This course aims at introducing the practice and theory of the Islamic Banking and Finance (IBF) industry. The fact that the banking and finance industry is a subset of an economic system, introduction to the global IBF industry inevitably begins with an introduction to the Islamic economic system first. Hence course starts with an introduction to the basic principles (and the purpose behind them) of the Islamic economic system, followed by the understanding of the basics (and sources) of the Islamic legal system (Shariah) together with the purpose of Shariah. Basic Shariah principles/prohibitions (and the philosophy behind them) followed by IBF are then discussed at length together with the basic ethics/norms prescribed by Shariah. This is followed by a detailed understanding of the Islamic law of contract – the basis on which the architecture of various Islamic modes of financing is built. A thorough coverage of various Islamic financing structures (and their practical applications) includes Murabaha (Cost Plus Sale), Salam (Forward Sale), Istisna (Manufacturing Sale), Mudarabah (Partnership in Profit), Musharakah (Partnership in Profit and Loss), Ijarah (Leasing), Diminishing and Running Musharakah. Liquidity, Investment, and Risk Management functions of a treasury of an Islamic bank are also explained together with the tools used. Specialist topics related to non-banking financial activities include Islamic Capital Markets [Sukuk (Islamic Bonds), Islamic Equity Markets, and Islamic Fund Management] and Islamic Social Financing instruments including Islamic Insurance (Takaful). Throughout the course, relevant industry data/statistics and applied examples are referred to ensure that students remain abreast of the current state of affairs while applying an analytical mindset.