The course aims at discussing fiqh al-mu’amalah (Islamic Transactions) in order to master the relevant principles of fiqh which are related to commercial transactions. It is presided by a preliminary discussion on Islamic legal theory on which the whole body of Islamic commercial law is based. Thereafter, the course discusses and analyses in considerable detail various contracts in Islamic commercial law such as contract of exchange, security, safe custody, etc., and new modern types of contract at this point of time. The ultimate aim is to equip the students with both the knowledge of fiqh al-mu’amalah and of modern practice of Islamic banking and finance in line with the principles of the Shari’ah.

After completing this course, the student will be able to:

1. Explain the general principles of shari’ah and its practice in the contemporary Islamic financial products and services.
2. Apply the Islamic Jurisprudence on Islamic financial products and services.
3. Analyze issues arising from practices and operational of Islamic banking and finance.
4. Construct and explain the operational mechanism and practices of contemporary Islamic banking and finance.
5. Evaluate the shari’ah compliance and non-compliance products and service

1. Introduction
2. Philosophy of Islamic contracts
3. Epistemology of Islamic commercial laws
4. Contract of exchange,
5. Contract of security
6. Contract of safe custody
7. Comparative analysis with Modern contract.
8. Laws related to modern practice of Islamic banking and finance
9. Shari’ah Compliance products and services
10. IFI products and services from both fiqhi and ijtihad perspective.

Islamic Financial System Principles and Operations (2011), Kuala Lumpur, Malaysia: ISRA.

• Archer, Simon and A.A, Rifaat .Ed. (2007). Islamic Finance: The Regulatory Challenge. Singapore: Wiley Finance.
• The Mejelle, Being and English transalation of Majallah El-Ahkam-L-adliya and a complete code of Isalmic Civil Law, Kuala Lumpur, Malysia: The other press.
• Muhammad Taqi Usman (2002)i, An introduction to Islamic Finance, London, UK: Kluwer Law International.
• Frank E. Vogel and Samuel L. Hayes, III, (1998) Islamic law and finance – Religion, Risk, and Return, London, UK: Kluwer Law International.