The course has been designed to enable the students to understand and explain the philosophy, principles and operations of Islamic finance including Islamic banking, Islamic financial instruments and Takaful and how they are different from the conventional banking and financial system.
- Rules regarding offer and acceptance
- Rules regarding legality of object
- Rules regarding subject matter
- Capacity of the parties to the Contract
- Intention to create legal relationship
- Lawful consideration i.e., price determination
- Possibility of performance
- Void agreements
- Voidable agreements
- Difference between contract, agreement and promise
- Rules regarding valid Bai along with its various kinds/ nature
What Will You Learn?
- On completion of this course students will be able to:
- Explain the role of Shari’ah in Islamic finance;
- Explain the meanings of finance and financial system
- Understand the philosophy and principles of Islamic finance.
- Examine the distinguishing features of Islamic Finance
- Explain the major prohibitions in Shari’ah- compliant commercial transactions and their impact on banking business;
- Evaluate the implications of prohibition of Riba, Gharar and gambling on individuals, financial institutions and societies;
- Understand the essentials of all basic modes of business.
- Understand the difference b/w insurance and Takaful
- Evaluate the role of risk-based and equity finance comparing with the risk free finance.
- Apply Islamic principles of Islamic finance to the needs of present day businesses on the basis of modes and procedures in practice.
Chapter1. Islamic Law of Contract
Chapter 2. Riba, Qimar and Gharrar & Its Prohibitions
Chapter 3 Islamic Economics
Chapter 4. Financing Mode – Mudarabah & Musharakah (Partnership based)
Chapter 5. Financing Mode – Murabahah, Musawamah, Salam & Istisna (Trade Based)
Chapter 6.Financing Modes – Ijarah (Rental Based)
Chapter 7.Takaful (Islamic Insurance)