Faculty of Islamic Banking and Finance
Islamic banking is grounded in the tenets of the Islamic faith as they relate to commercial transactions. The principles of Islamic banking are derived from the Qur’an–the central religious text of Islam. In Islamic banking, all transactions must be compliant with Islamic law also known as shariah, the legal code of Islam (based on the teachings of the Qur’an). The rules that govern commercial transactions in Islamic banking are referred to as Transactions between people or in Arabic “Fiqh al-muamalat”.
The studies of bankers behavior and moving away from money lending for profit business towards a just and fair lending practice where both parties lender and the bowwoer both are protected and as a result creating harmonic social relations are the key factors. Bankers who are employed by institutions that abide by Islamic banking are entrusted with not deviating from the fundamental principles of the Qur’an while they are conducting business. Islamic education at the AMISUN is focused in preparing graduates and scholars whom bankers turn to employ them for scholarship and customary practices.
Islamic finance refers to how businesses and individuals raise capital in accordance with Sharia, or Islamic law. It also refers to the types of investments that are permissible under this form of law. Islamic finance can be seen as a unique form of socially responsible investment. Additionally, Islamic finance is a financial system that operates strictly according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts.
Although the Islamic finance industry itself is quite young, Islamic theories of economics have existed for more than a millennium; by the mid-12th century, in fact, many Muslims scholars had presented key concepts of Islamic economics that are still relevant today.
Degrees Offered
Associate in Islamic Banking and Finance
Credit Hours Required: Sixty- (60)
Bachelor in Islamic Banking and Finance
Credit Hours Required: One Hundred and Twenty- (120)
Masters in Islamic Banking and Finance
Credit Hours Required: Forty Eight- (48)
Doctor of Philosophy in Islamic Banking and Finance Credit Hours Required: Fifty-Four- (54)