LAW1201

Islamic Law II:
Zakat & Financial Transactions

What’s at the heart of Islamic financial rulings? Equality and fairness. This investigative course compares Islamic and Western economic systems and discusses how to work and live in both. Students will become well versed in understanding concepts like interest, zakat, and financing.

Money is an inescapable part of life. You deal with money all the time, sometimes without even realizing it. In fact, you probably conduct hundreds of financial transactions every month, some more significant than others…

Your credit card bills are piling up. You may need to get a line of credit to get through the next few months. You’re not sure about the Islamic ruling behind bank loans, or even credit cards for that matter.

You’re thinking about buying a house. You thought about renting, but it almost feels like throwing money away. You thought about getting an Islamic mortgage, but you’re not even sure what that means. You’re confused about whether you’re allowed to get a conventional mortgage or not.

You don’t have enough money to pay your tuition. Everyone else seems to be getting OSAP, and apparently you don’t need to pay interest on it right away. You figure that since you’re not paying interest immediately, it’s probably okay.

You’re earning money now. You’re confused about how much zakat to pay, and who to pay it to. In fact, you’re not even sure if you’re required to pay zakat.

These are just to name a few. Learn how to deal with these situations and more at:

You will learn…

  • Ensure your financial transactions are in line with Islamic Law
  • Understand the distinguishing features of Islamic financial rulings
  • Discover the key similarities and distinctions between Islamic finance and other economic systems
  • Learn how to identify and avoid interest in all its forms
  • Learn how to calculate your zakat payable quickly and efficiently
  • Understand the source and purpose of material wealth
  • Understand how to earn and spend money that pleases Allah Most High

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