| || |
Stated compliance with the financial principles of Islamic law (or shari’ah) is a defining feature of the Islamic finance industry. As a result, adherence to specific teachings and dictates of Islamic law, as well as reference within the context of Islamic finance transactions to the sources of this law, ultimately separate Islamic finance from its conventional alternative. This module will provide students with knowledge of core concepts, central arguments and key transaction forms used in the contemporary Islamic finance industry. Islamic legal principles will be introduced and discussed. These principles will then be placed in a banking and finance context to consider how they have influenced the structure and development of Islamic finance activity. Transaction forms and contracts used in Islamic finance will be explained and their structure and uses analysed. This will provide students with an understanding of the practical application of the financial principles of Islamic law.
Topics to be covered during this module include:
1. Introduction to Islamic law and Islamic finance;
2. Islamic finance contracts;
3. Islamic finance products and structuring;
4. Retail Islamic finance products;
5. Wholesale Islamic finance products, including sukuk;
6. Accommodation of Islamic finance in a selection of global financial markets;
7. Islamic finance and corporate governance - the shari’ah supervisory board; and
8. Islamic finance contracts and governing law.
Throughout this module, engagement with various debates taking place within the Islamic finance industry and in academic literature will be encouraged through discussions and assigned reading.
Any aspect of this module may change in any given academic year, subject to the discretion of the module lecturer.