2016 ENTRY
DURHAM UNIVERSITY BUSINESS SCHOOL
CONTENTS 1.
Welcome PAGE 04
2.
Masters Programmes PAGE 05
3.
2016 Timetable PAGE 06
4.
How to apply PAGE 08
5.
Life in Durham PAGE 09
6.
Career Development Programme PAGE 10
7.
PhD by Research PAGE 12
8.
Summer School PAGE 14
For further information PAGE 16
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DURHAM UNIVERSITY BUSINESS SCHOOL
WELCOME Islamic banking and finance has become an important alternative banking and financing method all over the world. With the increased internationalisation and enhanced international recognition in the post-2008 crisis, Islamic financial institutions are now operating in more than 75 countries worldwide, working with brands with assets over US$2 trillion; Islamic finance has become an important influence on the world’s financial stage. In responding to such exciting developments, international reports indicate that large numbers of individuals equipped with necessary and sophisticated Islamic economics and finance related knowledge and skills are needed. Durham Islamic Finance Programmes aim to provide such knowledge, skills and expertise, with the objective of helping our students and researchers be in an advantageous position upon entering and working in the Islamic finance and banking sector. Research-led, our programmes in Islamic finance provide postgraduate research, education and training in relevant specialised areas of Islamic finance and banking, Islamic economics, Islamic accounting and Islamic management, and in their relevant conventional counterparts. As we constantly respond to global developments in Islamic finance and build on our high quality reputation we see our progress in the provision of education and first class research going from strength to strength. I look forward to welcoming you to the School.
Durham has been a centre for research and education in Islamic economics, Islamic finance and banking and Islamic management for around 30 years and enjoys a well-established international reputation in these areas. We were the highest ranked business school in the UK offering Islamic Finance programmes. (Financial Times European Business School Ranking 2014)
Durham University is ranked in the top 25 in the World for its reputation with employers. (QS World University Rankings 2014/15)
OUR PROGRAMMES Research-led and shaped by the world-class reputation of Durham in the field our portfolio includes:
Professor Mehmet Asutay
• MSc Islamic Finance
Director, Durham Centre for Islamic Economics and Finance
• MSc Islamic Finance and Management • PhD by Research • Integrated PhD (one year taught, plus research years 2-4) • Durham Islamic Finance Summer School • Visiting Research Programme.
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NATIONALITIES
MASTERS PROGRAMMES Delivered in Durham, our intensive one-year full-time MSc programmes in Islamic Finance are designed to provide rigorous training at the frontier of research, giving you the opportunity to develop the advanced analytical and technical skills that are highly sought after by global employers. Programmes include: • MSc Islamic Finance • MSc Islamic Finance and Management MSc Islamic Finance, a specialised taught programme, involves quantitative methods in the analysis of Islamic and conventional finance by making reference to their technical particularities. The first of its kind at a global level, MSc Islamic Finance and Management is a cross-disciplinary specialised programme, aiming to provide management-related knowledge and skills to students who, at the same time, specialise in Islamic Finance. Compared to the MSc Islamic Finance, this programme requires a lesser amount of quantitative material, knowledge and skills.
CLASS OF 2014-15 AVERAGE AGE
26
AGE RANGE 22-33 GENDER
47% male 53% female
BANGLADESH 3%
KOREA (REPUBLIC) 5%
THAILAND 3%
EGYPT 3%
MALAYSIA 22%
THE AZERBAIJANI REPUBLIC
ETHIOPIA 3%
MOROCCO 3%
3%
INDIA 3%
OMAN 3%
INDONESIA 28%
PAKISTAN 5%
KAZAKHSTAN 3%
PALESTINE 3%
TURKEY 5% UK 5%
MODULES You study eight taught modules – seven core modules and one elective module – and complete a dissertation. Core modules and examples of past electives are detailed overleaf. For module descriptions visit: www.durham.ac.uk/business/programmes/masters/islamic-finance
DISSERTATION/BUSINESS PROJECT In the third term, you will complete a 12,000 word dissertation which could be a specific project with an organisation. Supervised by a faculty member with relevant experience, you will investigate in greater detail a subject that you have already studied as part of your programme. A major piece of independent work, the dissertation will enable you to exercise critical judgement and illustrate how economic analysis has relevance to financial decision taking.
‘The Islamic Finance program at Durham was an amazing experience for me. During my studies, I had the opportunity to interact with faculty and students from different parts of the world. The program is designed in a way that it covers all the aspects of the field and encourages students to move onto further research. I can safely say that it was the best experience of my life.’
Muhammad Ahmed Qamar MSc Islamic Finance and Management, 2014/2015
DURHAM UNIVERSITY BUSINESS SCHOOL
TERM 1 Modules
JAN
DEC
NOV
OCT
SEP
AUG
JULY
JUN
MAY
APR
MAR
FEB
JAN
DEC
NOV
OCT
4. TERM 1 Exams
TERM 3 Dissertation / Business Project ONE WEEK
International Study Tour (optional)
ADDING TO YOUR EXPERIENCE INTERNATIONAL OPPORTUNITIES
GUEST SPEAKERS
• International Study Tour
As part of your programme, you have the opportunity to enjoy presentations by academics and practitioners within your chosen area of interest. Past speakers have included leading academics and professional financiers and bankers, providing an ideal opportunity to gain practical knowledge and progressive insight in Islamic finance related areas.
We organise an optional International Study Tour to a European destination, typically Switzerland. This intensive programme takes place over several days, normally in March/April, and offers you a great opportunity to get an ‘inside perspective’ on international business, and to network with key staff within organisations. • International Conferences We organise and sponsor international conferences on Islamic economics and finance in collaboration with other leading global academic institutions such as the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank; International Shari’ah Research Academy (ISRA), Malaysia; and Kyoto University, Japan. For more information visit: www.durham.ac.uk/dcief/events
GRADUATION
TERM 2 Modules
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MODULES Advanced Financial Theory Behavioural Finance and Economics Corporate Finance
ISLAMIC FINANCE
ISLAMIC FINANCE AND MANAGEMENT
KEY:
Core modules of study Elective modules (Typical modules offered in previous years).
Corporate Governance Decision Making and Business Modelling Derivative Markets Econometrics Methods Financial Management Financial Modelling and Business Forecasting Global Business Global Marketing International Finance
Strategic Marketing Management
‘Durham’s Islamic Finance program in my view brings together the best of three worlds: perspective on the Islamic political economy; the emergent practice of Islamic banking and finance; and finally, financial economic theory. The programme broadens your vision and puts things into perspective, giving you a holistic Islamic worldview. It also enables you to acquire the underlying wisdom of Islamic finance and its impact on the financial intermediation, and subsequently on the overall economy by providing exposure to products, services, practices and risk management issues peculiar to Islamic banking and finance. Hence, one learns the theoretical and conceptual models in Islamic economics, banking, finance and management and their modern articulations.’
Strategy
Muhammad Arsalan
International Finance Asset Management Islamic Accounting Islamic Banking and Finance Islamic Capital Markets Islamic Law and Financial Transactions Islamic Management Islamic Political Economy Multinational Finance Organisational Behaviour Portfolio Management Risk Management Issues in Islamic Finance
Durham Chevening Scholar
Strategy Simulation and System Thinking Dissertation and Research Methods
MSc Islamic Finance, 2014-2015
DURHAM UNIVERSITY BUSINESS SCHOOL
HOW TO APPLY Learn more about our application details and apply online at: www.durham.ac.uk/business/programmes/ masters/islamic-finance
ENTRY REQUIREMENTS For MSc Islamic Finance and MSc Islamic Finance and Management you need an upper second class Bachelor’s degree or overseas equivalent. For MSc Islamic Finance, you also need evidence on your degree transcript of strong grades in statistical modules in your second, third or fourth year.
INTERNATIONAL STUDENTS If your first language is not English, you will need evidence of competence in written and spoken English (IELTS overall score of 6.5 with no element under 6.0 or TOEFL IBT 92 with no element under 23; or Pearsons PTE Academic test, total score 62 with no element below 56). If your scores fall slightly short, or if you would like to advance your English skills, you may be able to attend a pre-sessional English language course at Durham University English Language Centre. Please note, applicants requiring a visa may not submit a TOEFL score; you should submit an IELTS or PTE score. To learn more visit: www.durham.ac.uk/englishlanguage.centre
FEES AND FUNDING For current fees of our MSc Islamic Finance and MSc Islamic Finance and Management programmes, visit: www.durham.ac.uk/business/programmes/masters Scholarship funding may be available. For more information visit: www.durham.ac.uk/postgraduate/finance/scholarships
MEET US For details of how to meet us at an open day or international recruitment fair, please visit: www.durham.ac.uk/business/news-and-events/events
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LIFE IN DURHAM ACCOMMODATION We offer good quality, reasonably priced accommodation at Durham University. Alternatively, if you prefer, we can help you find local private accommodation to suit your needs. We’ll provide you with more specific details on application. In the meantime, visit: www.durham.ac.uk/postgraduate/accommodation
COLLEGES AND SOCIETIES All full-time postgraduates become a member of one of our colleges or societies. As well as offering a wide range of social and cultural activities, the colleges provide support and a sense of belonging during your time in Durham. For more information visit: www.durham.ac.uk/colleges
GLOBAL ALUMNI NETWORK When you enrol, you join our alumni association. The network serves around 13,000 graduates across 100 countries. It facilitates friendship and business connections, and sits at the heart of the ‘Durham Experience’. Our online alumni community offers members a range of benefits: • Continuous skills sharpening through webinars and careers workshops • Access to our online career resources, video library and eBooks • Network building via our global events, including continuous professional development, social and networking opportunities through various speaker events • Access to our journals and business database. Contact our dedicated alumni team for more information: email business.alumni@durham.ac.uk or visit www.durham.ac.uk/business/alumni
DURHAM UNIVERSITY BUSINESS SCHOOL
CAREER DEVELOPMENT PROGRAMME
You will be given information about the Career Development Programme during your first few weeks at Durham, including access to your personalised online Career Development portal. Our service provides the opportunity to: • Hear from top employers
BEGIN YOUR GLOBAL CAREER HERE Our Career Development Programme has been designed to help you develop the skills necessary for a global career. Durham University Business School has its own dedicated Masters Careers team and provides a full range of careers services. This bespoke programme complements the events, workshops and fairs that are organised by the central University Careers Employability and Enterprise Centre.
• Network with businesses • Develop interpersonal skills • Create a CV that stands out • Gain access to the latest jobs in your sector and geographical region • Understand international business etiquette.
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82% Of our students found employment within 3 months (January 2015 graduates)
A FLAVOUR OF WHAT TO EXPECT The Career Development Conference This one-day conference in London has helped students to gather insight into getting that top job, provided opportunities for networking with recruiters and the chance to hear from alumni who have already been through the recruitment process.
Individual Career Appointments Career appointments with our Masters Careers Advisors give you the opportunity to develop your CV, improve your job search strategy and prepare for interviews. The team can also offer practice interviews and assessment centre exercises to help you with your preparation.
Connecting with Business There are opportunities throughout the year to engage with organisations and alumni to further enhance your knowledge and skills such as our Career Insights Series, skills workshops, recruiter presentations and fairs. Recruiter events in the past have included presentations and workshops delivered by employers such as Unilever, EY, Deloitte, HSBC and IBM.
THE CAREER DEVELOPMENT PROGRAMME WILL GIVE YOU THE OPPORTUNITY TO: • Develop the career skills demanded by international recruiters through interactive workshops tailored to your programme of study • Benefit from tailored, individual career consultations to support you in achieving your career aspirations • Engage with international recruiters from a range of sectors in mock interviews and assessment centres, presentations and events.
‘My advice to new students would be to try to utilise all of the careers resources by attending any relevant events and/or just simply asking the team for advice throughout your application process. At the very least, even if you feel you know everything there is to know about applying for graduate schemes, they can offer you a confidence boost that you are actually on the right tracks and to keep going. You won’t be able to get anything close to this level of service once you graduate, so make the most of it while you can.’
Omar Ismail 2015
DURHAM UNIVERSITY BUSINESS SCHOOL
7. Studying at PhD level is a challenging and stimulating experience. You will be part of a vibrant, lively and welcoming research-led community. By choosing Durham, you will have the opportunity to develop your analytical, conceptual and critical thinking skills in Islamic finance and economics-related subject areas, to the highest level. Durham University Business School is the ideal place to gain your qualification in Islamic Finance. Our expertise, innovative approach and academic rigour ensure relevance for today’s and tomorrow’s business world. Durham Doctoral Training Centre for Islamic Finance provides a dynamic approach to developing cutting edge research in Islamic finance, banking, accounting, economics and management, as evidenced by the large numbers of PhD studies conducted at the Centre. We offer supervision of PhD research in specialised areas of these disciplines. PhD research students in Islamic Finance are encouraged to attend Islamic Finance related modules on the programme, as well as attend research methodology and skills related courses. We offer an Integrated Studies route for potential PhD students who do not have qualifications and knowledge in Islamic finance. In your first year you will have the opportunity to study advanced research training, including a number of Islamic finance and research methodology modules, before pursuing your PhD in years 2-4 within your area of interest.
‘People usually think of education as an investment that pays back after acquiring the degree. In my case, I was rewarded immediately once I added “PhD Candidate at Durham University” to my CV. Notwithstanding, being a PhD candidate at Durham University is so demanding, however, results are achieved in accordance with the efforts devoted. In the Islamic Finance programme at Durham University Business School I experienced a high quality research requirement, friendly and knowledgeable supervisors, and a lovely environment with an internationally diverse group of colleagues.’
Naser Alziydat Former PhD Student, (2014) Consultant in Islamic finance, Australia
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HOW TO APPLY We have two intakes a year. Learn more about our intake dates and application deadlines: www.durham.ac.uk/business/ programmes/phd/applying Successful application is based on your ability to meet the entry requirements, your research proposal and the School’s capacity to provide relevant supervision for your research. It is important that your general research interests match those of at least one member of our academic staff. For information on the range of expertise and experience of our academic faculty and details of their research interests, please visit: www.durham.ac.uk/dcief/staff
We have a strong international reputation for research – 79% of our research is assessed as ‘internationally excellent’ or ‘world leading’ (REF 2014).
ENTRY REQUIREMENTS For UK students: a Masters degree, normally with a mark of at least 65% in your Masters dissertation.
month the programme starts, eg for a programme commencing in October 2016 the IELTS or PTE test must have been taken in or after October 2014. TOEFL IBT is no longer accepted as an English qualification for visa purposes.
For non-UK students: a degree that is equivalent to a UK Masters. You also need to have completed and passed (at a level equivalent to at least 65%) a dissertation module.
FEES AND FINANCE
ENGLISH LANGUAGE REQUIREMENTS
For current fees of our PhD by Research programme visit: www.durham.ac.uk/business/ programmes/phd/finance
If English is not your first language you will need IELTS 7.0 (no element below 6.5) or Pearson Test of English overall score 70+ (no element below 62). Please note that these can be no more than 2 years old at the
Scholarship funding may be available. For more information visit: www.durham.ac.uk/business/ programmes/phd/scholarships
‘The unique strength of the Durham Centre for Islamic Economics and Finance lies in its policy oriented, applied and theoretical foundations, in addition to the opportunity to network with key stakeholders within the Islamic financial services industry. Moreover, the in depth knowledge of the faculty and their international reputation and dedication are second to none.’
Dr Hylmun Izhar Economist, Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia. Durham PhD Graduate
DURHAM UNIVERSITY BUSINESS SCHOOL
8.
SUMMER SCHOOL
The Durham Islamic Finance Summer School enables you to take advantage of our expertise in Islamic Finance.
A RANGE OF TOPICS Here is an overview of the types of subjects typically covered at the Summer School by eminent speakers in the field: • Islamic Wealth Management Workshop
The intensive five-day programme, organised annually, provides an opportunity for you to enhance and develop your knowledge and skills to help place you in an advantageous position for entering and working in the Islamic financial sector. It will also provide you with extensive networking opportunities and is intended for:
• Islamic Asset Management Workshop
• financiers, bankers, professional researchers and academic researchers
• Corporate Governance in Islamic Finance Institutions
• those intending to work in, and new entrants to, the Islamic financial sector • those already working in the sector who wish to improve their academic and practical knowledge and experience • academics and postgraduate students • anyone wishing to learn more about this emerging industry.
• Structuring Shari’ah Compliant Investment Funds Workshop • Sukuk Workshop • Asset and Liability Management in Islamic Banks
• Developments and Trends in Islamic Banking and Finance Industry
• Islamic Financing Instruments • Islamic Fund Management, Screening and Social Responsibility • Islamic Moral Economy Foundation of Islamic Finance • Liquidity Management Challenges • Liquidity, Basel III and Monetary Policy • Product Development in Islamic Banks • Risk Management Practices and Challenges in Islamic Banks • Shari’ah Screening and Islamic Mutual Funds • Shari’ah Compliant Private Equity Funds • Takaful and Re-Takaful.
ACCOMMODATION
INFORMATION AND REGISTRATION
Rooms are allocated at a residential College, a short walk from the venue. Alternatively, local hotels are available.
Visit www.durham.ac.uk/dcief or refer to the back cover of this brochure for full contact details.
VISITING RESEARCH PROGRAMME Durham Centre for Islamic Economics and Finance has become a centre of international activity including workshops, conferences and seminars. It is also a centre for excellence in research, hosting a number of visiting academics from different parts of the world, for a period from one month to one year, to conduct their research by collaborating with our specialised staff members. This leads to joint publications and also helps the visiting academic to develop his/her research portfolio, alongside benefiting from various academic and training programmes held by our centre, Durham University Business School and The Faculty of Social Sciences and Health at Durham University. Recently, we have had academics from Algeria, France, Indonesia, Ireland, Kazakhstan, Malaysia, Pakistan, Saudi Arabia, Tunisia, and Turkey. Further information can be found at: www.durham.ac.uk/dcief/visiting-academics
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Durham University Business School Mill Hill Lane, Durham DH1 3LB, UK
MASTERS PROGRAMMES T F E
+44 (0) 191 334 5439 +44 (0) 191 334 5201 pgadmissions.economics@durham.ac.uk
ISLAMIC FINANCE PHD PROGRAMME T F E
+44 (0) 191 334 5404 +44 (0) 191 334 5201 research.admissions@durham.ac.uk
ISLAMIC FINANCE SUMMER SCHOOL T F E
+44 (0) 191 334 5066 +44 (0) 191 334 5201 if.dtc@durham.ac.uk
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