This course prepares the students to take on roles as policy analysts and technical advisers on Microfinance and Development in foundations, governments, multilateral development institutions and international agencies. Participants will have an appreciation of the broader context that underpins the microfinance field; understand how and why the formal credit market fails to meet the financial needs of the poor; be knowledgeable about the challenges and controversies facing Microfinance, and be equipped with a framework to objectively examine and assess these issues.

This course provides the knowledge of both theoretical arguments concerning the relationship between the banking sector and the monetary policy system and the actual functions of every banking institution. Throughout this course these functions and general purposes of the banking system and its evolution over time are reviewed. Also, this course provides valuable information on current operations and objectives of banks, as well as the overall maintenance of price stability.

This course presents and analyzes derivatives, such as forwards, futures, and options. These instruments have become extremely popular investment tools over the past several decades, as they allow one to tailor the amount and kind of risk one takes, be it risk associated with changes in interest rates, exchange rates, stock prices, commodity prices, inflation, weather, etc. They are used by institutions as well as investors, sometimes to hedge (reduce) unwanted risks, sometimes to take on additional risk motivated by views regarding future market movements. The course defines the main kind of derivatives, shows how they are used to achieve various hedging and speculating objectives, introduces a framework for pricing derivatives, and studies several applications of derivative-pricing techniques outside derivative markets.

This course provides students with an in-depth understanding of international banking and financial systems and structures, and regulatory policies overseeing these systems. It discusses and analyzes the business implications of the global integration of international capital markets, the mobility of capital, and the use of complex financial products. The course focuses on the latest institutional and management issues facing international banking in the turbulent operating environment. It examines the current international banking and financial condition as well as its evolution in the past along with banks’ global managerial and operational issues.

This course will provide the student with the basic theoretical and practical knowledge in field of Islamic economy, banking and finance. The course will present basis of Islamic economic philosophy and its position to interest back through history. Students will have an opportunity to study a different issue related to corporate responsibility that is expected from Islamic financial institutions. The course will signify the development of Islamic finance, present the Islamic financial system, and explain individual Islamic financial instruments and financing models. Special accent will be placed on Islamic banking, its emergence and development.