Shari`a Guidelines for Contemporary Financial Transactions: A Study of the AAOIFI Standards
Taught by Dr. Ashraf Muneeb
We all need to conduct financial transactions in order to survive--we need to buy groceries from the supermarket; when things aren't available locally (and now, even when they are), we need to make online purchases; we need to make contracts with our employers; we need to take loans to make large purchases; we need to invest our money for retirement; we need to exchange currencies when we travel; we need to start businesses, make partnerships, and hire employees; and so on.
Allah Most High has not left us to make our own decisions on how to conduct these transactions. He has revealed guidance that governs all of our financial transactions. Because all of us need to conduct financial transactions, especially in our times, many scholars teach that the most important chapters of fiqh to learn after the chapters of worship are the chapters of financial transactions.
But traditional books of Sacred Law were written in a time when financial transactions consisted of small amounts of money, when they were conducted locally, when they were concluded directly between two transacting parties, and when money, credit, manufacturing, shipping, and banking, were all very different from the way that they are now.
This course will explain the shari`ah guidelines for contemporary financial transactions using the AAOIFI Shari'a Standards http://aaoifi.com/?lang=en The AAOIFI standards are the most widely recognized standards for Islamic finance in the world today. They are based on the cumulative knowledge, skills, and experience of 30+ Shari’ah Scholars, 60+ professionals, including 100+ working group members, representing 20+ countries over a period of 26+ years. They are used as standards by legislative bodies, regulatory authorities, and financial institutions, and other professional entities such as law firms, accounting and consultancy firms, as well as universities, academic institutions and research centers, Fatwa issuing bodies, and Muslim governments all over the world.
Dr. Ashraf Muneeb is a certified AAOIFI who has been teaching the AAOIFI standards for 12 years to shari`a students, bankers, and general interest groups.
This is the first of a five-part course that will cover the following AAOIFI shari`ah standards.
This course is taught in Arabic, and runs for ten weeks each term