EMIF660 ISLAMIC FINANCIAL TRANSACTIONS I

Vision Statement:

Guidance College shall be one of the top well-recognized universities in the United States that offers graduate and undergraduate degrees in specialized Islamic fields aiming at preparing leaders for the righteous people.

Mission Statement:

Guidance College is the place where students gain their graduate and undergraduate degrees in authentic and professional specialized Islamic knowledge that recognizes modern-time realities and allows them to examine different branches of knowledge from an authentic Islamic perspective which enables them to think ethically, logically, analytically, and critically while making responsible and moral decisions aiming at improving the quality of life for all inhabitants of the earth with a full understanding and appreciation of the cultural and human differences.

Course Description:

This course is comprised of a study of the basic transactions according to the Islamic jurisprudence, and the conditions for their soundness. Only (Trade Transactions) will be covered in this course. The sound Sunnah of the Prophet (PBUH) is presented with authentic conclusive evidence. Where ever required modern day examples are mentioned and incorporated. The dire need to know the Islamic rulings of techniques and systems in place in modern day businesses is not ignored.

Course Code: EMIF660

Credit hours: 3

Pre-Requisites: None

Learning Objectives:

a)  Students will be able to familiarize students with the basic rules of contracts in Islam. b)  Students will be able to show that Islam is proper (useful) for all times (period) and places. c)  Students will be able to introduce the conditions and stipulations for proper transactions in Islam.

Course Outlines:

  • Kinds of Partnerships
  • “Inan” Cooperative partnerships
  • “Mudarabah” Speculative partnerships
  • Reputable Partners,Manual, Comprehensive Partnerships
  • Sharecropping (Muzara’ah and Musaqah)
  • Renting Things and Hiring People’s Services (Ijarah)
  • Competition (Sabq)
  • Lending Something for Use (Ariyah)
  • Usurpation
  • Damage and Damages
  • Trusts
  • Reclamation of Wastelands
  • Job Wages (Ja’Alah)
  • Finding Lost Objects (Luqatah)
  • Foundlings
  • Endowment (Waqf)
  • Gift and Donations

Text Book

Summary of Fiqh By Sh. Saleh Al-Fawzan

Grading and Evaluation:

  • Minimum passing grade 70%
  • Weekly Assignments: 30% (10 assignments, 3% each)
  • Attendance:  10%
  • Mid-Term exam:  10%
  • Final exam:  10%
  • Oral exam:  20%
  • Research paper:  20%

Guidelines for Research Paper:

 1- A part of the course requirements is to submit a research paper, except for certain courses.

 2- The chosen topic must be relevant to the course and approved by the Instructor.

 3- Joint project / research is allowed, up to 3 students, and upon the instructor’s approval.

 4- The paper must meet the following requirements:

  • Consider either MLA or APA guides for writing research papers
  • Follow the standard research paper structure with a Table of Contents, Abstract or Executive Summary, Introduction, Main Body, Conclusion, List of Reference
  • The Main Body should be organized into logical chapters and paragraphs
  • When quoting Hadeeth, a notation indicating its authenticity must be clearly

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Communication Etiquette:

  • If sending emails directly to the Instructor, please include appropriate label in the subject line (Action Required/Info/Admin) and allow up to 3 working days for reply.
  • Limit telephone communication with the Instructor to the office hours only.
  • When leaving a voicemail, please clearly state your name, course code, and contact number.

Additional Information:

Log in Instructions:

To attend live – online lectures (on their scheduled time):

Virtual Class Room

Access the course on-line by logging into Online School, accessible from

Guidance College Online School

You will need a user name and password to:

  • View the recorded lectures if you missed the live online ones.
  • Interact with your teacher and classmates.
  • Upload and submit your assignments, research papers, and exams.
  • View your grades.
  • All attempt must be made to submit assignments by the agreed due dates. Late submissions will be penalized.
  • Your work will be checked and graded on weekly basis, in sha Allah.