PRINCIPLES OF ISLAMIC FINANCIAL SYSTEM

This course is designed to provide the participants with the understanding of the functioning of a financial system, with a specific focus on the Islamic financial system (IFS). Participants are exposed to the key concepts, principles, and characteristics of the Islamic financial markets and institutions as well as the various financial products traded in these markets and institutions. The course also equips the participants with the theoretical foundation and operation of financial systems, by comparing Islamic   and conventional financial systems, and discuss value proposition of Islamic finance ecosystem in the light of Maqasid al-Shariah, thus fostering an appreciation of IFS as a viable alternative to the interest- based conventional financial system. The module will also familiarize and expose the participants to contemporary issues related to the IFS.

1. To understand and appreciate the critical function of the financial sector to the economy.
2. Equip participants with theoretical foundation and operation of financial systems, by comparing Islamic and conventional financial systems.
3. Explain the divine rules governing Islamic finance.
4. Discuss value proposition of Islamic finance ecosystem in the light of Maqasid al-Shariah, thus fostering an appreciation of Islamic Financial system as a viable alternative to the interest based conventional financial system.

Assoc. Prof. Dr. Salina Kassim

Phd (IIUM), MEc. (Missouri), BEc. (Arizona)