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◄Faculty of Business and Economics►

AA017016 ISLAMIC ECONOMICS
3 Credits

Course Learning At the end of the course, students are able to:
Outcomes
(1) Demonstrate mastery of knowledge in foundations of
Islamic Economics.
(2) Appraise Islamic economic system in comparative
perspectives.
(3) Critically compare Islamic economics and
mainstream/neoclassical economics in particular with
respect to methodology, institutional settings and
operational features.

Synopsis of Course This course focuses on three aspects of Islamic Economics.
Contents The first part elaborates the philosophical foundations of
Islamic economics which include underlying worldviews that
serve as the pillars of Islamic Economics, methodological
arguments and issues relating to the development of the
discipline and how Islamic principles pave way for ethical
economics. The second part discusses Islamic economic
system in comparative perspective, particularly the debate
on does capitalism define Islamic Economics. The last part
is devoted to analyzing Islamic economics’ institutional
settings (riba and its prohibition, Islamic social finance,
shariah based legal framework of economic behavior) and
its operational features (fiscal policy and monetary policy;
development policy).

Assessment Weightage Continuous Assessment: 50%
Final Examination: 50%

Medium of Instruction English

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