STUDY GUIDE FOR STUDENTS OF IIBI COURSES Contents ABOUT DISTANCE LEARNING METHOD OF STUDY Internet and e-mail English as the medium of study IIBI S COMMITMENT TO YOU ABOUT THE COURSES ARABIC TERMS AND OTHER KEY TERMS COMPLETION OF COURSE Duration of course Hours of study Non-completion of the course Extension of time RECOMMENDATIONS ON HOW TO STUDY A LESSON Study approach Characteristics of serious students Additional reading Research Obtaining positive benefits from learning ACCESS TO LESSONS ASSIGNMENTS Writing your answers Coping text from course material and other sources Harvard Referencing System Grammar and punctuation Submitting assignment TUTOR FEEDBACK AND GRADING Tutor Feedback Grading system Appeal against grading CORRESPONDENCE 1
ABOUT DISTANCE LEARNING The distance-learning method was chosen to enable the maximum number of interested people who cannot afford to attend classes to benefit from the course at a low cost. Distance learning courses are the best way to study towards your preferred goal. Distance learning courses are designed to give students around the world the flexibility and convenience of studying at a time that is convenient to them, concentrating on studies whenever other commitments allow. Every student can improve their education without having to attend classes at a physical location. However, we students are required to complete their studies within a time limit. Distance learning is about convenience and flexibility that enables you to undertake a structured learning program, working through the course material in a logical manner, often testing your knowledge and understanding along the way. METHOD OF STUDY Internet and e-mail Internet access and email are the fastest and most reliable ways to interact and send your work to the tutor assigned to you. If internet access is not available for any reason, IIBI can make a special arrangement to complete the course by postal correspondence but this will be subject to long delays and extra cost. With internet access you can quickly access your course material online and submit all of your assignments to your tutor, using your unique student login password that will be provided to you. You will have access to all of your course materials, and your tutor sends you an e-mail with the feedback on the assignments submitted by you. Many students find this to be a far faster and more convenient way of study. You always have the option to also print your course material if you feel more comfortable studying from paper. However, please note that the study material is for your use only and is the sole copyright of IIBI. The copyrighted study material must not copied or circulated to any other person. 2
Once you have gained your qualification awarded by IIBI you can be certain that a whole new set of opportunities will open up for you. English as the medium of study Students are required to study and submit their course work in English to encourage them to build on their English business vocabulary as English is the most widely used language for international business and commerce. IIBI S COMMITMENT TO YOU We endeavour to provide students with the best possible learning experience and necessary knowledge needed to enter and progress in their chosen career or field of study. This should facilitate the educational goals of IIBI students and assist them by developing their potential to become accomplished individuals. ABOUT THE COURSES The courses assume no previous knowledge of banking or insurance. Neither do these assume any previous knowledge of Islam or the concept of Islamic economics that are the foundation of Islamic banking and insurance operations. The courses have been structured to optimise learning. The content of each lesson is broken down into manageable sections. The lessons start with an introduction and then present the subject matter of the lessons to gradually build familiarity with the concepts and terms. Finally, at the end of each lesson a number of references for additional reading in the area are given. IIBI considers that the course content is self-contained and the purchase of additional books is unnecessary, although additional reading with research is always recommended. Each course study material provide guidance on the basis of which students should be able to undertake further studies and research in the area and update themselves on developments and innovations taking place in Islamic finance globally. The courses dealing with terms and concepts that may be unfamiliar is likely to be a little demanding but there is no reason why students should not be able to complete their studies successfully in the allocated time as long as they regularly devote some time regularly to study the course material and work on their assignments. 3
Some lessons also include quotations from The Qur an. These are identified by two numbers separated by a colon, e.g. 2:75. The first number refers to the chapter (Surah) and the second to the verse (Ayah or Ayat) in The Qur an. You can easily locate, in The Qur an, any verse quoted in the lessons by using this reference system. IIBI courses do not support any particular creed or promote any particular religious doctrine. For all purposes these aim at encouraging the progression of individuals in Islamic finance through the implementation of the moral universe with the ideals of socio-economic justice emphasised in Islam and safe-guarded by the Shari ah rules pertaining to commercial transactions. New ideas, products and solutions are continually emerging as a result of research conducted by Shari ah scholars, economists, jurists, bankers and other Islamic finance professionals engaged in the Islamic financial sector. In the light of the continuing research and development in this area the Institute may add or substitute modules/lessons/topics in the course. ARABIC TERMS AND OTHER KEY TERMS The lessons in the course contain some Arabic terms with which you may not be familiar but students must learn. Each Arabic term is presented in italics in the text. Most of them have been defined, or their English equivalent given, wherever they occur in the lessons. You may also find slight variations in the English translation of some Arabic terms; these are due to the individual preferences of the authors. To facilitate the learning of these terms a glossary of key Arabic and other terms commonly used in Islamic banking and insurance can be found on the IIBI website at http://www.islamic-banking.com/glossary_of_key_terms.aspx COMPLETION OF COURSE Duration of course Students are required to complete the course taken by them within the time period allocated for a course as under: Certificate: six (6) months from the date of enrolment confirmed by the IIBI. Diploma: nine (9) months from the date of enrolment confirmed by IIBI. Post Graduate Diploma: twelve (12) months from the date of enrolment confirmed by IIBI 4
Hours of study Students should undertake the following hours of study: Certificate: 10 hours per week Diploma: 15 hours per week Post Graduate Diploma: 20 hours per week Non-completion of the course Students who fail to complete the course within the allocated period of time (including any approved extension of time) will be considered as having made unsatisfactory progress in their course. Where no request for extension of time is received before the stipulated period comes to an end, the particular student may be required to apply again for registration and enrolment. Students who fail to complete the course will not be entitled to any refund or receive course study materials for any lessons/modules for the uncompleted part of the course. Extension of time Students who find themselves unable to complete the course within the allocated time period advised by IIBI may request IIBI for an extension of time (or continuous extensions up to a maximum of one year) to complete the course. Students should normally submit any extension request to IIBI before course duration comes to end. Extension of time will be granted solely at the discretion of IIBI and students will have to pay an appropriate fee for each extension of time allowed by IIBI. Exceptional circumstances will be considered. RECOMMENDATIONS ON HOW TO STUDY A LESSON Study approach As long as you know you are doing your best, you will be the first beneficiary of your own efforts. The tutor assigned to you is there to assess your course work and provide feedback. The following study approach is recommended: Leave your previous value judgments behind, and be open to discovering new perspectives. Ensure you are free from outer distractions. 5
First, read through the entire lesson quickly, to get an overall understanding of it. Do not be too concerned about points or details you do not grasp in the first reading. Then begin a more serious reading. Do undertake additional reading and research using the additional reading list and useful website links provided. You may also refer to other publications and do further research using the internet. Characteristics of serious students They are capable of thinking independently They are honest with themselves They are able to overcome confusion They will ask questions on the issues addressed They will look for connections between subjects Additional reading For students who want to know more about the concepts presented in the course material, additional reading list is included at the end of each lesson or may be provided separately Research Students are encouraged to always conduct a systematic study at a library or searching on the internet for information, a process of inquiry. Knowledge is constantly evolving and can alter current knowledge. The student s interest and clarity on a research area is important. Obtaining positive benefits from learning Islamic finance is being practiced around the world, including many secular countries. It offers the potential for a viable alternative financial system and maintaining the true spirit of Islamic finance. You might not be in a position to incorporate all of the recommendations fully on how to study a lesson. However, it is not enough to just read the lessons, no matter how well organised these might be. When you read the course material or work through each lesson, you should be learning to actively analyse the economic concepts emphasised in Islam and attempt to understand how these attempt can be applied to promote the well-being of society 6
and public good. These also pose challenges for individuals and organisations to reflect on self-discipline, restraint and personal sacrifices that would need to be made. As Islamic financial products limit the disruptive financial innovations that involve interest (riba), excessive uncertainty (gharar) and gambling (maysir), these products offer benefits for greater economic and financial stability. All students should be able to obtain the positive benefit from what is presented in this course. It is not merely a collection of useful learning information, to be simply read and digested at leisure. The course emphasises important principles that are to be found in all faiths; these are an essential part of a moral code that govern economic activities and financial dealings, to do good and prevent harm, that which is within the higher consciousness in all of us. The lessons on Islamic contracts, the higher intent and objective of the Shari ah and governance are very detailed and may require reading and studying more than once to understand the temptations of applying controversial principles to transactions involving charging or paying interest, excessive uncertainty and gambling, as well as investment activities that are not productive and do not benefit the real economy. We should not be overwhelmed by a financial system in which there is an absence of a moral code that sets the foundations of a selfish society which is more concerned about individual growth rather than the collective good; where the system allows the rich to progressively get richer; where the members of society feed off the economy rather than feed into it. ACCESS TO LESSONS Once you have successfully logged in to the IIBI Virtual Learning Environment (VLE) you should continue to the Course Page where you will be will able to view each lesson Please note that you can only access the next lesson after you have submitted the answers to all questions to the assignment at the end of the previous lesson you have studied. ASSIGNMENTS The assignments are in the form of one, or more than one, short essay question provided at the end of each lesson and set to test the theoretical and practical knowledge as well as understanding gained from each lesson. Answers to all questions given in the assignment at the end of each lesson should be submitted at the same time to enable you to benefit fully from your tutor s feedback. Following this order helps to build on the knowledge you have gained in previous lessons. 7
Students must know the terminology, understand the specific concepts, and be able to produce a response to a question that draws on all of this information. If you can handle the written assignment, you can be sure that you have a solid understanding of the material. The course study material is designed to provide a personal form of learning experience. You may study in group to understand the questions and have discussions on issues to understand each other s ideas and gain inspirations. However, you should work independently on each assignment and ensure that the answer(s) that you submit are your own original work; otherwise you are liable to be penalised. Writing your answers In writing answers to questions to the assignment at the end of lessons, please keep the following in mind. Allow adequate time period for focus, editing and revision. Clear study area to eliminate distractions and in order to concentrate on your assignment on hand. Try to be precise and to the point; sentences should be clear and logical. Consider what words can be simplified to be clearer and stronger; position important words where they are likely to be more effective (at the end or beginning of sentences/paragraphs). Long-winded answers or bullet points are not favoured. Try to keep the word count of each answer as below: o Certificate: 300 to 450 words o Diploma: 450 to 600 words o Post Graduate Diploma: 600 to 750 words Avoid one and two sentence paragraphs. Don t leave the focus of your assignment; consider any new perspective. Your answers should be written in your own language and reflect a good understanding of the subject matter. Read your assignment out loud, slowly and see how it sounds. You should not copy text from the course material Do not copy research word-for-word from other sources and keep a note of source material for reference. Please refer to section below on Coping text from course material and other sources 8
If your tutor is not satisfied with your answer(s) you may be required to resubmit your assignment. The tutor will normally communicate to you by e-mail. You will be allowed to access the next lesson/module after all the assignment is submitted by you for the previous lesson/module. Coping text from course material and other sources All answers should be your own work. Sections of text must not be copied and pasted from the course study material and other sources such as websites and publications. Any student found doing so will be required to re-submit their answers or even disqualified, depending on the severity of the case. The Institute s decision in such matters will be final. You may quote short extracts from other sources provided that you clearly indicate having done so and the name of the source and author is mentioned; for the method of referencing you should follow the Harvard referencing system when you are using text taken from the other sources. Harvard Referencing System http://libweb.anglia.ac.uk/referencing/harvard.htm Harvard is now the most commonly used reference system in education and the social sciences and once you have learned how to use this system you will be sure that you have referenced them correctly. Harvard referencing uses the author and the date of the work in the main body of the text, and then has a reference list at the end of your answer or after the quotation with the references cited in alphabetical order by author. The reference list contains the full details of the book or journal or other sources cited. Books Books are listed by author, date, title, place of publication, publisher: (Siddiqi, M.N. 1988, Banking Without Interest, Leicester UK, The Islamic Foundation) Magazines & Journals Journals and magazines are listed by author, date, title of article, title of journal, part number, page numbers (beginning of article - end of article): Ahmad, K. 2000, Islamic Finance and Banking: The Challenges and Prospect, Review of Islamic Economics, No. 9, pp. 57-82) 9
Websites For web pages you must include the full address of the page where it is available, not just the address of the site. This can be copied from the address bar which normally appears at the top of the browser: (Abdul Ghafoor, A.L.M. 1995, Islamic Banking, http://users.bart.nl/~abdul/chap4.html, Date accessed 30/1/10) Grammar and punctuation It is important that you check for errors in grammar and punctuation before submitting your answers; your tutor will take this into account in the assessment and point out any major errors in the feedback sent to you. Please present your assignments as clearly as possible. When answering questions, you can take the opportunity to improve your spelling by using a dictionary or spell-check and noting the correct spelling with the correct meaning. Submitting assignment 1. Download the Assignment Template for each lesson. You will find the link at the end of each lesson. 2. Save the Assignment Template in a file on your computer. This gives students the opportunity to answer the question and complete the assignment off-line. 3. Type in your answer(s) to the question(s) on the saved Assignment Template file that was downloaded. Please type your answer(s) in the space provided in the Assignment Template. Also see instructions by clicking on Instructions for Submitting Assignment which is provided on the course page below each lesson on the course page. 4. After you have checked that your assignment for the lesson is completed, you should again save the Assignment Template file with the text of answer(s) completed by you. 5. To submit your completed assignment to your tutor for assessment you will need to upload the saved Assignment Template file with your answer(s). You can do this by following instructions by clicking on Instructions for Submitting Assignment provided on the course page below each lesson on the course page. 10
TUTOR FEEDBACK AND GRADING Tutor Feedback You should normally receive feedback from your tutor in 7-10 working days. This will be sent to your e-mail address held with IIBI. however, please note that on occasions there could be delays if the tutor is inundated with assignments. You can also view the status of your submitted assignment and tutor feedback, if any, on the IIBI Virtual Learning Environment by clicking on Assignment Status below each lesson on the course page. Throughout the course of study your tutor will assess your assignments and provide feedback if there is a need to do so. The tutor does not teach the course. The tutor s task does not include replying to queries beyond the scope of the lessons themselves, nor is the tutor permitted to respond to personal counselling issues. Your tutor will endeavour to also communicate and uphold learning expectations and standards, and perform fair and relevant assessment of student learning. Assessment of students assignments is continuous; this continual assessment method ensures that the tutor can monitor your progress throughout the course. Students are required to demonstrate their understanding of the learning material and the practical application of concepts covered in the lessons. Grades of A, B, C, and E are awarded ranging from excellent work to resubmit, but this grade is very seldom needed. Grading system Your assignment for each lesson will be graded according to the following system and will be assessed by the tutor assigned to you using their own professional judgment to decide on the grade boundaries for the lesson: Letter Grade Description Equivalent Marks A Excellent 80-100 B Very Good 70-79 C Good 60-69 D Satisfactory 50-59 E Unsatisfactory Resubmit 0-49 Resubmit 11
Appeal against grading Students may appeal against a grade for a lesson or the overall grade assigned on completion of the course. Any appeal must be submitted to the IIBI at iibi@islamicbanking.com for the attention of the Director General no later then one month from receipt of the grade or assessment. CORRESPONDENCE If you have any queries about the course work or need some clarification you should first refer these to your tutor who will answer the queries or provide clarification as necessary. If you are not happy about the tutor s response then you should advise the IIBI by email at iibi@islamic-banking.com with request to review the matter. You must quote your Course Registration Number in all your correspondence with IIBI, as files on students are maintained under their respective registration numbers. E-mail: courses@islamic-banking.com Telephone: +44 (0)20 7245 0404 Fax: +44 (0)20 7245 9769 Postal Address: (IIBI) 7 Hampstead Gate 1a Frognal London NW3 6AL United Kingdom 12