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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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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