class 1_introduction the foundation of islamic economics

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THE FOUNDATION OF ISLAMIC ECONOMICSLecturer:Nuruddin Mhd Ali, MA, M.Sc1Objectivesto introduce the students to the newly emerged discipline of Islamic economics to explain how Islam as a religion provides solution to the basic economic problem as faced by human beingsto explores some fundamental issues related to Islamic economics. It will discuss Islamic economics from its background, principles, development and prospects

Teaching MethodologyAssignment(Groups Assignment) The students will be divided into groups which consist of 2 - 5 students. Each group should prepare to presentation on subtopics as listed in the course outline below. (Individual Assignment)Each student should write article on essay design (2500 Words) about crucial and urgent topics on economics in two perspective (Islamic and Conventional)

Grading SchemeTopic List (1)The Foundation of Islamic EconomicsIslamic Way of LifeIslamic Economics; Definition & Methodology

Topic List (2)Islamic Economic ThoughtClassicalMiddle ageModernIslamic economic school of thoughtTopic List (3)Positioning of Islamic Economicsthe history of world economic systemmainstream of economic system (capitalism, socialism, welfare state)Critiques on world economic systemIslamic solution

Topic List (4)Prohibited Transaction of IslamThe history of money Critiques on interest Riba in IslamDefinition of gharar and maysirModern application of gharar and maysirWhy we should avoid them?Islamic solutionTopic List (5)Partnership and Profit-Loss Sharing (PLS)Partnership in economic theoryTheory of profit-loss sharingApplications in banking and finance

Topic List (6)Islamic Theory of ConsumptionTheory of consumptionImplication on economyIslamic teachings on consumptionThe implication on economyTopic List (7)Islamic Theory of FirmSome theories of firmCritiques on corporate behaviorGood corporate governanceCorporate social responsibilityTopic List (8)Poverty Alleviation an Islamic PerspectiveIntroduction to Islamic fiscal policyIntroducing zakah, background, change, and developmentEconomic development and poverty eradicationZakah role in poverty eradicationTopic List (9)Islamic Wealth ManagementEarning income in Islamic perspectiveWealth management in IslamIslamic Financial planning (household consumption, insurance, pension fund, saving, investment, zakah)

Topic List (10)WaqafBackground, law, history, and development/backwardnessWaqaf management in some muslim countriesWaqaf management in IndonesiaCash waqaf (what, why, how)

Topic List (11)The Role of State of Islamthe role of state in economyfree economic systemthe role of state in IslamTopic List (12)Islamic Monetary PolicyConventional Monetary SystemCritiques on conventional monetary systemIslamic solution

Topic List (13)Economic Cooperation among Moslem CountriesEconomic Potential in Muslim CountriesEconomic Problem in Muslim CountriesEconomic Cooperation among Muslim Countries; Prospect and Opportunity

References (1)Anto. MB. Hendrie. 2003. Pengantar Ekonomika Mikro Islami. Yogyakarta: EkonisiaAntonio, M. Syafii. 2001. Bank Syariah Dari Teori ke Praktek. Jakarta: Gema Insani PressChapra. M. Umer. 1985. Toward Just Monetary System. Leicester: The Islamic Foundation______________. 1989. Islam and Economic Development. IIIT______________. 1995. Islam and The Economic Challenge. Leicester: The Islamic Foundation ______________. 2000a. The Future of Economics, an Islamic perspective. Markfield: The Islamic Foundation ______________. 2000b. Is it Necessary to have Islamic Economics? The Journal of Socio-Economics, Volume 29, p. 21 37.

References (2)El-Gamal, M. E. 2001a. An Islamic Explication of the Prohibition of Gharar in Classical Islamic Jurisprudence. A paper presented at the 4th International Conference on Islamic Economics and Banking held in Loughborough, August 13-15, 2000. Also available on-line: __________. 2001b. An Islamic Explication of the Prohibition of Riba in Classical Islamic Jurisprudence. On-line resource available on: Kahf, M. 1980 A Contribution to the Theory of Consumer Behaviour in an Islamic Economy. In Ahmad, K. (ed.) Studies in Islamic Economics, Ch 2, The Islamic Foundation, UK. Khan, M. F. 1992 Theory of Consumer Behaviour in Islamic Perspective. In Ahmad, A. and Awan, K. R. (eds.) Lectures on Islamic Economics, Ch 9, IRTI, The Islamic Development Bank, Saudi Arabia. References (3)________. 1995 Essays in Islamic Economics. Ch 2, The Islamic Foundation, UK.. Naqvi, Syed Nawab Haidar. 1994. Islam, Economics, and Society. London: Kegan Paul InternationalSiddiqi. M. Nejatullah. 1981. Muslim Economic Thinking. Jeddah: International Center for Research in Islamic Economics____________. 1985. Partnership and Profit-Sharing in Islamic Law. Leicester: The Islamic Foundation Al-Suwailem, S. 2000 Towards an Objective Measure of Gharar in Exchange. Islamic Economic Studies, Volume 7, Numbers 1 & 2. other related articles to concerned topics

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