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FINANCIAL MARKET COURSES

Islamic Banking & Finance – An Introduction

Islamic banking and finance has emerged as a viable alternative to conventional banking in recent years. The commitment to shari’a – Islamic religious law – is the backbone of Islamic banking. The prohibition of interest and speculation, as well as the carrying on of banking business in accordance with shari’a, are the basic principles underlying Islamic banking and finance. The financial world has begun to acknowledge the huge growth potential offered by the market and financial institutions ignore this potential at their peril.

 

This course provides an overview of the key principles of Islamic banking and finance and simplifies some of the terminology used in the market. The key components of the Islamic financial system and the main standard-setting bodies are also discussed.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Explain the core precepts of shari’a (Islamic law)

    Describe the main principles of Islamic finance, including the prohibition of riba and gharar

    Outline the key components of Islamic banking and finance

    Discuss the historical development of Islamic finance and its future challenges

  • COURSE OUTLINE

    Topic 1: Islamic Concepts & Principles

    Islamic Finance & Shari’a

    Sources of Shari’a

    o Primary Sources

    o Secondary Sources

    Shari’a & Fiqh

    Islamic Schools of Thought

    Islamic Bodies of Interpretation

    Topic 2: Key Principles in Islamic Finance

    Prohibition of Riba

    Prohibition of Gharar

    Other Key Principles in Islamic Finance

    Topic 3: The Islamic Banking & Finance System

    Key Components of Islamic Banking and Finance

    o Islamic Banking

    o Takaful

    o Islamic Capital Markets

    o Islamic Nonbank Financial Institutions

    Islamic Standard Setting Bodies and Regulators

    Topic 4: The Historical Development of Islamic Finance

    History of Islamic Finance

    o Founding Period

    o Formative Period

    o Development Period

    o The Future of Islamic Finance

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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