The course will give students a clear understanding of the financial system in which modern Islamic finance operates. The course’s focus is on developing understandings of how Shariah rules including those concerning interest (riba) are applied in financial operations, products and environments. Rules derived from historical fiqh rulings as well as specific faith based moral imperatives are included in modern Islamic financial concerns and procedures. Since several countries have systemized rules to allow the emergence of robust domestic Islamic banking and capital markets activities, participants will learn how and why Islamic financial products are structured to meet certain government, business and consumer financial needs.  They will learn key rules, the means to layer structures or to analyze why complex fiscal products are either successful or controversial.  These products will be given context: banking or investment banking, specific countries, and generic applications. The course will take into account key standard setting bodies and their rulings such as the Accounting & Auditing Organization for Islamic Financial Institutions, the International Islamic Financial Markets, as well the Malaysian, Bahraini and American regulators. In order to promote understanding, the course is neutral in the analysis and application of different standards, systems, and styles. The course will follow practical case studies drawn from Muslim majority and minority markets, from conventional and Islamic banks, and environments with and without clear regulations.