501 Professional Diploma in Islamic Commercial Law
Professional Diploma in Islamic Commercial Law is a in-depth study on Islamic commercial for Islamic finance industry. This course has been designed for understand and interpret the financial transaction from Islamic law perspective. The course introduces the Islamic law, its sources, interpretations, Islamic finance law and general contracts. The course is taught using traditional text based material with modern animated videos. The assessment has been designed in such a way for the students to become familiar with the basic Islamic contracts.
Outcomes
At the end of this course, the students will be able
1. Identify the sources of Islamic commercial law
2. Explain the contracts used in Islamic finance
3. Describe the loan, lease and employment.
| Target Audience | Islamic finance professionals, managers of Islamic firms, entrepreneurs, accountants, Islamic bank management, Sharia board members, Islamic bank's Sharia auditors and students who want to start a career in Islamic Commercial law or Islamic banking or Islamic bank sharia auditing |
| Study Mode | Online (Distance learning) |
| Duration | 30 Hours (Flexible - Students have freedom to complete at their own pace) |
| Academic requirments | None |
| Work experience | Not required. however, professional experience in Islamic banking will be recognized for Accredited Prior Learning (APL) |
| English language requirement | Reading, writing and presentations skills |
| Learning materials | Animated videos, reading materials, e-books and case studies weekly live Q & A with instructors |
| Assessments | Students need to complete end of chapter questions, assignments, Capstone projects and recorded presentation. |
| Award | Professional Diploma in Islamic Commercial Law |
| Awarding body | Students have choice to select from 1. London School of Business and Social Sciences (LSBSS) 2. Geneva School of Business and Economics (GSBE) 3. American International Theism University (AITU) |
| Fees | UK£ 250 London School of Business and Social Sciences (LSBSS) or Geneva School of Business and Economics (GSBE) |
Click for Online Application and Payment to start the course
Note : Students who apply through the above link will be directed to our secured learning management system where they have to create an account and make the payment. The students will begin the course once the payment is complete. The payment goes through a secured popular learning management system TEACHABLE.
There are a number of partial scholarships available. If the students are expecting a scholarship, they need to fill out the form given in the below link. One of our student counselors will contact the students once the form has been submitted.
Click here for a scholarship and approval
Detail Syllabus of Professional Diploma in Islamic Commercial Law
ICL 101 Introduction to Islamic Commercial Law and Contracts (3 Credits)
This module explains the basics of Islamic law and Islamic commercial law. At the end of the lesson, you will be able
1. Explain what is Islamic law (Sharia)
2. Describe the Islamic commercial law and its usage
ICL102 Sources of Islamic Law (3 Credits)
After understanding the basic principles Islamic law, this module is discusses about the sources of Islamic law. In this module the students will be
1. Examining the primary and secondary sources of Islamic law
2. Critically examine the importance of these sources within Islamic jurisprudence
ICL 103 Contracts in Islamic Commercial Law
This module explains the basic contracts in Islamic commercial law. At the end of the lesson you will be able
1. Explain what is Sharia and Sharia compliance
2. Describe the Islamic finance contracts and their usage
ICL 104 Status, social justice and standardization of Islamic Commercial Law
This module explains
– Status of Islamic law in modern commercial world
– Islamic Commercial Law and Social Justice: Shari’ah-Compliant Companies,
Workers’ Rights, and the Living Wage
– Standardization of Islamic financial law
At the end of the lesson you will be able
1. Explain the status and contribution of Islamic law into the commercial world
2. Review the how Islamic commercial law contribute to the social justice.
3. Describe the standarization of Islamic financial law.
ICL105 Islamic finance and basic prohibitions (Credit 3)
The module introduces the world of Islamic finance and basic prohibitions and shows the importance of knowing the Islamic commercial law to work in the Islamic finance industry. At the end of this module you will be able to
– Explain what is Islamic finance and current status of Islamic finance industry
– Describe the prohibitions in Islamic finance industry and link the Islamic commercial law and prohibitions.
ICL106 Contracts used in Islamic finance (3 Credits)
After understanding the basic principles and law of contract, this module is the application of the basic Islamic contracts in banking industry. End of this course you will be able to understand and describe ;
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Explain the basic concept of Islamic financial instruments
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Describe Mudarabah, Musharaka, Ijarah, Salam, Istisna and Murabaha contracts.
ICL107 Contract of Sale
This module explains the contacts of sale and their classification. The application in the Islamic business and finance industry has been elaborated. At the end of this lesson student will be able
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Define a sale contract and identify its main constituent elements and important conditions
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Explain the differences between the subject matter of a sale and its price and the consequences of this differences.
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Demonstrate knowledge of valid and void conditions
ICL108 The contract of employment , Lease and reward
Islamic finance and business uses the employment contract to lease the assets, enable borrowings and give reward for effort. This module discusses about Ijarah, Jaa’h and I’arah.
At the end of the modules students will be able to
1. Define and understand the contacts of Ijarah, I’arah and Ja’alah
2. Identify the main constituent pillars and important conditions of these contracts
3. Understand the various types of Ijarah contracts and their different uses.
4 .Compare and contact the Ijarah contract with the I’arah and Ja’alah contracts
ICL109 Contract of Wakalah
Wakalah is the popular principle-agent relationship contract in Islamic finance. This module describe all the conditions regarding a principle and agent relationships. At the end of the module, the students will be able to
1. Identify the main constituent pillars and important conditions of the contract.
2. Explain the types of wakalah contract and their different uses.
3. Understand issues related to the agency in sale and agency in purchase.
4. Differentiate between agency and other types of legal relationship.
ICL110 The contract of Loan
Interest and usury has been prohibited in Islamic law. This module how a loan contract can be made in Islamic commercial law without involving interest. At the end of the lesson, the students will be able;
1. Understand qard contract and its gratuitous and charitable nature
2. Identify the main constituent pillars and important conditions of the contract.
3. Explain the differences between qard, dayn and I’arah.
4. Understand the debate on the prohibitions of conditional benefits that a lender may stipulate in qard contracts.