This module primarily considers laws regulating banking in and their effectiveness with the principles of Islamic finance. A particular emphasis will be on the relationships between banks and their customers and the role of consumer protections. The modules will address areas such as fraud, money laundering, the nature of the bank-customer relationship and the duties inherent in that relationship, payment and financial technology and payment and finance. The module will address various standards regulating banking behaviour such as standards set out in the Financial Conduct Authority's Handbook, and the work of the Financial Ombudsman Services, the Financial Services Compensation Scheme and the Office of Fair Trading. The module will then encourage students to evaluate the impact of such standards and how they may or may not result on what is intended by the principles of Islamic finance, such as rules pertaining to Riba (interests charged on loans). As will be obvious from the global financial crisis, the context, globalization and supranational regulation of banking activities are important and so this module will encourage students to think about the wider impacts of what they have learned.
Learning Outcomes
By the end of the module students should be able to:
Demonstrate advanced knowledge and understanding of key areas relating to Banking and Islamic Finance;
Evaluate the legal and policy issues addressed;
Evaluate and participate in legal arguments in context;
Competently express legal analysis in a succinct and relevant manner, interact with other members of a learning group, giving and receiving information and ideas and modifying responses where appropriate;
Make intelligent use of standard paper and electronic resources to locate relevant and up-to-date information on the issues covered.
