During the last three decades, Islamic finance has expanded rapidly, growing to involve over 300 financial institutions in both Islamic and other countries, and managing billions of dollars in assets. Islamic finance is unique, and can be set apart from conventional finance, since it is founded on Muslims' attempts to live according to the Divine Will as evident in the Islamic law. A well-known principle of Islamic finance is the prohibition of riba, which means interest on loans. In addition, Islamic finance prohibits gharar, a term which has been translated as "risk-taking." The prohibition against riba has not prevented Islamic banks from finding ways around. New alternatives, based on the concept of sharing profit and loss, have been developed to avoid gharar and make finance possible. These alternatives are mudaraba, musharaka, and murabaha.

Some of the issues that the course will cover include: sources of Islamic Law (Qur'an, Sunnah, analogical reasoning, and consensus); Islamic Laws of Usury and Risk; Islamic Contracts and Property; Islamic Economics; Islamic Financial Institutions; Islamic Banks; Islamic Equity and Mutual Funds; Life Insurance; Islamic Market Index and Islamic Finance.