What are the topics included in our programme?

Chapter 1 - The Islamic Financial System, where you will learn…
The basic objective of financial intermediaries
Conventional vs Islamic economic and financial systems
The sources of Shari’ah in Islamic finance
The fundamental principles of Islamic banking
The twin pillars of Islamic banking
Loan and Debt
Time value of money in Islam

Chapter 2 - Major Norms of Islamic Finance, where you will learn…
Why prohibition of Riba is at the heart of the Islamic finance system
Why Gharar is prohibited under Islamic Law
Why Al Qimar and Al Maysir are prohibited by Islam
About prohibition of non-Shari’ah compliant contracts
How the concept of Ta’awun is used in Islamic banking

Chapter 3 - The Islamic Sale Contract, where you will learn…
Trading - the basis of Islamic finance
The Law of Contracts and the Sale Contract
Binding and non binding contracts
Valid, invalid and voidable sale contracts
Khiyars - options to rescind a sale contract
Types of contracts in Islamic finance

Chapter 4 - Murabahah, where you will learn…
The concept of Murabahah
The process of a Murabahah transaction
The options open to the bank in case of willful default by the client
Brief analysis of risks in Murabahah
Some related issues
Understanding the spirit of Murabahah

Chapter 5 - Ijarah, where you will learn…
The concept of Ijarah
Difference between Ijarah and Sale
Ijarah (lease) in Islamic banking
Process of Ijarah
Conditions for a valid Ijarah
Difference between Ijarah and a conventional lease
Termination of Ijarah
Transfer of ownership to a lessee
Sale and Lease back
Operating and financial lease

Chapter 6 - Qard-al-hasan, where you will learn…
The fundamentals of Qard
The difference between Qard and Dayn
How Islamic banks raise current/demand deposits using the principle of Qard
Why the financially affluent have to grant Qard-al-hasan to the needy
The rules and conditions underlying a Qard transaction

Chapter 7 - Mudarabah, where you will learn…
The concept of Mudarabah
Definition of Mudarabah
The process of Mudarabah
Profit and loss calculations, and accounting in a Mudarabah
The two types of Mudarabah and differences between them
Mudarabah in deposit-based products
Profit ratios
Termination of a Mudarabah transaction

Chapter 8 - Tawarruq, where you will learn…
The concept of Tawarruq
How does Tawarruq work
The rules and conditions underlying a Tawarruq transaction
The process of Tawarruq
The application of Tawarruq in Islamic covered cards

Chapter 9 - Musharakah, where you will learn…
The concept of Musharakah
The steps undertaken in a Musharakah arrangement
Financial calculations and profit sharing in a Musharakah transaction
The three types of Musharakah with examples
Diminishing Musharakah used in house purchase
The basic differences between a Mudarabah and a Musharakah