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

Module Provider: ICMA Centre
Number of credits: 10 [5 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2018/9

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

Type of module:

Summary module description:

This module is delivered at University of Reading Malaysia

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.

Aims:
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

Summative assessment- Examinations:

Two hours. 

Summative assessment- Coursework and in-class tests:

Written Assignment (Group Project) - 30%

Written Exam- 70%

Formative assessment methods:

Penalties for late submission:

Assessment requirements for a pass:
50% weighted average mark

Reassessment arrangements:

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

Additional Costs (specified where applicable):
1) Required text books:
2) Specialist equipment or materials:
3) Specialist clothing, footwear or headgear:
4) Printing and binding:
5) Computers and devices with a particular specification:
6) Travel, accommodation and subsistence:

Last updated: 20 April 2018