MAEF660 ISLAMIC FINANCIAL TRANSACTIONS I

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: MAEF660

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