Module 1: Fundamentals of Shariah Rulings

Scope of Coverage

  • Evolution of institutional framework & Islamic finance solution
  • Standard setting and industry bodies
  • Overview of Islamic Law on commercial transactions
  • Sources of Fiqh
  • The Prohibition of Riba, Gharar and Maysir in Islam
  • Application of Shariah principles in banking and capital markets
  • Basic Shariah parameters governing Islamic finance contracts        
  • Types of contracts in Islamic finance
  • Types, salient features and applicable rules for the relevant contracts 
    • Sales contract
    • Partnership contract 
    • Leasing Contract
    • Other supporting contracts

Learning Outcomes

The programme’s objective is to describe the governing principles and requirements of Islamic commercial contracts, various types of financial instruments and its applicability in modern Islamic finance. 

Upon completion of this course, participants will be able to:

  • describe the Islamic finance principles and products;
  • explain the prohibition of riba, gharar and maysir ; 
  • explain the Shariah contracts, it’s features and rules governing the relevant contracts.