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 |
|---|---|---|---|---|---|---|---|
| 4781109 | Shariah Audit in Participation Finance | 2026 | Spring | 8 | 3+0+0 | 5 | 5 |
| 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) | Asst. Prof. Hüseyin ERGUN |
| Instructor Assistant(s) | - |
Course Instructor(s)
| Name and Surname | Room | E-Mail Address | Internal | Meeting Hours |
|---|---|---|---|---|
| Asst. Prof. Hüseyin ERGUN | C-104 | [email protected] | 7968 |
Course Content
Conceptual and jurisprudential foundations of Shariah audit; Shariah governance systems; structure, duties and responsibilities of Shariah advisory committees; development of Shariah rulings and standards; product development and approval processes in participation finance institutions; ex-ante and ex-post controls; internal Shariah audit, external Shariah audit and independent assurance; Shariah non-compliance risk; purification of non-compliant income; Shariah audit reports; regulations in Türkiye; AAOIFI, IFSB and other international standards; applications in participation banking, sukuk, investment funds and takaful.
Objectives of the Course
The objective of this course is to provide students with theoretical and practical knowledge of Shariah governance, Shariah compliance, advisory committees, internal and external Shariah audit, and the management of Shariah non-compliance risk in participation finance institutions. The course enables students to examine Shariah audit processes applied in participation banking, Islamic capital markets, takaful and other Islamic financial institutions, evaluate national and international regulations, and analyse financial transactions in terms of Shariah compliance.
Contribution of the Course to Field Teaching
| Basic Vocational Courses | |
| Specialization / Field Courses | X |
| 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 | 4 |
| 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 | 2 |
| P4 | Disiplin içi, çok disiplinli veya çok kültürlü gruplarda ve bireysel çalışabilme | 2 |
| P5 | Ahlaki değerler ve mesleki sorumluluk bilinci ile hareket edebilme | 3 |
| P6 | Alan uygulamalarının, evrensel ve toplumsal etkileri ile hukuki sonuçlarını bilme | 5 |
| P7 | Öğrenim dilinde yazılı ve sözlü iletişim kurabilme, en az bir yabancı dil bilgisine sahip olabilme | 1 |
Course Learning Outcomes
| Upon the successful completion of this course, students will be able to: | |||
|---|---|---|---|
| No | Learning Outcomes | Outcome Relationship | Measurement Method ** |
| O1 | Accesses academic articles, books, and other information sources related to Islamic economics and finance. | P.3.1 | 1 |
| O2 | Adopts and applies the fundamental moral principles of Islamic economics and finance. | P.5.1 | 1 |
| O3 | Conducts business and operations in line with the principles of Islamic economics and finance. | P.5.3 | 1 |
| O4 | Understands the compliance of Islamic economics and finance practices with legal regulations. | P.6.3 | 1 |
| O5 | Understands the ethical responsibilities of Islamic economics and finance practices. | P.6.6 | 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 | Explain the concepts of Shariah audit, Shariah compliance and Shariah governance. |
| 2 | Evaluate the jurisprudential, institutional and legal foundations of Shariah audit. |
| 3 | Explain the structure, duties, authority and responsibilities of Shariah advisory committees. |
| 4 | Compare internal and external Shariah audit processes. |
| 5 | Analyse product development and approval processes in participation finance from a Shariah compliance perspective. |
| 6 | Identify Shariah non-compliance risks that may arise in participation finance transactions. |
| 7 | Explain the purification process for income arising from Shariah non-compliant transactions. |
| 8 | Evaluate Shariah governance and advisory committee regulations in Türkiye. |
| 9 | Interpret Shariah governance and audit standards issued by AAOIFI and IFSB. |
| 10 | Examine participation banking, sukuk, investment fund and takaful transactions from a Shariah audit perspective. |
| 11 | Report Shariah audit findings and develop corrective recommendations. |
| 12 | Adopt the principles of independence, ethics, professional competence and accountability in Shariah audit. |
| 13 | General assessment |
| 14 | General assessment |
Textbook or Material
| Resources | AAOIFI Faizsiz Finans ve Muhasebe Standartları |
Evaluation Method and Passing Criteria
| In-Term Studies | Quantity | Percentage |
|---|---|---|
| Attendance | - | - |
| Course Specific Internship (If Any) | - | - |
| Homework | - | - |
| Presentation | - | - |
| Projects | - | - |
| Midterms | 1 | 40 (%) |
| 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 | 3 | 42 |
| Midterms | 1 | 20 | 20 |
| Quiz | 0 | 0 | 0 |
| Homework | 0 | 0 | 0 |
| 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 | 46 | 46 |
| Other | 0 | 0 | 0 |
| Total Work Load: | 150 | ||
| Total Work Load / 30 | 5 | ||
| Course ECTS Credits: | 5 | ||
Course - Learning Outcomes Matrix
| Relationship Levels | ||||
| Lowest | Low | Medium | High | Highest |
| 1 | 2 | 3 | 4 | 5 |
| # | Learning Outcomes | P3 | P5 | P6 |
|---|---|---|---|---|
| O1 | Accesses academic articles, books, and other information sources related to Islamic economics and finance. | 3 | 5 | 4 |
| O2 | Adopts and applies the fundamental moral principles of Islamic economics and finance. | 5 | 4 | 4 |
| O3 | Conducts business and operations in line with the principles of Islamic economics and finance. | 3 | 4 | 4 |
| O4 | Understands the compliance of Islamic economics and finance practices with legal regulations. | 5 | 4 | 5 |
| O5 | Understands the ethical responsibilities of Islamic economics and finance practices. | 3 | 4 | 3 |