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Islamic Economics: Course outline (ECO-521)

Course content

Topic No. 1 Islam as the last religion a comprehensive way of life.

a. The meaning of Islam

b. The Characteristics of Islam

i. Simplicity, Rationalism and Practicably

ii. Unity of Matter and Spirit

iii. A Complete Code of Life

iv. Balance between Individualism and Collectivism

v. Universalism

vi. Permanence and Change

Topic No. 2 The World view of Islam and Others

a. Theocentricity of the Universe (Concept of Tauhid in Islam)

b. Position of Man in the World

c. Concept of Life after death

Topic No. 3 Concept of Work and Business in Islam

a. Importance of Work and Tijarah in Islam

b. Condemnation of Laziness and Idleness

c. Work as a Duty

Topic No. 4 Concept of Contract in Islam

a. Meaning of the Contract

b. Formation of a Contract

c. Classification of Contract

i. Valid Contracts

ii. Invalid Contracts

Topic No. 5 Mudaraba Contracts

a. The Meaning of Mudaraba

b. Relation between the Principal and the Agent i.e. Mudarib

c. Terms of a Valid Contract of Mudaraba

 d. Whether Mudaraba is practicable?

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Course content

Topic No. 6 Contracts of Insurance

a. Concept of Insurance

b. The Concept of Aqila

c. Issues in Insurance

d. The Social Security System

Topic No. 7 Riba in Islam

a. Meaning of Riba

b. Kinds of Riba

c. Quran and ahadith on the prohibition of Riba

d. Views of Jurists on Riba

Topic No. 8 Banking Contract in Islam

a. Banking System in Islam

b. Interest-Free Banking

i. Introduction

ii. Establishment of the Bank

iii. Sources of Capital

Topic No. 9 The Market under the Influence of Islamic Spirit

a. Significance of Market Mechanism

b. Price Adjustment

c. No Restriction of Trade

d. Honesty and Truthfulness

Topic No. 10 Implementation of Islamic Principles in Business Law

a. Concept of Hisbah

b. Duties of Muhtasib

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