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Intro to Islamic Finance

This is a workshop which is an introduction to Islamic finance.

1 Students Enrolled

 

This is a workshop taught by Dr. Jamal Zarabozo which introduced students to Islamic finance. This workshop covers:


·        Islamic Finance is making sure that our practices are in line with Islamic law

·        The Arabs in pre-Islamic time would engage in many different kinds of transactions

·        Innovations in transactions come from either need or greed

·        Until the 1800s, Islamic practices were generally upheld throughout the Muslim world

·        In 2017, the total worth of the Islamic finance industry had an estimated worth of $2.05 trillion

·        Supply and demand is an important issue

·        It’s important to standardize on what is acceptable, and thus in 1990 AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) was established

·        Conventional banks opened “Islamic windows”

·        The Islamic financial sector did better than the rest of the financial sector during the subprime mortgage crisis

·        Why should we study this topic?

·        Money cannot be mixed in terms of contract - it must be explicitly defined

·        Some people argue that usury is a necessity of a financial system

·        The basic thesis of secular economics is that capitalism leads to the best of all possible worlds

·        Murabaha

·        Time value of money

·        Prohibition of usury

·        Misconceptions about usury

·        Giving a loan is not a business transaction, it is a brotherly act

·        Should fiat currency be considered the same as dinar and dirham?

·        Contemporary banks grew out of goldsmiths

·        Definition of usury

·        Types

·        Islamic law says that money has specific purposes and should not be a subject of speculation

·        Problems with barter (advantages of money)

·        Six commodities

·        It is permissible to give a gift when repaying a loan with conditions

·        A business contract must specify how it is to be paid (i.e. which currency to be used)

·        What to do when one is already in a usurious contract?

·        Gharar

·        The ruling of a transaction depends on the kind of transaction

·        There is a lot of difference of opinion in gharar

·        Insurance

·        Business Ethics & Norms

·        Philosophy and Features of Islamic Finance

·        Banks were originally a link between people who wanted money and people who had money, and Islamic banks fulfill this need

·        Not all pre-fixed returns are riba

·        Higher risk leads to higher (potential) reward

·        Islamic banks, in general, deal in goods rather than money, unlike secular banks

·        Islamic Contract Law

·        Islamic Bonds (Sukuk)

·        We are not supposed to consume wealth through forbidden means, it must be through free, mutual consent

·        Promise vs Contract

·        This fiddling around with the sharia is due to demand from the Muslim community

·        In investment agreements, the loss must be allocated based on proportion of ownership, but the profit can be allocated based on an agreed ratio

·        Token money vs deposit (earnest money)

·        Options

·        Validity of a contract

·        Sale of debt

·        Legal chicanery

·        Options in sales (خيار)

·        Example of chicanery

·        Islamic banking

·        Recourse if a loan is not repaid

·        If a debt is owed, could one accept lesser payment right now and reduce the amount?

·        Can one charge late fees?

·        Islamic financing in US

·        Ameen Housing

·        Musharakah or “diminishing partnership” model

·        Need

·        Stocks

 

AT A GLANCE

$48

12 Months

English

Dr. Jamaal al-Din M. Zarabozo

Jamal Zarabozo embraced Islam in 1976 at the age of 16 in California. He learned then learned Arabic and studied with a group of du’at who graduated from Imam Muhammad University in Riyadh. Additionally, he studied with Dr. Mustafa Azami, a world-renown scholar of hadith, who was living in Boulder for a few years. With all of their help and tutorship, along with his perseverance and dedication, he managed to achieve a level of scholarship that is rare to find in North America. He also holds a Bachelor’s degree in Economics from UC Berkeley and a Master’s degree also in Economics from UC Davis. He received an honorific doctorate degree from the Assembly of Muslim Jurists in America (AMJA) in 2015. He translated and authored many works, and has delivered several hundreds of lectures and given hundreds of classes throughout the United States as well as the United Kingdom.

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