Bismillah,

The Purpose of this document is to provide further information for those interested in taking an
Islamic Finance course.


Somethings that can be learned from a course on Islamic Finance
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As a side note, one form of leasing that applies to many of our lives is the leasing your
own time and effort, as is the case every time a mechanic or a plumber agrees to do
work for you. Out of some of the rules involved is that you should decide the price
before you make the deal because that will prevent any dispute between the two parties
afterwords. (as Allah teaches mercy and giving, not arguing)

Some ways used by Islamic banks to finance big purchases such a car or home

(Murabaha) Most common method used in Islamic banking and Microfinance
(Mushaarak) a method used by Islamic Banks to finance homes
(Ijara[leasing]) Another method

Other things that might apply to an average Muslim

Knowing the acceptableness of selling on credit for a higher price (i.e. A car producer CAN
say, you can pay for a car in $20,000 cash now or $30,000 over 5 years)The Quranic verse
related to this is discussed in greater detail in the following video, around minute 35-36:
https://www.youtube.com/watch?v=G0_G2tU0Vzs
Who are the Islamic Financial companies working in America
Some Chapters in the textbook used in Upenn course

-Chapter 11: First Sequelae: Other Balance Sheet Test (from AAOIFI Equity Standards
[Accounting and Auditing Organization for Islamic Finance Institutions])
-Chapter 12: Second Sequelae: Operating Statement Tests
-Chapter 22: Social Justice and Policy
-Chapter 23: Interpretive Modalities

Alternative book more for the general public
The philosophy of Islamic law of transactions





Whats In It for a Financial Professional?






































Answer: $$$$$$$$$$


Current Situation:
There are over a billion of Muslims in the world who, if not already using Islamic Finance,
desire to use Islamic Finance.

Why Study Islamic Finance?
Learn about ways to invest in Muslim countries. A must for any international financial
professional.

How to provide financial services to Muslims in America (some of whom have a desire to
pay extra for financing methods compliant to Islamic Law)

Pure curiosity to the question of how is it possible for a financial system to work without
interest



What About Studying Islamic Economics
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Much more deeper explanation in any tafseer of Surat Al-Mutaffifeen

Everyday Applications

Islamic Approach to Loans
-That Islam recommends interest-free loans which has no worldly benefit
It is noble to give forbearance for those who are having difficulties paying back money

Islamic Approach to Working
-Islam promotes self-support, as Prophet Dawud (asws) used to live off the money he
earned from wielding even though he was a king.

Islamic Approach to Dealings with People
-Taught not to cheat people and at the same time expect them not to cheat you (2)
-Allah loves those who give more than what is required of them (Indeed, Allah loves the
people who do good [al-muhsineen])