FIN546 Islamic Finance UITM Assignment Answers Malaysia

FIN546 Islamic Finance is a course that explores the financial practices of the Muslim world. The course covers a wide range of topics, from the origins of Islamic banking to the modern-day applications of Sharia law. Students will learn about the principles of risk sharing and profit sharing, and how they can be used to create a fair and efficient financial system.

In addition, the course will also discuss the ethical implications of Islamic finance, and how its principles can be used to promote social justice. Ultimately, the goal of the course is to provide students with a better understanding of the Islamic financial system, and how it can be used to achieve positive economic outcomes.

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Assignment Activity 1: Classify various Shariah principles and types of contracts.

There are a number of different Shariah principles that can be used to classify various types of contracts.

• One such principle is the principle of al-mudarabah, which governs contracts between parties where one party provides capital and the other party provides labor. This type of contract is commonly used in business ventures.
• Another principle is the principle of al-wadi’a, which governs contracts where one party agrees to safe keep property for another party. This type of contract is often used in banking and financial transactions.
• Finally, the principle of al-ijarah governs contracts where one party agrees to provide goods or services to another party in exchange for payment. This type of contract is commonly used in leases and rental agreements.

By understanding these principles, it is possible to better understand the various types of contracts that are governed by Shariah law.

Assignment Activity 2: Apply Shariah principles in diverse Islamic banking operations and instruments/products.

Islamic banking is banking that complies with the principles of Islamic law (Shariah). The most important principle is the prohibition of usury or interest.

• In order to comply with Sharia, Islamic banks have developed a number of unique products and services. These include:
• Investment accounts that pay a predetermined profit rate, rather than interest;
• Mortgages that are based on rent, rather than principal and interest payments;
• Leasing agreements for businesses and equipment, which are structured as rentals rather than loans; and many others.

By understanding the principles of Shariah, students will be better equipped to understand and apply these unique products and services.

Assignment Activity 3: Debate the opportunities, issues, and challenges facing Islamic finance.

Islam is the second largest religion in the world with over 1.8 billion followers worldwide. In recent years, Islamic finance has emerged as a viable alternative to conventional financial products and services.

Islamic finance is based on the principles of Sharia law, which prohibits the charging of interest and emphasizes risk-sharing. As a result, Islamic financial products often take the form of equity-based structures, such as Murabaha (cost-plus financing) and Sukuk (Islamic bonds).

While there are many opportunities for growth in the Islamic finance industry, there are also a number of challenges that need to be addressed. One of the most significant challenges is the lack of standardization across jurisdictions. This can make it difficult for investors to compare and evaluate different Islamic financial products.

In addition, there is a need for more trained and qualified personnel who are familiar with both conventional and Islamic finance. With over US$2 trillion in assets under management, Islamic finance is poised for continued growth in the years ahead. However, it will need to overcome these challenges if it is to realize its full potential.

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