Module Code
:
BA-3302
Module Title
:
Islamic Law of Transactions
Type of Module
:
Bachelor of Business (Accounting & Finance major): Major Option
All other programmes/ majors: Breadth
Modular Credits
:
4
Prerequisite
:
None
Anti-requisite
:
None
Student Workload :
8 - 10 hours
Aims:
The module is designed to provide student an adequate knowledge regarding transaction in
Islamic law. Therefore, it deals with comprehensive coverage of the concept and nature of
Islamic transactions. This module is divided into two parts; the theory of contract in Islamic
law is dealt in Part One whereas the rules and mechanisms of transactions are covered in
Part Two. Some objectives of this module are to introduce Muslim jurists’ efforts in the field of
transactions; to analyse the justifications of having the law of transactions in Islam; to study
and examine the existing or theory of contract in Islamic law; to look at the way how Muslim
jurists deal with this theory; to study the requirements to be fulfilled in concluding any
contracts under different views of Islamic schools of thought and also to examine the legal
remedies available; and to study the effectiveness of Islamic contracts in the new economy
system comparing with the conventional theory of contract and to prove that Islam has own
rules and regulations regarding contract.
Module Content:
 Formulaton of Muamalah from Quran and Sunnah
 Nature of Muamalah contract in Islamic Law
 Riba and its impact towards Islamic Transaction
 Creation of Gharar and Maysir
 Essential Requirements and conditions of Contract
 Capacity to contract
 Impediments of contract
 Legal effects of contracts
 Dissolution of contracts
 Issues Pertaining to Islamic Transactions
Assessment:
Examination:
50%
Coursework:
Presentation
Issues Analysis
Essay
Test
50%
10%
10%
20%
10%