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ECO731Social Sciences2 Unitsintermediate

Introduction To Islamic Economics

This course introduces students to the fundamentals and principles of Islamic economics and finance. It explores the Islamic economic system as an alternative to conventional economics, covering philosophical and moral foundations. The course includes micro and macroeconomics analysis from an Islamic perspective, such as consumer and producer behavior, market structure, and the role of the state. It also examines fiscal and monetary policies, social security, and Islamic banking.

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78h

Study Time

13

Weeks

6h

Per Week

basic

Math Level

Course Keywords

Islamic EconomicsIslamic FinanceShariaZakatRiba

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Islamic Economic System

2

Sources of Sharia

3

Consumer Behavior

4

Producer Behavior

5

Fiscal Policy

6

Monetary Policy

7

Zakat

8

Waqf

9

Riba

10

Gharar

11

Maysir

12

Islamic Business Ethics

Total Topics12 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assignments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Islamic Banker

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Economic Researcher

Apply your skills in this growing field

Sharia Advisor

Apply your skills in this growing field

Zakat Administrator

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Islamic BankingFinanceConsultingAcademiaGovernment

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Overview of Islamics Economics and Finance

2h

Unit 1: Development of Islamic economics and its rationales

2 study hours

•Define Islamic economics and discuss its nature and scope.
•Explore the historical evolution of Islamic economics.
•Understand the rationales behind the development of Islamic economics and finance.
•Identify prohibited elements in Islamic economics and finance.
•Describe selected contracts in Islamic finance.

Week

2

Module 1: Overview of Islamics Economics and Finance

2h

Unit 2: World views and the role of religion in economics

2 study hours

•Define worldview and differentiate between Islamic and Western worldviews.
•Discuss the role of religion in the West and contrast it with the role of Din al-Islam.
•Explain the Unity of God (Tawhid) and its implications.
•Describe the role of man as Abd (servant) and Khalifah (vice-gerent).
•Discuss the concept of nature and the purpose of man's life on Earth.

Week

3

Module 1: Overview of Islamics Economics and Finance

2h

Unit 3: Methodology, Sources of Sharia and prohibited elements

2 study hours

•Define Sharia and discuss its sources.
•Compare Islamic economics methodology with Western methodology.
•Enhance understanding of shariah and its sources as methodological tools.
•Demonstrate how to build a model in Islamic economics.
•Explain epistemological foundations.

Week

4

Module 2: Islamic Economic System

2h

Unit 1: Features of Islamic Economic System and other Systems

2 study hours

•Describe the Islamic economic system.
•Understand the basic features of the Islamic economic system.
•Differentiate between the Islamic economic system and other systems.
•Discuss ownership of resources in Islamic economic system.
•Explain the role of Shari'ah as the guiding principle.

Week

5

Module 2: Islamic Economic System

2h

Unit 2: Philosophical Foundations, Operational Principles and Goals

2 study hours

•Understand the philosophical foundations of the Islamic economy.
•Explain the operational principles of the Islamic economy.
•Identify the goals of the Islamic economy.
•Discuss Tauhid, Ibadah, Risalah, Akhirah, Khilafah, and Tadhkiyya.
•Explain Adl/Ihsan, Takaful/Ta'awun, Responsibility/Accountability, and Moderation.

Week

6

Module 2: Islamic Economic System

2h

Unit 3 : The Role of al-Hisba in Regulating the economy

2 study hours

•Understand the meaning of Hisbah institution.
•Trace the historical development of Hisbah.
•Explain the role of Hisbah in regulating economic and business activities.
•Discuss the functions of Hisbah related to weights and measures.
•Explain the role of Hisbah in checking business frauds.

Week

7

Module 3: Introduction to Micro and Macro Economics Analysis

2h

Unit 1 Consumer and Producer behaviours

2 study hours

•Understand the nature of consumer behavior according to Islamic economic perspectives.
•Understand the nature of producer behavior according to Islamic economic perspectives.
•Differentiate between economic man and Muslim man.
•Discuss the key assumptions of Islamic consumer behavior.
•Explain the models of consumer behavior with Islamic norms.

Week

8

Module 3: Introduction to Micro and Macro Economics Analysis

2h

Unit 2 Market mechanism from Islamic perspective

2 study hours

•Understand the meaning of market mechanism.
•Discuss Islamic business ethics.
•Appraise different types of markets from an Islamic economics perspective.
•Explain the role of the Islamic state in regulating market activities.
•Discuss the ethical requirements in business.

Week

9

Module 3: Introduction to Micro and Macro Economics Analysis

2h

Unit 3 Islamic Macroeconomics Objectives, Fiscal and Monetary Policies

2 study hours

•Understand the objectives of Islamic macroeconomics.
•Explain fiscal policy in Islamic economics.
•Discuss monetary policy in Islamic economics.
•Describe the instruments of Islamic fiscal policy.
•Explain the basic principles guiding public expenditure.

Week

10

Module 4: Introduction to Islamic Welfarism

2h

Unit 1: Appraisal of Conventional Welfare Theory

2 study hours

•Describe the concept of welfare.
•Differentiate between Islamic and conventional welfare theories.
•Explain the Islamic Social Welfare Function.
•Discuss the philosophical underpinning of neoclassical economics.
•Understand the Islamic perspective on social utilities.

Week

11

Module 4: Introduction to Islamic Welfarism

2h

Unit 2: Distribution in Islamic Economics

2 study hours

•Describe the goals of distribution in Islamic economics.
•Explain functional distribution in Islamic economics.
•Discuss personal distribution of income.
•Understand the primary goals in Islamic economics.
•Explain the framework of Marginal productivity theory.

Week

12

Module 4: Introduction to Islamic Welfarism

2h

Unit 3: Redistribution in Islamic Economics

2 study hours

•Understand the concept of Zakat.
•Explain the concept of Waqf.
•Discuss the concepts of Sadaqat, Inheritance, and Gift.
•Identify the types of Zakat.
•Discuss the significance of Zakat in the society.

Week

13

Final Revision

4h

Final Revision

4 study hours

•Comprehensive revision of all modules and units.
•Review key concepts and principles of Islamic economics.
•Practice problem-solving and case studies.
•Prepare for final examinations.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Focus on understanding the core principles of Islamic economics, such as the prohibition of riba and the importance of zakat.

2

Create comparative tables contrasting Islamic economics with conventional economic theories.

3

Practice applying Sharia principles to real-world economic scenarios and case studies.

4

Review all Tutor-Marked Assignments (TMAs) and their solutions to identify areas of weakness.

5

Develop concept maps linking the philosophical foundations of Islamic economics to its practical applications.

6

Allocate specific study time for each module, prioritizing those with higher weightage in the final examination.

7

Form study groups to discuss complex concepts and clarify doubts with peers.

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