IEF 302 Islamic Economics

This course explores Islamic economic history and philosophy as derived from the Qurʾan and Sunnah. Students examine the foundations of Islamic economics as well as contemporary issues in finance and banking. The course begins with an overview of major global financial systems, providing a comparative lens through which students analyze the Islamic economic system. Through lectures, presentations, projects, and discussions, students engage with the theoretical foundations of Islamic economics and its proposed solutions to modern economic challenges. The course strengthens students’ understanding of classical and contemporary economic thought, enabling them to appreciate the contributions of Muslim scholars to economic theory and practice. Key topics include economic and finance theories from both conventional and Islamic perspectives, the role of institutions in shaping economic behavior, the functions of interest rates, equity- and debt-based financing models, principles of Islamic economics, the Islamic economic system, and the study of economic behavior among both men and women in society. By course completion, students gain the ability to analyze economic theories and current issues through both Islamic and conventional frameworks, while recognizing the unique attributes and guiding principles of the Islamic economic system.