ISLAMIC ECONOMICS AND FINANCE (ENGLISH) - NON THESIS | Istanbul Sabahattin Zaim University

About the Program

About the Program

The aim of the Islamic economics and finance Masters’ 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.

It consists of nine courses, seminar, proficiency exam, and masters’ project. (90 ECTS total) The duration of this program is 3 semesters. In order to graduate, students should successfully pass the pre-requisite course(s), have their Cumulative GPA minimum 2.50, and submit the masters’ project. Students, who completed course phase, should firstly choose their supervisors.

Pre-Requisite Courses

In addition, since Islamic economics and finance is a multi-disciplinary field in which Islamic sciences, economics and finance intersect with each other, there are two pre-requisite courses in the program.

In that regard, for those who have not Bachelor of Science or Masters’ degree from Shari’ah, Islamic sciences, and Islamic economics and finance programs, they should register to “IEC 509 – Methodology of Islamic Law” course. If the students are already acquainted with the basic knowledge related to Shari’ah, Islamic sciences, and Islamic economics and finance but not have a degree of above-mentioned programs, they can take the qualification exam for this course, which will be taken within the first week of each semester. Moreover, for those who have not Bachelor of Science or Masters’ degree from Islamic economics and finance, economics, business administration, finance and banking programs, they should register to “IEC 547 – Economic and Financial Theory” course. If the students are already acquainted with the basic knowledge related to theory economics and finance but not have a degree of above-mentioned programs, they can take the qualification exam for this course, which will be taken within the first week of each semester.

In addition, the students who have graduated from other fields which are not above-mentioned, they should register to both two courses (IEC 547 and IEC 509).

Each of these courses have 6 ECTS and will be accepted as one of the elective courses that the students are required to take.

https://www.izu.edu.tr/en/academics/institute/graduate-education-institute/contact

Program Objectives & Goals

Objectives

The aim of this program is to contribute to the development of the theory of economics and finance from a moral and legal point of Islam and to the establishment of a unique moral and economic system and financial system.
The main aim of the Islamic Economy and Finance (English) graduate programs thesis / without thesis is to provide the students with the knowledge of Islamic economics, interest-free banking, comparative studies of conventional and Islamic banks, economic relations between Islamic countries, access to information through scientific research in the history of Islamic economics and philosophy, gain the ability of information evaluation and interpretation, gain information from participation banking subjects, and how to use it.

Program Learning Outcomes

KNOWLEDGE

Having knowledge about Islamic moral understanding at academic level
Having sufficient knowledge about basic concepts and methodology of Islamic law
Having enough knowledge about Islamic commercial law
Having enough knowledge and skills about economics and finance
Ability to follow current developments in the global economy in the field of economics and finance

SKILL

To be able to make interdisciplinary academic studies between basic Islamic sciences and economics-finance sciences
Explanation and interpretation of new developments in economics and finance, from the perspective of Islamic morality and law
To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system
Ability to use the necessary information technologies

COMPETENCE

To comply with ethical rules in the fields in which they are employed and in economic-commercial activities
Having an understanding of the rights and benefits of all stakeholders of institutions
Ability to give academic work in at least one foreign language

Having knowledge about Islamic moral understanding at academic level
Having sufficient knowledge about basic concepts and methodology of Islamic law
Having enough knowledge about Islamic commercial law
Having enough knowledge and skills about economics and finance
Ability to follow current developments in the global economy in the field of economics and finance
To be able to make interdisciplinary academic studies between basic Islamic sciences and economics-finance sciences
Explanation and interpretation of new developments in economics and finance, from the perspective of Islamic morality and law
To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system
To comply with ethical rules in the fields in which they are employed and in economic-commercial activities
Having an understanding of the rights and benefits of all stakeholders of institutions
Ability to give academic work in at least one foreign language
Ability to use the necessary information technologies

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

Degree Earned:

Students who complete the requirements of the program are entitled to receive a non-thesis master's degree in Islamic Economics and Finance.

Level of Degree Earned:

National Qualifications Framework for Higher Education in Turkey (NQF-HETR): 7

Qualification Frameworks of the European Higher Education Area (QF-EHEA): 2

European Qualifications Framework for Lifelong Learning (EQF-LLL): 7

Admission Requirements

-Bachelor's degree,

-ALES and foreign language score conditions are not required,

-To get a score of at least 70 from YDS or YÖKDİL (English) or an equivalent score from the foreign language (English) exams accepted as equivalent by ÖSYM or at least 70 points from the English Language Proficiency Exam to be held by IZU.

-International/foreign candidates are required to obtain a TÖMER C1 certificate from the Turkish Education Centers of the universities, since the program language is Turkish.

-The courses of this program are given at Istanbul Sabahattin Zaim University Halkalı campus.

Graduation Requirements

Program consists of ten courses of thirty hours and graduate project work (Total 90 ECTS). The normal duration of completing this program is 2 semesters and the maximum duration is 3 semesters.

Students who successfully complete their credit courses and term project and have a cumulative grade point average of 2.50 and above are awarded a master's degree without thesis.

The rules written in "IZU Graduate Education and Examination Regulations - Article 16" are applied in the graduation processes for non-thesis master's program.

Recognition of Prior Learning

A student who has completed at least one semester in a graduate program at the university or another higher education institution can be admitted to the University's graduate programs through undergraduate transfer within the framework of the relevant legislation and the principles determined by the institute board of directors.

The principles regarding the transfer between thesis and non-thesis graduate programs are determined by the institute board of directors.

Employment Opportunities

Graduates of Islamic Economics and Finance Master's Program can work in related institutions in the public sector and private sector.

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: 6 Number of Elective Courses: 0

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
IEC 543	Islamic Economy	Compulsory	English	3	3	7.5	3
IEC 597	Scientific Research Methods	Compulsory	English	3	3	7.5	3
BLS 001	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
BLS 002	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
BLS 003	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
BLS 004	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
Total:				18	18	45,0	18,0

1th Semester Elective Courses

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
IEC 507	Islamic Economic Thought and History	Departmental Elective	English	3	3	7.5	3
IEC 509	Islamic Law Methodology	Departmental Elective	English	3	3	7.5	3
IEC 523	Advanced Microeconomics	Departmental Elective	English	3	3	7.5	3
IEC 525	Applied Time Series Econometrics	Departmental Elective	English	3	3	7.5	3
IEC 527	Takaful	Departmental Elective	English	3	3	7.5	3
IEC 529	Accounting for Islamic Finance Institutions	Departmental Elective	English	3	3	7.5	3
IEC 531	Mathematical Methods for Islamic Economics and Finance	Departmental Elective	English	3	3	7.5	3
IEC 533	Economic and Financial History of the Ottoman Empire	Departmental Elective	English	3	3	7.5	3
IEC 535	Economies of Islamic Countries	Departmental Elective	English	3	3	7.5	3
IEC 536	Islamic Commercial Law	Departmental Elective	English	3	3	7.5	3
IEC 547	Economics and Finance Theory	Departmental Elective	English	3	3	7.5	3
IEC 551	Risk Management in Islamic Finance Institutions	Departmental Elective	English	3	3	7.5	3
IEC 643	Participation Banking Marketing	Departmental Elective	English	3	3	7.5	3
Total:				39	39	97,5	39,0

2nd Semester

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

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
IEC 544	Islamic Finance	Compulsory	English	3	3	7.5	3
BLS 001	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
BLS 002	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
BLS 003	Departmental Elective Course	Departmental Elective	English	3	3	7.5	3
Total:				12	12	30,0	12,0

2nd Semester Elective Courses

Code	Course Name	Type	Language of Instruction	T	H	ECTS	Cr.
IEC 502	Islamic Commercial Law	Departmental Elective	English	3	3	7.5	3
IEC 514	Islamic Capital Markets	Departmental Elective	English	3	3	7.5	3
IEC 516	Comparative Conventional and Interest-free Banking	Departmental Elective	English	3	3	7.5	3
IEC 518	Modern Economic Systems and Islamic Economics	Departmental Elective	English	3	3	7.5	3
IEC 520	Advanced Microeconomics	Departmental Elective	English	3	3	7.5	3
IEC 524	Applied Panel Data and Horizontal Cross Section Econometrics	Departmental Elective	English	3	3	7.5	3
IEC 526	Islamic Law Principles	Departmental Elective	English	3	3	7.5	3
IEC 528	Advanced Topics in Islamic Economics	Departmental Elective	English	3	3	7.5	3
IEC 530	Advanced Topics in Islamic Finance	Departmental Elective	English	3	3	7.5	3
IEC 551	Risk Management in Islamic Finance Institutions	Departmental Elective	English	3	3	7.5	3
IEC 566	Ottoman Economics and Finance	Departmental Elective	Turkish	3	3	7.5	3
Total:				33	33	82,5	33,0

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.
IEC 503	Master's Project	Project	English	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)	30	30	90,0	30,0
Compulsory Course Total (Number of Courses: 3)	9	9	22,5	9,0
Elective Course Total (Number of Courses: 7)	21	21	52,5	21,0

Course Type	Number of Courses	Ratio (%)
Zorunlu Ders	3	27,27
Seçmeli Ders	7	63,64
Bölüm Dışı Seçmeli Ders	0	0,00

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	51	37.7%
Humanities	32.3	23.9%
Mathematics and Statistics	13.5	10%
Social and Behavioural Science	12.8	9.5%
Business and Administration	8.3	6.1%
Law	7.5	5.5%
Mathematics and Statistics	5.3	3.9%
Computing	3	2.2%
Social and Behavioural Science	1.5	1.1%

Course Category List

Compulsory Courses

Course	ECTS	Ratio (%)
IEC 544 - Islamic Finance	7.5
34 - Business and Administration		%60
46 - Mathematics and Statistics		%40
IEC 597 - Scientific Research Methods	7.5
31 - Social and Behavioural Science		%20
34 - Business and Administration		%50
46 - Mathematics and Statistics		%30

Elective Courses

Course	ECTS	Ratio (%)
IEC 507 - Islamic Economic Thought and History	7.5
22 - Humanities		%20
34 - Business and Administration		%80
IEC 509 - Islamic Law Methodology	7.5
38 - Law		%100
IEC 514 - Islamic Capital Markets	7.5
34 - Business and Administration		%50
46 - Mathematics and Statistics		%50
IEC 516 - Comparative Conventional and Interest-free Banking	7.5
22 - Humanities		%10
31 - Social and Behavioural Science		%20
34 - Business and Administration		%70
IEC 520 - Advanced Microeconomics	7.5
22 - Humanities		%100
IEC 523 - Advanced Microeconomics	7.5
34 - Business and Administration		%100
IEC 524 - Applied Panel Data and Horizontal Cross Section Econometrics	7.5
34 - Business and Administration		%50
46 - Mathematics and Statistics		%50
IEC 525 - Applied Time Series Econometrics	7.5
34 - Business and Administration		%30
46 - Mathematics and Statistics		%30
48 - Computing		%40
IEC 527 - Takaful	7.5
34 - Business and Administration		%100
IEC 529 - Accounting for Islamic Finance Institutions	7.5
31 - Social and Behavioural Science		%100
IEC 531 - Mathematical Methods for Islamic Economics and Finance	7.5
34 - Business and Administration		%50
46 - Mathematics and Statistics		%50
IEC 533 - Economic and Financial History of the Ottoman Empire	7.5
22 - Humanities		%100
IEC 535 - Economies of Islamic Countries	7.5
34 - Business and Administration		%100
IEC 547 - Economics and Finance Theory	7.5
31 - Social and Behavioural Science		%50
34 - Business and Administration		%50
IEC 551 - Risk Management in Islamic Finance Institutions	7.5
22 - Humanities		%100