IEF 201 Principles of Economics
This course provides basic knowledge of the Islamic economic system and principles of Islamic economics, including finance and banking. Students acquire knowledge and develop skills necessary to appreciate an alternative to a commonly familiar approach to interpreting the economic behaviour of human beings in society. Students probe liberally outside the frontiers of familiar forms of capitalist and socialist systems throughout the course. Through lectures, case studies, interactive learning activities, and active discussions, students develop a basic understanding of principles governing Islamic Economics and Finance, the history of the field, its growth, and place in the world economy. Topics of learning and discussion include modes of financing (e.g., debt and equity-based, etc.), their unique attributes, Islamic and conventional banking, finance, and insurance, among others.
Learning Outcomes
Explain the Islamic economic system and describe the Islamic economic paradigm.
Apply Islamic theories and views regarding production, distribution, monetary, and fiscal policy to their own research.
Interpret data from Islamic economics, finance, and banking statistics.
Compare and contrast key concepts of macroeconomics between Islamic and Western perspectives, as well as monetary policies in the Conventional and Islamic Economic Frameworks.
Critically engage with, analyze, and construct solid arguments related to approaches to studying the Islamic economic system.
Communicate effectively in writing or orally about issues related to the study of Islamic economics by using proper citation styles.
Demonstrate an understanding of the norms and primary characteristics of the financial system, principles of the economic system, and financial products.
Analyze representative works (both by Muslims and non-Muslims) on concepts and objectives of production in Islamic economics, theories and factors of production, marginal productivity and profit, wages, inflation, business cycles, attitudes towards wealth, bank operations, the role of ethics in banking systems, and other related issues.
Use techniques for identifying their learning needs (e.g., gap analysis, video assessment of presentation, etc.) and for further improvement.