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Course Introduction

Essentials of Islamic Finance


IQRA University Gulshan Campus. MBA, Fall 2010

IRSHAD AHMAD AIJAZ


irshad786@gmail.com

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Contents

 Course Introduction:
– Purpose of the course and Targets to be achieved;
– Grading policy and genera guidelines;
 Islamic banking in Pakistan and its global scenario:
– History of Islamic banking and recent local and international developments;
 Criticism and Future outlook:
– Current economic and financial system and Islamic guidelines on economic
affairs:
– Current economic and financial systems;
– Financial techniques and complexities;
– Myths and wrong understanding of issues and realities;
 Q and A

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Course Introduction:

 Purpose of the course and Targets to be achieved;


– To create awareness and understanding of the course, its need, its theories
and practical application;
 Attendance policy:
– Attendance once marked and submitted to management can not be changed
and please do not waste your and my time on this issue;
– No leave on phone calls;
 Grading policy and genera guidelines;
– Mid term: 30;
– Final term: 40;
– Quizzes: 10;
– Articles (individual): 05;
– Final presentation: 15;
– Total: 100;
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Islamic banking in Pakistan and round the glob

 History of Islamic banking and recent local and international


developments;
– First modern Islamic financial experiment in the world;
 Hyderabad Duccan between 1930 ~ 1940;
 No exact history is available;

– Egypt 1960:
 Dr Abdullah Najjar initiated MitGhamar Bank;
 Later on it has been merged in Nasir Social bank by Jamal Abdunnasir;

– Gulf regeon:
 Dubai Islamic bank in 1974;
– Islamic banking experiment in Pakistan:
 1980's legal framwork change in banking sectore by president Ziaul Haque;
 This experiment was a failure due to multiple reasons;

– Role of Islamic Ideology Council;


– 1990's restart;

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Financial System and Islam

 Current economic and financial system and Islamic guidelines on


economic affairs:
– Based on pure logic without any intervention of religion;
– Many established rules have been broken;
 Interest, immorality and liquor are Haram in every religion;
 New non-religion based systems have been developed where deviation from
religion especially Islam is evident;
 Current economic and financial systems;
– Emergence of banks, exchanges and international institutions;
 Financial techniques and complexities;
– Transformation from simple structure to complex;
 Myths and wrong understanding of issues and realities;
– Many wrong understanding about emerged and invented system;
– Islam and current economic and financial systems;
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Why Islamic banking and finance?

 What is Islamic?
 What is Shari'ah?
 Is obedience to rules given by Islam essential?

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Groups and guidelines

 Groups should be made;


 Announcement of TA;

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Questions?

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