Com5ej312 — Syllabus

• Pre-requisites: Basic knowledge about Commercial Law & Islamic Commerce Course Summary This course covers foundational principles, including the sources and objectives of Islamic Shariah, wealth and ownership concepts, and the goals of economic activities.
• Course Outcomes (CO): CO CO Statement Cognitive Level* Knowledge Category# Evaluation Tools used CO1 Gain a thorough understanding of the fundamental principles of Islamic law as they apply to commercial transactions, including contracts, property rights, and economic activities.

U C Examinations Quiz Assignment CO2 Learn to apply Islamic legal principles and rules to various aspects of commercial law An P Examination Assignment CO3 Explore the ethical dimensions of commercial transactions in Islamic law E P Project

• - Remember (R), Understand (U), Apply (Ap), Analyse (An), Evaluate (E), Create (C) # - Factual Knowledge(F) Conceptual Knowledge (C) Procedural Knowledge (P) Metacognitive Knowledge (M) Detailed Syllabus:

Module Unit Content Hrs I Fundamentals of Islamic finance 10 1 Fundamentals of Islamic finance, sources and Objectives of Islamic shariah 2 2 wealth and ownership in Islamic perspective 2 3 Goals of economic activities in Islamic perspective 3 4 The broad purposes of Shariah, The distinction between Islamic Laws - Ibadath and Muamalath and its applicability in real life 3 Module Unit Content Hrs II Islamic law of contract 16 5 Islamic law of contract 2 6 elements of contracts 3 7 offer and acceptance 2 8 elements of subject matter-mutual consent 3 9 Prohibition of Two Mutually Contingent Contracts 2 10 Types of Contracts - Valid Contracts - Voidable (Fasid) Contracts and Void (Batil) Contracts 3 11 commutative and non-commutative contracts 1 III Trading in Islamic commercial law 12 12 Introduction to Trading in Islam 3 13 Requirements of a valid sale contract 2 14 conditional sales and two bargain in one sales 2 15 ethics of sale contract 2 16 Zakath 3 IV Loan and debt in Islamic commercial law 10 17 Introduction to Loan and debt in Islamic commercial law 2 18 Rules of debt contract 3 19 time value of money in loans and debts 3 20 Termination of a loan contract 2

• V Open Ended Module: Suggested Topics 1 Academic Visit to any Islamic Financial Institutions 2 Calculation of zakath 3 Any two case studies relating to the course 12 References

1. Hubbard, R. G. (2005). Money, the Financial System and the Economy (5th ed.). Boston: Pearson Addison-Wesley.

2. Ibn ‘Ashur, M. A.-T. (2001-1421AH). Maqasid al-Shariah al-Islamiyyah. Jordan: Dar-al-Nafa_is.

1. Ibn: Hajar, al-A. (1928). Bulugh al-Maram min Adillah al-Ahkam. Matba‘ah al-Salafiyyah.
2. Ibn: Qayyim, a.-J. (n.d.). I‘lam al-Muwaqqi‘in Vol. 3. Cairo: Idarah al-Tiba‘ah al-Muniriyyah.

5. Iqbal, Z. (June 1997). Islamic Financial Systems. Finance & Development, Vol. 34, 42-45.

6. Iqbal, Z. & Mirakhor, A. (2007). An Introduction to Islamic Finance: Theory and Practice. Singapore: John Wiley & Sons (Asia).

7. Kahf, M. (Ed.) (1998). Lessons in Islamic Economics Vol. 1. Jeddah: Islamic Research and Training Institute (IRTI).

Seminar Proceedings No. 41.

8. Kamali, M. H. (1998). Al-Maqasid al-Shari‘ah: The Objectives of Islamic Law. The Muslim Lawyer, Vol.3(1), 1-7.