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Islamic Finance

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Islamic Finance

Credential: Masters Degree
Duration: 1 - 2 Years
Credit Hours: 36
Tuition Fee: AED 1650 / credit hour (see detailed fee structure here)
Class Timings: Weekend or Weekdays
Medium of Instruction: English

The Master of Business Administration degree is a 36-credit hour program that is based on the completion of 7 core courses and 5 specialization courses of 3-credit hours each. All modules are eight weeks each in duration. All students complete the core courses before moving to the individual specializations. Students who do not have an undergraduate degree in Business Administration must first complete five MBA Preparatory courses (15 credit hours) before entering the program.

Program Vision and Mission

MBA vision and mission stem from the vision and mission of the City University College of Ajman.


MBA program at City University College of Ajman will provide access and opportunity for national and international students to further their education. It will improve their professional management, leadership, and analytical skills, thus enhancing their career and earning potential.


MBA program mission is to provide business professionals with advanced knowledge of integrated business and management skills to enhance their careers. The principal focus of this program is to build the necessary competencies, skills, and institutional leadership for effective decision-making by providing high-quality courses that are rigorous, transferable at the graduate level, and offered at a reasonable cost.

Program Goals

MBA program prepares its graduates to:
  • Use advanced business management knowledge and business research skills to evaluate, develop, lead, and inspire others in rapidly-changing business environments.
  • Acquire new and strengthen existing intellectual skills in business administration and management such as analytical skills, critical thinking skills, and collaborative team skills to build and lead enterprises that create value in a dynamic, global economy.
  • Practice visionary leadership, social, cultural, and business ethical skills to become agents of organizational development, corporate social responsibility, and change.
  • Think critically, creatively, and innovatively to relentlessly pursue organizational excellence and make a difference in business and society.
  • Seek continuous and lifelong learning, self-assessment, and career enhancement to become exemplary future business leaders.

Study Plan

Download Study Plan
Semester 1
MIS 501 Advanced Management Information Systems 3  
MGT 550 Management Research Methods 3
MKT 570 Advanced Marketing Management 3
FIN 505 Managerial Finance 3
MGT 505 Advanced Operations Management 3
MGT 565 Organizational Behavior and Leadership 3
BUS 502 Business Strategy and Ethics 3 FIN 505, MGT 505, MKT 570
Semester 2
IF 600 Fundamentals of Islamic Finance 3 FIN 505
IF 601 Takaful: Islamic Insurance 3 FIN 600
IF 602 Islamic Capital Markets 3 FIN 600
IF 603 Islamic Economics 3 FIN 600
IF 604 Islamic Banking Risk Management 3 FIN 600
IF 605 Future Prospects of Islamic Finance 3 FIN 600
IF 606 Islamic Finance Regulatory Framework 3 FIN 600

Course Description

Advanced Management Information Systems MIS 501

This course provides students with the latest developments and practices from the Management Information Systems (MIS) field. It includes expanded discussions of social networking, IT security, and mobile computing. Students explore several key elements of the information age ranging from online business practice to business intelligence. Topics relate directly to the specialized areas of finance, people, marketing, and quality, and include the practical use of software programs used to manage those areas.

Management Research Methods MGT 550

This course provides students with the opportunity to identify and apply appropriate research methodologies including quantitative and qualitative methods approaches, in order to design, analyze, interpret, and report research results. The main goal of this course is to enable students to make informed decisions using advanced statistical analysis based on accurate, reliable, and timely information, just like managers in a corporate setting.

Advanced Marketing Management MKT 570

This course provides an understanding of the application of marketing theories, concepts, and practices as they relate to the management of the marketing function in a complex organization. Emphasis will be on the managerial aspects of marketing plans, including analysis of the external environment. A key element of the course will include the relationship of the “marketing mix” to strategic planning. A clear understanding of the importance of marketing, as well as a grasp of effective marketing practices, will be examined. Students will gain a working knowledge of both marketing theory and the practical application of innovative marketing strategies. They will also come to understand how product, price, place, and promotion contribute to the marketing mix as they explore research-based insights into consumer behavior.

Managerial Finance FIN 505

This course provides an introduction to managerial finance, financial statements and analysis, cash flow and financial planning. Students will also explore the time value of money, capital budgeting techniques, the cost of capital, capital structure, and working capital management.

Advanced Operations Management MGT 505

This course focuses on the processes, techniques and strategies used to transform various inputs into finished goods and services. Special emphasis is placed on process improvement. Topics include operations strategy, process design and analysis, process improvement, six sigma, project management, and supply chain management.

Organizational Behavior and Leadership MGT 565

This course focuses on the study of human behavior in organizations. Students will learn various theoretical concepts and practical methods for understanding, analyzing, and predicting individual and group behavior, teamwork, motivation, interpersonal conflict and communication. In addition, students will learn various leadership theories and practices in organizations, and global leadership. Students will also conduct critical analyses of various models and issues related with leadership, analyze cases, and apply theories innovatively.

Business Strategy and Ethics BUS 502

(Prerequisites: MGT 505, FIN 505, MKT 570)
This course focuses on analyzing and formulating business strategy taking workplace ethics into account. Students will learn how to critically analyze, interpret, and evaluate internal and external environments, locally and globally, for successful strategy formulation. Students will also explore corporate ethical principles and ethical issues in the workplace.

Fundamentals of Islamic Finance IF 600

(Prerequisite: FIN 505)
This course introduces students to the fundamentals of Islamic Finance and its emergence in global financial markets. Given the increase in global trade and investment, many financial institutions now offer Islamic banking and finance products as alternatives to conventional financing products. It also explores a range of topics that include: a study of the legal concepts around which Islamic financial transactions revolve; basic principles and ethical dimensions; structure of financial contracts and financing mechanisms used in Islamic banking and, recent developments in financial markets in which Islamic finance operate.

Takaful: Islamic Insurance IF 601

(Prerequisite: IF 600)
This course aims to introduce the audience to issues surrounding the emerging concept of Islamic Insurance. Students explore feasibility issues and aspects by which this differs from the prevailing conventional insurance that conflicts with the Islamic framework. This course introduces the Islamic Insurance known commonly as Takaful and reviews the market requirements in terms of insurance and the applicability and relevance of the Takaful system.

Islamic Capital Markets IF 602

(Prerequisite: IF 600)
This course offers a comprehensive insight into the institutions, instruments, and regulatory framework that comprise Islamic capital markets. It also explores ideas about money, central banking, and economic growth theory and their role in Islamic capital markets, the course equips the students with essential information about the analytical tools of Islamic capital markets.

Islamic Economics IF 603

(Prerequisite: IF 600)
The course aims to present a new concept for analyzing the effect of economic policies and the mechanism and effect by which economic pursuits are driven through moral values and Islamic ethics to achieve goals for the individual and for the society at large. A primary concept within this is that of non-usury, aiming to combine efficiency and equity at all times. The process of wealth creation and its subsequent distribution in Islamic framework works as a catalyst for promoting well-being of individual and society and development of social justice and welfare of humans.

Islamic Banking Risk Management IF 604

(Prerequisite: IF 600)
This course focuses on the nature of risk in Islamic banking and the regulatory framework which includes capital adequacy, corporate governance, transparency and risk associated with Islamic banking. The course explores how each of these issues defers from the non-Islamic Banking, shading light on the effect of the global economic crisis on Islamic banks vs. conventional banks. It discusses history and development, the nature of risk, the importance and role of capital, corporate governance and
transparency, the salient features of Islamic banking that distinguishes it from non Islamic banking, and the development of the regulatory bodies and supervisory agencies that support the Islamic banking system.

Future Prospects for Islamic Finance IF 605

(Prerequisite: IF 600)
This course introduces students to the fast-growing Islamic finance sector, covering new asset classes, regulatory initiatives, new products and indexes, Shari’ah issues, the increasingly global nature of Islamic finance, and its future growth.

Islamic Finance Regulatory Framework IF 606

(Prerequisite: IF 600)
The course aims to examine how Islamic financial institutions are licensed and governed by common and civil law. Covering Islamic banks, Takaful operators, fund management and Shari’ah compliant securities, it examines how their assets and liabilities differ from their conventional counterparts and what the implications are for risk management.

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