Course Overview
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Course Synopsis
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This course will discuss the ideological foundation of Islam to analyzing the economic activity in life. This ideology caters the individual and society to build a sound and developed economy. It will discuss and examine economic problem and discuss how Islam has provided the solution to these economic problems and provide a sound Islamic economic system. Students will have an insight how Islam can be considered as a universal system to be applied to consumption, production and distribution of wealth. Finally, students will gain a unique perspective into how and why Islamic values contribute to a dynamic understanding of the business climate. This subject will also arm students with the skills to understand and apply the elements of Islamic economics to economy.
This is the basic course to introduce the basic concepts of Economics Ideology of Islam, both at the theoretical as well as practical levels. The course aims at introducing the evolution of economic thought of Muslims and its differences with the Western economic thinking. The course will enable the students to understand and analyze the ideological foundation of Islam in economic activity.
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Course Learning Outcomes
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At the end of the course students will be able to:
- Understand the ideological foundation of Islam to analyze the economic activity in life
- Understand how to examine economic problem and its solutions provided by Islam
- Examine the Islamic economic system provided to address consumption, production and distribution of wealth
- Understand the basic differences between Islamic economic system and Western modern syestm
- Recognize the Islamic Institutional Framework
- Appreciate the role of Muslim scholars to the development of economics
- Examine distributive justice in Islamic economy
- Understand the economic development in Islamic framework
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Course Calendar
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Week 01
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1
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Module 1: Nature & Significance of Islamic Economics
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Week 02
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2
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Module 2: Capitalism and Socialism as Economic System
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Week 03
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3
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Module 3: Distinguishing Feature of IES (Islamic Economic System)
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Assignment
Week 04
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4
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Module 4: Islamic Concept of Ownership
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Week 05
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5
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Module 5: Permissible Modes of Property (1)
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Quiz No.1
Week 06
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6
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Module 6: Permissible Modes of Property (2)
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Quiz No.2
Week 07
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7
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Module 7: Permissible Modes of Property (3)
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GDB
Week 08
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8
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Module 8: Impermissible Modes (1)
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Mid Term Exam
Week 09
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9
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Module 9: Impermissible Modes (2)
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Week 10
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10
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Module 10: Impermissible Modes (3)
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Week 11
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11
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Module 11: Social, Moral and Economic Evils of Riba
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Week 12
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12
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Module 12: Factors of Production in Islam, Capitalism and Socialism
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Quiz No.3
Week 13
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13
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Module 13: Concept of Circulation of Wealth in Islam
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Week 14
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14
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Module 14: An Introduction to Islamic Banking
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Week 15
Final Term Exam
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