Education Resources



Comprehensive sukuk study resources, with structure diagrams, detailed overview of structures, key features of the underlying structure, required documentation, related structures and market developments.

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Economic Teachings of the Prophet Muhammad (PBUH)

Economic Teachings of the Prophet Muhammad (PBUH)

This section contains the economic teachings of the Prophet Muhammad (PBUH). 

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Islamic Economics

Islamic Economics

As defined by Dr. Umar Chapra, Islamic economics is a "branch of knowledge which helps to realize human well–being through an allocation and distribution of scarce resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalances.”

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Islamic Economics

Islamic Economics and Economics

Price Mechanism

Rate Of Return as a Discount Rate Under Uncertainty

Additional Methods for Dealing with Uncertainty in Project Evaluation

Address on Monetary & Fiscal Economics of Islam

Allocation of Risk Through Mudarabah

Alternative Proposals to Mobilise Resources for Government Transactions on Interest-Free Basis: Pakistan

An Appraisal of Monetary Policy

An Islamic Perspective on Discounting

Applied Islamic Economics

Basic Features of Islamic Economics

Behavior of the Producer

Behavioral and Institutional Setting

Capitalist Accumulation or Globalization

Capitalist System: Some Deficiencies

Challenges posed by MNCs

Changes Taking Place in Conventional Economics

Characteristics of an Islamic Economy

Classical Economics

Collapse of Communism & Rise of Capitalism

Colonial Exploits

Commentary on Monetary Policy in an Islamic Economy

Comments on Current Islamic Banking

Comments on Discounting of in Project Evaluation

Comments on Fiscal Policy in an Islamic Economy

Comments on Risk-Bearing & Profit-Sharing in an Islamic Framework

Comments on the Elimination of Interest from Economic and Finance System

Comments on the Financial and Monetary Structure for an Interest Free Economy

Comments on the Foundations of Taxation Policy

Comments on the Objectives of Fiscal Policy

Comments on the Rate of Capitalisation in Valuation Models in an Islamic Economy

Comments on the Theory of Fiscal Policy

Comparison with the Welfare State

Concept of Islam & Economics

Concept of Ownership

Consumer Behavior

Contemporary Economic Challenges & Islam

Contrasting Islamic & Marxist Positions on Discounting

Contributions in Eighties & Nineties

Conventional Economics & its Drawbacks

Debt & Destructive Economics

Debt: Pakistan

Debts & the Financial Bubble

Desirable Strategy for Isalmization


Discount Rate in the Theory of Corporation Finance

Discounting for Public Projects

Discounting Under Uncertainty for a Private Investor

Discussion on the Financial and Monetary Structure for an Interest Free Economy

Discussion on Current Islamic Banking

Discussion on Discounting of in Project Evaluation

Discussion on Fiscal Policy in an Islamic Economy

Discussion on Monetary Policy in an Islamic Economy

Discussion on Risk-Bearing & Profit-Sharing in an Islamic Framework

Discussion on the Elimination of Interest from Economic & Finance System

Discussion on the Foundations of Taxation Policy

Discussion on the Objectives of Fiscal Policy in an Islamic State

Discussion on the Theory of Fiscal Policy

Disparity: Global Scenario

Distinguishing Characteristics of an Islamic Economy


Distributional Implications of Interest Receipts & Payments of the Government

Drawing upon the Legacy

Early Economic Thought

Economic History of Islam

Economic Integration: Islamic Approach

Economic Philosophy of Islam

Eliminating Interest from Loans to Provincial Governments and other Government Agencies

Elimination of Interest: Pakistan

Emergence of Islamic Banks

Empire & Ideology

Empirical Studies

Evaluating the Proposals to Eliminate Interest from Government Transactions: Pakistan

Facing Globalization: Setting the Muslim Mindset, Malaysia

Financing Government Transactions in an Interest-Free Economy

Financing Govt Transactions in An Interest-Free Economy: A Case of Pakistan

Fiscal Policy & Allocation of Resources

Fiscal Policy & Economic Stabilization

Fiscal Policy & Income Distribution

Fiscal Policy in an Islamic Economy

Fiscal Policy, Economic Growth & Development

Free Trade as Imperialism

Generating Research Priorities

Global Harmony & Integration

Globalization & a Universal Approach

Globalization & its Significance

Globalization Domination of Finance

Globalization The US and the World Dollar

Globalization: Blessing or Blarney?

Globalization: MNCs & TNCs: Their Role & Socio- Economic Impact on Host Societies

Globalization: Role for Muslims

Globalization: Some Ground Realities

Globalization: Some Ground Realities & an Islamic Response

Globalization: Some Reflections

Government Expenditures on Interest: Pakistan

Growth & Social Solidarity

Growth, Stability & Resource Allocation

Has Capitalism Delivered?

Higher Education & Research: Trends & Challenges in a Globalized World

Human Financial Needs & their Fulfillment

Impact & Achievements: Tabung Haji

Imperialism Today & Globalisation

Imperialism, Capitalism, Technology & Science

Implicit Strategy for Islamization

Inaugural Address on Monetary & Fiscal Economics of Islam

Inter-disciplinary Studies

Interaction with Shari‘ah Scholars & Economists

Interest Payment to State Bank of Pakistan

International Financial Stability: The Role of Islamic Finance

Islam & Economic Equilibrium

Islam & Economic Growth

Islam & the Welfare State

Islam And Economics

Islamic Economics & Shari’ah Sciences

Islamic Economy: Three-Sector Model

Islamic Financial System: Malaysia

Islamic Tradition in Economics

Islamization of Finance Sector: Pakistan

Islamizing Economics

Issues, Problems and Strategy: Riba

Journey From Equality To Impoverishment

Keynes' Theory


Keynote Address on Monetary & Fiscal Economics of Islam

Legislative Changes in Islamic Finance

Macro-management is the Issue

Malaysian Muslim Malaise: Globalization


Material Opulence

Measures of Fiscal Policy in an Islamic Economy

Mechanism of Fiscal Policy

Military Power & Imperialism

Minimising the Budget Deficit: Pakistan

MNCs & TNCs: Emergence, Stakes & Strategy

MNCs: Impact on Host Societies

Monetary Economics

Monetary Policy in an Islamic Economy

Monetary Policy Instruments

Moral & Ethical Dimension: MNCs & TNCs

Moral Privation

Muslim Government Expenditure

Muslims' Preparedness for Globalization

Nature and Content of Islamic Economics

Necessary New Mindset: Globalization

Need for Justice, Mutual Help & Cooperation: Islamic Approach

Neoclassical Economics

New World Order & Globalizaton

Objectives & Instruments of Monetary Policy

Objectives of Fiscal Policy in an Islamic Economy

Permissible vs Forbidden Discounting

Positive Time Preference as Basis for Discounting

Poverty & Inequality in USA

Poverty from the Wealth of Nations

Poverty in the Land of Plenty

Practical Options for Central & Commercial Banking

Principle of Inclusion & Exclusion

Principles of Taxation Policy

Progress of Islamic Economics

Putting Ideas to Practice


Required Rate of Return in an Islamic Economy

Risk Allocation & Productive Efficiency

Risk Assumption by Employees

Risk-Bearing & Profit-Sharing in an Islamic Framework: Some Allocational Considerations

Role of Fiscal Policy

Self-Reliance & Elimination of Riba

Seminar Address on Monetary & Fiscal Economics of Islam

Shadowy Argument for Using a Shadow Interest Rate

Size of Interest Receipts and Payments: Pakistan

Social Integration with Cultural Diversity: Islamic Approach

Sources of Finance for Present Muslim States

State of Economic Disparity & its Reason

Stochastic Productivity of Investment as Basis for Discounting

Strategy & Monetary Policy

Strategy & Monetary Policy

System Constraints on Taxation

Tabung Haji Prospects

The Contemporary Scene of Economics

The Core Issue & its Redressal

The Knowledge-Based Economy: Malaysian Response

The Problems in Economics

The Role of Monetary Policy

The State of the Art

Theory & Practice of Interest-Free Banking

Theory of Fiscal Policy

Theory of Income Determination

Theory of Islamic Economic: The Future

Theory of Islamic Economics: Essentials

Three Levels of Interventions: MNCs & TNCs

Tools and Instruments

Unification of Mankind & Globalization: Islamic Approach

Values & Markets in Islamic Allocation

Way Ahead for Muslims: Globalization

Where Shall Capitalism Lead

Workers’ Participation in the Income Risks of the Firm

Areas for Further Research & Study

Islamic Economic System

Law & Shari'ah

Law & Shari'ah

Legal frameworks implemented by Muslim governments and Shari'ah resources will be found in this section. 

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Pakistan Supreme Court Challenges

Pakistan Supreme Court Response to Challenges

Issues in Pakistan Supreme Court Response

Future Challenges: Pakistan

Evaluation of Pakistan Banking Changes

Legal and Practical Constraints: Tabung Haji

Legal Reforms In Pakistan: 1979-89

Issues of Implementation: Zia’s Nizam-i-Mustafa

Structural Reforms in Pakistan's Legal System

Procedural Reforms: The Qanoon-i-Shahadat

Criminal Law Reform

Zia & His Administration

Jurists and Bureaucrats

Secular Political Opponents

Benazir Bhutto & Islamic Reforms

The Status of Women in Pakistan

Hudood Ordinances

Social & Political Costs: Zia's Reforms

Repugnancy to Islam - Who Decides?

Zia's Raj: The Politics of Prudential Islamization

The Objectives Resolution & Pakistan’s Constitutions

Objectives Resolution: The Argument

Relevant Case Law, For & Against: Supra-Constitutionality

Pre-Emption & Land Reforms: 1978-92

The Fate of Tenants' Right to Pre-emption: Pakistan

Raising the Ceiung: Fate of Land Reforms

Judicial Activism After Zia: Riba Elimination

Educating the Public on the Merits of Interest-free Economy

Objectives Resolution and Riba

Objectives Resolution & Riba

The Faisal Case: Findings and Implications

The Variables and Nonvariables in Legal Thought

The Secularized Muslim Elites' Dilemma

Dynamics of Islamic Approach

Religious Liberty

Supremacy of the Sharjah

Implementation of Hudood Ordinances

Types and Disposition of Cases

Region and the Hudood Ordinances

Gender and the Hudood Ordinances

Social Aspects & Environmental Concerns

Global Peace & Justice: An Islamic Perspective

Global Peace & Justice: The Christian Perspective

Origins of International Law

Development of Modem International Law in the West

Muslim International Law

Socio-Economic Justice: its Place in Islam

The Muslim World

Justice in Pakistan & the Muslim World

Justice: The Role of Moral Values, Government & the Hereafter

Democracy & Justice in the Muslim World

Legal Framework for an Islamic Financial System

Review of Pakistan Federal Shari’ah Court Judgement on Riba


Shari’ah and Islamic Banking

Islamic Law of Contract

Islamic Law of Contracts and Gharar

Selection Criterion for Shari’ah Advisory

Shari’ah Aspects of Salam Contract

Shari’ah Parameters for Islamic Finance Contracts

Shari’ah Investment Guidelines for Private Equity

Banking Operations

Banking Operations

This paticular section provides resources on the operations of Islamic banks, central banks and services provides by these institutions. 

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Banking Services

Central Bank

The Treasury

The Financial Market Instruments

The Financial Market & Equilibrium

Indexation of Bank Deposits & Advances​

Leasing in Pakistan

Investment Auctioning

Bai Muajjal


Financing on Normal Rate of Return

Time Multiple Counter-loans

Special Loans Facility

Methods to Finance Alternative Mechanisms

Alternative Mechanisms to Replace Riba

Commercial Banking: Pakistan

Specialised Financial Institutions: Pakistan

Central Banking & Monetary Policy: Pakistan

Government Transactions: Pakistan

Commercial Banking

Interim Report on Elimination of Interest

Operations of Islamic Banks

How Islamic Banks Operate

Issues Faced by Islamic Banks

Malaysian Islamic Financial Landscape

Islamic Financial Intermediaries: Malaysia

Non-bank Islamic Financial Intermediaries: Malaysia

Malaysian Authorities & Islamic Banking

Genesis of Islamic Banking in Bangladesh

Role of Bangladesh Central Bank

Legal and Practical Constraints: Bangladesh

Achievements, Impacts and Prospects: Bangladesh

Principles of Distribution of Profit to Mudarba Depositors

Current Approach to Interest-Free Financing

Participation Term Certificate


Prospects for International Transactions Without Riba

Criteria for Appraisal from the Riba Angle

Scope & Coverage of the Ahkam on Riba

Islamic Position of Foreign Exchange Transactions

International Trade: Exports and Imports

Need for Four-Pronged Effort: Riba Elimination

Selected Riba-Safe Transaction Modes

Promotion of a Riba-Safe Business Environment

International Capital Movements

International Transactions at Government Level

Prohibition of Interest

Theoretical Basis of Islamic Banking

Evolution of the Concept & Practices: Islamic Banking

An Early Experiment: Islamic Banking

Unique Financial Institution

Emergence of Islamic Banks

Business Practices of Islamic Banks

Sources of Funds of Islamic Banks

Some Misconceptions of Islamic Banking

Current Status of Islamic Financial Institutions Number of IFIs

Geographical Spread of IFIs

Experience of Islamic Banks: Some Conclusions

Main Conclusions Nature of Riba

Indexation of Loans

Elimination of Riba: Concept & Problems

Riba & Contemporary Transactions

Riba & the Non-Muslim World

Riba, Inflation & Indexation

Riba Elimination & Foreign Loans

Achievements & Failures: Pakistan Financial System

Present State of the Islamisation of the Financial System in Pakistan

Structure of Banks’ Deposits

Profit-Sharing Arrangement with Depositors

Islamic Instruments for Secondary Reserves

Central Bank’s Role as ‘Lender of the Last Resort’

Inter-Bank Flow of Funds or Inter-Bank Call Money

Provident Fund Balances of the Employees

Foreign Branches of Pakistani Banks

Riba-Free Alternatives in Commercial Banking

Islamic Principles of Finance

Model of Riba-Free Bank

Shari'ah Advisory Board

Interest-Free Banking: A Proposal

Islamic Financial System: A Brief Introduction

Bank as Business Partner

Bank as Intermediary

Role of Mudarba Floatation’s in Pakistan’s Capital Markets

Islamic banks as financial intermediaries

Shari’ah Maxims Relevant to Islamic Banking

The Role of Shari’ah Advisors in Islamic Banking

Limits to Shari’ah board participation in the day to day business of an Islamic bank

Handling Delinquency and Default in Islamic Banking

Tawarruq based credit card

Salam & Istisna

Salam & Istisna

Both Salam and Istisna are sales of a special nature, and in this section, the concept of these two kinds of sale and the extent to which they can be used for the purpose of financing will be explained.

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The word takaful is derived from the Arabic verb kafala which simply means to take care of one’s need. We explore concepts behind takaful and the key models: Wakalah Model; Mudarabah Model; Hybrid Model; Waqf Model.

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Poverty & Development

Poverty & Development

This sections provides resources on economic development and its importnace in reducing poverty and generating the resources necessary for human development and environmental restoration. 

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Poverty: Some Points to Ponder

Child Labour: Nature, Concerns, Reasons & Elimination Measures

Parameters of Child Labour

Child Labour Statistics

Child Labour Income

Cost of Child Labour

Concerns Raised on Child Labour

Why Child Labour Exists

Unemployment, Underemployment & Poverty

Educational Institutions & Education System

Indifferent Attitude of Parents & Society

Absence of Any Formal Social Security Mechanism

Misdirected Spendings

Tackling Child Labour

Revamping School Education & Vocational Training

Labour Market Information System (LMIS)

Preparation of an Employment Policy

Special Focus on Poverty Alleviation

Elimination Projects & Rehabilitation of Child Labour

Other Measures to Tackle Poverty

Population & Food Issues

Dual Challenge

Case Of Pakistan: Critical Issues

Welfare & Production: A Sequential Approach

Small Farmers’ Low Productivity Trap

Institutional Buildup at Grassroots

Participation & Organisation

Land & Water Resources Potential

Key Role for Zakat Committees

Population & Prosperity

Population - Evidence from History

Population & Economic Growth

Quality of Life

Population & Food

Population & Employment

The Issue of Scarce Resources

Factors Affecting Poverty in Pakistan

Poverty in Pakistan

Broad-Basing of Growth for Poverty Reduction

Inflation and Poverty Alleviation

Tax structure, Public Expenditures & Poverty Alleviation

The Existing Poverty Situation

Poverty in Pakistan Context

Poverty in an International Context

Growth, Employment & Poverty Alleviation

Trends in Rural & Urban Poverty: Pakistan

Growth & Unemployment in Historical Perspective

Growth, Poverty & Unemployment Scenarios

An Evaluation of Public Strategies & Policies

Functional Income Distribution & Poverty

Growth of Employment in Pakistan

Public Expenditure & Income Transfers

Strategy for the Future: Pakistan

Credit Systems for the Poor

Loans to Small Farmers

Non-Farm Loans in Rural Sector

Pakistan Poverty Assessment: The World Bank Document

The World Bank's Casual Approach

The Question of Policy, Poverty and Society

Government of Local Elite (Shurafa)

Poverty Alleviation & Social Action Programme

Poverty Alleviation Role of NGOs

Poverty Alleviation

Role of NGOS in State, Economy & Society

The Role of NGOS in Poverty Alleviation

Productive Empowerment of the Poor

Poverty Alleviation & Income Distribution – The Malaysian Way

Poverty and Economic Inequality: Malaysia

Progress in Poverty Eradication: Malaysia

Progress in Income Distribution: Malaysia

Planning for Growth and Equity: Malaysia

Poverty Eradication: Malaysia

Income Distribution: Malaysia

The Future – Vision 2020: Malaysia

Grameen Bank: An Innovative Project

A Conceptual Framework

Some Basic Islamic Principles

Poverty & Islam

Features of Islamic Approach

Operational Mechanism

Historical Perspective Reference to the Ottoman Case

Zakah: Ottoman Case

Provisionism: Ottoman Case

Cash Waqfs: Ottoman Case

Business Partnership: Ottoman Case

Prohibition of Barter & Pilgrimage: Ottoman Case

Institution of Zakah

Magnitude of Poverty Globally

Poverty in Developing Countries (1985)

UN Strategy to Combat Poverty

Magnitude of Poverty in the Muslim World

Zakah: Remedy for Poverty in Islam

Role of Zakah in Combating Poverty

Definition of Poverty

What to be Given to the Poor

Share of the Poor in Zakah

Revenue of Zakah

Effectiveness of Zakah

Islamic Development Bank: Role in Member Countries

Idb's Strategic Agenda

Human Resources Development

Special Account For The Ldmcs

The Impact of Zakah & Ushr: Pakistan

Impact of Zakah & Ushr on Poverty Alleviation

Contribution of Zakah & Ushr to the Average Disposable Income of Lower-Income Deciles

Zakah and Ushr System: A Review

Disbursement of Zakah Funds

Poverty Alleviation: Seminar

Recommendations on Poverty Alleviation

A Summary on Poverty Alleviation Seminar

Waqf: Philanthropic foundations

Waqf: Philanthropic foundations

Philanthropic foundations are known in the Islamic world as waqf or habs. Whereas the latter term is used primarily in North Africa, the former is known, with slight variations, in the rest of the Islamic world. The word waqf and its plural form awqaf are derived from the Arabic root verb waqafa, which means to cause a thing to stop and stand still. A second meaning is simply philanthropic foundations.
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Islamic Finance Courses

Islamic Finance Courses

Learn about undergraduate certificates, diplomas, degrees, and modules offered by academic institutions from around the world.
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Other Education Resources

Other Education Resources

This section brings together other educational resources and materials for students, teachers and professionals.

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Shariah Supervisory Board

Zakat al-Mal

Zakat on Gold

Bai Bithaman Ajil


Comments on Pakistan Supreme Court Judgement on Riba & Tabung Haji

Rise & Fall of Societies

The Role of the Human Being


East Cameron Partners’ Sukuk

AAOIFI Standards

Islamic Derivatives: Paradox or Panacea?

Islamic risk management: types, trends & issues

Koç Foundation

Islamic Banking Services in Malaysia


Integrating Money in Capital Theory


Mosa’qaat Contract in Islamic Finance

Direct Investment and Islamic Syndication

Mudharabah Transactions

Properties of Money in Islamic and Conventional Settings and the Effect on Society

Interest (Riba) in Islam

The Problem with Interest

Classification of Islamic Modes of Contract

Capitalist vs Islamic Economic System

Islamic Banking Can Save Capitalism (Part 1)

Islamic Banking Can Save Capitalism (Part 2)

The Role of the Central Bank in Islamic Banking

Sukuk and Tawarruq Contracts in Islamic Finance

Hammoudi puts the problem this way:


Direct Investment and Islamic Syndication

Salam Contract in Islamic Finance

The Jo’aalah Contract in Islamic Finance

Divine Rules

Hire-Purchase (Leasing) in Islamic Finance

Civil Partnership in Islamic Finance

Example of the Harmful Effect of an Interest-Based Economy (United States)

Mozara’ah Contract in Islamic Finance


Going Back to the Basics with Islamic Finance

Istisna’a Contract in Islamic Finance

The Money Value of Time

Society and Cooperation in Islam: Incentives and Consequences

Collateral in Islamic Finance

Speculation, Uncertainty, Interest, and Unemployment

Conventional Bank as Loan House vs Islamic Bank as Finance House

Islamic Bank as Finance House

Islamic Money and Banking: Integrating Money in Capital Theory

IRR (Internal Rate of Return) and Investment Project Appraisal

How Islamic banking narrows the gap between the rich and poor

A Legal Perspective Towards Islamic Finance

Money and Capital Reconsidered

Speculation and on Demand for Money in an Islamic Economy

Supply of Money Unidentified

Extended Model

Introduction to Islamic Economic System

The importance of the economic goals

The real nature of wealth and property

Difference between Islam, Capitalism and Socialism

Factors of Productions in Islam: Capitalist View

Factors of Production: The Socialist View

Factors of Production: The Islamic View

Islamic Economic Theory

Socialism and Islam

Islam and Capitalism

Distribution of Wealth in Islam

Riba in the Qur’an

Riba in Hadith

Types of Riba

Riba An Nasiyah - Explained

Riba Al Fadl - Explained

Commercial Interest and Usury

Simple and Compound Interest

Islamic Contracts

Sale (Bai)

Valid Sale in Islamic Finance

Five Khiyars

Definition and classification of Musharakah

Rules & Conditions of Shirkat-ul-Aqd

The basic rules of Musharakah

Issues Relating to Musharakah

Uses of Musharakah and Mudarabah

Types of Mudarabah

Basic mistakes in Murabahah Financing


Ijarah wa-iqtina

Features of a Conventional Bank

The Role of Islamic Banks

Musharakah in Bank Deposits

Import Financing

Export Financing

The Principle of Limited Liability

Islamic REITs