Shari'ah Operational Controls in Murabahah, Tawarruq and Ijarah
Separate the agency purchase from the murabahah sale, keep tawarruq counterparties independent, and log ijarah maintenance precisely
Advanced · 20 hours · 42 lessons · Language: English and Arabic · ID: IFS-COU-0073
USD 20Original price USD 38
Included in the annual membership.
No expiry
Most Shari'ah findings in Islamic banks do not come from the product design but from how it is run day to day: a murabahah signed before the bank owned the goods, a tawarruq commodity that quietly returns to its first seller, or a major repair on a leased asset charged to the lessee. This advanced course shows how to close those gaps.
It covers three operational boundaries in depth: the line between the agency (wakalah) purchase and the execution of the murabahah sale, with the ownership and possession evidence that must sit between them; strict third-party independence in every leg of a tawarruq monetization stream; and precise maintenance-responsibility logs across ijarah portfolios, so that ownership costs stay with the lessor. It ends with an integrated testing, remediation and reporting programme.
The course has readings, practitioner case studies with worked logs, tests and calculations, slides, study notes and practice quizzes, and a final exam of 30 scenario-based questions in 60 minutes (70% to pass).
This course is written by ifSPACE in its own words, does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa or legal advice.
What you will learn
- Explain where operational Shari'ah non-compliance arises in murabahah, tawarruq and ijarah
- Design and test the boundary between the agency purchase and the murabahah sale, with evidence of ownership and possession
- Build system and workflow controls that stop a sale, disbursement or profit before ownership
- Map a tawarruq stream leg by leg and test third-party independence
- Classify ijarah maintenance and keep a reconciled maintenance-responsibility log
- Grade findings, remediate breaches, purify income and report to the Shari'ah supervisory board
Syllabus
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1.Operational Shari'ah risk in financing: where compliance breaks
- Welcome to the courseFree preview1 min
- Operational Shari'ah risk in financing: where compliance breaksFree preview30 min
- Practitioner case study30 min
- Module 1 presentation15 min
- Module 1 practice quiz15 min
2.The agency purchase: appointing and controlling the agent
- The agency purchase: appointing and controlling the agent30 min
- Practitioner case study30 min
- Module 2 presentation15 min
- Module 2 practice quiz15 min
3.Ownership and possession: the boundary event
- Ownership and possession: the boundary event30 min
- Practitioner case study30 min
- Module 3 presentation15 min
- Module 3 practice quiz15 min
4.Executing the murabahah sale: sequence, disclosure and system controls
- Executing the murabahah sale: sequence, disclosure and system controls30 min
- Practitioner case study30 min
- Module 4 presentation15 min
- Module 4 practice quiz15 min
5.Murabahah breaches and their remedies
- Murabahah breaches and their remedies30 min
- Practitioner case study30 min
- Module 5 presentation15 min
- Module 5 practice quiz15 min
6.Tawarruq and organised tawarruq: the monetization stream
- Tawarruq and organised tawarruq: the monetization stream30 min
- Practitioner case study30 min
- Module 6 presentation15 min
- Module 6 practice quiz15 min
7.Third-party independence in tawarruq
- Third-party independence in tawarruq30 min
- Practitioner case study30 min
- Module 7 presentation15 min
- Module 7 practice quiz15 min
8.Ijarah: who bears what
- Ijarah: who bears what30 min
- Practitioner case study30 min
- Module 8 presentation15 min
- Module 8 practice quiz15 min
9.Maintenance responsibility logs across ijarah portfolios
- Maintenance responsibility logs across ijarah portfolios30 min
- Practitioner case study30 min
- Module 9 presentation15 min
- Module 9 practice quiz15 min
10.Closing the gaps: integrated testing, remediation and reporting
- Closing the gaps: integrated testing, remediation and reporting30 min
- Practitioner case study30 min
- Module 10 presentation15 min
- Module 10 practice quiz15 min
- Course summary and where to go next20 min