Foundations of Islamic Economics
|Title:||Foundations of Islamic Economics|
|Tutor:||Dr. Abul Hassan|
This module aims to emphasise the practical relevance of Islamic economics through combining the implicit economic insight of jurisprudence (Maqasid al-Shariah) and relevant mainstream economic theory, thereby yielding a coherent discipline of public moral policy. The scope and significance of Islamic economics is presented within the current debate on economic methodology. Islamic economics emerges as a pragmatic policy-oriented discipline that rests on the Qur'an, the Prophet's tradition (peace by upon him) and the ongoing up to date Itjihad.
Core Module for MA Islamic Banking Finance & Management
Knowledge and understanding
On successful completion of this module students should be able to:
1. Appreciate the scope, significance, methodology and major structural themes of Islamic economics.
2. Appreciate the analytical difference between 'trade' and 'usury' as implied in the Qur'an.
3. Understand the principles of economic exchange through reference to sale contract.
4. Critically examine the Islamic concept of money, productive factor rewards and return on risks.
5. Appreciate the breadth of market imperfections in the Islamic perspective and why they include 'gambling and sales’ usury.
6. Understand the background of Islamic political economy and how it relates to the financing of public goods.
7. Appreciate the role of Shura in the economic management of Zakah and Awqaf.
By the end of the module, students should have developed skills in:
1. Crystallising Islamic moral values in terms of definite public goods.
2. Working within the existing world economic order with Islamic economic values.
3. Distinguishing between state moral policy and government discretionary policy.
4. Analysing economic risk from the Islamic perspective.
5. Clearly distinguishing between profit rate and forbidden usury.
6. Appreciating the importance of efficient Zakah management in realising its socio-economic goals.
7. Analysing the leading role of the third sector through the institution of waqf.
Each student should participate in 150 hours of study, including lectures (6 hours), seminars (6 hours), tutorials (6 hours), plus personal guided study (132 hours).
Examination (2.5 hours, standard closed) 30%
One assignment of 2,500 words 60%