As a registered charity, we charge course fees to cover our running costs. However, we aim to make our education accessible to as many people as possible and are therefore able to offer a 65% fee waiver. To make use of this fee waiver, please use the code AMI65 when purchasing your courses.

Students in need of further financial assistance should contact the education team at education@almahdi.edu to enquire about the possibility of further fee waivers. 

 

This course will provide students with extensive knowledge about the juristic process of deriving rulings on financial transaction (bayʿ), leasing (ijāra), equity partnerships (sharika) and trustee financed partnerships (muḍāriba) and how these are utilised as financial tools in everyday life and in Islamic banking and finance. The course will familiarise the students with the language and terminology employed by classical jurists in the process of juristic inference (al-fiqh al-istidlālī), and how modern bankers employ these rulings.

 

Part 1: Financial Transactions and Leasing

Lesson 1      Introduction

Chapter on Financial Transactions (kitāb al-bayʿ)

Conditions of the contract of financial transaction (shurūṭ ʿaqd al-bayʿ)

Lesson 2      Conditions of the contract of financial transaction (shurūṭ ʿaqd al-bayʿ) (continued)

Lesson 3      Conditions of the contract of financial transaction (shurūṭ ʿaqd al-bayʿ) (continued)

                    Conditions which the buyer and seller should meet (shurūṭ al-mutaʿāqidayn)

Lesson 4      Conditions which the buyer and seller should meet (shurūṭ al-mutaʿāqidayn) (continued)

Lesson 5      Conditions which the buyer and seller should meet (shurūṭ al-mutaʿāqidayn) (continued)

                    Conditions which the goods and the money should meet (shurūṭ al-ʿiwaḍayn)

Lesson 6      Conditions which the goods and the money should meet (shurūṭ al-ʿiwaḍayn) (continued)

                    When the buyer and/or seller has a right to cancel the transaction (al-khiyārāt)

1. The right to cancel in the place of buying and selling (khiyār al-majlis)

2. The right to cancel when the good and/or money is a kind of animal (khiyār al-ḥayawān)

                    3. The right to cancel when this right is specified in the contract (khiyār al-sharṭ)

Lesson 7      When the buyer and/or seller has a right to cancel the transaction (al-khiyārāt) (continued)

4. The right to cancel if something is bought which is supposed to have a particular quality but doesn’t upon receipt of the good (khiyār takhaluf al-sharṭ)

5. The right to cancel if it is found that the real price is less than what has been paid (khiyār al-ghabn)

6. The right to cancel if there is a problem with the goods or money (khiyār al-ʿayb)

Lesson 8      When the buyer and/or seller has a right to cancel the transaction (al-khiyārāt) (continued)

                    7. The right to cancel for the seller when something is bought by the buyer and left with the seller until the money is brought (khiyār al-taʾkhīr)

                    8. The right to cancel if something is bought based on a previous observation or a description (khiyār al-ruʾiyya)

                   Usury (ribā)

Part 2: Equity Partnerships and Trustee Financed Partnerships

Lesson 1      Chapter on Equity Partnerships (kitāb al-sharika)

                    The Reality of Equity Partnerships (ḥaqīqat al-sharika)

Rulings of Equity Partnerships in the First Sense (min aḥkām al-sharika bi-l-maʿnā al-awwal)

Lesson 2      Rulings of Equity Partnerships in the Second Sense (min aḥkām al-sharika bi-l-maʿnā al-thānī)

Lesson 3      Chapter on Guarantees (kitab al-ḍimān)

                    The Reality of Guarantees (ḥaqīqat al-ḍimān)

Conditions of Guarantees (sharāʾiṭ al-ḍimān)

Lesson 4      Rulings of Guarantees (min aḥkām al-ḍimān)

Lesson 5      Chapter on Trust and Collateral (kitāb al-ḥawāla wa-l-kafāla)

                   The Reality of a Trust (ḥaqīqat al-ḥawāla)

Lesson 6      Conditions of a Trust (sharāʾiṭ al-ḥawāla)

Rulings of Guarantees (min aḥkām al-ḥawāla)

Lesson 7      Collateral and some of its Rulings (al-kafāla wa baʿḍ aḥkāmihā)

Lesson 8      Chapter on Settlements (kitāb al-ṣulḥ)

                   The Reality of a Settlement (ḥaqīqat al-ṣulḥ)

                    Conditions of a Settlement (sharāʾiṭ al-ṣulḥ)

Rulings of Guarantees (min aḥkām al-ṣulḥ)

Lesson 9      Chapter on Proxy (kitāb al-wikāla) [Contact course tutor for a live class]

Lesson 10    Rulings of a Proxy (min aḥkām al-wikāla)

Lesson 11    Chapter on Trustee Financed Partnerships (kitāb al-muḍāriba)

The Reality of a Trustee Financed Partnerships (ḥaqīqat al-muḍāriba)

Lesson 12    Conditions of a Trustee Financed Partnerships (sharāʾiṭ al-muḍāriba)

Lesson 13    Rulings of Trustee Financed Partnerships (min aḥkām al-muḍāriba)

 

Prerequisites

Please note that level three courses are only available to those who have completed all courses in levels one and two. This is because the topics covered in level three require the historical and conceptual foundations which are built in levels one and two.

 

Hours of Study

18 hours

 

Assessment Method

Oral exam (100%)

 

Course Instructors

Dr Ali Fanaei (Lecturer and Tutor)

Dr Ali Fanaei completed seventeen years of seminary studies in the Ḥawza ʿIlmiyya of Qum which included seven years of advanced graduate study (dars al-khārij). During this time, he was also awarded an MA in Islamic Theology from the University of Qom, taking a special interest in modern theology and the philosophy of religion. He then moved to the UK to conduct research in the Department of Philosophy at the University of Sheffield. This led to the award of an MPhil for research on Moral Scepticism and Moral Realism followed by a PhD for research regarding the epistemic justification of moral beliefs. Alongside being heavily involved in the training of students here at the Al-Mahdi Institute for several years, he has also been writing & publishing a number of important and influential works for Iranian audiences in Farsi, through which Dr Fanaei is becoming known as one of the most important of a select group of roshan fikrī (‘enlightenment thinkers’) whose engagement with questions pertaining to the modern world is informed with the deepest seminarian credentials. He is also a Professor of Philosophy at Mofid University in Qom, Iran. 

Shaykh Arif Abdul Hussain (Lecturer)

Shaykh Arif Abdul Hussain founded the Al-Mahdi Institute in 1993 and currently serves as its director and as a Senior Lecturer in Legal Theory and Philosophy. Shaykh Arif began his seminary education at the Madrassa al-Sayyid al-Khūʾī in London from which he graduated in 1988. He continued his seminary studies in Qom between 1989 and 1993 during which time he also had the opportunity to study privately under some of the leading scholars of Qom. Upon returning to the UK, after founding AMI, he continued his advanced studies (dars al-khārij) under Ayatollah Hussain Amini. He was awarded an ijāza of ijtihād from both Ayatollah Hussain Amini and Ayatollah Professor Sayyid Mostafa Mohaghegh Damad. He is the author of the Islam and God-Centricity series which presents the essential message of Islam through a fresh re-evaluation of religion and human purpose. In addition to these works, he has authored and translated numerous other books and articles. He is currently working on a translation of the second volume of Muḥammad Bāqir al-Ṣadr’s famous work of legal theory Durūs fī ʿilm al-uṣūl, having translated the first volume in 2003. He is the author and translator of several other works and a prolific public speaker to Muslim communities around the world. He has previously taught at Madrassa al-Sayyid al-Khūʾī, the seminary of Qom, and the Islamic College, London.