Islamic Economics and Finance
Course Details
KTO KARATAY UNIVERSITY
İktisadi, İdari ve Sosyal Bilimler Fakültesi
Programme of Islamic Economics and Finance
Course Details
İktisadi, İdari ve Sosyal Bilimler Fakültesi
Programme of Islamic Economics and Finance
Course Details
| Course Code | Course Name | Year | Period | Semester | T+A+L | Credit | ECTS |
|---|---|---|---|---|---|---|---|
| 4771102 | Risk Management and Derivatives Markets in Islamic Finance | 4 | Autumn | 7 | 3+0+0 | 6 | 6 |
| Course Type | Elective |
| Course Cycle | Bachelor's (First Cycle) (TQF-HE: Level 6 / QF-EHEA: Level 1 / EQF-LLL: Level 6) |
| Course Language | Turkish |
| Methods and Techniques | - |
| Mode of Delivery | Face to Face |
| Prerequisites | - |
| Coordinator | - |
| Instructor(s) | - |
| Instructor Assistant(s) | - |
Course Content
This course will first cover the basic structure and functioning of derivative markets. Then, the compliance of derivative products with Islamic finance principles will be discussed, and the relationship between derivative products and Islamic financial instruments such as Murabaha, Mudaraba, Musharaka, Istisna, and Salam will be examined. Additionally, risk management and hedging mechanisms in Islamic finance will be explored, and Shariah-compliant derivatives like Sukuk, Islamic options, and forward contracts will be analyzed in detail.
Objectives of the Course
The aim of this course is to explain how derivative markets function within the framework of Islamic finance principles and to examine the differences between conventional derivative products and Islamic financial instruments. The course also aims to understand the development processes of Shariah-compliant derivative products and analyze their impact on markets.
Contribution of the Course to Field Teaching
| Basic Vocational Courses | X |
| Specialization / Field Courses | |
| Support Courses | |
| Transferable Skills Courses | |
| Humanities, Communication and Management Skills Courses |
Relationships between Course Learning Outcomes and Program Outcomes
| Relationship Levels | ||||
| Lowest | Low | Medium | High | Highest |
| 1 | 2 | 3 | 4 | 5 |
| # | Program Learning Outcomes | Level |
|---|---|---|
| P1 | İslam İktisadı ve Finans alanında kuramsal ve uygulamalı bilgilere sahip olma, sahip olduğu bilgileri kullanabilme | 5 |
| P2 | İslam İktisadı ve Finans alanında edindiği bilgi, beceri ve yetkinlikleri kullanarak meseleleri tanımlama, veri toplama, değerlendirme, analiz etme, yorumlama ve çözüm önerisi geliştirebilme | 4 |
| P3 | İslam İktisadı ve Finans alanıyla ilgili farklı bilgi kaynaklarına erişip sayısal analiz ve araştırma yapabilme | 3 |
| P4 | Disiplin içi, çok disiplinli veya çok kültürlü gruplarda ve bireysel çalışabilme | 3 |
| P5 | Ahlaki değerler ve mesleki sorumluluk bilinci ile hareket edebilme | 3 |
| P6 | Alan uygulamalarının, evrensel ve toplumsal etkileri ile hukuki sonuçlarını bilme | 2 |
| P7 | Öğrenim dilinde yazılı ve sözlü iletişim kurabilme, en az bir yabancı dil bilgisine sahip olabilme | 2 |
Course Learning Outcomes
| Upon the successful completion of this course, students will be able to: | |||
|---|---|---|---|
| No | Learning Outcomes | Outcome Relationship | Measurement Method ** |
| O1 | Applies Islamic finance and economic principles to solve current economic problems. | P.1.3 | 1 |
| O2 | Conducts numerical analyses using data from Islamic finance and economics. | P.3.2 | 1 |
| ** Written Exam: 1, Oral Exam: 2, Homework: 3, Lab./Exam: 4, Seminar/Presentation: 5, Term Paper: 6, Application: 7 | |||
Weekly Detailed Course Contents
| Week | Topics |
|---|---|
| 1 | Fundamentals of Islamic Finance and Overview of Derivative Markets |
| 2 | Functioning of Derivative Markets and Conventional Derivative Products |
| 3 | Islamic Finance Principles and Interest-Free Financial System |
| 4 | Concepts of Risk and Uncertainty (Gharar) in Derivative Markets |
| 5 | Analysis of Murabaha, Mudaraba, and Musharaka Contracts in Derivative Markets |
| 6 | Istisna and Salam Contracts and Their Comparison with Derivative Products |
| 7 | Islamic Risk Management and Hedging Strategies |
| 8 | Midterm Exam |
| 9 | Sukuk: Structure and Risks of Islamic Bonds |
| 10 | Islamic Options and Futures |
| 11 | Islamic Swap Transactions and Profit-Loss Sharing Models |
| 12 | Alternative Islamic Models for Derivative Markets |
| 13 | Global Financial Crises and Islamic Derivative Markets |
| 14 | General Evaluation and Contemporary Discussions |
Evaluation Method and Passing Criteria
| In-Term Studies | Quantity | Percentage |
|---|---|---|
| Attendance | - | - |
| Course Specific Internship (If Any) | - | - |
| Homework | 1 | 40 (%) |
| Presentation | - | - |
| Projects | - | - |
| Midterms | - | - |
| Final Exam | 1 | 60 (%) |
| Total | 100 (%) | |
ECTS / Working Load Table
| Quantity | Duration | Total Work Load | |
|---|---|---|---|
| Course Week Number and Time | 14 | 3 | 42 |
| Out-of-Class Study Time (Pre-study, Library, Reinforcement) | 14 | 2 | 28 |
| Midterms | 0 | 0 | 0 |
| Quiz | 0 | 0 | 0 |
| Homework | 1 | 20 | 20 |
| Practice | 0 | 0 | 0 |
| Laboratory | 0 | 0 | 0 |
| Project | 0 | 0 | 0 |
| Workshop | 0 | 0 | 0 |
| Presentation/Seminar Preparation | 0 | 0 | 0 |
| Fieldwork | 0 | 0 | 0 |
| Final Exam | 1 | 30 | 30 |
| Other | 0 | 0 | 0 |
| Total Work Load: | 120 | ||
| Total Work Load / 30 | 4 | ||
| Course ECTS Credits: | 4 | ||
Course - Learning Outcomes Matrix
| Relationship Levels | ||||
| Lowest | Low | Medium | High | Highest |
| 1 | 2 | 3 | 4 | 5 |
| # | Learning Outcomes | P1 | P3 |
|---|---|---|---|
| O1 | Applies Islamic finance and economic principles to solve current economic problems. | 5 | - |
| O2 | Conducts numerical analyses using data from Islamic finance and economics. | - | 4 |