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Session 1: The Nature of Money

What is a Commercial Bank?
Commodity money, paper receipts, account money.
Problems with Fractional Reserve Banking
Capital flows to the wealthy, discounting and resource depletion, inflation, indebtedness, unrepayable debt, boom and bust, forced economic growth, decline in quality of goods and services.
Islam and Money
Legal opinions on paper money, common objections to commodity money, dinar and dirham, conversion from interest-based banking.

Session 2: Overview of the Shari`ah

The Basics
Sources of Islamic law, structure of the law, Islamic jurisprudence, principles of Islamic jurisprudence, legal maxims, objectives of Islamic law, a property methodology.
Contract Introduction
Contract conclusion and validity, contract types.
Some Prohibitions
Riba, gharar, gambling, double deferment, contract combination, limited liability.

Session 3: The Financial Contracts

Contracts of Exchange
Currency exchange, sale of debt, installment sale, murabahah, bay` al-salam, ijara.
Contracts of Investment
Musharakah, mudarabah, sukuk structures.
Other Contracts
Promises, agency, deposits.
Some Examples of Home Finance Contracts
Cash sale, installment sale, murabahah, ijara, diminishing partnership.