Introduction to Islamic Finance

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Course Content

• An introduction to Islamic banking and finance
  • A brief overview of Islam and sources of Islamic law
  • Origin, history, current status and future of the Islamic financial industry

• Islamic law of contracts
  • Fundamental guiding principles of Islamic banking and finance: Halal vs. Haram and prohibitions related to Riba, Gharar and Qimar
  • An introduction to different Islamic legal contracts: Musawamah, Musharakah, Mudarabah, Murabaha, Wakala, Salam, Istisna, Arboon, Ijara,Wakala etc.

• Financial techniques applied by Islamic financial institutions
  • Sources and utilisation of funds by Islamic financial institutions
  • Practical applications of various Islamic financial contracts and principles in Islamic financial operations

• Financial statements for Islamic banks
  • Need for special accounting treatment of Islamic financial transactions
  • International and Islamic accounting standards: similarities and differences

• Islamic corporate governance
  • Perception about corporate governance and the case for corporate governance in the Islamic financial industry
  • Current practices of corporate governance in the Islamic finance industry

• Islamic asset and fund management
  • An introduction to Islamic asset and fund management activities as practised by Islamic financial institutions
  • Understanding various Islamic fund structures: equity, real estate, trade finance, hedge funds, private equity funds etc.

• Islamic bond market – Sukuk
  • An introduction to Sukuk and an overview of the existing market
  • Various Sukuk structures and their applications

• Islamic insurance – Takaful
  • An introduction to the fundamental basis of Takaful and its forms: General and Family Takaful
  • Different models of Takaful operations: Wakala and Mudaraba

Learning Outcomes

By the end of the course participants will be able to:

• Appreciate the rationale behind the development of the Islamic finance industry

• Gauge the nature and scope of the Islamic finance industry in relation to its conventional counterpart

• Develop an appropriate level of understanding of the main principles of Islamic banking and finance

• Acquire necessary knowledge about important Islamic financial contracts, as used by the industry

• Expose the participants to a wider range of Islamic banking and finance instruments available to the industry players

• Provide an understanding of the primary tools for structuring Islamic financial transactions

• Brief on international financial institutions and regulatory bodies