Course Description:

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

Pre-Requisites: FIQ221

Learning Objectives:

  • 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.

Course Outline:

  • 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
  • Insurance
  • 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