Course Description:

Upon completion of all courses within the MAEF program, students are eligible to choose one of three options to show the depth of their understanding of the facets within the discipline of Islamic Economics and Finance. 

*Comprehensive Exam
There are two parts to each exam. The questions are culled from the learning objectives of the MAEF courses. The questions are diverse and are designed to allow the student to show a solid understanding of the facets of Islamic Finance taught in the MAEF program. Questions are related to the material taught in courses. However, the exam questions are not necessarily taken from each and every course. Instead, the questions are designed to elicit critical thinking skills that can be applied to real world situations encountered in the discipline of Islamic Economics and Finance.  

In addition, an oral exam is a part of the Comprehensive Exam. The oral exam consists of ten (10) questions. Upon the professor’s discretion, oral exam questions may or may not be taken from the written exam. The time limit for the oral exam is two (2) hours. 

For those students who choose to take the MAEF 770 Comprehensive Exam, there will be two tests. 

The tests are timed.  Each test is allotted three hours.
Tests are taken sequentially and are proctored.
Test cannot be taken the same day.

*Professional Paper
The student researches a current topic relevant to the degree field of study, then analyzes and comments (often compare and contrast) on the information gathered, and relates results so that the student’s professional credentials demonstrate a high level of understanding and ability to apply that knowledge with organizational mission and goals. Research goals favor qualitative versus quantitative. Three credit hours are usually awarded at completion. The final product can be structured for a published articles.

The student researches a hypothesis, theory, concept, or new proposal relevant to the degree field of study. A faculty supervisor is assigned to the student. Research favors original sources research with a broad literature study. After sufficient materials are gathered a hypothesis is presented followed by high level critical thinking skills with conclusions drawn and implications for enacting the aforementioned. When possible, the hypotheses can be tested in a secluded environment or in a permissible public working environment. In some higher learning institutions, a thesis is a six credit hour course stretched over two semester with the first 3 hours committed to preparation and a scaled paper. The second three credit hours are committed to writing and reflective commenting from the thesis supervisor. The final product can be bound and placed in a library or restructured for a published article, journal, or book.

This is an option where the student will have an opportunity to work in Islamic financial institution. A detailed report on the working mechanisms of the entity will be presented. Part of the report will require proposed solutions to the challenges that exist in the entity. Students will be required to provide an internship certificate from the company; or evidence of employment.

Course Code: MAEF770

Credit hours: 3

Pre-Requisites: 33 Credit Hours (Completion of All MAEF Courses)

Learning Objectives:

A student who successfully passes the MAEF will be able to demonstrate:

  • Written and oral knowledge of theory and applications for the differences and links between Islamic economics and finance.
  • Explain the theoretical part of the Islamic Economic System that covers rules that govern the ownership and distribution of wealth, as opposed to the rules adopted by the Capitalist and the Communist Economic.
  • Competently advocate the theoretical part of the Islamic Finance System that covers the rules of different modes of finance, as opposed to the rules of traditional interest-bearing lending in the Capitalist system.
  • Demonstrate math and problem-solving skills for resolving practical everyday issues and impossible situations that arise from conundrums requiring best practices applications.

Course Outlines:

  • Students will prove a comprehensive understanding of the facets of Islamic Finance studied throughout the program
  • Students will be able to resolve problems related to the proper implementation of Islamic Finance, especially regarding the implementation of Sharia compliance in business contracts.
  • Students will be prepared to accept jobs in the finance industry relating to the subjects covered in the program