IMU602 Islamic Banking Theory And Practice UITM Assignment Sample Malaysia

IMU602 Islamic Banking Theory and Practice is a course that focuses on the principles, practices, and theories of Islamic banking. This course provides an understanding of the fundamental concepts of Islamic finance, including the principles of risk sharing, the avoidance of interest-based transactions, and the promotion of social justice. Students will learn about the different types of Islamic financial products, such as mudarabah, murabahah, and sukuk, and how they are used to meet the financial needs of individuals and businesses. 

Additionally, students will examine the regulatory framework, governance structures, and ethical considerations that underpin the Islamic finance industry. The aim of the course is to equip students with the knowledge and skills required to participate in the Islamic finance sector as practitioners, analysts or researchers.

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This section provides a number of assignment briefs, which include:

Assignment Brief 1: Describe the basics of Shariah-compliant banking system.

Shariah-compliant banking, also known as Islamic banking, is a financial system that adheres to Islamic law (Shariah) principles. It prohibits the charging or paying of interest (riba) and speculative or unethical practices, such as gambling or unethical investments. Instead, it promotes profit and loss sharing and risk sharing between the bank and the customer. Other key principles include transparency, fairness, and social responsibility. Islamic banks offer a range of products and services that are Shariah-compliant, such as mudarabah (profit and loss sharing), murabahah (cost-plus financing), and ijara (leasing).

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Assignment Brief 2: To distinguished between Islamic banking system and conventional banking system.

Islamic banking and conventional banking are two different financial systems that have distinct principles and objectives. The main difference between the two is that Islamic banking operates based on the principles of Islamic law (Sharia) and prohibits interest-based transactions, while conventional banking operates based on commercial principles and relies on the collection of interest. Additionally, Islamic banking focuses on promoting ethical and socially responsible investments, while conventional banking prioritizes maximizing profits. Another key difference is that Islamic banking offers profit and loss sharing arrangements, where the bank and the customer share the risks and rewards of an investment, while conventional banking uses fixed deposit and lending rates.

Assignment Brief 3: Analyze the modus operandi of shariah compliant investment / financial instruments and facilities offered by the Islamic banking system.

The Islamic banking system follows Shariah law, which prohibits the charging or paying of interest (riba) and emphasizes the sharing of risk and profits. As a result, Islamic financial instruments and facilities offered by the Islamic banking system operate differently than conventional financial instruments and facilities.

Some common modus operandi of Shariah-compliant investment include:

  1. Murabaha: A sale of goods at a profit with the cost and profit disclosed to the buyer.
  2. Ijara: A lease agreement where the bank buys and then leases an asset to the customer.
  3. Sukuk: An Islamic bond that represents ownership in an underlying asset and generates returns through profit and loss sharing.
  4. Mudaraba: A partnership between an investor and a manager where the investor provides funds and the manager manages the investment, sharing profits and losses.
  5. Takaful: An Islamic insurance model that operates on the principles of mutual cooperation and mutual guarantee.

These financial instruments and facilities aim to promote ethical and socially responsible investment and provide financial solutions that align with the principles of Shariah law.

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