© 2019 Safdar Alam 

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My Academic Work

I enjoy teaching, and I have been delivering some modules for post-graduate students for the last 5 years. I have created and delivered modules based on where the focus is on the practice in the industry, rather than purely academic and theoretical study. I have delivered the following modules:


Islamic Banking in Practice

This is a module for economics, banking and finance students. After an introduction to the principles that govern Islamic banking, the focus is then on the major types of contracts used in the sector, for example:

  • Murabaha

  • Ijara

  • Mudarabah

  • Wakala, and so on.

How this contracts are used in modern banking and finance products is covered in great deal. Key areas of practice such as structuring, pricing, risk management and execution are discussed. A discussion about the major market sectors, and how they operate provides context for the students in terms of the application of these contracts.

The following products and sectors are covered:

  • Money markets

  • Sukuk (Islamic bonds)

  • Derivatives

  • Investment funds

  • Risk management

  • Insurance (Takaful)

Elements of Islamic Law

This is a module for law students. The topic is Islamic law is covered with respect to the major sources of Islamic law, which are as follows:

  • Quran

  • Sunnah

  • Ijma

  • Qiyas

After this, the focus is on how the legal environment evolved from the period after the revelation of the Quran, in the context of the geographical expansion of the Muslim empire and the requirement for a civil code as well as a religious code. 

The four major schools of Sunni law are covered, as well as many of the key themes that evolved during the early centuries of this period.

Islamic Commercial Law and Islamic Finance​

This module looks at the legal aspect of the Islamic finance industry. The major contractual forms are discussed, along with the basis in Shariah for their creation and usage. Then the discussion moves to how these contracts are applied in practice in the modern banking sector.


The key major legal issues are covered in detail, for example:


  • The concept of freedom of contract in Shariah law

  • The process of developing classical contracts for usage in modern financial markets

  • The major contractual forms utilised for delivering Sukuk transactions

  • The issues surrounding the concept of true sale with regards to Sukuk and other instruments

  •  Comparison and contrast between debts arising from sale contracts and repayments due from enterprise type agreements

  • Market practice and preference for certain types of contracts in different market sectors

  • The advantages, and disadvantages, of the application of certain contracts in modern markets

  • Islamic insurance (Takaful)

  • The discussion around the use of derivatives in Shariah law