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Introduction to Islamic Economics and Finance

Overview:

Introduction:

Islamic economics and finance offer a unique approach to wealth management and economic transactions based on Shariah principles. This system emphasizes ethical practices, social justice, and risk-sharing to promote fairness and sustainability in economic activities. This training program provides a foundational understanding of Islamic economics and finance, exploring key principles, financial instruments, and the differences between Islamic and conventional systems.

Program Objectives:

By the end of this program, participants will be able to:

  • Explore the core principles of Islamic economics and finance.

  • Identify key Islamic financial instruments and their applications.

  • Differentiate between Islamic and conventional financial systems.

  • Explain the ethical and social justice aspects of Islamic economics.

  • Recognize the role of risk-sharing and prohibition of Riba (interest).

Target Audience:

  • Islamic Bankers and Financial Professionals.

  • Policy Makers and Regulators.

  • Shariah Advisors and Scholars.

Program Outline:

Unit 1:

Foundations of Islamic Economics:

  • Definition and objectives of Islamic economics.

  • Key principles: justice, equity, and risk-sharing.

  • The role of wealth distribution and social welfare.

  • Ethical considerations in economic activities.

  • Differences between Islamic and conventional economic systems.

Unit 2:

Core Concepts in Islamic Finance:

  • Prohibition of Riba (interest) and Gharar (uncertainty).

  • The importance of profit-and-loss sharing (PLS).

  • The concept of Halal (permissible) and Haram (prohibited) transactions.

  • Zakat (obligatory almsgiving) and its economic impact.

  • The role of Waqf (endowment) in Islamic economics.

Unit 3:

Islamic Financial Instruments:

  • Overview of key contracts: Murabahah, Mudarabah, Musharakah, Ijarah, and Salam.

  • Structure and applications of Sukuk (Islamic bonds).

  • Takaful (Islamic insurance) principles and mechanisms.

  • Shariah-compliant investment funds and portfolios.

Unit 4:

Islamic Banking and Finance Systems:

  • Introduction to Islamic banking operations.

  • Differences between Islamic and conventional banking models.

  • The role of Shariah Supervisory Boards (SSBs).

  • Regulatory frameworks and global standards in Islamic finance.

  • Challenges and opportunities in the growth of Islamic finance.

Unit 5:

Ethical and Social Dimensions of Islamic Economics:

  • Promoting social justice and economic equity.

  • The role of ethics in financial transactions.

  • Encouraging responsible investment and financial practices.

  • Impact of Islamic economics on poverty alleviation.

  • Sustainable development through Islamic financial principles.

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