FIQ322 FIQH OF TRANSACTIONS 2
An explanation of the technical definition of Riba, its different kinds, usurious items, contracts that are subject to Riba, and how could they get inflected with Riba. Analysis of the interest-bearing transactions in the US finance system will be covered as well.
Course Code: FIQ322
Credit hours: 3
- Students will be able to define Riba, linguistically & technically.
- Students will be able to identify different rulings of insurance, weather government-based, mutual, or commercial one, including life insurance.
- Students will be able to write down the different kinds of Riba and usurious items.
- Students will differentiate between the ruling of using credit card and using debit card.
- Students will state the criteria required for currency exchange and Forex business to be allowed.
- Students will be able to write down different rules of bankruptcy and the financial duties of those declared bankrupt.
- Students will distinguish between the status of opening a checking account versus saving account.
- Students will write an essay describing the situation where taking unsubsidized student loans would be permitted.
- Students will be able to identify what could be kept and what has to be disposed from the unlawful wealth after repentance.
- Interest in the balance of Sharia
- Different kinds of interest, usurious items, and contracts subject to Riba
- Bank loans
- Late fees
- Credit card & Debit card
- Money market, Saving, and Checking account
- Installment plan & Finance
- Lease to own agreement
- Facilitating prohibited transactions for customers
- Cryptocurrency & Currency exchange
- Membership fees
- Student loans
- Bankruptcy & Rights of creditors
- Electronic commerce & drop-shipping
- Early withdrawal from retirement account
- Investment options for 401(K) plans
- Keeping unlawful wealth after repentance
- Sales promotion & Non-monetary reward
- Check cashing business