Overview

This course aims to provide the students with a thorough understanding of Islamic Economic thought and its intricacies. The course seeks to enable participants to recognize the strengths of Islamic Economics and its application in the modern Islamic finance industry, contrasting it with the interest based global financial system. Participants will also be challenged to comprehend the rationale behind Islamic Economic principles and how socially responsible finance is the basis.

Indicative Content: • History of Islamic Economic thought • Islam and its worldviews • Al Sharia: Source of knowledge and action in Islam • The Islamic Economic System • Distribution and Islamic Economic Reforms • Allocation of resources in Islamic economic System

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Contrast Islamic Economic thought with the conventional financial framework.

• Describe the impact of an Islamic economic system on economic development and financial stability through understanding of its importance and its theoretical construct.

• Explain the dynamics of classical Islamic Economic thought and its application in the modern financial system.

• Identify the relevant features of an Islamic economic system to evaluate their significance for economic transactions.