ICM Series: The Shariah Rule-Making Process In Modern Islamic Finance Explained

• Islamic finance – Managing perception
• Evolution of institutional framework & Islamic finance solution
• Standard setting and industry bodies

• Islamic finance overview on principles & products
• Overview of Islamic Law on commercial transactions
• Sources of Fiqh:
• Quran, Sunnah, Ijma’ , Qiyas, Istihsan and etc.

• Divergence of opinions in the following context:
• Meaning, narration, application & qiyas
• The Prohibition of Riba, Gharar and Maysir in Islam and rationale of the prohibition
• Other prohibitions

• What is Islamic legal maxim?
• Islamic legal rulings and divergence of opinions

• Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC)
• Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM)
• Shariah Supervisory Council (SSC) of Labuan IFC
• Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

Application Of Shariah Principles In Banking And Capital Market Products

• Essential requirements of contracts
• Basic Shariah parameters governing Islamic finance contracts
• Types of contracts in Islamic finance

• Bai’Bithaman Ajil
• Bai’ al-salam
• Al-Sarf
• Murabaha
• Tawarruk
• Istisna

Partnership Contract – Types, Salient Features And Applicable Rules

• Mudarabah and Musharakah
• Other types of Shirkah contracts

• Definition of ijarah and its concept
• Salient features of ijarah contract
• Rules governing ijarah contracts
• Types of Ijarah

Supporting Contracts ­-  Types, Salient Features And Applicable Rules

• Wadi’ah , Wa’ad, Rahn, Kafalah, Wakalah, Hawalah, Ibra’, Muqasah, Ta’widh, Gharamah, Fasakh, Iqolah and Urbun