FIQ221 Fiqh of Transaction 1

Course Description:

This course is comprised of a study of the basic transactions according to the Islamic jurisprudence, and the conditions for their soundness. Only (Trade Transactions) will be covered in this course. The sound Sunnah of the Prophet (PBUH) is presented with authentic conclusive evidence. Where ever required modern day examples are mentioned and incorporated. The dire need to know the Islamic rulings of techniques and systems in place in modern day businesses is not ignored.

Course Code: FIQ221

Credit hours: 3

Pre-Requisites: None

Learning Objectives:

  • Students will be able to state the definition, conditions, and stipulations of the different types of contracts in Islam, differentiating between general trade transactions and detailed transactions.
  • Students will be able to list the rulings and conditions of detailed transactions such as Loaning, Mortgage, Guarantee, Surety ship, Commissioning, and Preemption.
  • Students will be able to state what Riba (usury or interest) is, its types, and its rulings.
  • Students will be able to make presentations defining the types and conditions of different kinds of partnerships, such as Mudharabah & Musharakah, Diminishing Ijarah.
  • Students will research and review different mortgaging companies and effectively deliver a presentation on the type of partnership they fall under.
  • Students will be able to write an essay on how the system and rulings of Islamic transactions are proper (useful) for all times and places, with examples from the problems of our society today.

Course Outlines:

  • Trade Transactions in general, their conditions, options, Riba (interest or usury)
  • Detailed transactions: Loaning, Mortgage, Guarantee, Surety ship, Commissioning, Preemption.
  • Different kinds of partnership: Mudharabah & Musharakah, Diminishing Ijarah.

Text Book

Summary of Fiqh By Sh. Saleh Al-Fawzan

Grading and Evaluation:

  • Minimum passing grade 70%
  • Participation: 40% (10 assignments, 4% each)
  • Oral exam: 20%
  • Mid-Term exam: 10%
  • Research paper: 20%
  • Final exam: 10%

Guidelines for Research Paper:

As part of the course, you are required to submit a research paper. The topic chosen must be relevant to the course and approved by the Instructor. The paper must meet the following requirements:

  • At least ten (10) double-spaced pages (not including the introduction and conclusion)
  • 1 inch margins
  • 12 pt size (Times New Roman)
  • Follow the standard research paper structure with a Table of Contents, Abstract or Executive Summary, Introduction, Main Body, Conclusion, List of Reference
  • The Main Body should be organized into logical chapters and paragraphs
  • When quoting Hadith, a notation indicating its authenticity must be clearly

Please Watch:

How To Write A Research Paper


Communication Etiquette:

  • Post all your questions related to the course to the (Online Test) forum.
  • If sending emails directly to the lecturer, please include appropriate label in the subject line (Action Required/Info/Admin) and allow up to 3 working days for reply.
  • Limit telephone communication with the Lecturer to within specified office hours only.
  • When leaving a voicemail, please clearly state your name, course code, and contact number.

Additional Information:

Log in Instructions:

To attend live – online lectures (on their scheduled time):

Virtual Class Room

Access the course on-line by logging into Online School, accessible from

Al-Huda Online School

You will need a user name and password to:

  • View the recorded lectures if you missed the live online ones.
  • Interact with your teacher and classmates.
  • Upload and submit your assignments, research papers, and exams.
  • View your grades.
  • All attempt must be made to submit assignments by the agreed due dates. Late submissions will be penalized.
  • Weekly materials and graded assignments will be posted onto the site by Monday – in sha Allah.
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