Introduction To Islamic Economics
- Social Sciences
- 700 level
- 2 credit units
- 141 pages
- 12 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 78 hours
- Maths
- Basic
- Content
- Theoretical
- Practical work
- No
- Assignments
- Tutor marked assignments
- Final examination
What you'll read
The real module and unit structure of ECO731, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO731 · UNIT 1:DEVELOPMENT OF ISLAMIC ECONOMICS AND ITS RATIONALES
The third group defines the scope of the study according to the objectives the discipline wants to achieve i.e falah (success). Falah means success in this world hereafter. The intent is to realise the comprehensive aspects of human development and achieve a high quality of life and happiness in this world and hereafter.
What you should be able to do
- Describe Islamic economics as a discipline.
- Explain the development of Islamic economics and its rationales.
- Discuss the Islamic perspective on knowledge, religion, and the purpose of life.
- Identify and discuss the sources of Sharia and their application in economics.
- Describe the Islamic economic system and distinguish it from other economic systems.
- Analyze the philosophical foundations of the Islamic economic system.
- Discuss consumer and producer behaviors from an Islamic perspective.
What it prepares you for
- Islamic Banker
- Financial Analyst
- Economic Researcher
- Sharia Advisor
- Zakat Administrator
- Islamic Banking
- Finance
- Consulting
- Academia
- Government
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Introduction to Micro and Macro Economics Analysis
Unit 3 Islamic Macroeconomics Objectives, Fiscal and Monetary Policies
Requires understanding of both microeconomic and macroeconomic principles from an Islamic perspective, which may be challenging for students unfamiliar with both.
- Module 4: Introduction to Islamic Welfarism
Unit 3: Redistribution in Islamic Economics
Understanding the nuances of wealth redistribution through Zakat, Waqf, and inheritance requires careful study of Sharia principles.
A suggested way through it
13 weeks, about 28 hours in total. Yours will differ.
- Week 1Module 1: Overview of Islamics Economics and Finance
Unit 1: Development of Islamic economics and its rationales · 2 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 2Module 1: Overview of Islamics Economics and Finance
Unit 2: World views and the role of religion in economics · 2 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 3Module 1: Overview of Islamics Economics and Finance
Unit 3: Methodology, Sources of Sharia and prohibited elements · 2 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 4Module 2: Islamic Economic System
Unit 1: Features of Islamic Economic System and other Systems · 2 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 5Module 2: Islamic Economic System
Unit 2: Philosophical Foundations, Operational Principles and Goals · 2 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 6Module 2: Islamic Economic System
Unit 3 : The Role of al-Hisba in Regulating the economy · 2 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 7Module 3: Introduction to Micro and Macro Economics Analysis
Unit 1 Consumer and Producer behaviours · 2 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 8Module 3: Introduction to Micro and Macro Economics Analysis
Unit 2 Market mechanism from Islamic perspective · 2 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 9Module 3: Introduction to Micro and Macro Economics Analysis
Unit 3 Islamic Macroeconomics Objectives, Fiscal and Monetary Policies · 2 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 10Module 4: Introduction to Islamic Welfarism
Unit 1: Appraisal of Conventional Welfare Theory · 2 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 11Module 4: Introduction to Islamic Welfarism
Unit 2: Distribution in Islamic Economics · 2 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 12Module 4: Introduction to Islamic Welfarism
Unit 3: Redistribution in Islamic Economics · 2 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 13Final Revision
Final Revision · 4 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..
Preparing for the exam
- Focus on understanding the core principles of Islamic economics, such as the prohibition of riba and the importance of zakat.
- Create comparative tables contrasting Islamic economics with conventional economic theories.
- Practice applying Sharia principles to real-world economic scenarios and case studies.
- Review all Tutor-Marked Assignments (TMAs) and their solutions to identify areas of weakness.
- Develop concept maps linking the philosophical foundations of Islamic economics to its practical applications.
- Allocate specific study time for each module, prioritizing those with higher weightage in the final examination.
- Form study groups to discuss complex concepts and clarify doubts with peers.
Questions students ask about this course
What is ECO731 about?
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.
How many units does ECO731 have?
ECO731, Introduction To Islamic Economics, has 12 units across 4 modules, over 141 pages of course material. You can read it one unit at a time.
How many credit units is ECO731?
ECO731 carries 2 credit units, at 700 level in Social Sciences.
Is ECO731 hard?
ECO731 is rated intermediate level, with basic mathematical content. It is mostly theoretical work.
How long does ECO731 take to study?
About 78 hours of study, spread across its 12 units.
How is ECO731 assessed?
ECO731 is assessed by assignments, tutor marked assignments and final examination.
What can I do with ECO731?
Islamic Banker, Financial Analyst, Economic Researcher, Sharia Advisor and Zakat Administrator.