When it comes to Sharia-compliant financial transactions, there are several key components that must be adhered to in order to ensure compliance with Islamic principles. In the Level 5 Certificate Concepts of Islamic Finance and Banking (fast-track) course, students will learn about the following main components:
| Component | Description |
|---|---|
| 1. Riba (Interest) | Prohibition of interest-based transactions |
| 2. Gharar (Uncertainty) | Avoidance of excessive uncertainty in contracts |
| 3. Haram (Prohibited activities) | Avoidance of investments in prohibited activities such as alcohol, gambling, etc. |
| 4. Halal (Permissible activities) | Engagement in permissible activities according to Islamic principles |
| 5. Transparency | Clear disclosure of terms and conditions in financial transactions |
By understanding and implementing these components, individuals can ensure that their financial transactions are in line with Sharia principles, making them Sharia-compliant.
Enroll in the Level 5 Certificate Concepts of Islamic Finance and Banking (fast-track) course to gain a comprehensive understanding of Sharia-compliant financial transactions and enhance your knowledge in the field of Islamic finance.