Islamic Finance


The course will offer students an overview of global finance with a focus on Islamic finance. Students will learn about the history of Islamic finance, from basic religious principles to modern and legal and economic developments. Examination of financial products and their practical application will be analysed and will include case studies. The course will also return to the basics of finance. When the modern system of fiat money (Western finance) continues to suffer from periodic financial crises, is Islamic finance a practical alternative? 

General characterization





Responsible teacher

Fouad Hashem


Weekly - Available soon

Total - Available soon

Teaching language





State of the Global Islamic Economy Report 2018/19: Thompson Reuters (electronic) 

Money in Islam: a study in Islamic political economy / Masudul Alam (electronic) 

Robert Hicks Arshadur Rahman Ali Ravalia. Published by FSA 2007, pp27. (electronic) 

Teaching method

The class will meet twice a week, for one and a half hours per class. The lectures will be traditional, with slide presentations, followed by a discussion. Whenever possible, real life examples and case studies will be used. The purpose of the classes is to enable students to better understand global finance and Islamic finance specifically. Students should be confident of working in Islamic oriented financial markets, from the United Arab Emirates, to Malaysia and Indonesia.

Evaluation method

Exam duration 90 minutes Multiple choice, 60 Questions only 


Subject matter

The origins of Islamic finance; a religions and historical overview
Islamic law, principles including shariah and non-shariah concepts The Islamic economy in more detail: Zakat, Riba, Gharrar and Maisir
Traditional finance including real estate, trade, working capital, and overdrafts Modern finance including banking, insurance, and fund management Managing an Islamic oriented economy: public finance and monetary policy Challenges confronting Islamic finance; both regulatory and legal
The future: Pros and cons of Islamic finance, both locally and globally


Programs where the course is taught: