This is a Level Two course in the Islamic Studies Curriculum. It serves to provide a proper understanding of the Islamic rulings of trade and transactions according to the Shafi‘i school.
In this course, Shaykh Carr covers the chapters on financial transactions from the renowned text Matn Abu Shuja. Students will learn the legal rulings related to contracts, the sales contract, permissible and impermissible conditions in contracts, the elements of sound and unsound transactions, and other issues related to commercial transactions. These include the prohibitions of riba (usury), how to secure contracts through collateral and guarantors, types of partnerships and companies, contracts of hire and leasing, types of financing, and more.
This course is fundamental to students of knowledge completing the Islamic Studies Curriculum. A previous study of Islamic law (fiqh) is recommended.
This course is an explanation of Matn Abi Shuja’, written by the learned and pious Shafi‘i scholar from Basra, Ahmad ibn al Hussein al-Asfahani (d. 500’s AH / 1100’s CE), more famously known as Abu Shuja‘. His Matn Abi Shuja‘, a short introduction to the Shafi‘i school of sacred law, is one of the most blessed textbooks of the school–although it was written almost a millennium ago, it remains an integral part of Shafi‘i fiqh curricula all over the world and has been the subject of dozens of commentaries and super-commentaries ever since it was written all the way down to the present age.
- It is particularly beneficial for students of sacred law.
- It is a Level Two course. In order to successfully complete this course, students should take On Worship (Purification, Prayer, Fasting, Zakat, and Hajj): Ba Fadl's The Short Abridgement.
- This course can also be taken by anyone who is interested in learning more about the rulings of financial transactions in the Shafi‘i school.
- Understand the technical side of the vast majority of financial and familial relations that a Muslim will get involved in his/her life.
- Learn the rulings of the various types of sales.
- Understand, how “interest” can be avoided in sales and currency exchange.
- Learn the various forms of canceling a sales contract.
- Understand the rulings of forward sales, and debt transfers.
- The concept of financial liability and legal liability it discussed along with various forms of investing money in a halal way.