Elective	Turkish	3	3	7.5	3
UKB 528	Comparative Conventional and Interest-free Banking	Departmental Elective	Turkish	3	3	7.5	3
UKB 531	The Idea of Islamic Economics and History	Departmental Elective	Turkish	3	3	7.5	3
UKB 536	Islamic Commercial Law	Departmental Elective	Turkish	3	3	7.5	3
UKB 538	Economic Policy	Departmental Elective	Turkish	3	3	7.5	3
UKB 546	Principles of Islamic Law	Departmental Elective	Turkish	3	3	7.5	3
UKB 548	Non-Interest Financial Institutions and Instruments	Departmental Elective	Turkish	3	3	7.5	3
UKB 550	Risk Management in Islamic Finance Institutions	Departmental Elective	Turkish	3	3	7.5	3
UKB 552	Advanced Microeconomics	Departmental Elective	Turkish	3	3	7.5	3
UKB 554	Takaful	Departmental Elective	Turkish	3	3	7.5	3
UKB 556	Applied Panel Data and Horizontal Cross Section Econometrics	Departmental Elective	Turkish	3	3	7.5	3
UKB 558	Accounting for Islamic Financial Institutions	Departmental Elective	Turkish	3	3	7.5	3
UKB 559	Selected Topics in Islamic Economics and Finance	Departmental Elective	Turkish	3	3	7.5	3
UKB 562	International Economics	Departmental Elective	Turkish	3	3	7.5	3
UKB 564	Ottoman Money Foundations	Departmental Elective	Turkish	3	3	7.5	3
UKB 566	History of Finance and Businees Partnerships	Departmental Elective	Turkish	3	3	7.5	3
UKB 568	Social Responsibility and Ethics in Management	Departmental Elective	Turkish	3	3	7.5	3
UKB 569	Participation Banking in Turkey	Departmental Elective	Turkish	3	3	7.5	3
UKB 570	Economies of Islamic Countries	Departmental Elective	Turkish	3	3	7.5	3
Total:				60	60	150,0	60,0

3rd Semester

Number of Compulsory Courses: 1 Number of Elective Courses: 0

Code	Course Name	Type	Language of Instruction	T	P	L	H	ECTS	Cr.
UKB 503	Master's Project	Project	Turkish	0	0	0	0	15	0
Total:				0	0	0	0	15,0	0,0

4th Semester

Number of Compulsory Courses: 1 Number of Elective Courses: 0

Code	Course Name	Type	Language of Instruction	T	P	L	H	ECTS	Cr.
UKB 503	Master's Project	Project	Turkish	0	0	0	0	15	0
Total:				0	0	0	0	15,0	0,0

Course Load Summary

Course Load Summary	T	H	ECTS	Cr.
Grand Total (Number of Courses: 11)	27	27	97,5	27,0
Compulsory Course Total (Number of Courses: 3)	9	9	22,5	9,0
Elective Course Total (Number of Courses: 6)	18	18	45,0	18,0

Course Type	Number of Courses	Ratio (%)
Zorunlu Ders	3	27,27
Seçmeli Ders	6	54,55
Bölüm Dışı Seçmeli Ders	1	9,09

T: Theory, P: Practice, L: Laboratory, WCH: Weekly Course Hours, ECTS: European Credit Transfer System, Cr.: Credit

Core Area Distribution

Core Area	Total ECTS	Ratio (%)
Business and Administration	78.8	38.9%
Humanities	38.3	18.9%
Social and Behavioural Science	33.8	16.7%
Law	18	8.9%
Business and Administration	16.5	8.1%
Mathematics and Statistics	11.3	5.6%
Humanities	3.8	1.9%
Mathematics and Statistics	2.3	1.1%

Course Category List

Compulsory Courses

Course	ECTS	Ratio (%)
UKB 543 - Islamic Economy	7.5
34 - Business and Administration		%100
UKB 544 - Islamic Finance	7.5
22 - Humanities		%30
34 - Business and Administration		%70
UKB 597 - Scientific Research Methods	7.5
22 - Humanities		%20
34 - Business and Administration		%50
46 - Mathematics and Statistics		%30

Elective Courses

Course	ECTS	Ratio (%)
ISL 501 - Graduate Seminar	7.5
22 - Humanities		%100
UKB 505 - International Finance	7.5
34 - Business and Administration		%100
UKB 521 - Credit Analysis	7.5
31 - Social and Behavioural Science		%100
UKB 527 - Financial Management	7.5
34 - Business and Administration		%50
46 - Mathematics and Statistics		%50
UKB 528 - Comparative Conventional and Interest-free Banking	7.5
22 - Humanities		%30
31 - Social and Behavioural Science		%10
34 - Business and Administration		%60
UKB 531 - The Idea of Islamic Economics and History	7.5
22 - Humanities		%20
34 - Business and Administration		%80
UKB 535 - International Islamic Banking	7.5
22 - Humanities		%20
31 - Social and Behavioural Science		%40
34 - Business and Administration		%40
UKB 536 - Islamic Commercial Law	7.5
38 - Law		%100
UKB 537 - Islamic Law Methodology	7.5
22 - Humanities		%30
38 - Law		%70
UKB 541 - Participation Banking Marketing	7.5
34 - Business and Administration		%100
UKB 546 - Principles of Islamic Law	7.5
22 - Humanities		%30
38 - Law		%70
UKB 547 - Economics and Finance Theory	7.5
31 - Social and Behavioural Science		%50
34 - Business and Administration		%50
UKB 549 - International Islamic Finance Institutions	7.5
31 - Social and Behavioural Science		%100
UKB 553 - Advanced Macroeconomics	7.5
22 - Humanities		%20
34 - Business and Administration		%80
UKB 555 - Applied Time Series Econometrics	7.5
31 - Social and Behavioural Science		%50
46 - Mathematics and Statistics		%50
UKB 557 - Mathematical Methods for Islamic Economics and Finance	7.5
34 - Business and Administration		%50
46 - Mathematics and Statistics		%50
UKB 559 - Selected Topics in Islamic Economics and Finance	7.5
22 - Humanities		%50
34 - Business and Administration		%50
UKB 561 - Islamic Economic Analysis	7.5
31 - Social and Behavioural Science		%100
UKB 563 - Fiqh and Contemporary Financial Transactions	7.5
34 - Business and Administration		%100
UKB 565 - Ottoman Economics and Finance	7.5
22 - Humanities		%100
UKB 567 - Turkish Economy	7.5
22 - Humanities		%50
34 - Business and Administration		%50
UKB 569 - Participation Banking in Turkey	7.5
22 - Humanities		%50
34 - Business and Administration		%50
UKB 570 - Economies of Islamic Countries	7.5
22 - Humanities		%10
34 - Business and Administration		%90

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