On June 11-12, 2021, the AlHuda Center for Islamic Banking and Economics (CIBE) conducted a specialized training. The training was conducted by representatives of AlHuda CIBE, the Islamic Development Bank (IDB) and the mutual insurance company “UZARO” in the following areas:
The teachings of Islam:
Principles of the Islamic Economy. Financial transactions based on the rules of Sharia
On the first day, the features of financial transactions of Murabaha, the Forbidden in financial transactions, the Pillars (fards) of the transaction, the Concept of property in Islam (7 conditions), Kabd (finding property in the hands of the owner), the stages of concluding transactions (promise, contract of intent, transaction), the State of transactions (Sahih, Mawkuf, Fasid, Batil, Makruh), Types of Murabaha: with payment in installments (financing), ordinary resale with a mark-up.
On the second day, the participants of the training got acquainted with such Islamic financial instruments as Ijara and Sukuk. The speakers spoke in detail about the Difference between Ijara and leasing, the difference between Ijara and Sale, Sale with subsequent Leasing, as well as about the Underlying Assets, the structure of Sukuk and the risks arising from the issuance of Sukuk, etc.
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