Islamic Wealth Ethics (A Mini-Course)

Day Time Duration Date Instructor Credits
Tuesday 5pm – 7pm 8 Weeks Jan. 24th – Mar. 14th Dr. Umar Moghul 1



This class explores the intersection between Islamic spirituality (tazkiyah), Islamic law and jurisprudence, wealth, and social impact. Our study begins with an overview of tazkiyah in its principles and practices as well as of the Islamic ethical-legal framework. We will focus on the individual and collective applications of long-established notions of faqr (poverty), wara` (reverent scrupulousness), sabr (patience), shukr (gratitude), zuhd (renunciation), and rida (contentment). We will carefully consider the role of these concepts – among others – in transforming individuals, by moving from attachments of the hearts to wealth to mere interactions, and designing business with impact.

The students will examine:

  • The rules/ fiqh of riba and risk sharing to understand their role in engendering inclusive, participatory transactions and markets (and their opposites of exclusion and extraction)
  • The capacity of sadaqah, specifically zakat and waqf (endowments), to building sustainable communities
  • The role of fatwas as vehicles for engagement and consultation through the landmark Dow Jones Islamic Market Indexes Fatwa
  • Natural and built environments as stakeholders of wealth and business
  • Examine certain contemporary Islamic financial structures against the principles of spirituality and law under the Shariah

The objectives of this course are:

  • To study Islamic guidelines and practices regarding business and wealth.
  • To understand the role of these principles in the design and implementation of contracts and other business relationships.
  • To identify some connections between ethical-legal (fiqhi) principles and spiritual foundations and purposes.
  • To appreciate the role of social finance vehicles in creating sustainable organizations and communities.

COURSE FEE: The general admission is $175. If you are a student, it is $125. If you are a MIRL student, it is $100

FINANCIAL AID: Please note that financial aid is offered on a first-come, first-served basis until available funds are exhausted. Please apply as early as possible to increase your chances of being awarded. You can learn more about our financial aid policy here.

If you have any questions, please write to

“My experience with BIS has been transformative. I have had direct access to scholars and their knowledge, alhamdulillah in a way I have never experienced before. We’ve deeply explored the Muslim experience academically, challenging many of my previously held beliefs and narratives. I am forever grateful to BIS, the scholars and the organizers for this experience”.

Nuha Muntasser, Student