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COURSE TITLE COURSE CODE CREDIT HOURS METHOD OF DELIVERY ASSESSMENT METHOD

COURSE OBJECTIVE

COURSE SYNOPSIS

ETHICSANDGOVERNANCE IE2001 3hrs FacetoFaceandOnline Coursework20% FinalExam80% The aim of this course is to guide candidates in understanding the concept, evolution and application of corporategovernanceprinciplesandpracticeinamarketbasedeconomy,studentsareexpectedtoknow and apply laws, rules and best practices in the context of Islamic economic institutions. Shareholder and investorvalue.Withtheknowledgeandunderstandingofissues,itisalsoexpectedthatcandidateswillbe abletograspthegovernanceimplicationofpoliciesanddecisions.Candidateswillbeabletoprovideideas intermsofformulationofgovernanceframeworkaswellasapplyinggovernanceprinciplesinarticulating effectivegovernanceculturefordifferentcontextsandorganizations. Understandingofethicsasadisciplineofstudyaswellasasourceofguidanceandbestpracticeinachieving growth and value creation. Particular emphasis will be given to the relationship between law, ethics, governanceandsocialresponsibilities.ThecoursewillcoverconventionalandIslamicperspectivetoethics and governance as well as the application of such principles in varying business context especially in the areasofIslamicfinance.Issuesrelatingtothemanagementofconflictofinterests,agencyproblem,social responsibility, stakeholder expectations will be covered in this course through experiences of invited speakersandrelevantcasediscussions.

LEARNING OUTCOME

Attheconclusionofthismodule,candidateswillbeableto: i. DifferentiatebetweenIslamicandsecularworldviews,valuesandethics. ii. Define Corporate Governance, compare and evaluate on the suitability of different models of CorporateGovernance. iii. Articulate the connection of ethics, economics and governance in achieving economic growth wellbeinganddevelopment. iv. Applygovernanceprinciplesandbestpracticesinsolvingbusinessenvironment. v. Become aware of ethical and governance implications of actions, policies that involve conflicting stakeholderexpectations. vi. Promoteethicalawarenessandimportanceofvaluesinculcationamongsubordinateandpeers. vii. IdentifymajorissuesofshariahgovernancefacingIslamicFinancialsystem.

MAIN REFERENCE

BrianCoyleEssenceofCorporateGovernance,ICSA,2010 CorporateGovernanceGuide:TowardsBoardroomExcellence.BursaMalaysia ZafarIqbal&MervynK.Lewis,AnIslamicPerspectiveonCorporateGovernance.,ElgarPublishing,2009 (BothbooksinprocessofacquisitionbyKMC) Other recent and relevant readings will be provided as and when available. Enhancing corporate governance for Banking Organizations, Report of Basel Committee on Banking Supervision.2000.

OTHER REFERENCES

AAOIFI (2001). Accounting, Auditing and Governance Standards for Islamic Financial Institutions. (May 2001,TheAccountingandAuditingOrganizationforIslamicFinancialInstitutions,Bahrain). ArcherandAbdelKarimetal.IslamicFinanceTheRegulatoryChallenge.JohnWiley.2007 Chapra,M.andAhmed,H.(2002)CorporateGovernanceinIslamicFinancialInstitutionsOccasionalPaper No.6(IslamicResearchandTrainingInstitute:IslamicDevelopmentBank,Jeddah) Grais,W.andPellegriniM.(2006a)CorporateGovernanceinInstitutionsofferingIslamicFinancialservices IssuesandOptionsSeptember,WorldBank. Grais,W.andPellegriniM.(2006c)CorporateGovernanceinInstitutionsofferingIslamicFinancialservices IssuesandOptionsSeptember,WorldBank. Grais,W.andPellegriniM.(2006)WPS4053Corporategovernanceandstakeholders'financialinterestsin institutionsofferingIslamicfinancialservices,November,WorldBank Grais,W.andPellegriniM.(2006)WPS4054CorporategovernanceandShariahcomplianceininstitutions offeringIslamicfinancialservices,November,WorldBank Hausman, Daniel, and Michael McPherson (1993), Taking Ethics Seriously: Economics and Contemporary MoralPhilosophy,JournalofEconomicLiterature,June,pp.671731. IFSB guiding principles on Corporate Governance for Institution offering only Islamic Financial services, 2006. Ingmar Wienen, Impact of Religion on Business Ethics in Europe and the Muslim World: Islamic versus ChristianTradition,PeterLang(publisher),1997

IFSBGuidanceonKeyelementinthesupervisorsreviewsprocessforInstitutionsofferingIslamicfinancial services.December2007. Umaruddin,TheEthicalPhilosophyofAlGhazali,A.S.Nordeen,2003. FeisalAbdRauf:Islam,TheSacredLaw,YayasanDakwahIslamiah,Malaysia2002. IFSB Guiding Principles on Risk Management for Institutions discussing only Islamic financial services. December2005. MalaysianCodeonCorporateGovernance(Revised2007),availablefromSecuritiesCommissionWEBSITE. Commentaries on the Exposure Draft Guiding Principles on Shariah Governance System, Zulkifli Hasan, DurhamUniversity,2009. CorporateGovernance:WesternandIslamicPerspectives,ZulkifliHasan,2009 Ethics: Inherent in Islamic Finance Through Shariah Law; Resisted in American Business Despite Sarbanes Oxley,ChristineWalsh,2008/09 StakeholdersModelofGovernanceinIslamicEconomicSystem,ZamirIqbalandAbbasMirakhor,2004. TheCorporateGovernanceofBanks,AndyMullineux,2005,availablefromwww.emeraldinsight.com/1358 1988.htm(requiresusernameandpassword,attainablefromKMC) FinanceCommitteeonCorporateGovernance,MalaysianCodeonCorporateGovernance,MalaysianLaw JournalSdnBhd.,January2001. IFSB Guiding Principles on Corporate Governance for Institutions Offering Islamic financial services. December2006.

IFSBGuidingPrinciplesonShariahGovernanceSystem,December2010.
TOPICS WEEK

TOPIC Economics,ethicsandmarkets. i. WhatisEthics? ii. Howisethicsrelatedtolaws? iii. Theroleofmarketsandmarketsystem. iv. Separationofownershipfrommanagementandcontrol moderncorporationanditsrole. v. Meaningofbusinessethicsandgovernance. vi. Evolution of ethical principles and applied ethics in governance. vii. Governance,ethicsandwellbeingBenefitsofcorporate governance on growth and employment, sustainable wealthcreation. ConventionalandIslamicperspectivetoEthicsandGovernance. i. Personalandsocialvirtues. ii. Ethicalcriteriaindecisionmaking. iii. Ethicalprinciplesinproblemsolving. iv. KeyethicalissuesinEconomic,businessandfinance v. SecularandIslamicworldviews. vi. Islamic versus conventional or secular ethics and governance vii. Commonvaluesincorporategovernance. Overview of Laws and Regulations in Economics and Financial LEARNINGOUTCOME Able to differentiate between Islamic and secularworldviews Can appreciate overlap between ethics and laws. Can understand how and why market rules ofconductdependonethicalprinciples. Will know how ethics, governance, regulations and law relate in creating a productiveeconomy.

WEEK1&2

WEEK3&4

i. ii. iii. iv. Candifferentiatebetweenvariousprinciples ofethics. Able to apply ethical principles in solving problemsanddilemmasviacasestudies. Understand meaning of values inculcation, valuesethicsandtheirrelationship. Can appreciate that ethics alone cannot guaranteemarketwillcreatejustsociety

WEEK5

TOPICS WEEK

TOPIC Systems. i. Role of laws and regulations in promoting economic wellbeing. ii. Principlesoflawineconomicsystems. iii. Legalandregulatoryframeworkforconventionalfinancial system. iv. LawsandregulationsforIslamicfinancialsystem. v. PrinciplesofsecularandIslamiclawcommonalitiesand differences vi. Beyondlawsandregulations DevelopmentinCorporateGovernance i. Ethical issues and theories associated with development of corporate governance Agency problem, transaction cost,stakeholdertheory,stewardshiptheoryetc. ii. Growth of corporate governance codes and best practices. iii. Cadbury Report (1992), OECD principles (1999, 2004), World Bank, Global Corporate Governance Forum, Basel committee, U.S Corporate Governance (SarbanesOxley Act2002) iv. Typesandapproachesofcorporategovernancepractices. StructureandProcessforCorporateGovernance(2sessions) i. BoardofDirectorsrolesandresponsibilities. ii. CriteriaofaneffectiveBoard. i. Able to identify the roles of laws and regulations in promoting exchange economy. Able to differentiate jurisprudence and sourcesoflawsindifferentworldviews. Understand basic differences between Islamic and secular principles of laws especiallyinfinance. LEARNINGOUTCOME

ii. iii.

WEEK6&7

i. Able to differentiate between moral hazards, adverse selection and agency problem as concepts for ethics and governance. Identify different codes and their contributiontocorporategovernance. Able to evaluate different approaches to corporategovernance. Able to identify governance approaches to differentideologiesandworldviews.

ii. iii. iv.

WEEK8&9

i. Able to see how conflict of interest and agency problems are managed through

TOPICS WEEK

TOPIC iii. Executivesrolesandresponsibilitiesandexpectations. iv. CommonethicalissuesinCorporateGovernanceAgency problem,moralhazardsetc v. Accounting and audit roles and responsibilities of internalandexternalauditors. Criteriaforeffectivefinancialauditandreporting. ToolsforcorporategovernanceofIslamicFinancialInstitutions. i. Internalcontrols. ii. Riskandriskmanagement. iii. Disclosureandtransparency. iv. Shariahauditandcompliance. v. Codesandtrainingofethics. vi. Whistleblowing. vii. Boardcompositionandcommittees. viii. Strategicplanningcompetenciesandsuccessionplanning competencies. ix. Voting,communicationwithstakeholder. x. Capitaladequacyframework PromotingGovernanceofIslamicFinancialInstitutions. i. Roles of AAOFI reporting standards in promoting transparencyinIslamicFinancialReporting. ii. RolesofIFSBinpromotingprudenceandgovernancebest practices. iii. DevelopmentofHumanCapitalforgovernanceofIFIs. iv. BenchmarkingCorporateGovernancepracticesinMuslim countries. LEARNINGOUTCOME variousbestpracticesofgovernance. Can identify specific criteria of governance such as Board dynamics, controls, audit and stakeholdermanagement.

ii.

WEEK10&11

i. Can explain how the various tools of governance can promote good business conductandwellbeing. Able to show how the workings of the differenttools. Can differentiate between compliance tools and best practice tools for sound governance. Can apply principles and tools in various contexts.

ii. iii.

iv.

WEEK12&13

i. Should be able to describe in detail the components of international standards of best practices for Islamic financial institutions. Can identify efforts to promote governance inIslamiceconomicsystems. Can evaluate on the effectiveness of these

ii. iii.

TOPICS WEEK

TOPIC v. ChallengesofpromotinggovernanceinMuslimcountries. Revisionandwrapup LEARNINGOUTCOME effortsinMuslimcountries.

WEEK14

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