Aims uk - distance learning programs in islamic finance

Another internet bunch of fraudsters like MEDIU etc. based in England. They offer different programs, but the most dubious is the PHD in Islamic Finance.
They are offering this 1.8 mths PHD in Islamic Finance, which is basically pay the cheque and get the degree course. All of their degrees are rubber stamped by another tin pot fraud university => "PEBBLE HILLS UNI"

Now whats that? never heard about this university! :saeek:

Please be careful, otherwise you might end up losing both time and money at such institutions. Its my duty to apprise students who aspire to learn and work in the field of Islamic Finance/Banking, as I myself teach this subject at different universities in Pakistan.

Hope I have made myself clear.

 

Pebble Hills U. is a well-known long-running fraud, which claims operations/websites on more than one continent. Here's a bit from a Wiki, on the European organization:

"Pebble Hills University, Italy - A police fraud investigation revealed that the University's "headquarters" in Seborga, Italy is a room in a building used as a cellar, also the home of ten other diploma mills: Saint Bernard University, Eurasia Community College, Instituto Latinoamericano de Psicobiofisica - I.L.A.P.; St. Paul Ottawa College & University, Phoenix International University Europe, West Coast University - WCU; The International University; Miranda International University; Marquis Open University; and James Monroe International University"

Here's the whole thing: List of unaccredited institutions of higher education - Wikipedia, the free encyclopedia

Johann

Seborga, incidentally, is an artificial principality "revived" from the Middle Ages. It is not recognized by the Italian government. It is about as "real" as Hutt River Province, in Australia - which has also been a home to some awful "schools."

 

The England-based fraudsters are offering Pebble Hills "degrees" because that "school" is offshore. According to the Higher Education Act of 1988, they might end up in jail if they were to issue any British degrees without proper authority.

There's an unaccredited law school in England that issues meaningless LL.B degrees. The degrees are from a school in Arkansas, US, that was once accredited. It lost its accreditation many years ago and I believe it closed. Whatever remained, including the use of its name, was bought by the British outfit - so they could issue LL.B. diplomas without risking prison.

Johann

 

It's a very interesting subject. I'm not a Muslim, but I've learned a little about Islamic Finance and found it absorbing -- and I admire the way it's enabled Muslims to buy homes, etc. in some of their more recently-adopted homelands, without going against the tenets of their religion.

As I'm sure you know, Syed, Islamic Finance is taught in quite a few of the UK's mainstream universities. Now that we've dealt with the worst programs, I'd be interested in knowing which UK Universities you think have the best programs. :smile:

Johann

 

I am not a muslim, so I can not judge the validity of this statement, but this was told to me by a friend (who is a muslim).

In Islam, charging or paying interest is prohibited. So, in a way to bend the rules, the banks will "buy" the house (or car or whatever), and sell it to you for a "profit" (which is allowed). And they allow you to pay in installments.

Again...no flaming please...this is what I heard...just wanted to share.

 

@Johann the first 2 universities which started teaching Degrees in Islamic Finance were Durham and Loughbourough (but there may be others in this list).

Anyways let me give you my personal rankings as shown in the order below:

I still think that Durham is the best for Islamic Finance Education not just in UK but in the whole world ! ICMA is good if you would like to learn Islamic Investment Banking and Wealth Management.

 

I'm not a Muslim either, msganti, but I believe your friend informed you 100% correctly. That's just one of the legitimate ways to finance purchases under Islamic rules. There are Islamic-compliant credit cards in many nations - and I think that's a common technique with those.

I've seen several devices, including the "mark-up" as you described, used for home-buying. Sometimes, the purchaser makes a down payment and makes periodic payments that are part rent and part equity build-up. As the equity increases, the rent portion diminishes and has disappeared entirely by the time the house is paid-for.

In commercial lending, the lender can be a "partner." As such, he might receive a designated share of profits in addition to repayment of principal. These techniques just scratch the surface. It's an intricate, interesting field. Business transactions can be designed with nearly the same precision as Islamic architecture! I believe there is much that non-Muslims can learn from Islamic Finance. :smile:

Johann

 

Just looked it up - yes. Both devices are used for home purchases under Islamic rules.

"Markup and re-sale with installments" is called "murabaha"

"Rent-to-own" is called "Ijara wa Iqtina."

Here's a Canadian company that does this type of financing: Welcome to IjaraLoan : Your Mortgage and Financing Solution

Johann

 

CIMA enhances Islamic Finance education - The Accountant
CIMA has over 200,000 members worldwide.

 

phd degree mis-information

Hello!

I was surprised to see that many things, which you have mentioned below are incorrect. I checked the aims website as well as contacted them in person. The phd program they are offering is a three years program and not 18 months as shown in your post.

I did my research and found that they have a strongest PhD evaluation committee and faculty members from all over the world. Some of them are among the pioneers, for example Dr. Zubair Usmani, etc.

 

Are they? Well, in the interest of accuracy, I have a couple of questions for you:.

(1) It appears AIMS College UK itself is not authorized to confer UK degrees, nor is it authorized to tutor for degrees offered by other British schools. Source: https://www.gov.uk/check-a-university-is-officially-recognised/overview It is neither a recognised body nor a listed body. So from what nation and under what degree-granting authority are AIMS degrees being conferred?

(2) Syed mentioned that the degrees are "rubber-stamped by another tinpot fraud university - Pebble Hills." Do they carry a Pebble Hills endorsement - or that of any other school?

Johann

 

I could found any other institute under the name "AIMS" except AIMS College, which is located in London. under the name AIMS College. If it is AIMS College, then your comments about the institution are totally wrong. Or probably you are working for their competitor and wrote it intentionally.
What I found in my investigation, is that, at first, the PhD in Islamic Finance offered by AIMS is a 3 YEARS program (NOT 1.8 months, which mentioned in your post). Second the program is affiliated with University of Marathon, USA (not with Pebble Hills University). I checked with the authorities and found that AIMS is registered with UK Register of Learning Providers (UKRLP) - a UK governmental setup to facilitates government departments, agencies & employers, including Skills Funding Agency, Higher Education Statistics Agency (HESA), Higher Education Funding Council for England (HEFCE) and UCAS. Also, the University of Marathon is dual accredited institution. In addition to that UM is in process of fulfilling accreditation requirements for Council for Higher Education Accreditation (CHEA).

 

AIMS College is registered with UKRLP (UK Registered Learning Provider) and are authorized to issue Certificate and Diploma, but not the degree. So following the British Laws, they are affiliated with some other degree granting institution, which is not Pebble Hills University.

 

Harrison: Second the program is affiliated with University of Marathon, USA (not with Pebble Hills University).

Johann: Sorry, can't find a site for that University - just a rather empty Facebook page. I found U. of Wisconsin, Marathon County campus, but that school (RA- North Central Assoc.) is not likely the one you're referring to. Do you have a URL? You seem to know a lot about AIMS. Work there?

Johann

 

There is a website for a "University of Marathon" at this address. It claims to be "based in Texas", and there is a small town called Marathon in west Texas (population: about 430). However, the University of Marathon provides no further specifics about its location; it has no posted address or even a phone number. The ownership of its website is masked, through the "Fundacion Private Whois" in Panama. The only way to contact the school appears to be via email.

University of Marathon claims accreditation by Accrediting Commission International, which is not recognized by the US Dept. of Education. The school is not included on the state's list of private universities at the Texas Higher Education Coordinating Board.

 

Here is how the University of Marathon explains the US accreditation system:

 

That sounds like the standard mill explanation of accreditation.

Shocking.

 

Good job finding the site. I missed it completely. Thanks, CalDog.

Johann

 

Actually, given the fact that the address of AIMS College apparently is 145-157 St John Street, London EC1V 4PW, AIMS is using the Registered Office Service of Companies Made Simple. The registered office address isn't necessarily the company's business address.

Buxton University's Graduate Records Office was using the same address. And so is Berkshire University, England's finest on-line university, according to the university itself. I think Pebble Hills is having all of its official mail forwarded from 145-157 St John Street too.

 

From the Dean's Message on the Marathon U. site:

"To educate the next generation of teachers, scholars, researchers and professional leaders
To develop the fields of knowledge and research within which these leaders will work"

Identical wording at Duke University's Graduate Dept of Chemistry page:

Resources | Duke Chemistry

The Marathon Dean's address contains more identical wording from another Duke page, here:

http://registrar.duke.edu/sites/default/files/unmanaged/bulletins/graduate/2008-09/html/gradbltn2008-09-06-1.html

Johann