About the Program
Islamic finance is a way to manage money that keeps within the moral principles of Islam, known as the ‘Shari’ah’. This unique Islamic Banking and Finance program will provide you with a comprehensive understanding of the practical functionality of Shar’iah-based finance in contemporary society and how different Islamic modes of financing work.
This lesson introduces the values that lay the ethical foundation of Islamic Banking and Finance. Islamic banking and finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law).
Learn about Riba, one of the most important prohibitions in Islamic Finance. Contemporary Islamic finance is based on a number of prohibitions that include interest, investing in prohibited activities, speculation and uncertainty.
Learn about Gharar, one of the most important prohibitions in Islamic Finance. Contemporary Islamic finance is based on a number of prohibitions that include interest, investing in prohibited activities, speculation and uncertainty.
Learn about Aqd, it’s types and the various requirements that need to be fulfilled to make an Aqd valid. An “Aqd” or contract under Shariah covers all types of obligations in all walks of life, such as commercial obligations, religious obligations, political obligations, etc.
Get an overview of the concepts of murabaha and musawamah in Islamic finance framework, two of the most popular Financial Contracts and techniques applied by Islamic Banks.
Learn how to execute a valid contract under Salam and Istisn’a. Salam and Istisn’a are sales of a special nature. One of the basic conditions for the validity of a sale in Shariah that the commodity intended to be sold must be in the physical or constructive possession of the seller. Salam and Istisn’a are the only two exceptions to this general principle in Shariah.
Learn about the Shariah compliant ways of using Arbun in transactions. Arbun is the down payment made by a buyer to a seller after both parties have entered into a valid contract, which represents the commitment to purchase the goods.
Learn how some contracts create the effect of loans and circular conditional ambiguity. These contracts are therefore prohibited in Sharia dure to their problematic nature. This lesson outlines the details of 2 such problematic contracts.
Learn about the details of an Ijara Contract in this lesson. Ijara is an effective and practical financing tool that allows businesses to acquire equipment and machinery through leasing, instead of outright purchase, thus reducing the heavy burden of capital expenditure.
Learn about the Mudaraba, a popular Islamic finance technique in which a lender or investor and a borrower or investment manager establish a profit-sharing partnership to undertake a business or investment activity.
Learn about Musharaka, a classical partnership agreement where all parties involved contribute to towards the financing of a venture and gain knowledge about the details that make such a partnership valid according to Shariah.
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