AIS 445 - INTRODUCTION TO ISLAMIC FINANCE

College of Arts and Sciences

Credit(s): 3

This course builds upon AIS 410 Islamic Law and Theology but deals with a real world application of Islamic Law as it pertains to financial instruments developed in accordance with Islamic legal principles. This course is comparative in the sense that it not only presents the basic modes of Islamic finance, but also indicates how it functions within the American legal and economic systems. The course also deals with ethical considerations and virtue within traditional and modern notions of finance. After a historical and theoretical appraisal of Islamic finance generally, the course will address contractual instruments employed by Islamic financial institutions in the form of sale-based and partnership transactions. Murabaha, ijara, salam, istithna, mudaraba and musharaka will be detailed. The course also analyzes products and services offered by Islamic banks as well as the emerging market of Islamic insurance.

Repeatable up to 6 credit hours.