Introduction to Islamic Finance and Economics
Course Overview
The course Introduction to Islamic Finance and Economics is designed to provide students with a foundational understanding of the principles, frameworks, and practices of Islamic finance and its role within the broader economic system. Islamic finance operates based on the principles of Shariah (Islamic Law), and this course aims to equip students with both theoretical knowledge and practical insights into how Islamic financial systems work.
The course will cover key topics such as the prohibition of interest (riba), ethical investment, Islamic financial products, the role of Islamic banks, and the broader impact of Islamic finance on the global economy. By examining both historical and modern-day applications, students will gain insight into how Islamic finance can contribute to sustainable economic development, ethical business practices, and social justice.
Course Objectives
- Understand the core principles of Islamic finance and economics.
- Learn about the key features of Islamic financial contracts and institutions.
- Gain insights into the prohibition of riba (interest), gharar (uncertainty), and maysir (gambling) and their impact on economic transactions.
- Explore the role of Islamic banks, capital markets, and ethical investing.
- Study Islamic economics and its approach to promoting fairness, equity, and social justice.
- Examine how Islamic finance can foster economic development and sustainable growth.
- Understand the difference between conventional finance and Islamic finance, focusing on the ethical and moral foundations of the latter.
