Have you ever wondered what the Islamic solution is to the world’s economic issues? With the modern financial system completely overwhelmed with interest and Riba, it is easy to forget that Allah’s system has direct and simple solutions to the economic woes of mankind. This course will take you on a bird’s eye tour of these solutions
IF100 is an introductory course into Islamic Commerce. It follows the treatise of late Mufti Ebrahim Desai rahimahullah known as madhkal il al-Buyu’.
Instructor: Mufti Faisal al-Mahmudi
Lectures: 08 [+/- 10 hours total]
Curriculum
Lesson 1: Introduction to the Course
- 1.1 – Islamic Commerce vs Islamic Finance
- 1.2 – Benefit of learning rules of Islamic Commerce
- 1.3 – Importance of Halal Sustenance
- 1.4 – Fundamental Economic Systems
Lesson 2: Types of Economic Systems
- 2.1 – Review of Fundamental Economic Systems
- 2.2 – Islamic Economic System
- 2.3 – Ideal Businessman
Lesson 3: Fundamentals of Islamic Commerce
- 3.1 – Basic tenets of Bay’ (Transaction)
- 3.2 – General process of Bay’ (Transaction)
- 3.3 – Conditions of Validity of a Transaction
Lesson 4: Types of Transactions
- 4.1 – Murabaha : A sale to distinct profit.
- 4.2 – Financing a house through Murabaha
- 4.3 – Basic issues with Murabaha
- 4.4 – Tawliyah: A sale without profit
- 4.5 – Some reasons for engaging in Tawliyah
- 4.6 – Musawamah: A Sale with concealed profit
- 4.7 – Khiyar al Shart
- 4.8 – Khiyar al Ru’yah
- 4.9 – Khiyar al ‘Ayb
- 4.10 – Khiyar al Ghabn
- 4.11 – al-Iqalah: Annulment of a Transaction
Lesson 5: Riba’ and Transactions with ribwi potential
- 5.1 – Riba and its Types
- 5.2 – Morality of interest based system
- 5.3 – Shar’i Riba’ free Model
- 5.4 – al-Sarf: Transaction with money on both ends
- 5.5 – al-Rahn: Collateral
- 5.6 – al-Salam, its Practical need, and conditions of its validity
Lesson 6: Ijaarah (Leasing & Hiring Contracts)
- 6.1 – al-Ijaara and its components
- 6.2 – Types of Ijaarah
- 6.3 – Usufruct
- 6.4 – Conditions of Ijaarah
- 6.5 – Scope of Ijaarah
- 6.6 – Ijaarah as a mode of Financing
- 6.7 – Notable concerns with Ijaarah Financing
Lesson 7: Partnerships and its Financing Models
- 7.1 – Shirkah (Partnership) and its types
- 7.2 – Shirkah al Milk
- 7.3 – Shirkah al Amwal
- 7.4 – Shirkah al Sana’i
- 7.5 – Shirkah al Wujuh
- 7.6 – Characteristics of Shirkah
- 7.7 – Mudaarabah Partnership
- 7.8 – Basic Features of Mudaarabah
- 7.9 – Scope of Mudaarabah
- 7.10 – Contemporary Implementation of Mudaarabah and Shirkah
Lesson 8: Miscellaneous Concepts in Islamic Commerce
- 8.1 – al Wakaalah (Agency)
- 8.2 – al Kafaalah (Security)
- 8.3 – al Hawaalah (Transferal agency)
- 8.4 – al Hibah (Gift) and its conditions
- 8.5 – al Ta’meen (Insurance) and its viable alternative
Shaykh Mufti Faisal bin Abdul Hamid al Mahmudi was born in Pakistan. In his teenage years he travelled to Canada for higher education in Accounting and Finance. He did his Bachelors and Masters from University of Regina, Canada. Thereafter he chose to move to South Africa to pursue islamic studies in traditional seminary. He studied under the tutelage of auspicious ulama at Madrasah Ina'amiyyah, Camperdown, South Africa (www.alinaam.co.za).