Islamic finance refers to a system of banking that complies with Islamic law, also known as the Shariah. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.
Understanding Islamic finance and how it works can be challenging as Islamic financial operations, in relations to commercial transactions, is grounded in the tenets of the Islamic faith. The principles of Islamic finance are derived from the Quran and Sunnah – the central religious text of Islam and the rules that govern commercial transactions in Islamic finance are referred to as Fiqh Al- Muamalat.
In this course, participants will learn the basics of Islamic finance, the application of Shariah principles in financial transactions, the compliance and regulations in Islamic finance, the challenges and issues faced by Islamic financial institutions and the latest market development in the industry.
