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Course Details

Islamic Finance (McMillen)

Spring 2024   LAW 629-001  

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Michael J.T. McMillen

Adjunct Professor of Law

Additional Information
Satisfies Senior Writing Requirement



Class meets in person.

Meeting Times/Location
M 1:30PM - 4:15PM
Tanenbaum Hall 112



The course of study will explore contemporary Islamic finance (commerce and finance in accordance with the principles and precepts of Islamic shariah) from a transactional vantage and with particular emphasis on structuring financial transactions and products. Islamic finance will be examined both as an application of Islamic religious law and ethics (Shariah) and as an effort to create and operate a Shariah-compliant economic system, including capital markets, without riba (interest) payments and receipts and based upon a compliant risk-reward paradigm that maintains expected returns for the transactional parties.

We will survey a range of Islamic investment topics and Islamic banking topics. These will include leasing, partnerships, sales, sukuk (Islamic securitizations), equity investments and funds, private equity, home ownership financings, credit cards, automobile financings and personal financings. These will be considered from the vantage of the transactional structure and Shariah principles will be derived from these case study discussions.

Attendance and classroom participation are important aspects of this course. There will also be readings in each topic area covered in the course.

Prior finance knowledge is not necessary; the necessary background and relevant financial concepts will be presented in the classroom presentations and discussions. Importantly, however, each student must be prepared to ask questions when they have insufficient understanding of any particular financial concept. Each segment of the course builds upon previous segments, and on the financial concepts presented in previous segments. You must stop the progression to ensure that the class does not move along until you have achieved an understanding of the then-current information.


"Islamic Finance and the Shari'ah: The Dow Jones Fatwa and Permissible Variance as Studies in Lethean" by Michael J.T. McMillen
Edition: 1st December 26, 2013
Publisher: CreateSpace Independent
ISBN: 9781494717292