Introduction to Islamic Finance
Overview:
Introduction:
This training program provides a concise yet comprehensive overview of the fundamental principles, practices, and principles of Islamic finance. Participants gain insights into Sharia-compliant financial concepts, enabling them to understand, evaluate, and engage in Islamic financial transactions effectively.
Program Objectives:
At the end of this program, participants will be able to:
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Understand the fundamental concepts of Islamic finance and its principles.
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Recognize the role of Shariah in guiding financial transactions.
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Analyze the Islamic perspective on wealth and its implications for financial practices.
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Evaluate the growth trajectory and future potential of Islamic finance.
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Apply their knowledge to make informed decisions in Islamic financial contexts.
Targeted Audience:
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Finance professionals seeking to broaden their understanding of Islamic finance principles.
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Banking professionals interested in incorporating Islamic finance practices into their institutions.
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Entrepreneurs and business owners aiming to explore Islamic finance options for their ventures.
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Academics and researchers interested in the intersection of finance, economics, and Islamic principles.
Program Outline:
Unit 1:
Introduction:
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Define Islamic Finance.
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Define Shariah.
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The Islamic perspective of wealth.
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Islamic finance growth and future potential.
Unit 2:
Islamic Law & Contracts:
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Sources of Islamic Law (Shariah).
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The actions of Islam.
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Common elements of a contract.
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Different ownership categories.
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The classification of contracts.
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Key contract conditions.
Unit 3:
Modes of Finance:
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Prohibition of Interest (Riba) and Prohibition of uncertainty/risk (Gharar).
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How Islamic insurance (Takaful) works.
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Debt and equity-based finance.
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Different modes of finance.
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The difference between Islamic and conventional banks.
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A key consideration when choosing an Islamic product.
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How Islamic housing finance works.
Unit 4:
Regulatory Issues:
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The role of independent Shariah boards?
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Legal and regulatory environment.
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Islamic finance potential.
Unit 5:
Contemporary Challenges and Innovations:
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Addressing contemporary challenges facing Islamic finance.
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Innovations in Islamic financial products and services.
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Technological advancements in Islamic banking.
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Sustainability and ethical considerations in Islamic finance.