Fundamentals of Islamic Banking and Finance
The course "Fundamentals of Islamic Banking and Finance" is designed to give a foundational understanding of the basic concepts in Islamic Banking and Finance. The goal is for participants to gain deep knowledge of the banking practices in the history of the Islamic society, salient features and characteristics of Islamic banking, Islamic redefinition of banking services, and finance contracts In Islamic banks.
· Training Period: Four Day Weekly
· Content-rich PowerPoint slides
· Language: English
· Prerequisite: No prior knowledge is required
· Certificate of completion
· Regular fee: 60,000 Naira
· Discounted fee: 55,000 Naira (Students and three (3) or more people from the same organization)
₦ 60,000.00
Course Outline
FUNDAMENTALS OF ISLAMIC FINANCE AND BANKING
(Four-Day Course)
DAY ONE
Foundations of Islamic finance
· Islamic Economics
· Islamic Economic System:
· Shari’ah and Islamic Finance
o Objectives of Shari’ah
o Scope of Shari’ah
DAY TWO
· Banking practices in the history of the Islamic society
· Definition and nature of an Islamic bank
· Salient features of Islamic banks:
o Commitment to Shari’ah
Commitment to Moral standards in financing
o Developmental by nature
o Commodity/service/asset-based financing
· Islamic versus conventional banks
· Characteristics of Islamic banking:
o Comprehensive/universal banking
o Sources of funds: partners
o Uses of funds: commodity/serve/asset-based financing
DAY THREE
· Islamic re-definition of banking services:
o Opening current accounts
o Collecting checks and money transfers
o Collecting notes, bills and other IOUs
o Buying and selling stocks for customers
o Currency exchange
o Issuance of letters of guarantees
o Issuance of documentary letters of credit
o Renting deposit boxes
o Opening investment deposits
o Financing operations from the pool of investment funds
· Conventional banking services not permitted in Islamic banks
o Discounting of bonds, bills of exchange and other IOUs
o Intermediation in buying and selling bonds
o All operations in which interest is part
· Finance contracts In Islamic banks
o For funds mobilization:
§ Musharakah
§ Mudarabah
§ Loan
DAY FOUR
· Finance contracts In Islamic banks\cont.
o For funds utilization
o Sale
o Sharing
o Leasing
o Islamic finance contracts:
o Murabahah
o Installment Sale
o Investment Deposit
o Current Account Deposit
o Three party Istisna’
o Lease/Purchase to the purchase orderer
