Alternative Finance

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Overview

Finance is all about collecting savings and arranging to pass it on to the aspiring entrepreneurs for overall economic betterment and prosperity. However the method of financing has undergone sea changes over the years due to various factors including human experience and technological advancement. Traditional theories of financial intermediation that are based on transaction cost and information asymmetry have often been challenged due to reduced transaction and asymmetry costs. Traditional theories of financial intermediation are based on products and services that are of decreasing importance. The importance of different types of intermediary over the years has also undergone significant changes. Recurring financial crises in many countries has also led to increased scrutiny of the financial system and the regulatory environment that promotes and nurture it. There is a renewed call for financial systems to be analyzed in terms of its “functional perspective” rather than an “institutional perspective”. It is argued that over long periods of time functions have been much more stable than institutions. Institutions come and go, evolve and change but functional needs such as origination, distribution, servicing and funding remain same.

Declining importance of traditional intermediaries such as Banks as against newer forms of entities such as mutual funds and NBFCs has given new dimensions to the overall financial intermediation theories. There have also been calls for tax neutrality between debt and equity to curtail high level of debt and to keep the financial system more efficient and stable.

Alternative finance, which includes financial theories, instruments and distributive channels, has emerged either in contrast to the mainstream financial theories or outside of the traditional financial system. There are community-based organization (CBO) that do not like to conduct their financial business in certain manners such as charging or paying of interest, investing in sinful sectors like alcohol, gambling, tobacco etc. There are other groups who actively canvas against certain types of industries affecting environment or contributing to global warming. Emergence of Internet technology has led to emergence of several kinds of newer ways of financial intermediation. Equity-based crowd funding, peer-to-peer insurance and lending, providing venture capital to start-ups and MSMEs and offering more diverse and transparent ways for savers to invest or entrepreneurs to get finance, fostering innovation, generating jobs and funding worthwhile social causes. In the last few years, especially after the global financial crisis, alternative finance has picked up pace in many countries. The whole financial services value chain is expanding and there is every chance that if you are not proactive, you will be missing something.

Contact Us

Prof. Umar Farooq
Programme Coordinator
Rizvi Institute of Management Studies & Research
Email: umarfarooq@rmi.rizvi.edu.in
Mob.: 9819535532
Dr. Kalim Khan
Director
Rizvi Institute of Management Studies & Research
Email: kalim@rmi.rizvi.edu.in
Name of the Institute : Rizvi Institute of Management Studies & Research
Address : New Rizvi Education Complex, Off. Carter Road, Bandra (W), Mumbai – 400 050
Landline : +91 22 26042180 | +91 22 26049710 | +91 22 26044068
Website : www.rmi.rizvi.edu.in
Email ID : alternativefinance@rmi.rizvi.edu.in
Twitter : @RizviManagement

Course Details

Course Deliverables

On completion of the course the participants should be able to:
  • understand the need, importance and foundations of modern financial system
  • appreciate various theories and their application in financial intermediation
  • identify key markets and geographies with potential for alternative finance practices
  • integrate alternative finance in the modern financial architecture
  • analyze various forms of alternative finance and their respective characteristics
  • achieve a practical level of competence in alternative modes of finance and investments
  • build capabilities in using alternative finance as a tool for growing own business
  • apply various statistical tools and packages to enhance financial decision making
  • head start/improve employment opportunities globally, especially in those jurisdictions where alternative forms of finance is more popular and growing

Course Advantages

The course shall :
  • give a thorough grounding on theoretical aspects of alternative finance
  • provide detailed explanation on the rationale and application of major tools of alternative finance
  • use relevant case studies for an enhanced learning experience
  • have facilitators who are contemporary practitioners

Course Structure

The course shall :
  • Be covered using classroom teaching only
  • Be spread over 8 months
  • Be spread over 40 days
  • Have 160 hours of teaching
  • Have sessions only on weekends
  • Each day shall have two sessions of 2 hours each
  • The sessions will be held from 10.00 am – 3.00 pm

Course Eligibility

Applicants interested in the course must :
  • Be at least a graduate from a recognized University
  • Have minimum two years of work experience in finance, banking and insurance industry
  • Comply with the admission procedure as stipulated

Course Essentials

The course mandates :
  • Participants must carry laptops for every session
  • Minimum attendance of 80% to be eligible for the certificate
  • Adhere to the disciplinary norms as laid by the Institute
  • Pay fees as per schedule

Course Completion

Participants shall successfully complete the course on the fulfillment of the following conditions :
  • Mandatory attendance of 80%
  • Completion of all assignments as and when given in the course
  • Appear for an end of the course assessment
  • Score minimum 50% of marks in the end of the course assessment

Course Reward

Participants who successfully complete the programme shall be awarded “Certificate in Alternative Finance” by Rizvi Institute of Management Studies & Research.

Admission and Fees

Interested participants have to fill in the admission form available online. The online form is available on the Institute website www.rmi.rizvi.edu.in. Applicants are requested to download the form and mail the duly filled in form to alternativefinance@rmi.rizvi.edu.in. Forms shall be available online for download and submission from Tuesday 5th April, 2016 to Friday 15th July, 2016.

The institute shall conduct a telephonic interview of the applicants who submit the form. Applicants shall be admitted basis the profile and the telephonic interview. Admitted candidates shall be informed by mail on the email id registered in the form.

The course shall commence from Saturday 6th August, 2016 with the Orientation Programme. The schedule of the programme (lecture schedules) is attached along with the admission form.

COURSE FEES AND PAYMENT

  • The course fees shall be Rs. 1,60,000/- inclusive of all taxes. The fees can be paid either by
    • Cheque favouring “Rizvi Institute of Management Studies & Research”
    • Through RTGS, the details of which are as below:
      • Name of the Beneficiary : Rizvi Institute of Management Studies & Research
      • Name of the Bank: Abhyudaya Cooperative Bank Ltd.
      • Account No.: 028021100000433
      • Type of Account : Current Account
      • IFSC : ABHY0065028
      • Branch : Sherly Rajan Road, Bandra West
  • The payment schedule is as below:
    • Rs. 80,000/- on admission
    • Rs. 80,000/- after three months of admission
  • The alumnus of Rizvi Institute of Management Studies & Research shall be given special preference in this course and can avail the course at Rs. 1,30,000/- per participant.
  • In case of corporates sponsoring candidates, the following shall be the fee structure:
  • Sr. No.
    No. of Participants per organisation
    Fee Amount per Participant
    1.
    3-5
    Rs. 1,30,000/-
    2.
    More than 5
    Rs. 1,00,000/-

Facilitators

1. Dr. Kalim Khan
Kalim KhanDr. Kalim Khan is a truly multi faceted personality and to say that he adorns each hat with elan and exceptional commitment and credibility would be an understatement. An academician by heart, a management consultant with an eye for detail, an enriching and entertaining trainer, and an author with a penchant for exhibiting thought leadership, Dr. Kalim Khan plays all these roles with class, exuberance and style.

Dr. Kalim Khan is the Director of Rizvi Institute of Management Studies & Research and carries the repute of being amongst the most prominent trainers on analytics in industry as well as academia. A Ph.D. in quantitative techniques, his forte lies in simplifying the most complex concepts of statistics. He has been training and consulting on data analytics and allied areas with some of the best brands. He gets to the team a combination of conceptual clarity and complex applications.

2. Dr. Shariq Nisar
ShariqNisarShariq Nisar has carved a niche for himself in the domain of Alternative Finance and is amongst the very few names in India that are an authority on the various subjects in this domain. He has made some seminal contributions to India’s financial sector by launching India’s first Shari’ah index with the Bombay Stock Exchange, first ethical mutual fund scheme and first venture capital scheme approved on Shari’ah lines by the Indian capital market regulator, SEBI. He also played a key role in the design and launch of Shari’ah Index at Chittagong Stock Exchange, Bangladesh.

He has been equally active in the academic field with teaching, research and training. He has structured and started alternate finance programs at various universities and institutes including Aligarh Muslim University, BSAR University and the BSE Institute. His Co-edited book Takaful and Islamic Cooperative Finance is published my Edward Elgar, UK.

3. S.B. Raje
Subhash RajeSubhash Raje is into academics for over four decades now. In his rich academic journey, Raje has been associated with various educational institutions in multiple capacities. He was Vice Principal of Bhavan’s H.S. College before he retired from there in 2007. Prior to becoming Vice Principal, he was also the Head of Economics Department of the Institute. During this period, he also served as the head of unaided courses.

Apart from teaching, Raje also undertook assignments with Government of Maharashtra to help them do a Cost-Benefit Analysis for Renewable Sources of Energy. He has also conducted workshops on application of mathematics in economics for academicians. He is also a co-author of the book “Founders of Political Economy and Economic Systems” and has also prepared work-book for Micro and Macro Economics for S.P. Jain Management Institute.

4. Umar Farooq
Umar FarooqAn academician by choice, Umar Farooq is currently an Assistant Professor with Rizvi Institute of Management Studies & Research and is associated with the institute since 2010. He specializes in Cost Management, Financial Aspects of Marketing and Management Control Systems. His research area ranges from Islamic Finance to Government Policies and Regulations. Besides Rizvi, Umar Farooq is also associated as a Senior Economic Researcher with Deutsches Asienforschungszentrum (DAfz), a German Public Policy Research firm. His role encompasses doing an economic assessment of public policy initiatives of various countries across Asia.

Umar Farooq holds a Masters in Management Studies from University of Mumbai, specializing in Finance and is pursuing his Doctoral Studies on the key benefits of Islamic Finance in India. He has been regularly publishing research papers and two of his papers were adjudged as the best research papers in National Conference.

5. Jamil Saudagar
Jamil SaudagarJamil Saudagar is an accomplished trainer in MS Excel and Financial Modelling. He provides consultancy and advisory services to corporate clients on MS Excel, Visual Studio, SQL Server and Oracle for business applications. He has a corporate work experience of 14 years, working across a wide spectrum of Banking and Financial Services verticals. His diverse exposure includes: Corporate Banking, Capital Markets and Fixed Income Securities.

Jamil has a passion for writing computer programs that automate business processes and speed up data analysis. His application of various tools, which enhance efficiency and process productivity, has been adopted by his employers – Morgan Stanley, IL&FS and Citigroup.

6. Bhaskar Sinha
Bhaskar SinhaBhaskar Sinha has held various academic and corporate positions in a career spanning 12 years. He has substantial experience in application of academic research across industries, designing industry-oriented courseware, organizing academia-industry interfaced guest lectures and training. Bhaskar specializes in the area of Firm Financing Decisions, Financial Intermediation, Market Microstructure, Applied Econometrics Research with a distinct goal to creating a paradigm shift in the strategy and practice of management professionals.

Bhaskar Sinha graduated with Electrical Engineering from Nagpur University with distinction and has a Post Graduate Diploma in Management with Finance & Marketing (dual specialization). Furthermore, he completed his management teachers program (MTP) specializing in Finance. He was awarded Full Scholarship from ICFAI University for the Visiting Scholars Program to Department of Finance, M. J. Whitman School of Management, Syracuse University, New York.

7. Industry Experts from respective domains.

Curriculum

1. Introduction to Modern Financial Theories and Business
      •  Financial System – An Overview
      •  Major Component of Financial System
            a. Banking and Finance
            b. Capital Market
            c. Insurance
      •  Current Trends and Practices

2. Financial Architectures Regulations
      •  Current and Emerging Regulatory Architecture
            a. Self-Regulatory Organisation (Interest-free, Microfinance, Other forms)
            b. National Regulatory Organisation (Single VS Multiple Regulators)
            c. Major Challenges (Gap, Overlap, Arbitrage)

3. Financial Management (Using Spread Sheet)
      •  Corporate Valuation
      •  Capital Budgeting (I)
      •  Capital Budgeting (II)
      •  Financial Statement Analysis (I)
      •  Financial Statement Analysis (II)
      •  Capital Structure
      •  Optimal Asset Allocation
      •  Index Construction

4. Foundation of Alternative Finance: Revisiting Some Old Debates
      •  Positive VS Normative Economics
      •  Personal VS Social Goals
      •  Debt VS Equity
      •  Real VS Financial Economies

5. Interest-free Banking and Finance: Theory and Practices
      •  Analysing Theories of Interest and Its Role in Modern Financial System
      •  Introduction to Interest-free Banking and Finance
            a. Major Financial Contracts
            b. Interest-free Banking
            c. Interest-free Bonds
            d. Stocks Screening
            e. Takaful (Islamic Insurance)
            f. Interest-free Microfinance

6. Microfinance: Theory and Application
      •  Financial Exclusion: Causes and Consequences
      •  Introduction to Microfinance Business Models
            a. Grameen Model
            b. SHG Model
            c. JLG Model
      •  Microfinance Industry in India
            a. Borrowing Based
            b. Equity Based
            c. Deposit Based
            d. Charity Based

7. Mutuals and Their Role in Financial Protection

8. Introduction to Other Forms of Alternative Finance
      •  Crowd Funding
      •  Ethical, Green and SRI Investing
      •  Peer-to-Peer Finance and Insurance

9. Indian Financial System and the Scope of Alternative Finance
      •  Scope of Interest-free Banking and Finance
      •  Ethical Investing
      •  Mutual and Cooperative Insurance
      •  Regulatory Dilemmas and Challenges

Schedule

Day and Date Subject Subtopics Faculty
Sat, 6 Aug 16 Orientation Programme
1 Sat, 13 Aug 16 Introduction to Modern Financial System and Businesses Financial System – An Overview Ashok Kumar
2 Sun, 14 Aug 16 Major Components of Financial System Dr. Shariq Nisar
3 Sat, 20 Aug 16 Current Trends and Practices Umar Farooq
4 Sat, 27 Aug 16 Current Trends and Practices Umar Farooq
5 Sun, 28 Aug 16 Financial Architectures and Regulations Industry Expert
6 Sat, 3 Sept 16 Financial Management (Using Spread Sheet) Corporate Valuation Bhaskar Sinha
7 Sun, 4 Sept 16 Capital Budgeting (I) Bhaskar Sinha
8 Sat, 10 Sept 16 Capital Budgeting (II) Bhaskar Sinha
9 Sun, 11 Sept 16 Financial Statement Analysis (I) Bhaskar Sinha
10 Sat, 17 Sept 16 Financial Statement Analysis (II) Jamil Saudagar
11 Sun, 18 Sept 16 Capital Structure Jamil Saudagar
12 Sat, 1 Oct 16 Optimal Asset Allocation Jamil Saudagar
13 Sun, 2 Oct 16 Index Construction Industry Expert
14 Sat, 8 Oct 16 Foundation of Alternative Finance Positive VS Normative Economics Dr. Shariq Nisar
15 Sun, 9 Oct 16 Personal VS Social Goals Dr. Shariq Nisar
16 Sat, 22 Oct 16 Debt VS Equity Dr. Shariq Nisar
17 Sun, 23 Oct 16 Real VS Financial Economies Umar Farooq
18 Sat, 12 Nov 16 Interest-free Banking and Finance: Theory and Practices Analysing Theories of Interest and Its Role in Modern Financial System Dr. Shariq Nisar
19 Sun, 13 Nov 16 Introduction to Interest-free Banking and Finance Umar Farooq
20 Sat, 19 Nov 16 Major Financial Contracts Umar Farooq
21 Sun, 20 Nov 16 Interest-free Banking Dr. Shariq Nisar
22 Sat, 26 Nov 16 Interest-free Bonds Dr. Shariq Nisar
23 Sun, 27 Nov 16 Stocks Screening Dr. Shariq Nisar
24 Sat, 3 Dec 16 Takaful (Islamic Insurance) Industry Expert
25 Sun, 4 Dec 16 Interest-free Microfinance Industry Expert
26 Sat, 10 Dec 16 Microfinance: Theory and Application Financial Exclusion: Causes and Consequences Industry Expert
27 Sun, 11 Dec 16 Introduction to Microfinance Dr. Shariq Nisar
28 Sat, 17 Dec 16 Grameen Model Dr. Shariq Nisar
29 Sun, 18 Dec 16 SHG Model Industry Expert
30 Sat, 14 Jan 17 JLG Model Umar Farooq
31 Sun, 15 Jan 17 Microfinance Industry in India Dr. Shariq Nisar
32 Sat, 21 Jan 17 Mutual Insurance and its Role in Financial Protection   Dr. Shariq Nisar
33 Sun, 29 Jan 17   Industry Expert
34 Sat, 11 Feb 17   Industry Expert
35 Sun, 12 Feb 17 Other Forms and Practices Crowd Funding Bhaskar Sinha
36 Sun, 19 Feb 17 Peer-to-Peer Finance and Insurance  Industry Expert
37 Sat, 25 Feb 17 Ethical, Green and SRI Umar Farooq
38 Sun, 26 Feb 17 Guest Lecture Industry Expert
39 Sat, 4 Mar 17 India and Scope of Alternative Finance Interest-free Finance Dr. Shariq Nisar
40 Sun, 5 Mar 17 Alternate Investments and Others Dr. Shariq Nisar
  Sat, 11 Mar 17 Valedictory Function
Rizvi Institute of Management Studies & Research