Module III

Module III, the most strategic part, gives an overview of financial products in conventional and Islamic perspectives and discusses the main Islamic modes of business and investment and how they have to be used by IFIs as modes of financing. Explanations of the concepts of credit and forward sales (Murabaha–Mu’ajjal, Salam and Istisna’a), leasing of assets and services (Ijarah), partnership-based modes like Musharakah, Mudarabah and Diminishing Musharakah are followed by the procedures that IFIs could adopt for respective modes to facilitate a variety of clients, ensuring Sharı´ah compliance.