ICM Series: The Shariah Rule-Making Process In Modern Islamic Finance Explained

Past Programmes

17
Jul 2019

8:30 pm - 5:00 pm

Securities Commission Malaysia

10 CPE

MYR 750 *Fee is not inclusive of 6% SST

ICM Series:
The Shariah Rule-Making Process In Modern Islamic Finance Explained

 

The teachings with regard to economic and wealth matters, including investment from an Islamic perspective is elaborated through “Fiqh Muammalat”, where principles laid by the fundamental Islamic sources are implemented in accordance with the relevant intention and perspective, and is guided by the textual injunctions of the Al-Quran and Al-Hadith.

 

Programme Objective

This programme is designed to explain the governing principles and requirements of Islamic commercial contracts, various types of financial instruments and its applicability in modern Islamic finance.

Learning Outcomes

By the end of this programme, participants will be able to:

  1. describe the Islamic finance principles and products;
  2. explain the prohibition of riba, gharar and maysir;
  3. explain the Shariah contracts, it’s features and rules governing the relevant contracts.

Topics Covered

  1. Overview of Islamic Finance
  2. Understanding of Shariah
  3. The Prohibition of Riba, Gharar & Maysir
  4. Application of Legal Maxims to Islamic Banking and Finance
  5. Introduction to Shariah Rulings
  6. Introduction to Shariah Contracts
  7. Sales Contract – Types, Salient Features and Applicable Rules
  8. Partnership Contract – Types, Salient Features and Applicable Rules
  9. Leasing Contract – Types, Salient Features and Applicable Rules
  10. Supporting Contracts – Types, Salient Features and Applicable Rules

Competencies

Foundational (Regulatory Knowledge) – Islamic Capital Market Regulations

Target Audience

Individual 

Experienced and new professionals or industry practitioners in the capital market, ICM and academia.

Institutions 

Asset management companies, advisory firms, legal firms, accounting firms,  stockbroking firms, investment banks, insurance companies, public listed companies and SMEs

Day 1

8.30 am Registration
9.00 am Overview Of Islamic Finance

  • Islamic finance – Managing perception
  • Evolution of institutional framework & Islamic finance solution
  • Standard setting and industry bodies
10.30 am Refreshment
11.00 am Understanding Of Shariah

  • Islamic finance overview on principles & products
  • Overview of Islamic Law on commercial transactions
  • Sources of Fiqh:
  • Quran, Sunnah, Ijma’ , Qiyas, Istihsan and etc.
12.30 pm Lunch
2.00 pm The Prohibition Of Riba, Gharar & Maysir

  • Divergence of opinions in the following context:
  • Meaning, narration, application & qiyas
  • The Prohibition of Riba, Gharar and Maysir in Islam and rationale of the prohibition
  • Other prohibitions
3.30 pm Refreshment
3.45 pm Application Of Legal Maxims To Islamic Banking And Finance

  • What is Islamic legal maxim?
  • Islamic legal rulings and divergence of opinions

 

5.00 pm End of Session

Day 2

8.30 am Registration
9.00 am Introduction To Shariah Rulings

  • Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC)
  • Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM)
  • Shariah Supervisory Council (SSC) of Labuan IFC
  • Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

Application Of Shariah Principles In Banking And Capital Market Products

10.30 am Refreshment
11.00 am Introduction To Shariah Contracts

  • Essential requirements of contracts
  • Basic Shariah parameters governing Islamic finance contracts
  • Types of contracts in Islamic finance
12.30 pm Lunch
2.00 pm Sales Contract – Types, Salient Features And Applicable Rules

  • Bai’Bithaman Ajil
  • Bai’ al-salam
  • Al-Sarf
  • Murabaha
  • Tawarruk
  • Istisna

Partnership Contract – Types, Salient Features And Applicable Rules

  • Mudarabah and Musharakah
  • Other types of Shirkah contracts
3.30 pm Refreshment
3.45 pm Leasing Contract – Types, Salient Features And Applicable Rules

  • Definition of ijarah and its concept
  • Salient features of ijarah contract
  • Rules governing ijarah contracts
  • Types of Ijarah


Supporting Contracts ­-  Types, Salient Features And Applicable Rules

  • Wadi’ah , Wa’ad, Rahn, Kafalah, Wakalah, Hawalah, Ibra’, Muqasah, Ta’widh, Gharamah, Fasakh, Iqolah and Urbun

 

 

5.00 pm End of Programme

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