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Islam

Islamic Banking & Finance- Sisters


Course
Enrolment for this course is currently closed.

Islamic Banking and Finance-Level 1 aims to introduce students to core norms, modes, principles, basic models of Islamic banking and finance.

About The Course

Islamic Banking and Finance-Level 1 aims to introduce students to core norms, modes, principles, basic models of Islamic banking and finance, and to the analysis of the relationship between Islamic and conventional banks. Comprised of 12 online lectures, the course covers a range of topics, including the prohibition of Riba, Islamic financial contracts, Islamic capital market, Islamic microfinance models, Islamic insurance, and other contemporary issues related to Islamic finance.

The course will also address the real-world dilemmas related to banking loans, overdrafts, mortgages, insurance issues faced by Muslims while dealing with conventional banking. This entry-level course is suitable for both beginners and those with a good understanding of Islamic finance. A beginner will be given an overview of the basic functioning of finance in Shar’iah, and those with better knowledge of Islamic finance will be educated on the systematic approach to Shar’iah based finance. This foundational ideology will then be built further in level two and three of the course, where one, as an entry-level student, will develop a personal approach to Islamic finance and economics.

Course Team

 

Team Member 1

Mufti Muhammad ibn Adam al-Kawthari

(Darul Iftaa, Leicester, UK )

Team Member 2

Dr Shariq Nisar

(Professor, Rizvi Institute of Management Studies & Research, India)

Team Member 3

Mufti Wasie Butt

(Research Scholar-Albalagh Academy)

 

Course Overview

This unique Islamic Banking and Finance course will provide you with a comprehensive understanding of the practical functionality of Shar’iah based finance. It is a must for both students and professionals who are engaged in the banking and finance industry and desire to understand pivotal Islamic financial principles and ideas. The course is further suitable for Ulama, Sharīʿa scholars, students of Ilm, and all those who have a keen interest in Islamic finance.

The course will provide one with a critical understanding of the way the Islamic banking and finance industry operates, as well as the necessary knowledge and skills that are required to work within Shar’iah based Islamic framework. Moreover, it will allow students to explore both, classical approach to Islamic banking and finance, its structures and applicability to contemporary banking systems.

Learning Objectives

This Course Aims To:

  • Identify and understand the Islamic financial contracts that exist in both the classical and modern Islamic banking and financial systems.
  • Understand the history of Islamic banking and the framework of the present financial market in light of Islamic standards and principles.
  • Comprehend and recognise the rationality behind Islamic rulings on various financial contracts.
  • Differentiate between Islamic banking, finance, and other conventional models.
  • Learn Shari’ah based principles, concepts and values in Islamic banking & finance, as well as other financial compliant products.
  • Analyse and apply the best Islamic banking principles and Shari’ah concepts in the context of the standard financial system.

Learning Outcomes

On Successful Completion Of The Course, The Students Will:

  • Become familiar with foundational Islamic banking and finance.
  • Distinguish between Islamic banking and conventional banking.
  • Gain insight into all facets of Islamic banking and finance, including the history of Islamic banking along with an understanding of Islamic economics.
  • Be equipped with the understanding of rationality behind Islamic rulings on various financial contracts
  • Identify Shari’ah based principles and Islamic values in Islamic finance.
  • Be able to analyse and apply the Islamic rulings in the context of Islamic banking and finance.

Here is the course outline:

1. Welcome Aboard: Course Introduction

Islamic Banking and Finance-Level 1 aims to introduce students to core norms, modes, principles, basic models of Islamic banking and finance.

2. Session 1

Explore the foundational principles of Islamic Economics in this session. Uncover the significance of ethics and interest-free finance in the Islamic economic framework.

3. Session 2

This session examines diverse economic systems: Capitalism, Socialism, Communism, and Islamic Economics. Compare the key features to gain a broader understanding.

4. Session 3

Study Islamic contracts and valid sale agreements: principles, consent, and permissible trades under Islamic jurisprudence in this session

5. Session 4

Get an overview of the conventional banking system in this session. Explore its structure, functions, and key features, along with its role in the broader economy.

6. Session 5

Delve into major prohibitions and key principles in this session. Uncover the foundations of ethical conduct, forbidden practices, and essential guidelines in various contexts.

7. Session 6

Explore Islamic banking system: principles, features, and Sharia-compliant practices fostering ethical financial transactions in this session.

8. Session 7

Discover Fintech's relevance for Islamic Finance in this introduction. Explore technology's impact on financial services, enhancing efficiency and inclusivity.

9. Session 8

Discover the Islamic stock/share market. Uncover Sharia-compliant investment opportunities, adhering to ethical standards and principles governing equity trading in this session.

10. Session 9

Islamic Microfinance blends Islamic finance principles with microfinance to provide interest-free, ethical, and community-centered financial services for underserved populations.

11. Session 10

Exploring Islamic Modes of Finance: Delve into Key Sharia Principles that Underpin Ethical and Halal Financial Transactions.

12. Session 11

Takaful is an Islamic insurance concept based on mutual cooperation and shared responsibility to provide coverage against losses and risks, while adhering to Sharia principles.

13. Session 12

Sharia Board: Scholars ensuring adherence to Islamic principles. Sharia Audit: Examining compliance. Sharia Compliance: Upholding Islamic law in business.

14. Session 13

Developing Strong Sharia Governance in Western Contexts - discusses establishing effective Sharia compliance systems for Islamic financial institutions operating in Western countries.

15. Session 14

"Cryptocurrency, NFTs, and Islamic Jurisprudence" explores how Islamic principles are applied to emerging digital assets like cryptocurrencies and non-fungible tokens (NFTs).
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