ECON454 Islamic Economics

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Course Code Course Title Weekly Hours* ECTS Weekly Class Schedule
ECON454 Islamic Economics 3 0 6 Tue 13:00-15:00 / Thu 11:00-12:00 B F2.14
Prerequisite ECON112 It is a prerequisite to


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Course Objectives This course allows the student to develop a critical understanding of the development of Islamic economic and finance theory and become more appreciative of the contributions made by Muslim thinkers. Other than referring to the Quran and Sunnah as the key referral materials, this course also discusses the related theories and the current economics and finance issues from both the conventional and Islamic point of view.
Textbook 1. Askari, H., Iqbal, Z. & Mirakhor, A. (2015) Introduction to Islamic Economics: Theory and Practice, Singapore: John Wiley& Sons. (1) 2. ISRA (2018) Islamic Economics: Principles and Analysis, Kuala Lumpur: ISRA. (2)
Learning Outcomes After successful  completion of the course, the student will be able to:
  1. Define an economic system as a collection of institutions dealing with production, exchange, distribution, and redistribution
  2. Define institutions as rules and norms.
  3. Discuss the Islamic economic system which differs from economic systems recommended by other schools of thought.
  4. Demonstrate understanding of how does system without interest rates functions.
  5. Provide a basic knowledge of the principles of Islamic economics and the Islamic economic system.
  6. Develop skills necessary to appreciate an alternative to a commonly familiar approach of interpreting the economic behavior of men and women in society
Teaching Methods The methods include lectures (which may involve power point presentation, video and audio aids), student presentations, projects and class discussions.
Week 1 Introductory Lecture
Week 2 Economic Systems: An Overview Ch. 01 (1) & Ch. 01 & 05 (2)
Week 3 Foundation of the Islamic Economic System Ch. 02 (1)
Week 4 Shari'ah Foundation of the Islamic Economics and Finance Special reading handout
Week 5 Islamic economic system Ch. 04 (1)
Week 6 Ethics, Morality and Economic Performance Ch. 04 (2)
Week 7 Mid-Term Exam
Week 8 The Institutional setting of the Islamic Economic Ch. 03 (1)
Week 9 Key Microeconomic Concepts Ch. 05 (1) & Ch. 06 (2)
Week 10 Key Macroeconomic Concepts Ch. 06 (1) & Ch. 11 (2)
Week 11 Role of the State and Public Policy Ch. 09 (1) & Ch. 11 (2)
Week 12 Fiscal Policy Ch. 10 (1) & Ch. 14 (2)
Week 13 Monetary Policy Ch. 11 (1) & Ch. 15 (2)
Week 14 Paper Presentations
Week 15 Paper Presentations
Assessment Methods and Criteria Evaluation Tool Quantity Weight Alignment with LOs
Final Exam 1 40 1-6
Semester Evaluation Compenents
Mid-Term Exam 1 30 1-5
Project Paper 1 20 1-6
Class Participation 10 1-6
***     ECTS Credit Calculation     ***
 Activity Hours Weeks Student Workload Hours Activity Hours Weeks Student Workload Hours
Lecture hours 3 15 45 Mid-Term Exam Study 30 1 30
Home study 1 15 15 Final Exam Study 30 1 30
Project Paper 10 3 30 Project Paper 10 3 30
        Total Workload Hours = 180
*T= Teaching, P= Practice ECTS Credit = 6
Course Academic Quality Assurance: Semester Student Survey Last Update Date: 06/11/2020
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