FIQ322 FIQH OF TRANSACTIONS 2

Vision Statement:

Guidance College shall be one of the top well-recognized universities in the United States that offers graduate and undergraduate degrees in specialized Islamic fields aiming at preparing leaders for the righteous people.

Mission Statement:

Guidance College is the place where students gain their graduate and undergraduate degrees in authentic and professional specialized Islamic knowledge that recognizes modern-time realities and allows them to examine different branches of knowledge from an authentic Islamic perspective which enables them to think ethically, logically, analytically, and critically while making responsible and moral decisions aiming at improving the quality of life for all inhabitants of the earth with a full understanding and appreciation of the cultural and human differences.

Course Description:

This course has two parts; the first is a practical study on the usurious transactions in the USA and issues related to them. It helps getting more insight about specific Sharia texts and their proper implementation regarding the developing daily transactions and dealings. Prior to that, there is an explanation of the technical definition of usury, its different kinds, usurious items, contracts that are subject to Riba, and how could they get inflected with Riba.

The second part is about the different modes of finance according to the Islamic financial system with some case studies from the Islamic mortgage companies in the US.

Course Code: FIQ322

Credit hours: 3

Pre-Requisites: FIQ221

Learning Objectives:

  1. Enlightening students to the concept of Riba from a practical perspective.
  2. Familiarizing them with the usurious transactions in the US.
  3. Introducing different modes of Islamic Finance.
  4. Developing students’ ability of analyzing and scrutinizing contracts.

Course Outline:

  • Students will be able to write the definition and list the rulings of Riba, the different types of Riba and various usurious transactions in the US, citing proof and examples from the Quran and authentic Sunnah.
  • Students will make group presentations on various types of contracts subject to Riba, defining and explaining the ways one can get inflicted with Riba, such as, but not limited to:
    a. Personal & investment loan
    b. Late fees & overdraft charge
    c. Debit and credit card
    d. Checking & saving account
    e. Financing & lease to purchase option
    f. Withdrawing from & investing in 401(K)
    g. Buying a house via conventional mortgage
    h. Monetary &non-Monetary gift
    i. Floor plan & saving plan
    j. Warranty & insurance
    k. Distance forex & currency trading
    l. Cashing checks
    m. Membership fees
    n. Student loan
  • Students will be able to write an essay explaining the structure of the different modes of Islamic Finance:
    a. Equity-based modes of finance: Mudharabah & Musharakah.
    b. Debt-based modes of finance: Murabahah & Ijarah & Istisnaa’.
  • Students will be presented with a case study of a home mortgage company and effectively deliver a presentation on the type of partnership they fall under, with an analysis and scrutiny of the contract as applicable

Main Textbook:

Handouts presented by the instructor.

Additional On-line Readings:

The links below are provided as a convenience for the students; they do not constitute an endorsement or an approval by Guidance College of any of the products, services or opinions of the corporation or organization or individual. Guidance College has no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content.
The Assembly of Muslim Jurists of America

Grading and Evaluation:

  • Minimum passing grade 70%
  • Weekly Assignments: 30% (10 assignments, 3% each)
  • Attendance:  10%
  • Mid-Term exam:  10%
  • Final exam:  10%
  • Oral exam:  20%
  • Research paper:  20%

Guidelines for Research Paper:

 1- A part of the course requirements is to submit a research paper, except for certain courses.

 2- The chosen topic must be relevant to the course and approved by the Instructor.

 3- Joint project / research is allowed, up to 3 students, and upon the instructor’s approval.

 4- The paper must meet the following requirements:

  • Consider either MLA or APA guides for writing research papers
  • 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 Hadeeth, a notation indicating its authenticity must be clearly

E-LibraryPlease log in with your user ID & password 

Communication Etiquette:

  • If sending emails directly to the Instructor, 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 Instructor to the 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

Guidance College 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.
  • Your work will be checked and graded on weekly basis, in sha Allah.
mautic is open source marketing automation