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Islamic Economics: Course Outline

To introduce students to important ethical issues in business as they relate to Islam.

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Course Content

  • The meaning of Islam
  • The Characteristics of Islam
  1. Simplicity, Rationalism and Practicably
  2. Unity of Matter and Spirit
  3. A Complete Code of Life
  4. Balance between Individualism and Collectivism
  5. Universalism
  6. Permanence and Change
  •  The centricity of the Universe (Concept of Tauhid in Islam)
  •  Position of Man in the World
  •  Concept of Life after death
  • Importance of Work and Tijarah in Islam
  • Condemnation of Laziness and Idleness
  • Work as a Duty
  • Meaning of the Contract
  • Formation of a Contract
  • Classification of Contract
  1. Valid Contracts
  2.  Invalid Contracts
  • The Meaning of Mudaraba
  • Relation between the Principal and the Agent i.e. Mudarib
  • Terms of a Valid Contract of Mudaraba
  • Whether Mudaraba is practicable?
  • Concept of Insurance
  • The Concept of Aqila
  • Issues in Insurance
  • The Social Security System
  • Meaning of Riba
  • Kinds of Riba
  • Quran and ahadith on the prohibition of Riba
  • Views of Jurists on Riba
  • Banking System in Islam
  • Interest-Free Banking
  1. Introduction
  2. Establishment of the Bank
  3. Sources of Capital
  • Significance of Market Mechanism
  • Price Adjustment
  • No Restriction of Trade 
  • Honesty and Truthfulness
  • Concept of Hisbah
  • Duties of Muhtasib

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