Specialization in Islamic Economics & Jurisprudence

Islamic Economics Centre, Dar-ul-Ifta Ahl-e-Sunnat (Dawat-e-Islami) introduced classes for Specialization in Islamic Jurisprudence and Islamic economics in 2021. In this, Islamic scholars who graduate from religious institutions attend a two-year specialization course, and master the teachings of the Qur’an, Hadith, and Islamic Jurisprudence. Further, by giving awareness of the modern economy and the modern financial system, they are also prepared to deal with the relevant challenges.

This specialization course has been divided into three parts. The subjects included in the first part are:

Fiqh al-I’tiqad [beliefs]

Fiqh al-Ba'i-wal-U’qood al-Mu’awazat [transactions principles and compensatory contract]

Fiqh al-Awqaf [endowment]

Fiqh al-Qawa’id [rules]

And, other essential subjects of Islamic jurisprudence are taught on a daily basis. Furthermore, important topics such as the method and principles of issuing a Fatwa are taught in this first part.

The second part of this specialization course consists of the theory of the issues pertaining to financial matters as well as the practice of analyzing and solving problems. In this part, the solutions to rulings regarding the following are taught:

Wakalat [Contract of agency], Ijarah [Leasing], Mudarabah [Profit-sharing and loss bearing], Shirakat [Partnexrship], Hiba [Property given as gift], Riba [Interest], Hawala [Funds transfer without money movement], Zamanat [Surety for the repayment of the debts], Murabaha (Agreed profit margin on sale with cash or deferred payment of price)], Istisna [Contract of Manufacturing goods] and Salam [advance payment against deferred delivery of goods or services].

In addition, they also train in the rules and regulations of Islamic Jurisprudential research and thesis writing.

The third part of the specialization course is based on weekends/ three-days-a-week lectures by economists on banking, Islamic banking and the current modern economic and financial systems.

By the grace of Allah Almighty, Islamic Economic Center, Dar-ul-Ifta Ahl-e-Sunnat (Dawat-e-Islami) started the specialization course in Islamic Jurisprudence and Economics in 2021 and till now (2023), a total of 27 students have completed the courses of the specialization; the successful students with excellent performance have also become a part of Islamic Economic Center, Dar-ul-Ifta Ahl-e-Sunnat (Dawat-e-Islami) and are engaged in writing Fatawa in the field of Islamic Economics and Jurisprudence.

From 2021 to 2023, the lecturers for the specialization in Islamic Jurisprudence and Economics course were well-versed Muftis and financial experts. Muftis who presented their extensive knowledge in the form of lectures included the Head of Islamic Economics Centre, Mufti Abu Muhammad Ali Asghar Sahib, as well as Mufti Muhammad Sajjad Sahib and Mufti Muhammad Jameel Sahib, who represent Dar-ul-Ifta Ahl-e-Sunnat (Dawat-e-Islami). These scholars played an important role in improving the understanding of the students by giving interesting lectures on Islamic Economics and Jurisprudence.

Furthermore, the scholars who delivered lectures on issues related to financial matters were:

1. Maulana Syed Masood (Dar-ul-Ifta Ahl-e-Sunnat)

2. Maulana Farhan (Dar-ul-Ifta Ahl-e-Sunnat)

3. Maulana Abdul Waheed (Dar-ul-Ifta Ahl-e-Sunnat)

4. Maulana Naeem-ur-Rahman (Dar-ul-Ifta Ahl-e-Sunnat)

5. Maulana Sajid (Dar-ul-Ifta Ahl-e-Sunnat)

6. Maulana Zeeshan (Dar-ul-Ifta Ahl-e-Sunnat)

7. Maulana Raza Muhammad (Dar-ul-Ifta Ahl-e-Sunnat)

The lectures given by financial experts in the course of Specialization in Islamic Jurisprudence and Economics also proved to be very beneficial.

The following scholars and experts gave lectures on economics:

1. Maulana Talha Siddiqui Sahib (Head of Shariah Audit, a private Islamic Bank)

2. Muhammad Bin Anis (Chartered Accountant, a private firm)

3. Imtiaz Ahmed (Practicing Chartered Accountant firm)

4. Tariq Naseem (Head of Islamic Finance Department SECP)

5. Farooq Rashid (Practicing Chartered Accountant in a Private Firm)

6. Dr. Muhammad Yunus Ali (Member of the Shariah Board in a Private Takaful Company)

7. Kamran Hashmi (CFO at the Institute of Bankers in a Private Firm)