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Islamic Finance


Course Overview

This course will look at the laws, regulations, and ethics of finance and economics according to Islamic law. The topics covered will range from everyday financial matters to Islamic banking. Primary emphasis will be placed on introducing students to the practical benefits of finance and economics in Islam.

Course Objectives

To provide students with:

  • A comprehensive overview of the development and essentials of Islamic Finance
  • A profound understanding of the Islamic perspective on buying and selling

Course Learning Outcomes

Upon successful completion of this unit, students should be able to:

  • Understand the historical development of contemporary Islamic Finance
  • Understand the Fiqh (Islamic Jurisprudence) relating to Islamic Banking and Economics
  • Understand the rights and duties of employer and employee
  • Understand the rights and duties of landlord and tenant
  • Understand the basics of business partnerships in Islam
  • Understand the ethics and principles underlying Islamic Finance
  • Provide good counsel to friends and family on contemporary issues such as mortgage, insurance and warranty, and student loans

Course Content

  • Buying and Selling
  • Uncertainty in Transactions
  • Pawning
  • Prohibition of Riba
  • Payment in Advance
  • Deferred Payment
  • Debt
  • Bankruptcy
  • Borrowing on Interest
  • Price Manipulation
  • Renting, Leasehold and Freehold Ownership
  • Student Loans
  • Economics
  • Business Partnerships
  • Hiring and Employment Relationships
  • Business by Proxy
  • Lost & Found Property
  • Insurance and Mortgage
  • Warranty
  • Islamic and Conventional Banking Models