This subject is an introduction to understanding the dynamics of an ethical economy as organized by Islamic rules, regulations, and jurisprudential guidelines. It will emphasize Islamic ethical and economic rules for handling market transactions, taxation, treasury, and other institutions. Moreover, it will give students a firm grasp of economic jurisprudential (Fiqhi) terms like Zakat, Kharaj, Riba, Khums, the types of Buyoo' (sales contracts), and Sharikat (business partnerships) and more. Students will learn how an Islamic economy enables people to provide revenue for themselves and how it supplies the state with a revenue sufficient for public services, enriching both the people and the state. They will also understand the economic and institutional causes of underdevelopment in most Muslim countries and what potential reforms could enable faster and more stable economic progress. The course will explore the contributions of Muslim jurists to this field, citing various names and works ranging from traditional jurists to contemporary scholars. Finally, it will inform students of the debates Muslim jurists and economists are having about potential reformations for the future of Islamic banking, Islamic finance, and global markets.
Upon successful completion of this course, students should be able to:
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- Obtain a reliable overview of the essential institutions, rules, and procedures prescribed in Islamic jurisprudence
- Understand the different forms of legitimate property ownership in Islamic jurisprudence
- Understand the venues for revenue and expenditure in an ethical government
- Apply economic analysis to understand the causes of underdevelopment in Muslim countries today
- Obtain a broad overview of the debates concerning Islamic finance and integration to global markets