Exam preparationPaidFiqh al-muamalat

Options, Promises, Guarantees and Debts

Options and arboun, promises and buybacks, guarantees and pledges, and the rules on debts

Intermediate · 9 hours · 17 lessons · Language: English and Arabic

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ifSPACE provides independent preparation courses. ifSPACE is not AAOIFI, is not an AAOIFI-authorized training provider, and completing a preparation course does not confer any AAOIFI qualification. AAOIFI examinations are taken separately with AAOIFI.

Every financing creates rights and obligations that must be protected and, sometimes, enforced. This course explains the Shari'ah standards on contractual options and arboun, unilateral and bilateral promises, repurchase agreements, contingent incidents, guarantees, pledges and documentary credits, and the rules on debts: sale of debt, set-off, hawalah, loans, procrastinating debtors and insolvency.

The course covers the options and promises, guarantees, and debts sections of Part B of the AAOIFI CPSS syllabus. Each module has a reading, slides, study notes and a practice quiz. The course ends with a final exam.

This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa.

What you will learn

Apply the main contractual options and the rules of arboun
Distinguish binding unilateral promises from prohibited bilateral promises and buybacks
Explain the effect of contingent incidents on contractual commitments
Use guarantees, pledges and documentary credits in line with the standards
Apply the rules on selling, setting off and transferring debts, on loans, late payment and insolvency

Syllabus

1.Contractual options and arboun
- Welcome to the courseFree preview1 min
- Rights to reconsider, revoke and withdraw (SS 48, 51, 52, 53 and 54)Free preview30 min
- Module 1 presentation15 min
- Module 1 practice quiz15 min
2.Promises, buybacks and contingent incidents
- Commitments about the future (SS 49, 58 and 36)30 min
- Module 2 presentation15 min
- Module 2 practice quiz15 min
3.Guarantees, pledges and documentary credits
- Securing obligations and financing trade (SS 5, 39 and 14)30 min
- Module 3 presentation15 min
- Module 3 practice quiz15 min
4.Sale of debt, set-off and hawalah
- Dealing with debts (SS 59, 4 and 7)30 min
- Module 4 presentation15 min
- Module 4 practice quiz15 min
5.Loans, procrastinating debtors and insolvency
- Qard, late payment and inability to pay (SS 19, 3 and 43)30 min
- Module 5 presentation15 min
- Module 5 practice quiz15 min
- Course summary and next steps10 min