INTERNATIONAL FINANCE AND PARTICIPATION BANKING - 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.

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. The students are kindly recommended to take all the courses in their corresponding semesters in order to avoid any problem that might lead to extend their coursework period. 

Students enrolled in the Master's Programs must meet at least one of the following conditions before the thesis defense exam to graduate:

  • Students, who completed course phase, should firstly choose their supervisors.
  • Then they should submit a thesis proposal with the thesis form to the Institute, before starting their theses. After their proposals approved by the Institute, they can start their theses.
  • Students enrolled in thesis master programs in the Institute of Social Sciences must fulfill the following conditions before their graduation:

The student who is enrolled in a graduate program must fulfill at least one of the following conditions in order to graduate.

  1. Two papers presented at national or international conferences,
  2. An article published in a peer-reviewed/indexed journal, accepted for publication, or received a DOI number,
  3. Two papers presented at Social Sciences symposiums organized by IZU.

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 “UKB 537 – 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 “UKB 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 (UKB 547 and UKB 537).

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

Program Objectives & Goals

Objectives

  1. 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.
  2. To learn the basics of Islamic economics and finance, its historical development and its current applications and to transfer them to their business / academic life.
  3. 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.
  4. 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

  1. To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law.
  2. Having knowledge about Islamic moralilty and ethics
  3. To have sufficient knowledge about Islamic commercial law
  4. To have sufficient knowledge about conventional economics and finance theory
  5. To provide the students with the fundamental knowledge and skills related to Islamic finance
  6. 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

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

COMPETENCE

  1. Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance
  2. To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities
  3. 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.
  1. To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law.
  2. Having knowledge about Islamic moralilty and ethics
  3. To have sufficient knowledge about Islamic commercial law
  4. To have sufficient knowledge about conventional economics and finance theory
  5. To provide the students with the fundamental knowledge and skills related to Islamic finance
  6. 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
  7. To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance.
  8. To substantially explain and interpret new developments in economy and finance from the perspective of Islamic law and moral understanding
  9. To be able to develop unique mechanisms and products in accordance with Islamic principles in the financial system
  10. To enable students to make qualitative and quantitative data analysis and to interpret them in a relevant context
  11. Competence to conduct qualitative and quantitative research in terms of resources, methods and terminology in the field of Islamic economics and finance
  12. To behave in accordance with Islamic morality and ethical rules in the fields and economic-commercial activities
  13. 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 QualificationsProgramme 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 provide the students with the fundamental knowledge and skills related to Islamic finance
  • 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
KNOWLEDGEOBJECTIVET%
Theoretical / ConceptualO1O2O3O4
1To have a sufficient knowledge about the fundamental concepts and methodology of Islamic law. 5 VH ✔ 4 H ✔ 4 H ✔ 4 H ✔17%85,00
2Having knowledge about Islamic moralilty and ethics 5 VH ✔ 4 H ✔ 3 M ✔ 5 VH ✔17%85,00
3To have sufficient knowledge about Islamic commercial law 5 VH ✔ 4 H ✔ 5 VH ✔ 5 VH ✔19%95,00
4To have sufficient knowledge about conventional economics and finance theory 2 L ✔ 3 M ✔ 4 H ✔ 3 M ✔12%60,00
5To provide the students with the fundamental knowledge and skills related to Islamic finance 4 H ✔ 5 VH ✔ 5 VH ✔ 4 H ✔18%90,00
6To 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
SKILLOBJECTIVET%
Cognitive / PraticalO1O2O3O4
1To be able to conduct interdisciplinary academic studies between Islamic sciences and economics-finance. 4 H ✔ 4 H ✔ 3 M ✔ 3 M ✔14%70,00
2To 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
3To 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
4To 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
COMPETENCEOBJECTIVET%
Learning CompetenceO1O2O3O4
1Competence 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 CompetenceO1O2O3O4
1To 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 CompetenceO1O2O3O4
1To 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 (13)13131313--
WEIGHT49534950--
PERCENTAGE%75,38%81,54%75,38%76,92--
CONTRIBUTION LEVEL - LOW [2] (L)2000
CONTRIBUTION LEVEL - MEDIUM [3] (M)2154
CONTRIBUTION LEVEL - HIGH [4] (H)61067
CONTRIBUTION LEVEL - VERY HIGH [5] (VH)3222

* 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 basics 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
Degree and Level Awarded

Students who successfully complete the International Finance and Participation Banking Master's Program are entitled to receive a masters' degree with thesis.

Admission Requirements

- Have a Bachelor degree

- Candidates should pass the enterance exam.

- Turkish citizens should submit ALES score, which should be above 55 in any grading criteria

- 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. The students are kindly recommended to take all the courses in their corresponding semesters in order to avoid any problem that might lead to extend their coursework period. 

Students enrolled in the Master's Programs must meet at least one of the following conditions before the thesis defense exam to graduate:

  • Students, who completed course phase, should firstly choose their supervisors.
  • Then they should submit a thesis proposal with the thesis form to the Institute, before starting their theses. After their proposals approved by the Institute, they can start their theses.
  • Students enrolled in thesis master programs in the Institute of Social Sciences must fulfill the following conditions before their graduation:

The student who is enrolled in a graduate program must fulfill at least one of the following conditions in order to graduate.

  1. Two papers presented at national or international conferences,
  2. An article published in a peer-reviewed/indexed journal, accepted for publication, or received a DOI number,
  3. Two papers presented at Social Sciences symposiums organized by IZU.
Recognition of Prior Learning

Graduates who meet the application requirements for the International Finance and Participation Banking Master Program and who are successful in the science exam are accepted to the program. Upon the recommendation of the exam jury and the approval of the head of the department, they enroll in the Graduate Education Program of Istanbul Sabahattin Zaim University Graduate Education Institute, Department of Islamic Economics and Finance.

In addition, 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.

Study Plan

1th Semester

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

CodeCourse NameTypeLanguage of InstructionTPLHECTSCr.
UKB 543 Islamic Economy CompulsoryTurkish30037.53
UKB 597 Scientific Research Methods CompulsoryTurkish30037.53
BLS 001 Departmental Elective Course Departmental ElectiveTurkish30037.53
BLS 002 Departmental Elective Course Departmental ElectiveTurkish30037.53
Total:12001230,012,0

1th Semester Elective Courses

CodeCourse NameTypeLanguage of InstructionTPLHECTSCr.
UKB 505 International Finance Departmental ElectiveTurkish30037.53
UKB 521 Credit Analysis Departmental ElectiveTurkish30037.53
UKB 527 Financial Management Departmental ElectiveTurkish30037.53
UKB 531 The Idea of Islamic Economics and History Departmental ElectiveTurkish30037.53
UKB 535 International Islamic Banking Departmental ElectiveTurkish30037.53
UKB 541 Participation Banking Marketing Departmental ElectiveTurkish30037.53
UKB 547 Economics and Finance Theory Departmental ElectiveTurkish30037.53
UKB 549 International Islamic Finance Institutions Departmental ElectiveTurkish30037.53
UKB 551 Islamic Capital Markets Departmental ElectiveTurkish30037.53
UKB 553 Advanced Macroeconomics Departmental ElectiveTurkish30037.53
UKB 555 Applied Time Series Econometrics Departmental ElectiveTurkish30037.53
UKB 557 Mathematical Methods for Islamic Economics and Finance Departmental ElectiveTurkish30037.53
UKB 561 Islamic Economic Analysis Departmental ElectiveTurkish30037.53
UKB 563 Fiqh and Contemporary Financial Transactions Departmental ElectiveTurkish30037.53
UKB 565 Ottoman Economics and Finance Departmental ElectiveTurkish30037.53
UKB 567 Turkish Economy Departmental ElectiveTurkish30037.53
UKB 569 Participation Banking in Turkey Departmental ElectiveTurkish30037.53
Total:510051127,551,0

2nd Semester

Number of Compulsory Courses: 3 Number of Elective Courses: 0

CodeCourse NameTypeLanguage of InstructionTPLHECTSCr.
UKB 544 Islamic Finance CompulsoryTurkish30037.53
BLS 003 Departmental Elective Course Departmental ElectiveTurkish30037.53
BLS 004 Departmental Elective Course Departmental ElectiveTurkish30037.53
Total:900922,59,0

2nd Semester Elective Courses

CodeCourse NameTypeLanguage of InstructionTPLHECTSCr.
UKB 506 Corporate Finance Departmental ElectiveTurkish30037.53
UKB 518 Modern Economic Systems and Islamic Economics Departmental ElectiveTurkish30037.53
UKB 528 Comparative Conventional and Interest-free Banking Departmental ElectiveTurkish30037.53
UKB 536 Islamic Commercial Law Departmental ElectiveTurkish30037.53
UKB 538 Economic Policy Departmental ElectiveTurkish30037.53
UKB 546 Principles of Islamic Law Departmental ElectiveTurkish30037.53
UKB 548 Non-Interest Financial Institutions and Instruments Departmental ElectiveTurkish30037.53
UKB 550 Risk Management in Islamic Finance Institutions Departmental ElectiveTurkish30037.53
UKB 552 Advanced Microeconomics Departmental ElectiveTurkish30037.53
UKB 554 Takaful Departmental ElectiveTurkish30037.53
UKB 556 Applied Panel Data and Horizontal Cross Section Econometrics Departmental ElectiveTurkish30037.53
UKB 558 Accounting for Islamic Financial Institutions Departmental ElectiveTurkish30037.53
UKB 560 Islamic Social Finance Departmental ElectiveTurkish30037.53
UKB 562 International Economics Departmental ElectiveTurkish30037.53
UKB 564 Ottoman Money Foundations Departmental ElectiveTurkish30037.53
UKB 566 History of Finance and Businees Partnerships Departmental ElectiveTurkish30037.53
UKB 568 Social Responsibility and Ethics in Management Departmental ElectiveTurkish30037.53
UKB 570 Economies of Islamic Countries Departmental ElectiveTurkish30037.53
Total:540054135,054,0

3rd Semester

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

CodeCourse NameTypeLanguage of InstructionTPLHECTSCr.
UKB 500 Master Thesis ThesisTurkish0000600
Total:000060,00,0

Course Load Summary

TPLHECTSCr.
Grand Total (Number of Courses: 8)210021112,521,0
Compulsory Course Total (Number of Courses: 3)900922,59,0
Elective Course Total (Number of Courses: 4)12001230,012,0
Course TypeNumber of CoursesRatio (%)
Zorunlu Ders337,50
Seçmeli Ders450,00
Bölüm Dışı Seçmeli Ders00,00

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

Core Area Distribution
Core AreaTotal ECTSRatio (%)
Business and Administration7541.6%
Social and Behavioural Science33.818.7%
Humanities24.813.8%
Business and Administration16.59.2%
Law12.87.1%
Mathematics and Statistics11.36.3%
Humanities3.82.1%
Mathematics and Statistics2.31.3%
Course Category List

Compulsory Courses

CourseECTSRatio (%)
UKB 543 - Islamic Economy7.5
34 - Business and Administration%100
UKB 544 - Islamic Finance7.5
22 - Humanities%30
34 - Business and Administration%70
UKB 597 - Scientific Research Methods7.5
22 - Humanities%20
34 - Business and Administration%50
46 - Mathematics and Statistics%30

Elective Courses

CourseECTSRatio (%)
UKB 505 - International Finance7.5
34 - Business and Administration%100
UKB 521 - Credit Analysis7.5
31 - Social and Behavioural Science%100
UKB 527 - Financial Management7.5
34 - Business and Administration%50
46 - Mathematics and Statistics%50
UKB 528 - Comparative Conventional and Interest-free Banking7.5
22 - Humanities%30
31 - Social and Behavioural Science%10
34 - Business and Administration%60
UKB 531 - The Idea of Islamic Economics and History7.5
22 - Humanities%20
34 - Business and Administration%80
UKB 535 - International Islamic Banking7.5
22 - Humanities%20
31 - Social and Behavioural Science%40
34 - Business and Administration%40
UKB 536 - Islamic Commercial Law7.5
38 - Law%100
UKB 541 - Participation Banking Marketing7.5
34 - Business and Administration%100
UKB 546 - Principles of Islamic Law7.5
22 - Humanities%30
38 - Law%70
UKB 547 - Economics and Finance Theory7.5
31 - Social and Behavioural Science%50
34 - Business and Administration%50
UKB 549 - International Islamic Finance Institutions7.5
31 - Social and Behavioural Science%100
UKB 551 - Islamic Capital Markets7.5
34 - Business and Administration%100
UKB 553 - Advanced Macroeconomics7.5
22 - Humanities%20
34 - Business and Administration%80
UKB 555 - Applied Time Series Econometrics7.5
31 - Social and Behavioural Science%50
46 - Mathematics and Statistics%50
UKB 557 - Mathematical Methods for Islamic Economics and Finance7.5
34 - Business and Administration%50
46 - Mathematics and Statistics%50
UKB 561 - Islamic Economic Analysis7.5
31 - Social and Behavioural Science%100
UKB 563 - Fiqh and Contemporary Financial Transactions7.5
34 - Business and Administration%100
UKB 565 - Ottoman Economics and Finance7.5
22 - Humanities%100
UKB 567 - Turkish Economy7.5
22 - Humanities%50
34 - Business and Administration%50
UKB 569 - Participation Banking in Turkey7.5
22 - Humanities%50
34 - Business and Administration%50
UKB 570 - Economies of Islamic Countries7.5
22 - Humanities%10
34 - Business and Administration%90