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: 

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 course comprises live interactive online sessions, pre-recorded videos, online course material that include, presentations, reading material & online learning activities. Students may ask questions and get their doubts cleared from their respective lecturers, if any. Our dedicated academic support team will assist you as required.
Is it mandatory to attend live sessions?
We always encourage attending live sessions among students, but it is by no means compulsory for technical course progress of the students.
I have doubts but I cannot attend the live session. Any other way to ask my questions?
You can access the Discussion board on myAlbalagh or discuss via Course WhatsApp Group dedicated for student discussion. It is a platform for you to ask questions, discuss and get your doubts cleared. Our support staff will mediate your queries back and forth to the course instructors.
When will the final exam be held?
The Final Exam will be held at the end of the course and will be a graded and timed exam.

 

 

Will I get notification for live sessions?
All students will receive notification for their course live sessions via email and/or course WhatsApp group. You may also check the Course Schedule tab on your dashboard after logging in on our website or Mobile App.
Can I download the recordings and watch it offline?
You can download recordings and PPT of the course sessions from the MyAlBalagh mobile App for all the enrolled courses.The recordings will be available for students after 48 hours of the live session.
Do I get marks for watching course recordings and presentations?
There are no additional marks for watching the course recordings. Only the module Assessments and the final exam add up to the final score.You can check the individual scores of your Assessments under the Progress tab of MyAlBalagh.
I missed a live session. Can I get the video recordings?
If you are unable to attend a live session or have missed it, you can view recorded sessions on your course dashboard. You can access all the completed Recordings, PPT and assessments anytime.

 

 

How do I interact with my classmates?
You can use the Discussion Board to connect with other course students as well. Furthermore, you can interact with your classmates on our Whatsapp Group exclusive for the course students.
How long will I have access to the online course?
You will have access to the online course content for up to 2 years. If you want lifetime access, contact our admin team via Email at [email protected]
I am facing trouble signing into my private member portal. What should I do?
In case you find any trouble accessing your account, then please contact us immediately. Our student support team will ensure that your problem gets resolved at the earliest.

 

 

Does Al Balagh Academy issue certificates?
Yes. Al Balagh is a UK based NGO Academy issuing our Academy certificates for all our courses, with an exception of a few university accredited courses.

 

 

When will the final exam be held?
The Final Exam will be held at the end of the course and will be a graded and timed exam.

 

 

What is the eligibility criteria for Scholarship?
Please visit our scholarship page for more details. (Hyperlink AlBalagh Scholarship page)

If you are still facing issues, kindly contact our helpdesk team at [email protected]
Download MyAlBalagh mobile app from Playstore or Appstore to play or download (for offline viewing) all the completed recordings and PPT.

 

When will I have access to the online course material?
Upon successful enrollment, you will get access to myAlbalagh (our online learning portal) within 24 hours.

Learn More About Our Courses?

Email us:  [email protected]

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