ICM257-The Principles of Islamic Commercial Jurisprudence and the Nominate Contracts

Module Provider: ICMA Centre
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Mohd Pisal Zainal

Email: m.p.zainal@reading.edu.my

Summary module description:

Equips students with a full understanding of the Islamic laws and principles that govern the Islamic financial system as well as the Islamic corporate governance mechanism that ensures the compliance of Islamic banks to the stated laws and principles.

This module is delivered at University of Reading Malaysia only. 

Provides students with the opportunity to study the juristic basis of Islamic finance, and the nominate contracts that are set out in Islamic commercial jurisprudence (the Fiqh al Muamalat).

Assessable learning outcomes:
Students will develop an understanding of the principles of Islamic jurisprudence and its nominate contracts, and how these are applied in Shari’ah compliant financial products and services.

Additional outcomes:

Outline content:

1. The origins of Islamic commercial jurisprudence

2. Prohibitions to be respected in order for Islamic contracts to be valid: Avoidance of riba (pure return on money), maysir (speculation), and gharar (uncertainty or ambiguity of subject matter)

3. The frequently used nominate contracts

4. Overview of Islamic financial products and their basis in nominate contracts (see Module ICM255)

5. Shari’ah governance of Islamic financial institutions.

6. The IFSB Guidelines on Shari’ah governance

Brief description of teaching and learning methods:
Full-time: 2-hour lectures plus seminars for discussion of coursework assignments

Contact hours:
  Autumn Spring Summer
Lectures 22
Guided independent study 78
Total hours by term 100.00
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Written exam 70
Written assignment including essay 30

Other information on summative assessment:

Written Assignment (Group Project) - 30%

Written Exam- 70%

Formative assessment methods:

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Length of examination:

Two hours. 

Requirements for a pass:
50% weighted average mark

Reassessment arrangements:

By examination only, as part of the overall examination arrangements for the MSc programme.

Last updated: 10 May 2017

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