DESCPTION

This course delves into the study of Islamic economic history and philosophy as derived from the Qurʾan and the Sunnah. Students will explore the foundations of Islamic economics, including contemporary issues surrounding finance and banking. The course begins by providing an overview of major financial systems, equipping students with a comparative framework against which they can analyze the Islamic economic system. Through a combination of lectures, student presentations, projects, and class discussions, students will delve into the theoretical underpinnings of the Islamic economic system and its proposed approaches to address contemporary issues. The course aims to enhance students' understanding of classical economics and its relevance to modern economic schools of thought. By critically examining the development of Islamic economic and finance theories, students will gain a deeper appreciation for the contributions made by Muslim scholars. Key topics covered in this course include theories and current economic and finance issues from both conventional and Islamic perspectives, the role of institutions in shaping economic behaviour through rules and norms, the functions of interest rates, modes of financing (debt and equity-based) and their unique attributes, principles of Islamic economics, the Islamic economic system, and the examination of economic behaviour within society, considering both men and women. Upon completion of this course, students will have gained a comprehensive understanding of Islamic economics, enabling them to analyze economic theories and contemporary issues from both conventional and Islamic viewpoints and to recognize the distinctive features and principles of the Islamic economic system.