Islamic Commercial Law and Financial Transactions module (BU52028)

This module provides a comprehensive understanding and general principles of Islamic law. These include financial transactions, the definition and types of riba and gharar, and their implications.

Students will learn the methodology of Islamic Law and the process of obtaining legal rules from Shariah through ijtihad.

They will also discuss the types and applications of Islamic contracts in contemporary financial transactions.

This module will also teach the functions and roles of the Shari'ah Supervisory Board of Islamic Financial Institutions in the pre-and post-product development stage and supervision.

What you will learn

In this module, you will:

• understand aspects of the law of commerce and finance from an Islamic Law perspective
• be introduced to the basic elements of Islamic law and the Sharia-compliant framework
• gain an understanding of:
  • the Islamic constraints on business and financing
  • commercial transactions and business associations that are Sharia-compliant
  • legitimate methods of business financing
  • Islamic Banks as an important source of business financing
  • Islamic Insurance
• develop analytical and critical skills by examination
• gain knowledge of the practical applications of Sharia law

By the end of the module students should be able to:

• identify the applicable law of Islam as it relates to the subject matter of the Unit; i.e. Islamic Commercial Law
• demonstrate an extensive knowledge of the Islamic Commercial Law, commercial products and operations
• apply their knowledge of Islamic Commercial Law to solve practical problems regarding Commercial Law and Financial Transactions and/or analytically discuss the issues involved
• make considered decisions or advise other people on Shariah compliance and suitability of different Commercial products available

Assignments / assessment

The assignments comprise the following:

• Coursework 1: Proportion of final summative assessment by critical review (50%)
• Coursework 2: Proportion of final summative assessment by assignment (50%)

Teaching methods / timetable

This module is taught using the following:

• Lectures (10%)
• 180 hours of guided independent study, including the completion of assessment tasks (90%)