Syllabus, Rutgers University School of Law: Islamic Banking and Finance

The Islamic Law Teaching Project houses collections of syllabi and other teaching material for Islamic law courses taught primarily in law schools of the US and UK.

This syllabus is from Professor Abed Awad at Rutgers University School of Law.

This course is an intensive basic introduction to Islamic banking and finance. After discussing the moral and ethical underpinnings of the Islamic moral economy (riba/interest/usury, gharar/uncertainty, maysir/gambling, non-discharge of debt, absence of corporation, mandatory fixed share inheritance, absence of modern limited liability, zakat – obligatory charitable contribution – and other ethical guidelines), we will study Islamic laws governing contracts, property, and business transactions. We will also study the Islamic law of sale (murabaha, salam, istisna’a), leasing (ijara), partnerships (sharaka), Islamic bonds (sukuk) and mutual insurance (takaful). With the knowledge acquired during the course, we will then conclude with a survey of the arguments advanced by the proponents and opponents of modern Islamic finance and the future of this rapidly emerging industry.

See the syllabus.