1. Course Title 2. Course Code 3. Status 4.

Credit Hour

Introduction to Fiqh Muamalat IFIQ 1153 Major

3 (2+1) 2 for lecture (2 hours per week x 14 weeks) 1 for tutorial (1.5 hours per week x 14 weeks) 2/2

5. Semester/Year 6. Prerequisites

Nil 7. Methods of Delivery Distance Learning (Electronic) Assessment and Marking Percentage: Quizzes 8. Evaluation Assignments Interactions through discussion board Mid-Semester Exam Final Examination 9. 10. Lecturer Objective Subject of the 10 10 10 20 50 % % % % %

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Learning Outcomes

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Synopsis

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Topics and Contact Hours Topic 1

The goal of IFIQ 1153 is to provide students with general understanding about the concept, structure, development and application of transactions in Islam. Familiarise students with Islamic terminologies related to Fiqh Muamalat. Introduce main prohibitions in transaction and their justifications. At the end of studying IFIQ 1153, students will be able to: Understand general Shariah principles related to Fiqh Muamalat. Familiarise himself with essential elements and necessary conditions of Shariah contracts. Identify certain prohibitions in Muamalat contract and their justifications. IFIQ 1153 covers the importance of transaction from Islamic point of view, formation of contract, format of a contract, pillars of a contract and their conditions, rights of options and termination of contract. The course will also discuss some prohibitions in transaction such as usury (riba) and uncertainty (gharar). Some concepts in Muamalat will be introduced before finally discussing on some current issues in Islamic banking and Takaful industries. Topics Lecture Tutorial (Hrs) (Hrs) Introduction 2 0 1.1 Importance of transactions in human life and its relation to Fiqh Muamalat. 1.2 The position of Fiqh Muamalat in Islam 1.3 Legal sources of Fiqh Muamalat 1.4 The nature of Fiqh Muamalat: It is based on general principles and flexible

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14. 15.

Main References Additional References

Theory of Property (mal) and Ownership (milkiyyah) in Shariah 4 1.5 2.1 Islamic perspective on Mal 2.2 Types of Mal 2.3 Ownership according to Shariah Formation of Contract (Aqd) 2 1.5 3.1 Definition of contract 3.2 Unilateral and bilateral contract 3.3 Pillars of contract Format (Sighah) 2 1.5 4.1 Offer (ijab) 4.2 Acceptance (qabul) 4.3 Mode of communication: verbal, writing, signal, etc. 4.4 Meeting of Aqd (Majlis al-aqd) Contracting Parties 2 1.5 5.1 Legal capacity (ahliyyah al-wujub and ahliyyah al-ada) 5.2 Impediment to legal capacity Subject matter (Mahal al-Aqd) 2 1.5 6.1 Exist (with exception to some types of transaction such as bay salam and bay isitisna) 6.2 Ability to deliver (maqdur al-taslim) 6.3 Legal (mashru) 6.4 Known to the parties (malum) Rights of Option (Khiyarat) 2 3 7.1 Option during meeting (khiyar al-majlis) 7.2 Option of condition (khiyar al-Shart) 7.3 Option of viewing (khiyar al-ruyah) 7.4 Option of defect (khiyar al-aib) The Prohibition of Usury (Riba) 4 3 8.1 Definition 8.2 Authorities on its prohibition 8.3 Classification of riba 8.4 Wisdom for its prohibition Uncertainty (Gharar) 2 3 9.1 Definition 9.2 Types of gharar - Immaterial gharar (gharar yasir) - Exorbitant gharar (gharar fahish) Brief Introduction to Some Contracts in Muamalat 4 3 10.1 Profit Sharing (Mudharabah) 10.2 Partnership (Musharakah) 10.3 Hiring/leasing (al-Ijarah) 10.4 Agency (wakalah) 10.5 Cost plus profit (murabahah) 10.6 Mortgage (al-Rahn) Total contact hours 28 21 Equivalent lecture hours 28 14 Total lecture hours 42 Credit hours 3 Mohd Masum Billah (2003). Modern Financial Transactions Under Shariah. : Ilmiah Publishers. nd 1. Nabil A. Saleh (1992) Unlawful Gain and Legitimate Profit in Islamic Law, 2 ed.) Graham & Trotman 2. Razali Nawawi (1993) Commercial Transactions: Islamic Law Perspective. International Islamic University Malaysia

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Muhammad Taqi Usmani (2002) An Introduction to Islamic Finance. Kluwer Law International, 2002). Zamir Iqbal and Abbas Mirakhor (2007). An Introduction to Islamic Finance: Theory and Practice. John Wiley and Sons.

Other materials:

All other materials will be available to students online.