The concept of Islamic banking and finance is built on a range of products that are permitted (halal) and products that are prohibited (haram). Learners will develop their understanding of those products that clients can properly use for a range of different purposes, and those products that through the ethics of Islamic finance cannot be used. Learners will also develop their understanding of how the concept of insurance operates in Islamic finance through takāful. Whilst this has similarities to Western applications of insurance products, learners will explain how this is interpreted in the world of Islamic finance.