OVERVIEW OF CONTENTS OF THE COURSE
1. Islamic Economics

This course examines the nature of an Islamic economics and monetary system. It discusses the role of central bank in an Islamic economy in monetary management in order to achieve goals of need fulfillment, optimum rate of economic growth, full employment, equitable distribution, and economic stability. Various Islamic alternatives and instruments for monetary management are explored.

2. Islamic Law:


The course presents usul al fiqh as the science of methodology in the development of Islamic financial and economic law. The course identifies its fundamental issues and discusses their application in terms of deriving fiqh rulings from the sources and applying them to specific business-related situations having financial and economic implications. The focus is on specific norms of financial and economic ethics, such as, prohibition of riba, gharar, jahl etc.and their relevance to contemporary economic and financial system.

3. Islamic Financial System:


The module focuses on the Islamic law of contracts as it relates to economic and financial matters. All the classical Shariah-based contractual mechanisms, such as, modaraba, musharaka, ijara, kafala, wadiyya, hawala, and rihn; and various forms of bai, such as, bai-bithman-ajil, bai-murabaha, bai-salam, bai-istisna, bai-istijrar, bai-sarf, and bai-al-dayn are covered. The principles governing these contracts as also their potential in terms of developing an Islamic economic and financial system are discussed.

4. Islamic Financial Market:


This course discusses the components of an Islamic financial market, products, services, and institutions. It provides an overview of the nature and economics of various Islamic financial instruments: primary and derivative; financial services relating commercial, and investment banking, fund management and the like. The course covers the institutional framework of Islamic money market and stock market.

5. Islamic Banking


This course focuses on how a modern commercial bank can be organized in an Islamic economy which offers the full range of traditional products and services, such as, deposit mobilisation, lending, bank guarrantees, funds transfer, and the like. Various problems and challenges facing Islamic banks that engage in these activities, as also their possible solutions are examined.

6, Islamic Insurance (Takaful)


This course analyzes the basic elements of Islamic cooperative insurance or takaful as distinct from conventional insurance and how a takafol company can be organized offering a complete range of insurance-related services. The challenges related to reinsurance and fund management are explored.