Date of Award

Spring 2017

Thesis Type

Open Access

Degree Name

Honors Bachelor of Arts


Dr. Eric Smaw

Committee Member

Dr. Michelle Boulanger

Committee Member

Dr. Eren Tatari


Income share agreements (ISAs) are a necessary option to finance higher educations. ISAs eschew fixed payments for the flexibility of income based repayments between a student and an investor. ISA contracts stipulate that, in return for educational financing, a student promises a percentage of their future income for an agreed upon time frame. Should the student not possess sufficient income, their obligations are $0.00. Among the fastest growing financial sectors is Islamic financing. Islamic finance abhors gambling, deception, and usury and upholds the public good as its ultimate aim. As Islamic finance grows globally, an opportunity to offer shari’ah compliant student financing can be captured with income share agreements. Income share agreements comply with shari’ah values because they avoid the three corruptors of Islamic finance, gharar (deception), maisir (gambling), and riba (usury), and facilitate maslahah, or public good.

Rights Holder

Kamil Fadel