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Teaching Corporate Finance

Teaching Corporate Finance

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Published by: proffina786 on Jul 30, 2010
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Teaching CorporateFinance
From an Islamic Perspective
Dr. Mohammed ObaidullahAssociate ProfessorIslamic Economics Research CentreKing Abdulaziz UniversityJeddah, Kingdom of Saudi Arabia1427/2006
Digital Composition for Web by:Syed Anwer MahmoodIslamic Economics Research CentrePublished on net 2007
Islamic Economics Research Center organizes, on a periodical basis,meetings of the chairmen of the Departments of Economics and IslamicEconomics in which issues related to teaching syllabus of Islamic Economics inthe Kingdom and outside the Kingdom are discussed.The last of such meetings was held during Dhu'l-Qa`dah 14-15, 1427 AH,corresponding 5-6, December 2006, in which problems of "Teaching CorporateFinance from Islamic Perspective" were discussed. Dr. Mohammed Obaidullah, aresearcher at the Center, was assigned to prepare a monograph on teaching thiscourse which was sent to various Departments and discussed in the said forum.It is a matter of pleasure for the Center to present these notes to a widercircle of concerned teachers. We expect that they will find them helpful inteaching the subject.It is Allah Who grants favor.Dr. Abdullah Qurban TurkistaniDirectorIslamic Economics Research Centre
This monograph aims to tie together many of the important ideas in moderncorporate finance and explores how these could be presented from an Islamic perspective.Courses in corporate finance in universities across the globe are a significant componentof graduate programs in business administration, finance and economics. Invariably,corporate finance figures in their curriculum as a
course. In this monograph we focuson the ideas and concepts that form part of a
course in corporate finance.In order to make it simple for an instructor attuned to teaching corporate financeat Business Schools, we follow a structure similar to most standard textbooks on thesubject. The following popular texts in this field are worth mentioning:1.
Brealey, Richard A. and Stewart C. Myers,
Principles of Corporate Finance
, 6
 Edition, Mcgraw Hill, 20042.
Ross, Westerfield and Jordan,
 Essentials of Corporate Finance
, 4
Edition,Mcgraw Hill Irwin, 20043.
Brigham, Eugene F. and Joel F. Houston,
Fundamentals of Financial Management 
, 8
Edition, The Dryden Press, 19984.
Brigham, Eugene F. and Louis C. Gapensky,
Financial Management: Theory and Practice
, 6
Edition, The Dryden Press, 1991While the coverage in some of the texts may be broader, we have made anattempt to deal with all the major ideas and concepts, keeping in mind the latestcontribution of Islamic scholars to the field. To our mind, teaching corporate finance islikely to be quite challenging for an instructor for the simple reason that there is a dearthof literature on the concepts and issues covered therein. There is no published text as yetdealing with this subject from an Islamic perspective and we had to rely mostly on rare published articles and papers in various journals in order to cull together some relevantideas and concepts. Some of the ideas and concepts are entirely original, and are being presented for the first time by the author. The only exceptions to the rule have been thechapters on Sources of Funds. There is fortunately no dearth of books, monographs andarticles on Islamic banks, financial institutions and markets. In this monograph, I have presented some material from my own text,
 Islamic Financial Services
, published by theIslamic Economics Research Center in a summarized form in chapters 6 and 7.Instructors may relate the contents of these two chapters with relevant sections from this book. An online version of this book is available for free download at the website of theCentre.We have opted for brevity wherever we find that the materials presented inconventional textbooks are in the nature of tools of analysis, theories that do not need anyadaptation in the light of Islamic principles, numerical examples and empirical evidence.In order to avoid duplication, we advise the Instructor to follow the relevant contents

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