A one hour class test weighted at 40% Testing LOs 1 & 2. AND a portfolio of 2000 words weighted at 60% Testing LOs 3 & 4.

This module will introduce aspects of Islamic commercial law as they relate to finance and business transactions. The module will study the sources of the Islamic commercial law and methodology of interpretation including: the Qur’an and the traditions of the Prophet Mohammad. Formation and classification of contracts. The traditional Islamic contracts and Islamic finance. Application of Islamic contracts in modern Islamic finance. The methodologies used to address the complex modern finance problems in order to produce Islamic finance arrangements. Shari’ah compliance and the importance of the Shari’ah standards. Implementation of Shari’ah standards, policies and rulings in Islamic finance.
When studied as part of the MSc Islamic Finance and Accounting, the successful completion of this module may lead to an exemption from the equivalent unit in the CIMA Diploma in Islamic Finance. For up to date information on accreditation and exemptions please contact the Award Leader

The learning strategy for the module requires students to commit 150 learning hours (including assessment) of which there will be 36 hours of tutor support and 114 hours of independent and self directed study.
The lecture/tutorial pattern may vary with some activities taking place in medium size group workshops.

18 hours of tutor-lead sessions
18 hours of student centred learning sessions

There will be lectures to deliver the core material, as well as smaller group sessions, including problem solving, discussion and workshop type delivery. Students will be expected to complete the exercises and directed learning in the independent learning time.

Module study guide
The University Library and Learning Resources – books and academic journals
The module VLE
Electronic data bases
Learning support materials
Internet

CIMA (2011) Islamic Commercial Law, Study Guide one.

Nethercott, Craig and Eisenberg, David (2012) Islamic Finance: Law and Practice. Oxford University Press: Oxford.
Saleem, Muhammad Yousuf (2013) Islamic Commercial Law, 1st Edition, Wiley Publishing.

1. Systematic and critical understanding of Islamic commercial law as it relates to Islamic finance. (Knowledge and Understanding)

2. Demonstrate comprehensive, critical understanding of the sources of the Islamic commercial law including the Qur’an and the traditions of the Prophet Mohammad. (Knowledge and Understanding, Analysis, Communication, Learning)

3. Demonstrate a critical understanding and analysis of the methodologies used to solve modern problems in Islamic finance. (Analysis, Problem solving, Learning, Enquiry, Communication)

4. Demonstrate a critical understanding of Shari’ah compliance and the application of the Shari’ah standards. (Knowledge and Understanding,
Application, Reflection, Learning)