Islamic Finance – A Brief Introduction

Learning Objectives:

• To understand Islamic finance in contemporary society.
• To understand the benefits of Islamic finance and banking.
• To understand the main principles of Islamic banking and finance.
• To understand how different Islamic modes of financing work.
• To understand the current market and future opportunities for the sector.

Module Learning Outcomes & Summaries:

Module 1. Introduction – Learning Outcomes

It is planed students will be able to:

1.     Define Islamic Finance.

2.     Define Shariah.

3.     Understand the Islamic perspective of wealth.

4.     Understand Islamic finance growth and future potential.

Module 1. Summary

At the end of Module 1 students will be able to:

·       Define Islamic finance.

·       Define Shariah.

·       Define Islamic finance is set of rules that are Shariah compliant.

·       Highlighting the Islamic perspective of wealth.

·       Understand the history of modern Islamic finance and.

Module 2. Islamic Law & Contracts – Learning Outcomes

It is planned students will be able to:

1.    Explain Sources of Islamic Law (Shariah)

2.    Learn the actions of Islam.

3.    Learn common elements of a contract.

4.    Learn of different ownership categories.

5.    Learn the classification of contracts.

6.    Learn key contract conditions.

Module 2. Summary

At the end of Module 2 students will be able to:

·       Understand the key sources of Islamic Law is the Qur’an and the Sunnah.

·       Define actions of Islam.

·       Highlight common elements of a contract.

·       Understand ownership categories.

·       Understand the classification of contracts.

·       Understand key contract conditions.

Module 3. Modes of Finance – Learning Outcomes

It is planned students will be able to:

1.     Understand prohibition of Interest (Riba)

2.     Understand prohibition of uncertainty/risk (Gharar).

3.     Understand how Islamic insurance (Takaful) works.

4.     Understand debt and equity based finance.

5.     Understand different modes of finance.

6.     Understand the difference between Islamic and conventional banks.

7.     Understand key consideration when choosing an Islamic product.

8.     Understand how Islamic housing finance works.

Module 3. Summary

At the end of Module 3 students will be able to:

·       Explain the prohibition of interest and uncertainty/risk.

·       Explain how Islamic insurance (takaful) works.

·       Explain difference between Debt and Equity based financing.

·       Explain the difference between Islamic and Conventional banks.

·       Explain the different modes of finance.

·       Explain key consideration when choosing an Islamic product.

·       Explain how Islamic housing finance works.

Module 4. Regulatory Issues – Learning Outcomes

It is planned students will be able to:

1.     Understand the role of independent Shariah boards?

2.     Understand legal and regulatory environment.

3.     Understand Islamic finance potential.

Module 4. Summary

At the end of Module 4 students will be able to:

·       Define the role of independent Shariah boards.

·       Highlighting the link between Shariah, law and business opportunities.

·     Contact the publisher to provide feedback on the course or ideas on how it can be promoted globally.