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Islamic Banking and Finance Summer School

  • Location: Lancaster University Management School
  • Duration: 4 days (1st May 2017 - 3rd May 2017)
  • Software: Stata, EViews
  • Level: Intermediate
  • Delivered By: Professor Jill Johnes, University of Huddersfield; Dr Marwan Izzeldin, Lancaster University; Dr Vasileios Pappas, University of Bath; Dr Marwa Elnahas, Newcastle University Business School; Sheik Faizal Manjoo, Markfield Institute for Higher Education; Dr Momna Saeed, GOLCER, Lancaster University; Gerry Steele, Lancaster University
  • Topic: Finance, Risk Management
Islamic Banking and Finance Summer School
The Islamic finance industry has witnessed unprecedented growth in the last two decades, during which it has become firmly integrated into the global financial system. With total assets approaching $3 trillion, its projected annual growth is expected to reach 10%. After the onset of the Global Financial Crisis in 2008, the resilience of the Islamic financial system attracted great interest across the global investment community. That resilience and the subsequent expansion of the sector are primarily attributed to the ethical and asset backed system that underpins the Islamic business model.

GOLCER Islamic Banking and Finance Summer School in collaboration with Timberlake presents an innovative and versatile programme which has been designed for those seeking to embark upon, or are currently enrolled in, postgraduate research in Islamic finance. It offers an opportunity for researchers and practitioners to better inform themselves about the tools and procedures necessary to undertake research in this area. Participants are introduced to theoretical and empirical aspects underlying Islamic banking; and comparisons are drawn with conventional banking and financial systems. The contemporary practice of Islamic banking and its impact upon efficiency, risk-taking, capital markets and regulation are discussed. Great emphasis is placed upon hands-on exercises and case studies that allow participants to fully understand each learning point. This is achieved by a series of EViews/Stata Lab sessions. All participants receive a certificate of attendance.
    The Objectives of the course are as follows:

    • Introduce the jurisprudential and theoretical foundations of Islamic Banking and Finance.
    • Provide an update on the regulatory framework of Islamic banking and finance.
    • Introduce the tools required in modern statistical analysis of Islamic economic and financial indicators.
    • Provide an overview of the Islamic financial products and their structure.
    • Conventional banking: Friend or Foe? Analysis of benefits and threats to Islamic banking.
    • Demonstrate how to present, interpret and analyse information based on financial and banking data.
    • Demonstrate how applied research in Islamic finance is undertaken and also to appreciate the use of econometric modelling.
    • Highlight current issues facing Islamic banking and financial sector.

    Agenda

    Day 1

    9:00 – 9.15 Welcome (Dean / Director GOLCER)

    9.15 – 9.30 Opening Speech (Islamic Business Universe Current outlook)

    9.30 – 10.00 Invited Speaker (TBC)

    10.00 – 13.00 Session 1: Banking Efficiency and Productivity

    • Measuring Efficiency
    • Types of Efficiency (Technical + Allocative)
    • Technical Change
    • Scale Economies
    • Total Factor Productivity
    • Production Frontier and Feasible Production Set
    • DEA Analysis
    • Stochastic Frontier Methods
    14.00 – 17.00 Session 2: Risk and Stability of Islamic Financial Institutions

    • Introduction to Risk Management
    • Risk Management in Islamic Banks
    • Guiding Principles of Risk Management
    • Risk Management Governance
    • Risk Management Tools
    • Measuring Risk Failure
    • Measuring Industry Concentration and Penetration
    17.00 – 18.30 Lab Session

    19.30 - Gala Dinner

    Breaks: Coffee (11.00 – 11.30, 15.30 – 16.00), Lunch (13.00 – 14.00)

    Day 2

    9.00 – 10.00 Invited Speaker (TBC)

    10.00 – 11.00 Session 1: Regulation and Shariah governance

    • Structuring of Sharia Supervisory Board (SSB)
    • Role and responsibilities of the SSB
    • Conflict resolution in SSB – schools of thoughts, GCC vs Malaysia, AAOIFI vs IFSB Standards  
    • IFSB Standard on Shariah Governance
    • Shariah Governance Framework
    • Group discussion: Standardisation of Shariah rulings
    11.30 – 13.00 Session 2: Corporate Governance

    • Corporate Governance
    • The legal status of the non-executive directors compared to the SSB and their fiduciary duties
    • Regulatory structures: case studies for FCA and PRA Regulations
    • Conflict of interest issues for SSB members
    • Stewardship
    14.00 – 15.30 Session 3: Common law and Shariah: a legal transplant for Islamic finance?

    • Background to Islamic law of contract
    • English common law as the contractual foundation for Islamic products
    • The case for wa’ad for Islamic financial products
    • Case study: ” choice of law” clause in UK courts
    • Fiqhi and Legal Issues
    • Is arbitration a solution?
    16.00 – 17.30 Round Table discussion

    Breaks: Coffee (11.00 – 11.30, 15.30 – 16.00), Lunch (13.00 – 14.00)

    Day 3

    9.00 – 10.00 Invited Speaker (TBC)

    10.00 – 11.00 Session 1: Accounting and Reporting in Islamic Financial Institutions

    • The importance of financial reporting in Islam.
    • Objectives and concepts of financial accounting for IFI.
    • Presentation and disclosure in the financial statements of Islamic banks.
    • Accounting Standards for equity-based and debt-based contracts.
    • The nature of unrestricted and restricted investment accounts.
    • Risk models for loan losses in Islamic and conventional banks.
    11.30 – 13.00 Session 2: Financial Reporting in Islamic Finance: A Regulatory Perspective

    • Distinctive features of regulatory frameworks (Islamic versus conventional banks).
    • A snap shot: financial reporting quality in Islamic versus conventional banks.
    • The impact of the global financial crisis on banks’ regulatory requirements.
    • Limitations in adopting international financial reporting standards (IFRS).
    • Regulatory capital adequacy requirements in Islamic banks.
    • Adoption of Basel III: Future Challenges and Rewards.
    • Auditing Standards for IFI.
    14.00 – 15.30 Session 3: Islamic Economy, Financial and Capital Markets

    • The role of the Islamic capital market (ICM).
    • The growth and development of Islamic capital markets.
    • Components of Islamic capital markets.
    • Islamic capital markets and instruments.
    • Sukuks: Types, Characteristics and Issuance.
    • Islamic indices performance, volatility and Correlation
    16.00 – 17.30 Lab Session

    Breaks: Coffee (11.00 – 11.30, 15.30 – 16.00), Lunch (13.00 – 14.00)

    Day 4

    9.30 – 10.30 Lab Session 3

    11.00 – 13.00 Writing retreat session

    • The session is most relevant to those seeking to publish in the top-ranked academic journals.
    • Attendants would work closely with some of our experienced members over a one-page report to sharpen their academic writing skills.
    14.00 – 16.00 Round Table Discussion / Closing remarks

    Breaks: Coffee (10.30 – 11.00), Lunch (13.00 – 14.00)
    •  CommercialAcademicStudent
      4 days (01/05/2017 - 03/05/2017)

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    Accommodation

    You can either stay on the University Campus, in Lancaster House Hotel, or student accommodation, from where everything will be in walking distance; or you can stay in Lancaster City Centre – a short bus ride or taxi journey away from the Campus. En-suite student accommodation can be booked online via our Conference Centre.
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