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:

The course aims to clarify the theory of the different modes of finance, addressed by scholars both in the past and present on one hand, and contracts and financial issues arising from the development and practices of Islamic finance industry and its institutions on the other. The module will explore nominated financial contracts as explained in Islamic jurisprudence, and the derived or structured financial instruments that were developed as a result of the need for financial inter-mediation from an Islamic perspective.

Course Code: EMIF710

Credit hours: 3

Pre-Requisites: None

Learning Objectives: 

  • Students will conduct a case study and present their findings and analysis on contracts represent certain modes of finance.
  • Students will write an essay highlighting the main differences between different modes of finance in the Islamic Finance system.
  • Students will list the five major Islamic mortgage companies in the US and their several modes of finance.
  • Students will analyze the criteria required for eligibility for dealing with the secondary market in the US by selling contracts to Freddie Mac, and how Sharia-compliant this practice is.
  • Students will recognize the difference between the contract that is not sellable in the secondary market versus the one that is sellable, as far as Sharia compliance is concerned.
  • Students will learn why Islamic mortgage contracts in the US are too long and too detailed.

Course Outline: 

An analyzing thoroughly one contract for each mode of finance, as follows:

1- Equity-Based:

  • Mudharabah
  • Musharakah
  • Diminishing Musharakah

2- Debt-Based:

  • Murabahah
  • Ijarah
  • Istisnaa
  • Salam

Main Textbook: 

  • AAOIFI Standards

  • Several contracts presented by the instructor

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.