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Course Outline Page 1

University of Management and Technology

Course Outline
Course Code: IB - 615 Course Title: Issues of Fiqh Relating to Islamic Banking


MS Islamic Banking and finance (MS – IBF)

Credit Hours



15 weeks (15 sessions)



Resource Person

Dr. Khaliq Ur Rehman

Counseling Timing

(Room# )


Chairman/Director signature………………………………….
Dean’s signature…………………………… Date………………………………………….
Course Outline Page 2

Learning Objective:
Shariah has opened the doors of creativity and innovation broadly to Muslim Ummah to
develop their economic activities in fulfilling their needs under the light of divine guidance.
One of the natures of Fiqh discipline is the availability of several opinions of Islamic jurists
pertaining to an issue. This nature is seen as an advantage rather than as an obstacle. In the
real world practice, it means that the Islamic banking could choose any juristic opinion to
manage its affairs. However the selection of juristic opinion should take into consideration
the juristic standing of the customers. Fiqh helps a lot for in area in which Islamic financial
institutions should focus because it is vital to ensure the acceptance and marketability of
the Islamic financial products. With this understanding in mind, it can be derived that
understanding the Fiqh is imperative and the area of Islamic banking and finance.
The subject shall contribute to the understanding, advancement and acceleration of the
process of Islamic financial product development from the Shariah aspect, as it is the most
imperative tool for the Islamic financial institutions to meet their increasing concern about
profitability, liquidity, assets value, risk management as well as product acceptability. It
could also help the practitioners to come up with more preferable financial products to
both customers and players.

Learning Methodology:

Class preparation and participation:
Students are required to read assigned material before coming to class. The instructor will assess
student’s level of preparation by raising questions on the assigned topics.

As per the University policy.

Assignments and Presentations:
All assignments for formal evaluation must be typed and submitted by the specified due dates.
Topics of assignments would be assigned by the course instructor from the given topics. Each
student will be required to make fifteen minutes class presentation on the topic assigned.

Class Attendance:
Attendance policy of the university would be strictly followed.

Course Outline Page 3

Grade Evaluation Criteria
Following is the criteria for the distribution of marks to evaluate final grade in
a semester.

Marks Evaluation Marks in percentage

Quizzes 15
Assignments 15
Mid Term 25
Attendance & Class Participation 10
Term Project 00
Presentations 00
Final exam 35
Total 100

Recommended Text Books/Readings:
1. Islamic Banking, Dr. Muhammad Imran Ashref Usmani, Darul-shaat Karachi
2. An Introduction to Islamic Finance, Mufti Taqi Usmani, Darul-shaat Karachi
3. Islamic Law of Contracts and Business Transactions, Dr. M. Tahir Mansoor, Sharia
4. IIU ا داتآ ملظلا ضنشت کهلطا فآ زٹنط ہافر بویا دوحه سا تایلاه یهلط ملطا یٹطروینوی کهلطا لنشینزٹنا
5. یهڈیکا ہعیزش ےفطصه زٹکاڈ سا زثا اک صا زپ لئاظه یہقف روا فلتخا اک ءاہقف ںیه ہیلوصا دع اوق
6. یچازک یهڈیکا سات نتا ۔ نوحزلا لیلخ سا ہشئاج ںیه ینشور یک تاویلعت یهلطا اک یراکنیت یهلطا
7. هسا ہعترلا ةہاذولا یلع ہقفلا باتک روہل دجظه یہاشدات یهڈیکا ءاطع ۔یزیشجلا توحزلا دوح
8. نطاقلا دیثع وتا ماها لاوهلاا باتک
9. ہاش ےهاگ لتزک ہناخ ةتک یزفعج نیظح دتاع دیط سا نجزته یزفعجلا عهاج ، ہاش ےهاگ لتزک

Course Outline Page 4

Calendar of Course contents to be covered during semester
Course Code: IB - 615 Course Title: Issues of Fiqh Relating to Islamic Banking
Week Course Contents

Reference Chapter(s)
1 Brief Introduction to Fiqh
Fiqh usool-ul-fiqh and qamaidul fiqh

2 Temperament of fiqh
3 Objectives of fiqh
4 Difference of opinion in fiqh matters and its reasons.
5 Legal Capacity
6 Primary and Secondary Sources
1. Sahih Valid
2. Fasid Vaidable
3. Batil Vaid
4. Islamic Law of Options (Khiyaraat)
5. Pledge (Rahn)


10 Islamic Modes of Financing
11 Islamic Modes of Financing
12 Islamic Modes of Financing
13 Insurance and Takaful
14 Islamic Investments
1. Investment Funds
2. Limited Liability