Practice of Islamic Banking & Finance

  • Description:

    This module is designed to ensure that students who have completed the introductory module on Islamic Banking and Finance are able to understand how the principles learned are applied in practice. Further, it ensures that students are familiar with the contractual principles used in all Islamic finance agreements. The syllabus provides an introduction to the main Islamic contractual principles and how they developed. It also charts the restrictions which are imposed on all Islamic finance agreements and the rationale behind these restrictions. Students will be introduced to the following topics: the doctrines of Islamic commercial and contract law, the autonomy of the will, and freedom of contract principles from an Islamic law perspective. It then sets out the main five divisions of Islamic financial alternatives, which will be analysed in comparison with conventional banking products. Finally, the module goes on to consider some of the legal difficulties that the operations of Islamic banking encounter.
    This module is designed to ensure that students who have completed the introductory module on Islamic Banking and Finance are able to understand how the principles learned are applied in practice. Further, it ensures that students are familiar with the contractual principles used in all Islamic finance agreements. The syllabus provides an introduction to the main Islamic contractual principles and how they developed. It also charts the restrictions which are imposed on all Islamic finance agreements and the rationale behind these restrictions. Students will be introduced to the following topics: the doctrines of Islamic commercial and contract law, the autonomy of the will, and freedom of contract principles from an Islamic law perspective. It then sets out the main five divisions of Islamic financial alternatives, which will be analysed in comparison with conventional banking products. Finally, the module goes on to consider some of the legal difficulties that the operations of Islamic banking encounter.

  • Objectives:

    NA

  • Audience:

    All staff looking to extend their understanding of the key principles, products and structures used in Islamic banking and finance.

  • Prior Knowledge:

    Attended the course Fundamentals of Islamic Banking and Finance or have similar level of existing knowledge as that course provides.



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