LAW 239: Islamic Law of Contracts and Transactions offers a comprehensive exploration into the Islamic legal framework governing commercial interactions. This course provides an in-depth understanding of the Sharia principles underlying contracts and transactions, emphasizing ethical conduct, fairness, and social justice. Students will study key concepts such as Riba (usury), Gharar (uncertainty), and the criteria for Halal (permissible) transactions, drawing on the Quran, Hadith, and the rulings of classical and contemporary jurists.
The curriculum covers various types of contracts used in Islamic finance, including Mudarabah (profit-sharing), Murabahah (cost-plus financing), Ijara (leasing), and Sukuk (Islamic bonds). Through analyzing case studies and contemporary applications, students will examine how Islamic finance institutions navigate global financial markets, adhere to Islamic legal principles, and offer ethical alternatives to conventional banking systems.
Additionally, the course investigates the challenges and controversies in implementing Islamic contracts in the modern world, including issues of standardization, regulation, and the integration of Islamic finance principles with international trade laws. Students will also engage with critical debates on innovation and reform within Islamic commercial jurisprudence to meet the needs of rapidly changing economies.
Overall Objectives for this Course:
By the end of this course, students should be able to:
- Articulate the foundational Sharia principles governing contracts and transactions.
- Identify and explain the key elements and conditions of Islamic contracts.
- Analyze various types of Islamic financial instruments and their compliance with Islamic law.
- Evaluate the ethical considerations and social justice implications of Islamic commercial law.
- Discuss the challenges of applying Islamic finance principles in global markets.
- Critically assess contemporary issues and debates within Islamic commercial jurisprudence.
- Apply knowledge of Islamic contracts and transactions to real-world case studies.
- Explore the role of Islamic finance in promoting economic sustainability and development.
