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Islamic Business Ethics: Principles and Contemporary Applications (Fall 2015) Umar F. Moghul

In the wake of the recent global financial crisis, we are witnessing expanding

socially and ethically conscious business initiatives. The rise of Islamic banking and finance, a rapidly growing subset of these initiatives, raises interesting additional questions regarding the ethical dimensions of market activities. This course will consider the application of Islamic ethics, spirituality, and jurisprudence to earning, consuming, and investing, and in building community. In particular, we will study stakeholder theory, concepts of sustainability, environmental consciouness and animal welfare, labor, and halal markets. Further, we will examine contemporary Islamic finance, particularly Islamic home finance in the U.S., the landmark Dow Jones Islamic Market Indexes Fatwa, and producing community impact through capital/ opportunity generation. Finally, we will explore debates of form and substance, maslahah (welfare) and the objectives of the Shari’ah, and responsibility and impact throughout the course.

Please note that this is an online course. We do, however, have 2-3 face to face classes planned for which attendance is recommended. Details regarding each are set out below. I think it will be worthwhile for us to meet in person and to have opportunity to discuss class material and any questions or ideas you may have in person. I am of course available otherwise. I can be reached on email at u@moghuls.com or +1 646 821 5837. I will make myself available upon request with advance notice.

Required Texts: Abu Hamid al-Ghazali On the Lawful & The Unlawful – Kitab al-halal wa’l-haram: Boox XIV of the Revival of the Religious Sciences (Yusuf T. DeLorenzo, trans., 2014). Other readings will be made available at the Hartford Seminary Library or online. Recommended Readings: Recommended readings are organized following the next section.

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Course Schedule Please note:

1. You should complete the readings in the order listed. 2. All times given refer to U.S. Eastern time.

Session 1: Introductory Matters (September 8, 2015 – September 13, 2015) Intended Outcomes:

The ability to describe contemporary Islamic Finance industry itself and in the context of the global responsible financial markets.

Deadlines:

• Threaded Discussion, "Introduce yourself", will be open on Tuesday, September 8 and close by 6:00 pm Friday, September 11.

• Threaded Discussion: This Session will be open on Tuesday, September 8 and close at 9:00 pm Saturday, September 13.

Required Readings: 1. Hossein Askari, et al, Globalization and Islamic Finance (2010) [hereinafter Globalization and Islamic Finance], p. 47-52; 59-68; 68-77; 80-93; 94-111; 111-119 . 2. Benjamin J. Richardson, Socially Responsible Investment Law: Regulating the Unseen Polluters (2008), Pages 43-73. Session 2: Earning and Consuming, Ethics and Economics (September 14 – 19) Intended Outcome: Understanding some Islamic ethics and spiritual notions relating to earning and consuming. Deadlines:

1. This Session will be open on Monday, September 14, and close at 6:00 pm Saturday, September 19.

2. Recommended face to face class: September 17, 6PM. To be confirmed. Required Readings: 1. Abu Hamid al-Ghazali, The Book of The Proprieties of Earning and Living (Kitab

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Adab al-Kasb wa-al-Ma’ash), Translated by Adi Setia, Pages 7-18; 106-117. 2. Muhammad Hashim Kamali, The Right to Education, Work, and Welfare in Islam (2010), Pages 96-121. Session 3: Stakeholder Considerations (September 20 – 27) Intended Outcome: The ability to identify stakeholders with either a right or obligation and contextualize them within a economic setting. Deadlines: 1. Threaded Discussion will be open on Sunday, September 20 and close at 6:00 pm Friday, September 25. 2. September 26: Quiz #1. Required Readings: 1. Askari, et. al., Globalization and Islamic Finance, Pages 11-25. 2. Rafik Beekun and Jamal Badawi, Balancing Ethical Responsibility among Multiple Organizational Stakeholders: The Islamic Perspective, Journal of Business Ethics Vol 60, p. 131-145 (2005). 3. Musa Furber, Obligations to Future Generations: A Shari’ah Perspective, available at http://www.tabahfoundation.org/en/research/activities/papers/?action=view&id=27. Session 4: Substantive and Procedural Principles (September 28 – October 7) Intended Outcome: The ability to explain certain noteworthy Islamic financial-legal-ethical principles.

Deadlines: Threaded Discussions open September 28 and close October 7, 6 PM. Required Readings: Topic 1 – Riba: 1. Historic Judgment on Interest (1992) 44 PLD (FSC) 1 (December 7, 1991) You are required to read ONLY paragraphs: 39-42; 49-54; 58-61;66-72; 90-99; 107-112; 116-126; 135-152; 161-169; and 185-188, available at

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http://www.albalagh.net/islamic_economics/riba_judgment.shtml. 2. Muhammad Ayub, Understanding Islamic Finance (2007), p. 89-90; 81-82; 159-167. Topic 2 - Gharar:

1. Kamali, Islamic Commerical Law: An Analysis of Futures and Options (2000), p. 84-93; 95-96. 2. Mohammed Burhan Arbouna, The Combination of Contracts in Shari'ah: A Possible Mechanism for Product Development in Islamic Banking and Finance, Thunderbird Int'l Bus. Review, Vol. 49(3), 341-369 (May - June 2007). Session 5: The DJIMI Fatwa: Opening Markets (October 8 – October 13) Intended Outcome: The ability to explain the actual and potential role of fatwa and their potential impact, and to understand a contemporary view of Islamic legal-ethics towards public equities. Deadlines: 1. Threaded Discussions open October 8 and close October 13, 12 PM. Required Reading: The Dow Jones Islamic Market Indexes, Statement by the Shari’ah Supervisory Board. Session 6: Three Nominate Contract Forms (October 14 – October 22) Intended Outcome: The ability to understand three basic contract forms, as classically envisioned and as applied contemporarily in structuring transactions and products.

Deadline: Threaded Discussions open October 14 and close October 22, 6 PM.

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Required Readings: Topic 1 - The Contract of Murabaha (Cost Plus Mark-up Sale):

1. Ayub, Understanding Islamic Finance, p. 213-240. 2. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari’ah Standards No. 8, Murabahah to the Purchase Orderer. *Please note that the entire work of AAOIFI Standards is available at the UConn Law Library. Topic 2 - The Contract of Ijara (Lease):

1. Ayub, Understanding Islamic Finance, p. 279-306. 2. AAOIFI, Shariah Standards No. 9, Ijarah and Ijarah Muntahia Bitamleek. Topic 3 - The Contract of Shirkah (Partnership):

1. Ayub, Understanding Islamic Finance, p. 307-346. 2. AAOIFI, Shari'ah Standards No. 12. Sharika (Musharaka) and Modern Corporations. Session 7: Wholesale American Islamic Finance (October 23 – October 29) Intended Outcomes: The ability to describe contemporary wholesale Islamic finance structures within the context of the laws and customs in which they take place and to consider the same in light of Islamic ethics/ spiritual concepts. Deadlines: Threaded Discussions open October 23 and close October 29, 6 PM. Required Readings: 1. Umar F. Moghul, Separating the Good from the Bad: Developments in Islamic Acquisition Financing, American University International Law Review, Vol. 23, No. 4 (2008). 2. Umar F. Moghul, The Challenge of Islamic Spirituality to Islamic Finance, Madina Institute, available at: http://almadinainstitute.org/blog/the-challenge-of-spirituality-to-islamic-finance/. 3. Umar F. Moghul, No Pain, No Gain: The State of the Industry in Light of an American Islamic Private Equity Transaction, Univ. Chicago J. Int'l Law (Winter 2007).

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Session 8: Contemporary Islamic Home Finance in America (October 30 – November 4) Intended Outcomes: The ability to describe U.S. home finance structures and consider their merits with reference to Islamic ethics – and ethics and morality generally. Deadlines: Threaded Discussions open October 30 and close November 4, 6 PM. Required Readings: 1. Michael McMillen, Islamic Home Purchase Financing: A Conceptual Overview, available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2177255. 2. Keith Varian, et al., Islamic Financing and Foreclosure, in Real Estate Issues, Vol, 34, No. 1 (2009), available at http://www.murthalaw.com/files/NewsEvent319.pdf. Session 9: Halal Markets (November 5 – November 10) Intended Outcomes: To appreciate the ethical and spiritual – and business – concerns arising in the development of halal globally. Deadlines: 1. Threaded Discussions open October 23 and close October 30, 6 PM. 2. Recommended face to face class November 9. To be confirmed. Required Readings: 1. Thomson Reuters, State of the Islamic Economy Report 2014, Pages 40-75; 120-

157. 2. Jonathan Wilson, Shaping the Halal Into a Brand, Journal of Islamic Marketing,

Vol. 1., No. 2 (2010), Pages 107-123. Session 10: What About Social Responsibility? (November 11 – November 18) Intended Outcomes: To intelligently discuss whether Islamic finance principles and the contemporary Islamic finance industry are socially responsible.

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Deadlines: 1. Threaded Discussions open November 13 and close November 20, 6 PM. 2. Quiz #2: Required Reading:

Umar F. Moghul and Samir Safar-Aly, A Green Ṣukūk?: The Introduction of Islam’s Environmental Principles to Contemporary Islamic Finance Law, Georgetown International Environmental Law Review, Volume 27.1. Session 11: Labor & Welfare (November 30 – December 4) Intended Outcomes: To appreciate the spiritual place of work in Islam and the rights and obligations of workers. Deadlines: Threaded Discussions open November 30 and close December 4, 6 PM. Required Reading: 1. Adnan Zulfiqar, Religious Sanctification of Labor Law: Islamic Labor Principles and Model Provisions, 9 Univ of PA Journal of Labor & Employment Law 421 (Winter 2007). 2. Muhammad Hashim Kamali, The Right to Education, Work and Welfare in Islam (Fundamental Rights and Liberties in Islam Series) by Mohammad Hashim Kamali, Pages 112-134, 139-147, 191-209. Session 12: Impact: Waqf & Community Development (December 5 – December 11) Intended Outcomes: To design solutions for the financial sustainability of community and community institutions. Deadlines: Threaded Discussions open December 5 and close December 11, 6 PM. Required Readings: 1. Peter Senge, The Fifth Discipline, The Art & Practice of the Learning Organization

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(1990), Pages 68-91 (Chapter 5, entitled ‘A Shift of Mind’). 2. Randi Deguilhem, The Waqf in the City, in Salma K. Jayyusi with Renata Holod, Attilio Petruccioli and André Raymond, eds., The City in the Islamic World (2008), Pages 923-950. 3. Kamali, The Right to Education, Work and Welfare in Islam 232-242, 4. Umar F. Moghul, A New York Sukuk? Dow Jones Islamic Market Indexes Newsletter, June 2011. Session 13: Macro Analysis: Returning to Spirituality, Ethics, and “Substance”? (December 12 – December 17) Intended Outcomes: To assess contemporary financial methods, Islamic and otherwise, in light of Islamic spirituality and ethics – and in light of Islamic law – and consider practical solutions thereto. Deadlines: 1. Threaded Discussions open December 12 and close December 17, 6 PM. 2. Recommended face to face class December 15. To be confirmed. Required Readings: 1. Muhammad Taqi Usmani, Sukuk and Their Contemporary Applications (trans., Yusuf T. DeLorenzo), available at http://www.kantakji.com/media/7747/f148.pdf. 2. Al-Ghazali, The Lawful and the Unlawful, Pages xxvii (paragraph beginning “Let us…” – xxviii (until paragraph ending with “transparency.”) 3. Umar Moghul, "Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore," in Contemporary Islamic Finance: Innovations, Applications and Best Practices (Karen Hunt-Ahmed, ed., 2013). Final Exercise – To be Distributed by December 17 and due December 22, 11:59 P.M.

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OPTIONAL READINGS Introductions to Islam

• Roger du Pasquier, Unveiling Islam (2001). • Suzanne Haneef, What Everyone Should Know About Islam and Muslims (1995). • Martin Lings, Muhammad: His Life Based on the Earliest Sources (1994). • Normal Daniels, Islam and the West: The Making of an Image (1997).

Introductions to Islamic Law and Related Disciplines

• Mohammad Hashim Kamali, Shari'ah Law: An Introduction (2008). • Bernard Weiss, The Spirit of Islamic Law (1998). • Mohammad Hashim Kamali, Principles of Islamic Jurisprudence (Third Edition,

2003). • Khaled Abou El Fadl et al., The Place of Tolerance in Islam (Joshua Cohen & Ian

Lague eds., 2002). • Taha J. Alwani, The Ethics of Disagreement in Islam (1993). • Ahmad Hasan, Analogical Reasoning in Islamic Jurisprudence (1986). • Ahmad Al-Raysuni, Imam Shatibi’s Theory of the Higher Objectives and Intents of

Islamic Law (Trans. Nancy Roberts, 2005). • Imran Ahsan Khan Nyazee, Theories of Islamic Law (1994). • Umar F. Moghul, Approximating Certainty in Ratiocination: How to Ascertain the

‘Illah (Effective Cause) in the Islamic Legal System and How to Determine the Ratio Decidendi in the Anglo-American Common Law, 4 J. Islamic L. 125 (1999).

• Muhammad Khalid Mas’ud, Islamic Legal Philosophy: A Study of Abu Ishaq al-Shatibi's life and thought (1977).

• Mohammad Hashim Kamali, Equity and Fairness in Islam (2005). • M. Mustafa al-Azami, On Schacht’s Origins of Muhammedan Jurisprudence

(1996). Introductions to the Qur'an

• Ingrid Mattson, The Story of the Qur'an: Its History and Place in Muslim Life (2007).

• Muhammad M. al-Azami, The History of the Qur’anic Text from Revelation to Compilation: A Comparative Study with the Old and New Testaments (2003).

Introductions to the Hadith/ Sunnah

• Ibn al-Salah al-Shahrazuri, An Introduction to the Science of Hadith (2006). • Mohammad Hashim Kamali, A Textbook of Hadith Studies (2005).

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Introductions to Islamic Finance

• Muhammad Taqi Usmani, An Introduction to Islamic Finance (2002). • Frank Vogel and Samuel Hayes, Islamic Law and Finance: Religion, Risk and

Return (1998). • Iqbal, Zamir and Mirakhor Abbas, An Introduction to Islamic Finance: Theory and

Practice (2007). • Charles Trip, Islam and the Moral Economy: The Challenge of Capitalism (2006). • Dahlia el-Hawary, Walik Grais, and Zamir Iqbal, Regulating Islamic Financial

Institutions: The Nature Of The Regulated. • The Politics Of Islamic Finance, Eds. Clement Henry And Rodney Wilson (2004). • Encyclopedia Of Islamic Banking And Insurance, Institute of Islamic Banking and

Insurance (1995). • Wahbah al-Zuhayli, Financial Transactions in Islamic Jurisprudence (Mahmud El-

Ganal, trans.), 2 vols. Contemporary Shari'ah Compliance Issues

• Shaykh Yusuf Talal DeLorenzo, Shari'ah Compliance Risk, 7 Chi. J. Int'l. L. 397 (Winter 2007).

• Kilian Balz, Sharia Risk?: How Islamic Finance Has Transformed Islamic Contract Law, Islamic Legal Studies Program, Harvard Law School, Occasional Publications 9 (September 2008).

• Karim Ginena and Azhar Hamid, Foundations of Shari'ah Governance of Islamic Banks (Wiley Finance, 2015).

Property and Contracts

• John Makdisi, Islamic Property Law (2005). • Muhammad Mansori, Islamic Law of Contracts and Business Transactions (2001). • Abdullah Hassan, Sales and Contracts in Early Islamic Commercial Law (1993). • A Compendium of Legal Opinions [Fatwas] on the Operation of Islamic Banks,

Yusuf Talal DeLonzo, ed., 2 vols. (2001). • Frank Vogel and Samuel Hayes, Islamic Law and Finance: Religion, Risk and

Return (1998). Contemporary Islamic Finance Issues

• Abdullah Saeed, Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretation (1997).

• Sina Ali Muscati, Late Payment in Islamic Finance, 6 UCLA J. Islamic & Near East L. 47 (2006).

• M. Neiatullah Siddqui, Social Dynamics of the Debate on Default in Payment and Sale of Debt.

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• Michael McMillen, RAHN CONCEPTS IN SAUDIA ARABIA: FORMALIZATION AND A REGISTRATION AND A PRIORITIZATION SYSTEM.

• Sami Al-Suwailem, Towards an Objective Measure of Gharar in Exchange, Vol. 7, Nos. 1 and 2 (1999-2000).

• Yusuf Delorenzo, The Arboon Sale: A Shari'ah Compliant Alternative to Selling Short with Borrowed Securities (2008).

The 2007-2008 Global Financial Crisis

• Tariq al-Rifai, Islamic Finance and the New Financial System: An Ethical Approach to Preventing Future Financial Crises (2015).

• Aamir Rehman, The Relevance of Islamic Principles to the Global Financial Crisis, Panel Discussion on the Evolution of Global Financial Crisis from the Current Crisis, Harvard Law School, Islamic Finance Project, March 16, 2009.

• M. Umer Chapra, Financial Stability: The Role of Paradign and Support Institutions.

Murabahah & Tawarruq

• Kilian Balz, A Murabaha Transaction In An English Court: The London High Court of 13th February 2002 in Islamic Investment Company of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Ors., Islamic Law and Society 11, 1 (2004).

• Umar F. Moghul and Arshad A. Ahmed, Contractual Forms in Islamic Finance Law and Islamic Investment Company of the Gulf (Bahamas) Ltd. v. Symphony Gems N.V. & Others: A First Impression of Islamic Finance, 27 Fordham International Law Journal 150-194 (December 2003).

• Dr. Salman Khan, Organised Tawarruq in Practice: A Shari'ah Non-Compliant and Unjustified Transaction, New Horizon (Oct.-Dec. 2010).

Tax Issues

• Brett Freudenberg and Mahammad Nathie, The Constitution Of Islam: Are Tax Reforms Possible To Facilitate Islamic Finance, Revenue Law Journal, Vol. 20, Issue 1, Article 5 (June 1, 2011).

• Kevin Conway, Taxing Issues, Islamic Business and Finance (September 2010).

Other Contracts/ Financial Structures

• Michael McMillen, Islamic Shariah – Compliant Project Finance: Collateral Security and Financing Structure Case Studies, 24 Fordham Int'l L.J. 1185 (2000 – 2001).

• Muhammed Al-Amine, Istisna' in Islamic Banking and Finance: Law and Practice (2001).

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Sukuk & Securitizations

• Mohammad Hashim Kamali & A.K. Abdullah, Islamic Finance: Issues in Sukuk and Proposals for Reform (2014).

• Ali Adnan Ibrahim, Developing Capital Markets in Muslim Countries: Strategies and Policies for Securities Regulation and Corporate Evidence in Islamic Capital Markets: Productivity, Regulation and Development.

• Michael J. T. McMillen, An Introduction to Shariah Considerations in Bankruptcy and Insolvency Contents and Islamic Finance's First Bankruptcy (East Cameron).

• Michael J.T. McMillen, Contractual Enforceability Issues: Sukuk and Capital Markets Development, Chicago J. Int'l L. p. 427 (Winter 2007).

• Michael J.T. McMillen and Abradat Kamalpour, An Innovation in Financing - Islamic CMBS, in Commercial Mortgage Backed Securitisation: Developments in the European Market (2006).

• Muhammad al-Bashir al-Amine, Global Sukuk and Islamic Securitization Market: Financial Engineering and Product Innovation (2012).

• Muhammad al-Bashir al-Amine, Sukuk Market: Innovation and Challenges. • Juan Sole, Prospects And Challenges For Developing Corporate Sukuk And Bond

Markets: Lessons From A Kuwait Case Study, Int'l J. of Islamic and Middle Eastern Finance and Management, Vol. 1, No. 1 (2008).

• Md. Nurdin Ngadiman, Intangible Asset, A New Class to Structure Islamic Financial Products, in Islamic Capital Markets - Products, Regulation and Development.

• Omar Salah, Dubai Debt Crisis: A Legal Analysis of the Nakheel Sukuk, 4 Berkeley J. Int'l L. Publicisit 19 (2010).

• Scott Anderson, Forthcoming Changes in the Shariah Compliance Regime for Islamic Finance, 35 Yale J. Int'l L. 237 (2010).

Risk & Derivatives

• Mohammed al-Amine, Commodity Derivatives: An Islamic Analysis, Islamic Research and Training Institute and the Int'l Association for Islamic Economics (2005).

• Hossein Askari, Zamir Iqbal, Nourredine Krichene, and Abbas Mirakhor, The Stability of Islamic Finance (2010), p. 141-162.

• Mohammad Al-Amine, Risk Management in Islamic Finance (2008). • Andreas Jobst, Derivatives in Islamic Finance, Islamic Economic Studies, Vol. 15,

No. 1 (2007). • Arbouna, Rate of Return Risk Management in Islamic Finance: Challenges and

Propositions.

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Insurance (Takaful)

• Wahab, Islamic Takaful: Business Models, Shariah Concerns and Proposed

Solutions, Thunderbird Int'l Business Review, Vol. 49(3), p. 371-96 (May-June 2007).

• Renat Bekkin, Islamic Insurance: Nat'l Features and Legal Regulation, Arab Law Quarterly, 21 (2007), 3-34.

Islamic Finance in the “West”

• Rodney Wilson, Challenges and Opportunities for Islamic Banking and Finance in the West: The United Kingdom Experience, Thunderbird Int'l Bus. Review, Vol. 41 (4/5), 421-444 (July – October 1999).

• Kilian Balz, Islamic Finance for European Muslims: The Diversity Management of Shariah Compliant Transactions, Chicago J. of Int'l., Vol. 7, No. 2 (2007).

• Kilian Balz, Islamic Financing Transaction in European Courts. • Keith Varian and Jennifer Rockwell, Islamic Financing and Foreclosure, Real

Estate Issues, The Counelors of Real Estate, Vol 34, Number 1 (2009). • Abdul Karim Aldohni, The Legal and Regulatory Aspects of Islamic Banking: A

Comparative Look at the United Kingdom and Malaysia (2011).

Contemporary Issues, Challenges, and Criticisms

• Ayub, Understanding Islamic Finance, Chapter 17. • Mohammed El-Gamal, Islamic Law and Finance: Law, Economics and Practice

(2006). • Jeffrey Sachs, Long-Term Perspectives on Economic Development in the Islamic

World, A Seminar in Economic Development and the Muslim World, The Islamic Finance Project, Harvard Law School, October 12, 2004.

• Walid Hegazy, Contemporary Islamic Finance: From Socioeconomic Localism to Pure Legalism, Chicago J. of Int'l Law, Vol. 7, No. 2 (Winter 2007).

• Muhammed Farooq, Qard Hasan, Wadi'eh/Amariah and Bank Deposits: Applications and Misapplications of Some Concepts in Islamic Banking, Arab Law Quarterly 25 (2011).

• Imran Ahsan Khan Nyazee, Islamic Law of Business Organization: Corporation (1998).

• Saiful Rosly, Shariah Parameters Reconsidered, Int'l J. of Islamic and Middle Eastern Finance and Management, Vol. 3, No. 2, p. 132-46 (2010).

• Aamir Rehman, Dubai & Co.: Global Strategies for Doing Business in the Gulf States (2008).

• Simon Archer and Rifaat Karim, eds., Islamic Finance: The Regulatory Challenge (2007).

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• Ahmet Gundogdie, Islamic Structured Trade Finance: A Case Of Cotton Production In West Africa, Int'l J. of Islamic and Middle Eastern Finance and Management, Vol. 3, No. 1, p. 20-35 (2010).

Islam, Islamic Finance, & Sustainability/ Responsibility

• Thomas A. Myers and Elham Hassanzadeh, Interconnections Between Islamic Finance and Sustainable Finance (2013), 36 Pages, available at https://www.iisd.org/publications/interconnections-between-islamic-finance-and-sustainable-finance.

• Alowode, Abayomi, Can Islamic Finance Spur Inclusive Growth & Sustainable Development (May 30, 2013), available at: http://blogs.worldbank.org/psd/can-islamic-finance-spur-inclusive-growth-sustainable-development.

• Ahmed, Habib; Mohieldin, Mahmoud; Verbeek, Jos; Aboulmagd, Farida Wael, On The Sustainable Development Goals And The Role Of Islamic Finance (May 15, 2015), available at: http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/05/15/090224b082e882eb/1_0/Rendered/PDF/On0the0sustain0e0of0Islamic0finance.pdf. [To be inserted description]

• Usman Hayat, Islamic Finance Should Contribute More to Sustainable Economic Development: Volker Nienhaus (April 10, 2014), available at: https://meic.cfainstitute.org/2014/04/10/islamic-finance-should-contribute-more-to-sustainable-economic-development-volker-nienhaus/.

• Jamel Zarrouk, The Role of Islamic Finance in Achieving Sustainable Development (July 9, 2015), available at: http://www.un.org/esa/ffd/ffd3/blog/role-of-islamic-finance-in-achieving-sustainable-development.html.

• G. Forte & F.Miglietta, A Comparison of Socially Responsible and Islamic Equity Investments, J. MONEY, INV. & BANKING, May 2011.

• Salma Sairally, Evaluating the ‘Social Responsibility’ of Islamic Finance: Learning From the Experiences of Socially Responsible Investment Funds, 1 Advances Islamic Economics & Finance 279 (2007).

• Irfan Ahmed, Incorporating Socially Responsible Investing in Islamic Equity Investments (Aug. 6, 2009) (Unpublished MSc thesis, Cass Business School).

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Grading Policies In addition to the policies and procedures of the Hartford Seminary including without limitation as set forth here: http://www.hartsem.edu/current-students/policies/ and updated and made available from time to time, please review the following specific grading rubrics and policies for this course:

Threaded Discussions

Purpose

Threaded Discussion allows students and the faculty member to engage each other in what would typically be "classroom" discussion. It is also one way for students and the faculty member to assess mastery of the session outcomes.

Parameters

You should expect approximately 2 to 5 primary questions or comments posed by me per session at the outset and across each Session, with approximately 2 to 3 substantive responses by you per session. I expect that this will vary somewhat from Session to Session.

Substantive Postings

Threaded Discussion is open only for the dates/ times listed above. Only "substantive postings" will receive credit.

• You have to make a valid attempt to answer a discussion question, post something that relates to course content, or ask a well articulated question of significance. You cannot just say something like "I agree" or "That's a good answer" or ask a simplistic question. There is no length requirement. • You should engage in each discussion, reply to questions - whether directed at you or the class generally, whether asked by the professor or any student. • The quality and not just quantity of your post(s) is what is important. To make the class discussion board useful, students should keep in mind that others are not interested in reading unnecessarily lengthy postings! • Feel free to ask questions about something in the reading or other assignment which you did not quite understand or which came to mind as a result of our assignments and discussions - or a contemporary event. Feel free to express agreement and disagreement, respectfully and sincerely of course, with assignment content and one another.

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• Let's make these discussions interesting, informative, and dynamic.

Posting Evaluation Criteria

Student contributions to the Threaded Discussions will be evaluated according to the following criteria:

• Clarity • Conciseness • Logical flow of ideas • Analytical thinking • Mastery of critical concepts • Sophistication of argument

Grading

To earn 9 to 10 points, you must have:

• Demonstrated leadership in discussions • Posted regularly during the assignment • Replied to the main topic; substantially enhanced the quality of discussion (e.g., illustrated a point with examples, suggested new perspectives on issues, asked questions that helped further discussion) • Kept your posting concise • Replied to other students on a regular basis in a relevant and constructive way • Read and considered a substantial number of other postings before responding (as indicated by, among other things time between postings) • Referenced other research (when appropriate) and generated follow-up responses from other students • A useful way of approaching the discussion boards to maximize your contribution and performance is to ask yourself: "is there a way to get others to respond to me or perhaps to get others to use my post in their posts by (1) thinking of an example or analogy that would make the point more concrete, (2) raising a question relating to this point that would cause others to react, or (3) doing some additional research related to the point and bring it into the discussion?" any of these three would be a way to take a leadership role that would cause others to react to your post and generate a richer thread To earn 6 to 8 points you must have:

• Replied to the main topic; enhanced the quality of discussion (e.g., illustrated a point with examples, suggested new perspectives on issues, asked questions that helped further discussion) • Read and considered a substantial number of other postings before responding (as indicated by, among other things time between postings)

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• Kept your posting concise • Replied to other students on a regular basis in a relevant and constructive way • Referenced other research (when appropriate) and generated follow-up responses from other students To earn 3 to 5 points, you must have:

• Posted main topic information • Replied to one other student posting • Demonstrated no depth of presentation (e.g., posting not on topic or only tangentially related to topic) • Not kept postings concise • Posted infrequently postings or failed to consider other postings • No constructive comments to help class discussion • Made postings too late in the discussion board to contribute to meaningful discussion If you fail to participate in the threaded discussion, you will automatically earn a score of zero (0).

Posting Etiquette: Do's and Don'ts

I reserve the right to add to this list as the class moves forward, but here is a list of posting Do's and Don'ts:

• Don't use all capital letters. Doing so means you are yelling! • Don't use all lower case. • Do compose your posts using proper grammar. (Hint: Prepare your posts as if your boss, the partner-in-charge, or a paying client of the office will be reading it!) • Don't start a new thread when you are actually replying to a previous post. • Do be specific when you ask a question. Don't say "I don't understand investigative discourse analysis. Can anyone help?" Articulate exactly what you don't understand about investigative discourse analysis! • Don't use posts just to say "Thanks" or "You're Welcome." I know it would be polite to do so, but I've seen discussion boards get overwhelmed with these posts. (For those of you who are mannerly: when you ask a question, say something like "Thanks in advance!" at the end of the post.) • Do quote previous posts when replying to a previous post. Don't, however, use more of the previous quote than is necessary (e.g., if you are responding to only part of a question just quote that portion).

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Quizzes

Purpose

Quizzes are intended to let students assess their individual understanding of the material. Information contained within the Readings and Media and discussed within the Threaded Discussions ensure a level of knowledge that will be needed to successfully construct the Real Estate and Private Equity deliverables. In short, DO the readings and actively participate in the Threaded Discussions before taking the quiz.

There will be two quizzes arranged according the following sequence:

Quiz 1

This traditionally formatted short answer quiz will cover materials engaged for Sessions 1, 2, and 3.

This quiz will begin and must be completed and submitted at the time and date indicated above. It will consist of short answer questions only.

Quiz 2

This shared investigation quiz will cover materials engaged for Sessions 4 through 9. The intention of this design is to require students to assume responsibility to dig deeper into the material in order to contribute together and receive a more complete comprehension as a class.

Instructions for Quiz 2

1. Each student will create two (2) questions drawn out of any of the required readings of Sessions 4 through 9. Each student must provide for each question its respective correct answer and, an alternative, but incorrect answer.

2. Each question and answer set needs to include proper citation for verification (i.e., to what reading does the question relate). Each answer must be labeled as "correct" or "incorrect."

3. Each student will then send their two (2) questions with their respective four (4) answers to the professor.

4. The professor will then reply to the student's e-mail accepting or rejecting question(s) and/or answer(s).

5. Grounds for rejecting a question are: If the question(s) are not suitable, if someone has already e-mailed your question(s), or If four questions have already been accepted

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for any single resource (the professor will maintain a threaded discussion that will identify which resources are no longer viable for new questions).

6. If a question is rejected, the student must create a new question(s) and answer(s) and run it through the professor again. In effect, this is "a first come, first serve" basis.

7. The deadline for this assessment is posted in the Class Schedule.

8. This Quiz will be comprised of approximately 80% of questions submitted by students and approximately 20% submitted by the professor.

Note: The effort behind this approach is to prevent everyone from providing their contribution at the last minute, and to increase participation with helping each other to collectively learn the material. The longer you procrastinate, the more likely you will spend more time to generate unique question and answer sets.

Evaluation for Quizzes

Quiz 1

Each student will have the opportunity to earn 100% on this quiz for a total of 10 points. If you fail to submit your quiz on time, you will earn no points. Your grade will be based on the accuracy of response, including both completeness and precision.

Quiz 2

Each student will have an opportunity to earn 100% on this quiz for a total of 50 points. If you fail to timely provide your contribution or do not contribute at all, you will have twenty (20) points automatically deducted from your Quiz 2 grade. Twenty (20) of the possible fifty (50) points are earned by clearly and accurately answering the questions posed in the Quiz.

To earn the remaining thirty (30) points the following criteria will be used:

• You must provide unique questions. • You cannot duplicate a question that someone else has provided (although if you correct this error in a timely manner, having done so will not count against you.) • You cannot use a question that has been posed in the reading material. • You must create questions that possess some heft, is synthesized from the material, and that requires some level of rigor to engage the material to answer it. • You cannot just take a sentence from the material and turn it into a question • You must make a valid attempt to provide a complete answer to your question(s). • You cannot just provide a single word or sentence as an answer. • You must provide some explanation as to "why" your answer is appropriate to the question and why your incorrect answer is incorrect. • You cannot just "cut" and "paste" language or sections from the material.

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• You cannot just take a sentence from the material and turn it into a answer. • You must clearly and accurately answer the questions posed in the Quiz.

NOTE: Each question must be substantially different from the other. If a question you are thinking of submitting seems too close to your other question, it probably is. There is enough material to overcome the need for duplication. Remember, I will be pre-screening.

NOTE: I expect answers to be substantial enough to answer the question. Ultimately, what I am looking for is evidence that you are engaged in learning the course material.

Final Exercise

For the Final Exercise, I will send you each an e-mail with a memorandum containing instructions to complete this assignment. This exercise will cost of medium to long answer questions where I may pose a fact patter or problem for you to address using the concepts we have learned in class and other areas of expertise, if you think them appropriate.

1. You must work individually.

2. Your final submission must be made in Microsoft Office/ Word or Apple’s Pages.

3. You are free to use whatever sources or materials are appropriate, and should cite them, as appropriate, in addressing the questions and problems.

4. Submit the document by attaching it to an email to the professor.

5. The start and end times for this exercise are set forth above in the Class Schedule.

This final exercise is worth one hundred (100) points, will be evaluated according to the following criteria:

• Mastery of the course material and concepts

• Sophistication of ideas and or argument

• Clarity of answers, argument, and organization

• Mistakes in grammar, spelling, etc.

Grading:

• 90 - 100 Points - demonstrates complete understanding of the task and relevant principles and concepts; final product is complete, theoretically viable and practical or nearly so; presents and addresses concerns of client and vis a vis about compatibility of product with Islamic law; requirements of the task are included or near complete.

• 80 - 89 Points - demonstrates considerable understanding of the task and relevant principles and concepts; all requirements of the task are included, but the final product is lacking in its theoretical or practical viability in some manner.

• 70 - 79 Points - demonstrates a fairly incomplete understanding of the task and relevant principles and concepts. Most requirements of the task are included, but the

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final product is lacking in its theoretical or practical viability in some material manner.

• 60 - 69 Points - demonstrates poor or vague understanding of the task and the relevant principles and concepts. Many requirements of the task are excluded, and the final product is lacking theoretically and practically in a generally material manner.

• 0 - 59 Points - demonstrates little to no understanding of the relevant principles and concepts and client parameters. Many of the requirements of the task are missing, or the task was simply not attempted.