Essentials of Islamic Finance – IU Gulshan Campus, Slide # 1IUIQRA UNIVERSITY

Essentials of Islamic Finance

IQRA University Gulshan Campus. MBA, Springl 2011

IRSHAD AHMAD AIJAZ/TALHA SALEEM KAPADIA irshad786@gmail.com / talhasaleemkapadia@gmail.com

Course IntroductionCourse Introduction

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ContentsContents

Course Introduction:– Purpose of the course and Targets to be achieved;

– Grading policy and genera guidelines; Islamic banking in Pakistan and its global scenario:

– History of Islamic banking and recent local and international developments; Criticism and Future outlook:

– Current economic and financial system and Islamic guidelines on economic affairs:

– Current economic and financial systems;

– Financial techniques and complexities;

– Myths and wrong understanding of issues and realities; Q and A

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Course Introduction:Course Introduction:

Purpose of the course and Targets to be achieved;– To create awareness and understanding of the course, its need, its theories

and practical application; Attendance policy:

– Attendance once marked and submitted to management can not be changed and please do not waste your and my time on this issue;

– No leave on phone calls; Grading policy and genera guidelines;

– Mid term: 25;

– Final term: 40;

– Quizzes: 10;

– Articles (individual): 05;

– Final presentation: 15;

– Class participation: 05;

– Total: 100;

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Islamic banking in Pakistan and round the globIslamic banking in Pakistan and round the glob

History of Islamic banking and recent local and international developments;– First modern Islamic financial experiment in the world;

Hyderabad Duccan between 1930 ~ 1940;No exact history is available;

– Egypt 1960:Dr Abdullah Najjar initiated MitGhamar Bank;Later on it has been merged in Nasir Social bank by Jamal Abdunnasir;

– Gulf regeon:Dubai Islamic bank in 1974;

– Islamic banking experiment in Pakistan:1980's legal framwork change in banking sectore by president Ziaul Haque;This experiment was a failure due to multiple reasons;

– Role of Islamic Ideology Council;

– 1990's restart;

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Financial System and IslamFinancial System and Islam

Current economic and financial system and Islamic guidelines on economic affairs:– Based on pure logic without any intervention of religion;

– Many established rules have been broken; Interest, immorality and liquor are Haram in every religion;New non-religion based systems have been developed where deviation from

religion especially Islam is evident;

Current economic and financial systems;– Emergence of banks, exchanges and international institutions;

Financial techniques and complexities;

– Transformation from simple structure to complex; Myths and wrong understanding of issues and realities;

– Many wrong understanding about emerged and invented system;

– Islam and current economic and financial systems;

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Why Islamic banking and finance?Why Islamic banking and finance?

What is Islamic? What is Shari'ah? Is obedience to rules given by Islam essential?

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Groups and guidelinesGroups and guidelines

Groups should be made; Announcement of TA;

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Questions?