International Institute of Islamic Economics and Finance, an Islamic business school based in the United Arab Emirates introduces a set of free courses in Islamic finance as a part of their community service project. IIISEF has listed many courses online in business, finance and economics. These are courses are taught online by well know professors in Islamic finance. The institute is guided by well qualified Islamic scholars who have a doctorate in Islamic finance, Islamic studies, conventional finance and accounting. All of the Islamic finance courses listed in the learning portal is prepared according to the guidelines of AAOIFI. AAOIFI Stands for Auditing and Islamic accounting organization for Islamic financial institutions. AAOIFI is Bahrain based accounting, auditing and sharia standard-setting international organization. Most of the Islamic banks prepare their financial statements according to the guidelines of AAOIFI.
This “Certificate in Islamic Finance” is a free introductory course to the world of the Islamic finance industry. The has been prepared according to the modern whiteboard animation with voice over. So that the students will not feel board in learning the course rather, the student would enjoy the course. The assessments make sure that the students understood the concepts thoroughly.
Students can apply for the course using the following link;
Investorpedia is one the highly referenced website for finance learning with short and simple videos to help the beginner to understand the complicated concept.
The United Arab Emirate (UAE) based The Islamic Economics Institute has introduced short has introduced short and simple videos on Islamic finance terms.
These videos can help the beginners of Islamic finance to understand the Islamic finance concepts, term and principle easily with colorful animated series in YouTube.
What is Islamic Finance
Short videos on Islamic finance. Islamic finance is one of the fastest growing industry with 15% growth rate and total of $3 trillion asset worldwide. Islamic finance includes Islamic banking, Islamic insurance, Islamic insurance (Takaful) and Islamic bonds (Sukuk). For further detail information on Islamic finance, follow our course in Udemy.com
Prohibitions in Islamic Finance – Interest/Usury (Riba in Arabic)
Types Riba (Interest/usury)
This video is about two types of usury in Islamic finance (Riba in Islamic finance).
The usury is of two kinds: First, Riba al-nasiah: This riba is based on money lending; the lender and borrower agree upfront on a fixed amount of money to be paid as a reward for the money lent.
Second, Riba al-fadl: This riba is the excess that arises during an exchange of homogenous commodities in unequal quantities or qualities. If you have low – quality gold, for example, and you want to purchase high-quality gold, you can’t exchange the two and pay the other party cash to make up the difference in value.
Prohibitions of Gambling (mysir/qimar)
Islam prohibits business transaction based on 1. Interest/Usury 2. Gharar (Uncertainty) 3. Gambling 4. Prohibited industries
Prohibition in Islamic Finance – Gharar (Deception/Deceiving)
Prohibitions in Islamic Finance – Gharar
Prohibited industry in Islamic Finance
Mudaraba – Partnership
Restricted and Unrestricted Mudarabah Account of Islamic banks
Islamic banks receives money as source funds from the customers as investments. Islamic banks invest these funds in two different ways; 1. Unrestricted investment 2. Restricted investment.
Islamic finance product – Tawaruq or Tawaruqq or Reverse Mudarabah
Islamic banking – Equity financing (Mudarabah financing and Musharaka financing)
One of the source of Islamic bank is from financing activities. The financing activities includes 1. Equity financing 2. Trade financing 3. Asset financing
Islamic banking – Asset based financing (Murabaha, Ijarah and Istisna)
One of the source of Islamic bank is from financing activities. The financing activities includes 1. Equity financing 2. Trade financing 3. Asset financing
Islamic trade financing
How do Islamic banks serve the community
Difference between Islamic bonds (Sukuk) Vs Conventional bonds
Structuring Islamic bonds – Sukuk Al Ijarah
Takaful (Islamic Insurance) Vs Conventional insurance
