Overview

This course aims to provide students with a clear understanding of the key aspects of Islamic commercial jurisprudence and its importance as a foundation of Islamic banking and finance.

Indicative Content:

• Introduction to Shari’ah • Introduction to Usul Fiqh • Hukm Shar’i: Its classification and pillars • The Sources of Shari’ah • Definition of Wealth and Rights and its types • Theory of Ownership • Introduction and formation to ‘Aqd • Classifications, Necessary conditions, and classifications of Aqd • The negative elements in transactions • Sales Contract • Lease contract • Contract of Agency and Deposit • Transactions involving debt • Contract of Partnership

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Apply the principles of Islamic commercial jurisprudence and the knowledge of the theory of contracts to real-world scenarios.

• Distinguish between various juristic opinions on commercial transactions, including analysis of their implications for economic activities.

• Explain the importance of Islamic commercial jurisprudence in economic activities to assess Islamic commercial transactions as an alternative to conventional business practices.

• Identify the prohibited elements in financial and commercial activities to consequently evaluate their impact on business practices.