Summary

Explore the key topics covered in Shaykh Sajid Umar’s Master’s and PhD research on contemporary Islamic finance, including liquidity management, hedging, Murābaḥah, currency swaps, and Shariah-compliant financial risk management. This summary highlights the depth and breadth of modern financial instruments through the lens of Islamic Fiqh.


I am grateful for your interest in the topics explored in my Master’s and PhD research on contemporary financial matters.


At present, my Master’s research has not yet been formally published, and my PhD research is expected to be available in bookstores in 2024, InShā’Allāh.


For your reference, I have uploaded the Tables of Contents in Arabic for both theses (see attached files). For those who do not read Arabic, a brief, non-exhaustive summary of the topics covered is provided below.


If you wish to obtain my rulings and conclusions on these topics or other financial matters, please contact me via the usual correspondence route: sajidahmed.umar@gmail.com.


Summary of Master’s Thesis Topics


  1. Liquidity management in banks and its objectives
  2. Sources and components of liquidity
  3. Relationship between central banks and commercial/Islamic banks
  4. Repurchase agreements (origin, types, functions)
  5. Reverse buy-back agreements
  6. Financial securities and maturities
  7. Collateralised loans and their application
  8. The relationship between repurchase agreements and the last financial crisis
  9. Bayʿ al-Wafāʾ and Bayʿ al-ʿĪnah: technicalities and Islamic rulings
  10. Secured interest-bearing loans: technicalities and rulings
  11. Reciprocal lending (Qardh & Wadīʿah based)
  12. Tawarruk and reverse Tawarruk: technicalities and rulings
  13. Investment agreements via proxies (power of attorney)
  14. Sale with promise to sell-back based on market price: technicalities and rulings
  15. Reserve Bank of Sudan’s Shamam & Shihaamah scheme for liquidity management

Summary of PhD Thesis Topics


  1. Hedging: meanings, classifications, and financial derivatives
  2. Financial forwards and futures, including comparisons with Bayʿ al-Ṣalām
  3. Binary options and their comparison with Bayʿ al-ʿUrūbūn and Khiyār al-Shart
  4. Financial risk management instruments in Islamic Fiqh
  5. Importance of wealth preservation and relevant Shariah legislations
  6. Preventative measures and Fiqh axioms for wealth preservation
  7. Concepts of risk from economic and Fiqh perspectives
  8. Overview of International Islamic Financial Markets (IIFM) and ISDA
  9. Islamic standardised hedging contracts
  10. Historical overview of financial risk management instruments
  11. Detailed studies and analyses of the Tahawwut Master Agreement
  12. Comparative studies between conventional (ISDA) and Islamic (IIFM) agreements
  13. Binding contractual promises and their suitability in Islamic financial risk management
  14. Prolonged offers to purchase and legal/Fiqh suitability
  15. Analysis of liquidation, early terminations, and force majeure in Islamic and conventional contracts
  16. Islamic profit rate swaps: contractual, legal, and Fiqh perspectives
  17. Rulings on benchmark rates, binding promises, and Murābaḥah contracts
  18. Revolving Murābaḥah: meaning and Islamic ruling
  19. Swapping fixed and floating profit rates: technicalities and rulings
  20. Islamic currency swaps: types, analysis, and rulings
  21. Banking operations related to currency exchange: Fiqh perspective
  22. Credit support deeds: contractual and Fiqh analysis
  23. Collateralisation of current and investment accounts: rulings in Islamic finance
  24. Use of classified debt or shared assets as collateral
  25. Wakalāh and commodity Murābaḥah: Islamic perspective and associative studies
  26. Contractual establishment of collateral before debt: Fiqh analysis


Your brother

Sajid Umar

Location: 'somewhere en route to the hereafter'

18/12/1441 (AH) - 09/07/2020


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