This course covers: Islamic Sharia’h, its sources, need, and historical roots; Iqtisad and Ilmul Iqtisad; Islamic Economic vs modern theories; Concept of halal and haram; Policy of moderation; Condemnation of monasticism and materialism; Current economical system and its problems; Islamic economics vs capitalism & socialism; Islamic model for distribution of wealth; Riba, its types and classification; Overview of Islamic system for credit, loans, banking and insurance; Commercial Interest & Usury; Simple & Compound interest; Markup & profit; Gharar and gambling; Prohibited means of production of wealth; Overview of micro, macro and applied economics; Production, Consumption and Capital in Islam; Theory of consumer's behavior; Islamic Behavior and Policies firm; Price mechanism and price control; Fiqh-ul-Muamlaat; Laws for: unlawful & invalid transactions, exchange of goods, sale of goods (Bai), valid sale, contract or transaction (Aqd), sold goods (Mube'e), price (Summan), possession (qabza), khiyars, and Iqala; Conditions and kinds of sale (Bai); Modes of exchange of goods; Buy-back (bai wafa) and bai' muajjal; Introduction to Enterprise & entrepreneur, forms of organization, partnership (Shirakah), Modarbah, and tenancy (Muzarat)

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This course covers:  Overview of - qard-e-hasan, service charge, participatory modes of financing (musharakah, diminishing musharakah, mudarabah, mudarabah certificates), debt creating modes (murabaha, salam, istisna, ijarah, diminishing musharaka, musawamah, time multiple counter-loans, bay` bithaman ajil, tawarruq) and sub-contracts (kafalah, hawalah, wakalah, jualah and bai-al-dayn); Murabahah - related rules, applications, conditions, AAOIFI Shariah standards; Musharakah - its mechanism, termination, issues, and AAOIFI Shariah standards; Diminishing Musharakah - mechanism, types, and applications; Mudarabah - Profit distribution mechanism and AAOIFI Shariah standards; Ijarah - principles, types, mechanism, documentation, issues and Shariah standards; Salam & Parallel Salam - mechanism, applications and AAOIFI Shariah standards; Istijrar - types, applications and conditions; Istisna and Parallel Istisna - mechanism, applications and AAOIFI Shariah standards; Bay` Bithaman Ajil - its legality, applications; Bay’ al-Muajjal its comparison, documentation and related issues; Mechnism, applications and AAOIFI Shariah standards of Tawarruq, Tenancy (muzarat), Kafalah, Hawala, Wakalah and Ju‘alah
 

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This course covers: Principles of Islamic Financial System; Traditional Islamic financing; Diversification of financing methods; Geographic distribution of Islamic finance; Creation of paper money; Time value of money; Settlement of debts; Bullion trade; Delivery in exchange of currencies; Islamic contracts including - valid, voidable (fa’asid), void (batil), commutative, non-commutative, and uqood-e-mu‘awadha; Asset-backed financing; Product management; letter of guarantee; fee based services; Musharakah accounts; Project financing; Imports and exports; Musharakah for working capital; Internal Shariah controls; Shariah compliance and selection of mode for financing; Principles for Dealing in shares; Sukuk - its development, types, structures, role in Islamic capital markets,  case studies and AAOIFI Shariah standards; Islamic Laws for - Trading in currencies; default in payment, settlement of debts, documentary credit, commercial paper, possession (qabd), qard (loan), sale of commercial, concession contracts syndicated financing and combination of contracts;

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Islamic Accounting definitions for - Assets, liabilities, equity, ownership, revenue, expenses, gains, losses, profit, investment, Zakat fund, al-qard al-hasana; Accounting issues for Islamic banks; Theories of ownership equities, Treatment of Zakat in accounts; Trusts, deposits, accounting information and reports; Introduction to AAOIFI Accounting standards; Murabahah - Model facility agreement, AAOIFI Accounting standards, steps for accounting treatment & accounting exercises; Mudaraba - Model agreement, AAOIFI accounting standards; steps for accounting treatment and Pool and profit management in bank accounts; Musharakah - Model agreement, accounting treatment and accounting exercises for industry/power project and merchandize; Diminishing Musharakah - steps for accounting treatment and accounting exercises for house financing, car financing and purchase of plant; Salam and Parallal Salam - Model agreement, AAOIFI accounting standards, its accounting treatment; Ijarah - Model agreement, ijarah iuntahia bittamleek, AAOIFI shariah standards, process flow, accounting treatment and case studies for car industry and services financing; Istisna - model agreement, AAOIFI accounting standards and exercises; Securitization of Musharakah, Murabahah and Ijarah; Investment funds, their management, and accounting; AAOIFI Accounting standards for - provision and reserves, foreign currency, foreign operations and deferred payment in sale; Analysis of current Islamic financial system and issues related to transactions and operations

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Overview of conventional insurance system; Sources of Shariah; Norms of Takaful - Riba, Gharar, Qimar, Maisir, Musharkah, Mudarabah, Jahala, Wakala, Waqf and Tabarru; Basic elements of Takaful; Principles and types of Takaful; Differences between Takaful and insurance; Law for Takaful; Steps for Takaful accounting; Takaful System - need for protection, essentials, profit sharing, management expenses and contribution, investment avenues, refund of contribution and Zakat for Takaful; Mechanism and Shariah overview of Takaful models, including Tabarru-based Takaful, Mudaraba-based Takaful and Wakala-waqf based Takaful; Overview, mechanism, models and Shariah overview of family Takaful; Overview and draft Takaful policies for householder's comprehensive, fire, marine cargo and car comprehensive; Overview of Retakaful, its differences with reinsurance, related issues and Retakaful contract; Takaful analysis, practices, mis-concepts and FAQs; Draft Takaful rules and managerial polices; Takaful accounting and case studies; AAOIFI Shariah and accounting standards for Islamic insurance practices

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Economic development in Islam; Government role in the economy; Islamic political structure, law of state, decision-making processes, citizens’ rights & responsibilities; Public finance, revenues, expenditure, economic security and welfare; State financial crimes, collective social order and allowances; Islamic principles for - optional charities, gift deeds, wills, Qarz-e-hasana, Aariyat and Amanat; Fiscal policy of Islam; Bait-ul-maal; Theory of taxation; Monetary policy and expansion; Fiscal deficits; Commercial bank credit creation; Balance of payments surplus; Inflation in an Islamic economy and measures to control; Aggregate equilibrium; International trade; Trade policy; New international economic order; Reforms related to the banking system; Various economic systems on the macro level; Secular and Islamic socio-economic system; Fascism or Nazism; Islamic and communist economic order; Political situation of Europe in the middle ages; Objections and rationale against Riba-free Islamic economy
 

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Objections on musharakah financing and issues involved in murabahah financing; Principle of limited liability, waqf, baitul-mal, joint stock, inheritance under debt and evaluation of performance of the Islamic banks; Investment banking and its products; Islamic appraisal of conventional investment banking and Islamic variable income securities; Islamic financial engineering, synthetic currency forward, framework of al-khiyar and swaps; Pool management in IFIs, deposit pool management, treasury operations of an Islamic bank and case studies; Islamic agriculture financing, its mechanism and related Shariah guidelines; Debit and charge card and related AAOIFI Shariah standards; Conversion of a conventional bank to an Islamic bank, and related AAOIFI Shariah rulings; Risk management in IFIs - general guidelines, credit, equity investment, market, liquidity, rate of return and operational risks; Guidelines for Shariah compliance in IFIs; Auditing of an IFIs - Principles, procedures, auditor's report, terms of engagement, and testing of compliance; Conditions for fraud and errors in auditing financial statements; Governance standards for IFIs: Shariah review, committee for IFIs, independence of Shariah supervisory board and governance principles for IFIs; Code of ethics for accountants, auditors and employees of IFIs; Stipulations & ethics of fatwa in the institution
 

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• Product mechanism

• Product operational flowchart for the organization

• Comparison with Riba-Based Conventional offerings

• Difference with other similar Islamic Financial Product

• Operational instructions for staff

• Applications and Case studies

• Product contract

• Product legality under Shariah rulings

• Implementation plan

• Marketing plan

• Departmental/organizational management plan

• Instructions for accounting treatment

• Rules for discontinuation/termination

• Related FAQs for management and customers

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