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Module II

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Module II provides an overview of the Islamic law of contracts and elaborates upon basic requirements of various transactions to be undertaken by IFIs, enabling students to understand what the nature of various contracts is. While conventional banks’ main function is loaning, Islamic banks’ activities pertain to trading, leasing and other real sector business through a number of business structures. Rules of trading and loans and debts are, therefore, crucial for Islamic banking practitioners. Spanning three Units, this part explains the components of major contracts like those of sale, loans and debts and some related subcontracts like Hawalah (assignment of debt) Kafalah (guarantee/surety) and Rahn (pledge).

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  • FREE
  • 12 Weeks

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The Islamic Economics and Finance Certificate Course is a free distance learning program of the Africa Islamic Economic Foundation. Organised under the auspices of its Islamic Finance Talent Development Program (IF-TDP) it is intended to develop the talents of fresh university graduates and other midlevel professionals who have the interest and passion to pursue a meaningful Islamic finance professional career.

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