Islamic Banking And Finance – Level 1

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ISLAMIC BANKING AND FINANCE – Level 1

About the Course

Islamic Banking and Finance (Level 1) aims to introduce students to core norms, modes, principles, basic models of Islamic banking and finance, and to the analysis of the relationship between Islamic and conventional banks. Comprised of 12 online lectures, the course covers a range of topics, including prohibition of Riba, Islamic financial contracts, Islamic capital market, Islamic microfinance models, Islamic insurance, and other contemporary issues related to Islamic finance. The course will also address the real-world dilemmas related to banking loans, overdrafts, mortgages, insurance issues faced by Muslims while dealing with the conventional banking. This entry-level course is suitable for both beginners and those with a good understanding of Islamic finance. A beginner will be given an overview of the basic functioning of finance in Shar’iah, and those with better knowledge of Islamic finance will be educated on systematic approach to Shar’iah based finance. This foundational ideology will then be built further in level two and three of the course, where one, as an entry-level student, will develop a personal approach to Islamic finance and economics. Read more

Lecturers

Dr.Mufti Imran Ashraf Usmani

(Jamia Darul Uloom Karachi, Pakistan)

Mufti Muhammed Zubair Butt

( Sharia Scholar, Al Qalam, Bradford)

Mufti Barkatullah Qasmi

(Sharia Advisor, Al Rayyan Bank)

Mufti Muhammed Ibn Adam al Kawthari

( Sharia Scholar, Darul Iftaa Leicester)

Mufti Faraz Adam

(Executive Director-Amanah Finance Consultancy)

Mufti Muhammad Wasie Butt

(Research Scholar-Albalagh Academy)

Mufti Syed Abrar Qasmi

(Course Director-Albalagh Academy)

AT A GLANCE

Completely online

4 MONTHS

From £17.49/Month

Enrol Now

Starts on January 18th, 2020.

Course Fee:

Pay in Full: 
(Before 30 Dec)​

Pay in Installment:£17.49

Final Deadline:

31st Jan 2020

AlBalagh Scholarship

AlBalagh Scholarship is available for learners who cannot afford the fee.

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Course Instructors

Dr.Mufti Imran Ashraf Usmani

(Jamia Darul Uloom Karachi, Pakistan)

Mufti Syed Abrar Qasmi

(Course Director-Albalagh Academy)

Mufti Muhammed Zubair Butt

( Sharia Scholar, Al Qalam, Bradford)

Mufti Faraz Adam

(Executive Director-Amanah Finance Consultancy)

Mufti Barkatullah Qasmi

(Sharia Advisor, Al Rayyan Bank)

Mufti Muhammed Ibn Adam al Kawthari

( Sharia Scholar, Darul Iftaa Leicester)

Mufti Muhammad Wasie Butt

(Research Scholar-Albalagh Academy)

Modules

1.Islamic Economics– Key Principles
1.Defining Islamic Economics
2.Introduction to Islamic Economics
3.Key Principles
4.Islamic Economics and Muslim Countries
5.The economic philosophy of Islam vis-a-vis Interest.
2. Capitalism, Socialism, Communism and Islamic Economics System
1.Key Distinguishing Features
2.Distribution of Wealth – Key Objectives in Islam
3.Islamic perspective of distribution of wealth
4.Factors of Production in Islam
The Capitalist, Socialist and Communist Views
5.Socialism and Islam
6.Capitalism and Islam
7.Communism and Islam
8.Islamic Economics System.
3. Major Prohibitions and Key Principles
1.Prohibition of Riba in the Quran and Sunnah
2.Riba and its Types
3.Definition of Riba (Interest & Usury)
4.Classification of Riba
5.Riba An Nasiyah
6.Riba Al Fadl
7.Commercial Interest and Usury
8.Simple and Compound Interest
9.Formulation of Gharar (uncertainty) and Maysir (chance and gambling).
4. Islamic Contract and Valid Sale Agreement
1.Key Conditions
2.Unilateral Promise (Wa’da)
3.Bilateral Promise (Muwa’adah or Muahaidah)
4.Contract (Aqd)
5.Elements of a valid sale
6.Valid SALE
7.Void/ Non Existing Sale ( Batil) Sale
8.Existing sale but void due to defect (Bai Fasid)
9.Valid but disliked sale (Bai Makrooh)
10.Types of Sale
11.Prohibited Sale Transactions
12.Five Options.
5. Conventional Banking System – An Overview
1.Key Terms
2.Conventional Banking System – History
3.Conventional Banking System -How it works
4.Key Global Financial Institutions
5.Key Sharia Issues
6. Islamic Banking System – An Overview
1.Islamic Banking System – History
2.Key Characteristics
3.Islamic Banking System -How it works
4.Leading Islamic Banks
5.Key Sharia Issues
6.Islamic banking and conventional banking – A comparison.
7. Islamic Banking and Islamic Financial Modes – Key Contracts
1.Islamic Modes of Financing – Key Modes of Financing
2.Murabaha
3.Musharakah
4.Mudharabah
5.Ijarah
6.Other Modes of Financing.
8. Islamic Stock/Share Market
1.Bonds and Islamic Bonds
2.Shares and Investment
3.Islamic Investment Funds
4.Key Sharia Issues
9. Takaful: Islamic Insurance
1.Conventional Insurance
2.The Solution: Islamic Cooperative Insurance (Takaful)
3.Islamic Insurance Models
4.Leading Islamic Insurance Companies.
10. Islamic Micro Finance
1.Micro Finance – An Introduction
2.Islamic Micro Finance – Introduction
3.Successful Models
4.The Way Forward.
11. Sharia Board, Sharia Audit and Sharia Compliance
1.Sharia Governance and Islamic Financial Institutions
2.Sharia Boards – An Overview
3.Sharia Audit and Sharia Compliance – How it works
3.AOIFI Sharia Standard – An Overview
4.Key Figures & Key Bodies.
12. Banking & Finance in the West – Fatawa & Application
1.Key Issues in Banking & Finance
2.Business Loans & Overdrafts from an Islamic perspective
3.Credit Cards & Cash Back Offers from an Islamic perspective
4.Pension Schemes and Provident Funds from an Islamic perspective
5.Insurance & Claims in Islam
6.Fatawa & Application.
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Main Modules 

1. Islamic Economics– Key Principles

  • Defining Islamic Economics
  • Introduction to Islamic Economics
  • Key Principles
  • Islamic Economics and Muslim Countries
  • The economic philosophy of Islam vis-a-vis Interest

2. Capitalism, Socialism, Communism and Islamic Economics System

  • Key Distinguishing Features
  • Distribution of Wealth – Key Objectives in Islam
  • Islamic perspective of distribution of wealth
  • Factors of Production in Islam
  • The Capitalist, Socialist and Communist Views
  • Socialism and Islam
  • Capitalism and Islam
  • Communism and Islam
  • Islamic Economics System

3. Major Prohibitions and Key Principles

  • Prohibition of Riba in the Quran and Sunnah
  • Riba and its Types
  • Definition of Riba (Interest & Usury)
  • Classification of Riba
    • Riba An Nasiyah
    • Riba Al Fadl
    • Commercial Interest and Usury
    • Simple and Compound Interest
    • Formulation of Gharar (uncertainty) and Maysir (chance and gambling)

4. Islamic Contract and Valid Sale Agreement

  • Key Conditions
    1. Unilateral Promise (Wa’da)
    2. Bilateral Promise (Muwa’adah or Muahaidah)
    3. Contract (Aqd)
  • Elements of a valid sale
  • Valid SALE
  • Void/ Non Existing Sale ( Batil) Sale
  • Existing sale but void due to defect (Bai Fasid)
  • Valid but disliked sale (Bai Makrooh)
  • Types of Sale
  • Prohibited Sale Transactions
  • Five Options

5. Conventional Banking System – An Overview

  • Key Terms
  • Conventional Banking System – History
  • Conventional Banking System -How it works
  • Key Global Financial Institutions
  • Key Sharia Issues

6. Islamic Banking System – An Overview

  • Islamic Banking System – History
  • Key Characteristics
  • Islamic Banking System -How it works
  • Leading Islamic Banks
  • Key Shariah Issues
  • Islamic banking and conventional banking – A comparison

7. Islamic Banking and Islamic Financial Modes – Key Contracts

  • Islamic Modes of Financing – Key Modes of Financing
  • Murabaha
  • Musharakah
  • Mudharabah
  • Ijarah
  • Other Modes of Financing

8. Islamic Stock/Share Market

  • Bonds and Islamic Bonds
  • Shares and Investment
  • Islamic Investment Funds
  • Key Shariah Issues

9. Takaful: Islamic Insurance

  • Conventional Insurance
  • The Solution: Islamic Cooperative Insurance (Takaful)
  • Islamic Insurance Models
  • Leading Islamic Insurance Companies

10. Islamic Micro Finance

  • Define Micro Finance 
  • Islamic Micro Finance – Introduction
  • Successful Models
  • The Way Forward

11. Shariah Board, Shariah Audit and Shariah Compliance

  • Shariah Governance and Islamic Financial Institutions
  • Shariah Board – An Overview
  • Shariah Audit and Shariah Compliance – How it works
  • AOIFI Sharia Standard – An Overview
  • Key Figures & Key Bodies

12. Banking & Finance in the West – Fatawa & Application

  • Key Issues in Banking & Finance
  • Business Loans & Overdrafts from an Islamic perspective
  • Credit Cards & Cash Back Offers from an Islamic perspective
  • Pension Schemes and Provident Funds from an Islamic perspective
  • Insurance & Claims in Islam
  • Fatawa & Application

Course Overview

This unique Islamic Banking and Finance course will provide you with a comprehensive understanding of the practical functionality of Shar’iah based finance. It is a must for both students and professionals who are engaged in banking and finance industry and desire to understand pivotal Islamic financial principles and ideas. The course is further suitable for Ulama, Sharīʿa scholars, students of ilm, and all those who have a keen interest in Islamic finance.

The course will provide one with a critical understanding of the way the Islamic banking and finance industry operates, as well as the necessary knowledge and skills that are required to work within Shar’iah based Islamic framework. Moreover, it will allow students to explore both, classical approach to Islamic banking and finance, its structures and applicability to contemporary banking systems.

Key Objectives

The aim of this course is:

  • Identify and understand the Islamic financial contracts that exist in both the classical and modern Islamic banking and financial systems.
  • Understand the history of Islamic banking and the framework of the present financial market in light of Islamic standards and principles.
  • Comprehend and recognise the rationality behind Islamic rulings on various financial contracts.
  • Differentiate between Islamic banking, finance, and other conventional models.
  • Learn Shari’ah based principles, concepts and values in Islamic banking & finance, as well as other financial compliant products.
  • Analyse and apply the best Islamic banking principles and Shari’ah concepts in the context of standard financial system.

Learning Outcome

  • Become familiar with foundational Islamic banking and finance.
  • Distinguish between Islamic banking and conventional banking.
  • Gain insight into all facets of Islamic banking and finance, including the history of Islamic banking along with an understanding of Islamic economics.
  • Be equipped with the understanding of rationality behind Islamic rulings on various financial contracts
  • Identify Shari’ah based principles and Islamic values in Islamic finance.
  • Be able to analyse and apply the Islamic rulings in the context of Islamic banking and finance.

Frequently Asked Questions

How is this online course structured?
Our online program comprises enriched learning sessions, engaging, on-demand live and recorded video lessons. Our course is innovatively divided into different modules and sub models. The learners can ask questions, get their doubts cleared if they have any. You can get support from our course instructors or academic support team during live sessions or even after the sessions as needed.
Is it compulsory to attend LIVE sessions? Will it be count towards the progress of my course?
We always encourage that you should attend LIVE sessions but if, in any case, you miss attending one of the sessions then you can always have access to the recorded session (Yes, you will receive recorded video of the LIVE session you have missed).
When will I have access to the online course material?
Right after successful enrolment, you will get access to myAlbalagh which is our online learning portal where you can get access to the pre-course material. The course content will be released gradually after starting the course.
When will LIVE sessions be scheduled?
Date, Day, and Time for each LIVE session will always be pre-scheduled. To know more about the schedule on live sessions, please, visit “myAlbalagh” and click on the tab “Schedule.” You will get complete details.
What if I am not able to attend LIVE sessions?
If, in any case, you miss attending LIVE session, you can catch up by watching the video recordings later at your convenient time. To get access to the video recordings, you should visit “myAlbalagh” by using your sign-in details. You can get access to “myAlbalagh” through your laptop, desktop or from your mobile.
What if I have questions to ask but can’t attend Live?
Please, get access to “myAlbalagh” and reach “Discussion Board.” It is this place where you can ask questions, discuss and get your doubts cleared. Our support staff will take your queries forward and get answers for you from your course instructors.
How do I interact with my classmates?
You can use “Discussion Board” to get connected to other course learners as well. But we recommend that the discussion here on “Discussion Board” shall be relevant only to the course being taken. Strictly, no personal discussions or chatting. You can also interact with your classmates in our “Whatsapp Group” exclusive for the course students
How long will I have access to the online program?
You will have access to the online course content up to 2 years. Please contact our admin team by Email at [email protected] if you want lifetime access.
Are family/group discounts available?
Yes, we provide discount for groups or families who are interested in joining one of our courses. Please, email us to get complete details on it.
I am having trouble signing into my private member portal. What should I do?
In case, if you find any trouble accessing your account then please, contact us immediately. We make sure that your problem gets resolved at the earliest.
To contact,
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