- Your money and how you want to use it – in light of the sharia
- Cover your biggest financial concerns – earning, borrowing and investment
- The focus of the course is not on learning Islamic finance principles, but on the most common, practically needed financial transactions
- A practical course for those who want to ensure everything related to their money is halal
- A minimum time-commitment course designed for every adult or working Muslim
- Benefit from Dr. Ashraf’s extensive qualifications and experience advising individuals on the sharia compliancy of their financial dealings
- Along with his extensive sharia background, Dr. Ashraf is an AAOIFI CSAA (Certified Sharia Advisor and Auditor)
About the Course
This course is about you. And your money. The focus is not on learning the sharia principles of Islamic Finance. Rather, the course aims to cover the most common, practically needed financial decisions you are likely to engage in in today’s world – from the sharia perspective. How can you buy a home? A car? Are student loans allowed? What is the sharia standpoint on taxes? What about investing? Are pension plans halal? How do you use your money under Allah’s rules? Practical everyday transactions are the entire focus of the course. The syllabus is broadly divided into 4 categories of financial undertakings – Earning, Spending & Borrowing, Investing, and Financial Obligations. The course explores the sharia-compliant ways of engaging in the various commonly met-with transactions under each category in detail. The course shall use a number of assignments and case studies based on practical scenarios.
Module 1: Earning
- What is a halal income?
- Avoiding the Haram: Unlawful Jobs
- Challenges faced in Lawful Jobs:
- Contractual considerations
- Sharia considerations
- Haqq: Giving your job its right
Module 2: Spending & Borrowing
- Financing a Home
- Financing a Car
- Financing an Education
- No interest schemes
- Using Credit Cards
- Internet Purchases
Module 3: Investing
- Foreign Exchange
- Mutual Funds and ETFs
- Derivatives: Options, Futures & Forwards
- Pension Plans & Retirement Schemes
- Starting a Company
Module 4: Financial Obligations
This 8-week course will consist of weekly live classes taught by Dr. Ashraf Muneeb. There will be assignments drawn from real-life scenarios to allow students to review the material. Sheikh Ashraf holds office hours where students can discuss the sharia permissibility of transactions with him one-on one. Students shall also have to sit for a final exam in order to successfully complete the course.
Weekly Time Commitment
The course requires an estimated hour per week outside the live class to review the material and take notes.
There is no required text for this course.
No background is required: all are welcome!
Why is this course absolutely essential for every working or earning Muslim?
Allah and His Messenger, peace and blessings be upon him, have emphasized that making one’s earnings and transactions halal is a religious duty as important as prayer and fasting. Sayyiduna Umar ibn al-Khattab said, “No one may trade in our markets unless they have learned their fiqh, for otherwise they will eat unlawfully interest (riba) whether they like it or not.” During the course of each week, we engage in countless monetary transactions, both simple and complex. We may make decisions on how to invest our money, or perhaps make a purchase with a credit card online, lease property, apply for car insurance, or hire new employees. The above quote from Sayyiduna Umar illustrates the great importance of knowing the rulings related to all of these actions, so that we don’t unwittingly go against the commands of Allah. My Money: Earning, Spending and Investing in Allah’s World provides indispensable instruction for ensuring that this is the case with your earnings and transactions. The course will help you to see your daily transactions through the lens of the sharia and correct potentially invalid dealings.
How is this course different from ISF120: Modern Financial Transactions?
The focus of Modern Financial Transactions is on learning underlying Sharia principles and then practically applying them to one’s financial dealings. My Money: Earning, Spending and Investing in Allah’s World has a different focus – quite simply, your money. This is not a fiqh course with a focus on learning the principles of Islamic finance. Rather, it is a minimum time-commitment, practical course designed to cover the sharia perspective on the most common decisions Muslim face with their money in today's world.
Why should you study My Money with Dr. Ashraf Muneeb?
Dr. Ashraf was recognized in 2010 as a certified sharia-auditor and advisor by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This is the highest certificate given by the AAOIFI, the most notable authority in the field of Islamic finance (quoted from hedayahartford.com). Having experience dealing with real investments and business transactions from a sharia perspective, and having provided financial advice to many, many Muslims, he is thus uniquely qualified to teach this topic.