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Exam preparationPaidFiqh al-muamalat

Shari'ah Foundations of Islamic Transactions

Contract law, riba, gharar, combined contracts, possession and institutional fatwa

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

USD 9USD 19

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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.

The rules that every Islamic finance product is tested against. This course works through the Islamic law of contract and the basic prohibitions, then studies the Shari'ah standards that apply them: trading in currencies and gold, controls on gharar, combination of contracts, possession (qabd), the ethics of fatwa in institutions and arbitration.

The course follows the topics of Part A of the AAOIFI Certificate of Proficiency in Shari'ah Standards (CPSS) syllabus and several related standards from Part B. Each module has a reading, presentation slides, study notes to download and a practice quiz with explanations. 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. Study the published standards themselves for the exact wording, and consult a qualified Shari'ah scholar for specific cases.

What you will learn

  • Explain the elements and conditions of a valid contract and the main types of contract
  • Identify riba al-duyun and riba al-buyu' and apply the rules on exchanging currencies and gold
  • Apply the four controls that decide when gharar invalidates a transaction
  • Assess whether a combination of contracts is permissible and how possession is achieved
  • Describe the standards for issuing fatwas in institutions and for resolving disputes by arbitration

Syllabus

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  1. 1.The Islamic law of contract and the basic prohibitions

    • Welcome to the courseFree preview1 min
    • Contracts, their elements and what makes them invalidFree preview30 min
    • Module 1 presentation15 min
    • Module 1 practice quiz15 min

  2. 2.Riba, trading in currencies and gold

    • Riba and the rules of exchanging currencies and gold (SS 1 and SS 57)30 min
    • Module 2 presentation15 min
    • Module 2 practice quiz15 min

  3. 3.Controls on gharar

    • When uncertainty invalidates a transaction (SS 31)30 min
    • Module 3 presentation15 min
    • Module 3 practice quiz15 min

  4. 4.Combination of contracts and possession

    • Combining contracts and taking possession (SS 25 and SS 18)30 min
    • Module 4 presentation15 min
    • Module 4 practice quiz15 min

  5. 5.Fatwa in institutions and arbitration

    • Issuing fatwas in institutions and settling disputes by arbitration (SS 29 and SS 32)30 min
    • Module 5 presentation15 min
    • Module 5 practice quiz15 min
    • Course summary and next steps10 min