CURRICULUM VITAE
                         Associate Professor Rifki Ismal
          •   Education and Title
               – Bachelor degree in economics, University of Indonesia.
               – Master in Applied Economics, Department of Economics, 
                  University of Michigan, Ann Arbor (USA).
               – PhD in Islamic Finance, Durham University (England)
               – Associate Professor, Australian Center for Islamic Finance
          •   Education
               – Assistant Director at Department of Islamic Banking, BANK 
                  INDONESIA (Central Bank of Indonesia). 
               – Lecturer at University of Indonesia.
               – Lecturer at Trisakti University, Indonesia
               – Lecturer at Paramadina University, Indonesia
               – Lecturer at Strasbourg University (France) (2009)
   3
                       DAY ONE  
                       DAY ONE  
                     Introduction:  
                     Introduction:  
             What is Islamic Economics 
             What is Islamic Economics 
                     and Finance? 
                     and Finance? 
              ISLAMIC AND ISLAMIC ECONOMICS/FINANCE
                         ISLAM                     Aqidah is the core 
                                                   relationship between man 
                                                   and the Creator 
         AQIDAH          SHARIA          AKHLAQ
                                                   Sharia is the transformation 
                                                   and manifestation of aqidah 
                 IBADAT             MUAMALAT       into actions
                                                   Akhlaq is the behavior, 
                 OTHERS             ECONOMIC       attitude and work ethics of a 
                                   CONTRACTS       human. 
        Ibadat is the the way   Muamalat is Business 
        people worship their    transactions (Muamalat), the 
        God                     way people interact with 
                                others in terms of economic 
                                and non economics activities 
                                 
     4
       SHORT HISTORY OF ISLAMIC ECONOMICS/FINANCE
                Pre-Islamic Arab Traditions:
              -trade based economy (south, north trade 
              links). 
              -ka’bah was the most respected center.
              -legal and illegal trade practices.
              -wars and competition among tribes
     Arab Business 
    Islamic Law and 
    Tradition complied               Islamic Law and 
     Jurisprudence    Life of the 
      with Sharia      Prophet        Jurisprudence
                  Islamic Finance Practices 
                   (Sharia Based Contracts):
               -Islamic contracts approved and applied by the 
               Prophet, companions, imam mahzab (school of 
               thought), etc. 
           Baitul Maal            Fiscal Policy
                   CLASSIC ISLAMIC FINANCE CONTRACTS
    Islamic Finance Contracts (Sharia Based)           Non Islamic Arabic 
                                                           Contracts
    Mudarabah                                                     Riba Jahiliah
    Musharakah                                                    Riba al Fadhl
    Murabahah                                                 Riba an Nasyiah
    Salam                                                        Talaqi ruqban
    Istishna                                                           Ikhtikar
    Ijarah                                                      Bay kali bi kali
    Musaqah                                                         Bay Najasi
    Muzaraah                                                           Gharar 
    Sukuk                                                         Qimar, Maysir
    Wadiah, Kafalah, Hiwalah                                              Zulm