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CoursePaidIslamic banking

Salam Quest

Price, structure and control salam financing the way a practitioner does

Intermediate · 6 hours · 11 lessons · Language: English and Arabic · ID: IFS-COU-0080

Shari'ah approved by Mufti Syed Zahid Siraj, Chief Shari'ah Advisor

USD 15Original price USD 30

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Price, structure and control salam financing the way a practitioner does. This gamified course takes you a step beyond the basics of AAOIFI standards on salam, in five interactive missions set in realistic bank situations, with real figures and the controls a practitioner needs. In each one you flip learning cards, make decisions in short scenarios, race through true-or-false rounds, match terms, put steps in order, sort what is allowed from what is not, and finish with a final challenge where you have three lives. You earn XP, keep streaks, collect stars and unlock a badge for every mission.

The missions:

  1. Inside the salam contract
  2. Financing a farmer
  3. Parallel salam in practice
  4. Delivery day
  5. Salam in today's banks

After each mission a short recap sums up what you unlocked, with the references. When all five badges are yours, take the final exam: 30 questions in 60 minutes, 70% to pass.

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

  • Test a salam contract clause by clause: the price paid in the session, eligible goods, a measurable description, quantity, delivery date and place.
  • Price a farm salam, secure it, and choose between waiting, extension, partial cancellation and calling on security when a harvest falls short, without any increase for time.
  • Build a parallel salam that stands alone, set its dates and work out the bank's result when prices move or a delivery fails.
  • Decide what a bank must accept, may accept or must refuse on delivery day, including early delivery, quality differences and substitution within its limits.
  • Identify the risks of a bank's salam book and the controls a Shari'ah auditor checks, and explain salam sukuk and how salam financing is recorded at cost.

Syllabus

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  1. 1.Mission 1: Inside the salam contract

    • How this quest worksFree preview5 min
    • Mission 1: Inside the salam contractFree preview25 min
    • Recap: Inside the salam contract10 min

  2. 2.Mission 2: Financing a farmer

    • Mission 2: Financing a farmer25 min
    • Recap: Financing a farmer10 min

  3. 3.Mission 3: Parallel salam in practice

    • Mission 3: Parallel salam in practice25 min
    • Recap: Parallel salam in practice10 min

  4. 4.Mission 4: Delivery day

    • Mission 4: Delivery day25 min
    • Recap: Delivery day10 min

  5. 5.Mission 5: Salam in today's banks

    • Mission 5: Salam in today's banks25 min
    • Recap: Salam in today's banks10 min