Course Description:

This course is comprised of a study of the fiqh of 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: FIQ221

Credit hours: 3

Pre-Requisites: None

Learning Objectives:

  • State the definition, conditions, and stipulations of the different types of contracts in Islam, differentiating between general trade transactions and detailed transactions.
  • List the rulings and conditions of detailed transactions such as Loaning, Mortgage, Guarantee, Surety ship, Commissioning, and Preemption.
  • State what Riba (usury or interest) is, its types, and its rulings.
  • Create presentations defining the types and conditions of different kinds of partnerships, such as Mudharabah & Musharakah, Diminishing Ijarah.
  • Research and review different mortgaging companies and effectively deliver a presentation on the type of partnership they fall under.
  • Write an essay on how the system and rulings of Islamic transactions are proper (useful) for all times and places, with examples from the problems of our society today.

Course Outlines:

  • Trade Transactions in general, their conditions, options, Riba (interest or usury)
  • Detailed transactions: Loaning, Mortgage, Guarantee, Surety ship, Commissioning, Preemption.
  • Different kinds of partnership: Mudharabah & Musharakah, Diminishing Ijarah.