A leading Islamic finance Mufti combines traditional teaching with rare insights from world-leading practitioners.

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Master the AAOIFI Standards with Usul Fiqh and Maqasid Shariah: A Comprehensive Two-Year Study Program

Whether you work in professional services and want to upskill into Islamic finance, are a businessman who wants a sound grounding in this field, or a student looking to add a unique bow to your string, this course will set you up nicely. It is approachable enough for near-novices but will cover material in depth and breadth that will put you ahead of 99% of other Islamic finance practitioners.

Our rigorous two-year program is designed to transform your understanding and application of Islamic financial principles, equipping you to critically analyse and implement standards that uphold Shariah objectives and legal theory.


Every Weekly Class is a Live Discussion & A Genuine Journey of Discovery. Financial Fiqh Like You Have Never Experienced Before.

Program Highlights:

  • In-Depth Exploration: Read every line of the AAOIFI standards, accompanied by detailed explanations and real-world examples.
  • Case Studies: Engage with practical case studies that illuminate the application of these standards in various financial scenarios.
  • Shariah Discussions: Participate in comprehensive Shariah discussions that scrutinise each standard from both Fiqh and Maqasid Shariah perspectives.
  • Critical Analysis: Develop the skills to critically evaluate the standards, ensuring they align with the overarching goals of Shariah and Islamic jurisprudence.

Get Certified to:

  • Lead initiatives that integrate Shariah-compliant financial practices in diverse sectors.
  • Advise organisations on the ethical and legal implications of AAOIFI standards.
  • Promote financial products and services that embody the principles of justice, equity, and public welfare.
  • Serve as a thought leader in Islamic finance, influencing policy and practice on a global scale.

Learning Objectives:

  • Thorough Understanding: Attain an in-depth knowledge of AAOIFI standards, understanding their content, structure, and applications.
  • Fiqh Principles: Master the principles of Usul Fiqh (Islamic jurisprudence) and their application to financial transactions.
  • Shariah Objectives: Explore the Maqasid Shariah (objectives of Islamic law) and how they guide the creation and implementation of financial standards.
  • Critical Analysis: Develop the ability to critically analyze AAOIFI standards, ensuring they meet the essential criteria of Fiqh and Maqasid Shariah.
  • Real-World Application: Apply the standards to real-world scenarios through comprehensive case studies and practical examples.
  • Ethical Financial Practice: Promote ethical financial practices that align with Islamic principles, fostering justice and equity in financial dealings.
  • Innovative Solutions: Design and advocate for innovative financial instruments and products that address contemporary challenges while adhering to Shariah principles.
  • Leadership in Islamic Finance: Prepare to take on leadership roles in Islamic finance, guiding organizations towards compliance and excellence.
  • Community Impact: Influence and contribute to the broader Islamic finance community by promoting standards that uphold the core values of Shariah.

What differentiates this from the Islamic Finance Codex & Messenger's Money Morals course?

From July 2020 to May 2022 we ran the hugely successful Islamic Finance Codex course going through a 2 year study of the Majallah text - a text used by the Ottoman empire to base their financial law upon. Following that we did another course that went through key islamic finance-related topics called the Messenger's Money Morals.

This course is from a completely different perspective. This course aims to be ultra-practical and focuses on understanding modern Islamic Finance and the process that got us here. A big part of the process that took us from classical discussions around goats, wheat and water wells to stocks, derivatives and mortgages involves looking at Usul al-Fiqh (methodology of deriving rulings) and the objectives (Maqasid) of the Shariah.

Which brings us to the AAOIFE Standards, the definitive codex of modern Islamic Finance of our times. By doing a critical reading of this book, we aim to discuss the strengths and weaknesses of Islamic Finance today with the hope that students will one day help to shape the industry to align more with Prophetic Economics.

  1. This course will be a critical look at modern-day Islamic Finance
  2. This course will enable students to analyse legal discussions around modern Islamic financial law today
  3. This course will drill down into the legal principles used to derive these rulings
  4. This course will discuss classical discussions surrounding Usul al-Fiqh, Jurisprudence and Maqasid that the other courses did not go into
  5. This course will retain Mufti Faraz's teaching approach; highlighting practical aspects, student debates, dissertations, and industry players' inputs.


Mufti Faraz Adam is the premier Islamic finance mufti in the UK right now.

He holds strong traditional credentials with a six-year Alimiyyah degree at Darul Uloom Leicester, UK and a 2-year Iftaa specialisation course, where he became a Mufti under the tutelage of the world renowned Mufti Ebrahim Desai.

He also holds a Masters Degree in Islamic Finance, Banking and Management from Newman University and has attained various finance-industry qualifications.

To add to this, he also has an MBA Diploma from the International Business Management Institute and completed a Fintech Specialisation course at the University of Michigan.

He has also completed an ACCA Level 4 Qualification in Accounting and Business.

His professional qualifications include the IFQ and CIFE, CIAE, and he is a Certified Shariah Advisor and Auditor (CSAA).

He is currently doing his PhD on developing a Shariah governance framework for Artificial Intelligence.

We at IslamicFinanceGuru have worked closely with him on our Fatwa Forum and have found him to be erudite, quick-witted, and deeply knowledgeable of the traditional Islamic sources. You will see that reflect in his answers on the Fatwa Forum too.

He is at the forefront of the industry as the founder and CEO of the internationally recognised Shariah advisory firm, Amanah Advisors. His role includes advising multiple Islamic financial institutions across the world, with clients in the UK, US, Canada, Malaysia, Singapore, UAE, among others. His passion lies in the growth of the Islamic economy, contributing across various sectors including Islamic banking, Islamic capital markets, Takaful, SME financing, and Islamic social finance.

Mufti Faraz also enjoys writing and research. He is the author of several books and research papers, including 'Introduction to Islamic Fintech' and 'Zakat Made and Easy'. Lately, he published a groundbreaking publication called 'Prophetic Finance and Economics'. This variety of experience puts him in a truly unique position of seeing the cutting-edge of Islamic financial progress daily.

An experienced teacher, in this course, he distils down all his experience for you.

And its not just us saying that either. Every one of his students we have heard from gives glowing accounts. Here's just one:

"And who else than Mufti Faraz to teach such a manual, mingling intelligently classical and contemporary evidence, with acute examples of transactions taken from his ground work among the industry experts." Anass PATEL – Co-founder of Conexcap Finance (Paris)

Watch this video first!

Mufti Faraz explains what this course is all about.


The course will be moderated by Ibrahim and Mohsin at IslamicFinanceGuru - a well-known and trusted voice in Islamic Finance, relied on by over 4 million people every month.

Ibrahim and Mohsin are both Oxford grads and ex-corporate lawyers at leading international law firms. Ibrahim is also an Alimiyyah graduate and holds an MA in Islamic Banking & Finance.

This course literally came about as we personally wanted to take our Islamic finance knowledge to the next level. Four years ago we convened the Islamic Finance Codex course - a two-year study of the Majallah. Then a further two-year study of key Islamic Finance-related topics. Both these courses have created professionals with a strong understanding of Islamic Finance. But now we recognise the need for specialists - the next generation of Mufti Farazs and to this effect we're launch this advanced, specialisation course.

The whole thing will be laser-focused on building looking more closely at modern-day Islamic Finance and how it ties with Usul al-Fiqh and principles of the Shariah.

Whilst we will be joining as students in the class, our role will be to pine in from a practical perspective and tease out the these issues with Mufti Faraz live in the class.

We have authored a book on halal investing, have been honoured to be named as the Forbes 30 under 30 for finance. We have been quoted and interviewed in the Financial Times, Techcrunch, Sifted, Islam Channel and many others.

We also genuinely care about our mission and our audience. Here are 360 ⭐⭐⭐⭐⭐ reviews on Trustpilot from people we have helped over the years.


  • Mohammed Paracha - Partner at Norton Rose Fulbright LLP (Head of Islamic Finance, Middle East & Africa) & Co-founder of Mohammed is a world-leading expert in Islamic financial law and has recently been chosen by The Dubai Ministry of Finance, the Dubai Islamic Economic Development Corporation and the Islamic Development Bank to lead their initiative to built a unified global legislative framework for Islamic Finance.
  • Sultan Choudhury - former CEO of Al Rayan Bank plc. Sultan was among the founders of the UK’s oldest and largest Islamic bank (Al Rayan Bank) and grew it to a book size of over £6bn as CEO. He is now heading up The One Trust, a waqf project to help the UK Muslim community develop a sustainable endowment to fund charitable activities, and a number of other Islamic fintech projects.
  • Najib Al Aswad - Director at IFAAS Group (Islamic Financial Advisory & Assurance Services). He is a Certified Shariah Advisor & Auditor (CSAA), and a Certified Islamic Professional Accountant (CIPA) by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI - Bahrain). He also holds a Master’s degree (MSc) in Islamic Finance with Distinction from the University of Durham (UK).
  • Harris Irfan - CFO, Gateway Global; Chairman, UK Islamic FinTech Panel; MD, Cordoba Capital Ltd. He has 27 years of investment banking and consulting experience, including 11 years with Deutsche Bank across multiple asset classes. Co-Founder of Deutsche Bank's world-leading Islamic finance team and former CEO of Deutsche's Islamic finance subsidiary. Previously Global Head of Islamic Finance at Barclays. Former Head of Investment Banking for the Rasmala group.
  • Abdul Haseeb Basit - Co-Founder and Principal at Elipses, NED at Global Digital Finance. He has over 20 years of experience working at the intersection of finance, technology, and strategy. Previously he was the CFO of Innovate Finance, the UK not-for-profit FinTech members association and Non-Executive Chairman of Yielders, a property investment platform based in the UK that is also the first FCA-regulated Islamic Fintech.
  • Zubair Miah - Shariah Advisor & Compliance at Cobalt Insurance Holdings Ltd.
  • Zeinoul Abedein Cajee - Founder and CEO of Awqaf SA.
  • And many more

"I had the privilege to participate to the full first year of the Majallah al Ahkam al 'Adliyyah course taught by Mufti Faraz Adam. Being part of the financial industry for nearly 22 years with half of it in Islamic Finance, I can testify that this is a world-unique executive education option. This weekly online class is in my opinion the most relevant alternative available in the market for at least three good reasons: the book, the teacher and his fact-based example and experience."

"Mufti Faraz is also thought-provoking, questioning long prevailing ideas among the Islamic Finance community."

Anass PATEL – Co-founder of Conexcap Finance (Paris)

"Mufti Faraz's detailed, practical and precise understanding of the Fiqh of Mu'amalat caught my attention long before I began studying with him as he constantly produced some of the most detailed research papers on complex financial products that we confront today as a Muslim community.

In fact, I realised that what he produced online was only a fraction of what he knew more broadly. Mufti Faraz filled a void I had felt in my studies of Fiqh for a long time. I'd go further and say that you would really struggle to find what he can offer anywhere else."
- Suved Siddiqui, Cloud Solutions Specialist, Microsoft


This course is designed to take those interested in Modern Islamic Finance from having a basic understanding of the topic to understanding it from the ground up.

The way we do this is by making sure the course goes through the methodology and discussions surrounding contemporary Islamic Finance today.

Students are encouraged to read wider on each standard so that they leave the course with a solid understanding of where Islamic Finance scholars and Institutions are in agreement and where they differ.

We will also arrange in-class student-led debates on key contentious topics in Islamic finance during the course of the year in order for students to consolidate their learning and critically examine the arguments presented in the text.

Testimonial from Umidjon Yorqulov, a student from Uzbekistan

He completed the two year Majallah course with Mufti Faraz Adam and here's what he has to say.


Detailed Syllabus

The AAOIFI Shariah Standards:

  1. SS (1): Trading in Currencies
  2. SS (2): Debit Card, Charge Card, and Credit Card
  3. SS (3): Procrastinating Debtor
  4. SS (4): Settlement of Debt by Set-Off
  5. SS (5): Guarantees
  6. SS (6): Conversion of a Conventional Bank to an Islamic Bank
  7. SS (7): Hawalah
  8. SS (8): Murabahah
  9. SS (9): Ijarah and Ijarah Muntahia Bittamleek
  10. SS (10): Salam and Parallel Salam
  11. SS (11): Istisnaa and Parallel Istisnaa
  12. SS (12): Sharikah (Musharakah) and Modern Corporations
  13. SS (13): Mudarabah
  14. SS (14): Documentary Credit
  15. SS (15): Jualah
  16. SS (16): Commercial Papers
  17. SS (17): Investment Sukuk
  18. SS (18): Possession (Qabd)
  19. SS (19): Loan (Qard)
  20. SS (20): Sale of Commodities in Organized Markets
  21. SS (21): Financial Paper (Shares and Bonds)
  22. SS (22): Concession Contracts
  23. SS (23): Agency and the Act of an Uncommissioned Agent (Fodooli)
  24. SS (24): Syndicated Financing
  25. SS (25): Combination of Contracts
  26. SS (26): Islamic Insurance
  27. SS (27): Indices
  28. SS (28): Banking Services in Islamic Banks
  29. SS (29): Stipulations and Ethics of Fatwa in the Institutional Framework
  30. SS (30): Monetization (Tawarruq)
  31. SS (31): Controls on Gharar in Financial Transactions
  32. SS (32): Arbitration
  33. SS (33): Waqf
  34. SS (34): Hiring of Persons
  35. SS (35): Zakah
  36. SS (36): Impact of Contingent Incidents on Commitments
  37. SS (37): Credit Agreement
  38. SS (38): Online Financial Dealings
  39. SS (39): Mortgage and its Contemporary Applications
  40. SS (40): Distribution of Profit in Mudarabah-Based Investment Accounts
  41. SS (41): Islamic Reinsurance
  42. SS (42): Financial Rights and How They Are Exercised and Transferred
  43. SS (43): Insolvency
  44. SS (44): Obtaining and Deploying Liquidity
  45. SS (45): Protection of Capital and Investments
  46. SS (46): Al-Wakalah Bi Al-Istithmar (Investment Agency)
  47. SS (47): Rules for Calculating Profit in Financial Transactions
  48. SS (48): Options to Terminate Due to Breach of Trust (Trust-Based Options)
  49. SS (49): Unilateral and Bilateral Promise
  50. SS (50): Irrigation Partnership (Musaqat)
  51. SS (51): Options to Revoke Contracts Due to Incomplete Performance
  52. SS (52): Options to Reconsider
  53. SS (53): Arboun (Earnest Money)
  54. SS (54): Revocation of Contracts by Exercise of a Cooling-Off Option
  55. SS (55): Competitions and Prizes
  56. SS (56): Guarantee of the Investment Manager
  57. SS (57): The Gold Standard
  58. SS (58): Repurchase Agreement
  59. SS (59): Sale of Debt
  60. SS (60): Waqf
  61. SS (61): Payment Cards

An Absolute Pleasure Studying with Mufti Faraz

Ali Siddiqui, corporate lawyer and student of the 2-year Ottoman Majallah Course

"I have had the pleasure of attending Mufti Faraz's lectures for approximately one year. He is an excellent teacher. I have immensely benefitted from his knowledge and expertise in Classical Islamic Law, Islamic Finance/Banking and Finance. His innovative approach and in-depth grasp of contemporary issues have contributed to an overall fantastic learning experience."

Abdur Rehman Nisar, student at Darul Uloom Karachi, Pakistan


  1. A short-term, smash-and-grab-an-Ijazah course. This course is for people who really want to get to grips with the deep layers of modern Islamic finance, not just tick a box. We want to create people who really understand topics around Islamic Finance and will who will help bring about new financial solutions for the next generation.
  2. Just a theoretical discussion. If you want just theory, there are lots of courses at madrassahs, or short Islamic Finance diplomas that will teach you that. This course looks at modern Islamic Finance

"Alhamdulillah, having read through parts of the text during my earlier studies, I can say that Mufti’s approach and teaching methodology is something different. His dynamic application to contemporary examples makes the text more relevant and evidently contextualised. This contextualised experience during the course has given me better insight in my work and review of Shari’ah issues and the application thereof in Islamic Finance as practised today."

- Ziyaat Isaacs, Managing Director, I Consult Africa, South Africa


At IslamicFinanceGuru, we think it is really important that our community has knowledge on Islamic personal finance. But that knowledge to understand the modern context and how it ties to the traditional and needs to be delivered in a live and interactive way.

We realised the world needs more professionals who understand modern Islamic Finance. The Fiqh, the Usul, the Qawa'id, and all the other good stuff that goes into deriving legal rulings.


If any of these sound like you, we believe this course is for you:

  • You are interested in Islamic Finance and want to know how scholars derive the rulings.
  • You want to know about modern-day Islamic Finance and where it came from.
  • You work in Islamic finance and want to go back to the classical roots of the subject.
  • You are studying Islamic finance but have no networks in this field and would like to deepen your practical experience of Islamic finance.
  • You are an Islamic scholar or madrassah student who knows classical transactional law but wants to understand mainstream Islamic Finance and how its derived from the traditional Islamic fiqh positions.


  1. Every week you will get exclusive access to a private class led by Mufti Faraz with guest appearances from leading figures in Islamic law, accounting, central banking, insurance, regulation, and commercial law. Given that the majority of these people would charge £100s per hour for their time, at £60 a month, you will get incredible value. The ability to interact with and pose questions to this galaxy of experts is something companies pay thousands of pounds for.
  2. Like a university degree, the knowledge you gain from this course lasts you a lifetime - and you walk away with a certificate of completion. But unlike a university degree: a) this course is not £9k, and b) it is extremely focused and will have a direct impact on your life that you can translate into action as soon as you finish it. So if you go away from the course and walk into an Islamic finance job, that’s real money that you can bank, due, in part, to the skills you will take from this course. If you use the course knowledge to come up with an innovative new Islamic fintech - that is tangible value-add.
  3. Buying books to learn the basics of Islamic finance would alone cost you a few hundred pounds. And of course books do not replicate proper in-person teaching. The course material for this course by the way, will be offered for free.
  4. Getting regular access to the experts who will provide their insights on this course is not something most people can easily do. The networks and open doors that come from participation in this community are worth far more than the price of the three-year course.

As an investment in yourself – it doesn’t get much better value than this.

We'll see you on the other side!

Frequently Asked Questions

When does the course start and finish?
The course starts on September 6th at 6PM and runs for 2 years. Every Friday there will be a live class. However, you can enrol at any time as all previous classes are recorded and you can catch up with these at your leisure.
How long do I have access to the course?
How does lifetime access sound? After enrolling, you have unlimited access to this course for as long as you like - across any and all devices you own. Please note that if you subscribe to the course, you will need to complete the full 2-year course in order to retain lifetime access to the entire course.
What if I am unhappy with the course?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund.
Timings – what day, what time, how long?
Live classes will be weekly for two years. Classes will be for around 1.5 hours long on average. Classes will take place on Friday Evening at 6pm. You will be able to catch up on the class if you miss it by watching a recording uploaded over the weekend.
What commitment is expected of me? If I can’t make it, is that okay? Can I get by just watching recordings?
You will be expected to attend the live classes and be fully focused on the class. But this is a grown-up class - there won't be a register taken etc. We all know that the best experience and learning will take place in the live classes rather than just watching the recordings and we would expect you to want to achieve that yourself. Having said that, naturally for some weeks it is just not feasible to attend the live class. That is fine - you can always catch up on the recording which will be uploaded onto the course portal shortly after the live class ends.
Will I receive course materials? Do I need to buy anything other than the course fee?
We will rely upon publicly available resources for the text, such as PDF copies of the book and if Mufti Faraz uses any additional resources, he will share them ahead of each lesson. From time to time, Mufti Faraz or the course moderators or contributors may issue an optional reading list. We will share PDFs of these materials ahead of time where relevant. You are welcome to purchase a physical copy of the book if you so please.
What’s the mode of delivery? Do I need any special software or equipment?
Classes will be online and delivered via a private video meeting on Microsoft Teams. You only need the internet and a computer or phone to be able to access this private video meeting. No other fancy equipment required.
Do I need to know Arabic?
No, this course is for anyone who wants to understand modern-day Islamic Finance and both the AAOIFE Standards and the language of delivery for the course is in English.
Do I need to have any other formal qualifications, Islamic or otherwise? Would it beneficial if I did?
It would certainly be beneficial in your overall understanding, but formal qualifications aren't necessary.
Is it open to me as a madrasah student? Is this only for graduates?
This course is open to everyone who has an interest in modern-day Islamic Finance and where it comes from. It'll be particularly useful for madrasah students who have studied classical fiqh chapters on trade, usul al-fiqh and qawa'id; but the course is open to everyone.
Is this a good stepping stone on to anything else?
This course is a fantastic stepping stone into the following: 1. Embarking on an Islamic finance career 2. Embarking on entrepreneurship in Islamic fintech 3. Further study into Islamic finance either through mainstream or traditional Islamic routes 4. Becoming a Sharia advisor, scholar or judge within the business and financial space
What will happen after the course? What is the certification?
After the course, we will get you to tick a box confirming that you have attended or watched at least 80% of the course materials and completed the relevant exams and assignments with a passing grade. Then Mufti Faraz will issue an Ijazah declaring that you have completed the course as a testament to your competence. You will retain access to the online course materials on an ongoing basis provided you complete the full course.
Do I get any exclusive access when I subscribe?
You get exclusive access to a very active Telegram Group of Students where ongoing discussion is welcome as well as networking and sharing of wider Islamic finance activities.
What if I am joining the course halfway through?
We will be holding intensive revision and catch-up sessions at the end of the year for all new joiners. This will bring you up to speed and allow you to join the rest of the class. You will also have access to all existing sessions and catch up with them in your own time.

Get started now!