Teaching and Research Methods for Islamic Economics and Finance – Book Summary

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Research and teaching are of fundamental importance to the sustained development of Islamic Economics and Finance. This text offers the findings of cutting edge research on a wide range of interrelated topics in this field within its 22 chapters.  Two of the chapters, under discussion here, are authored by three lecturers who teach and research at Markfield Institute of Higher Education.

Chapter 7 entitled: the Impact of the shift from real economy toward the financial economy in deriving new rules (isṭinbāt) in mu’amalāt results from collaborative research by Sheikh Ricky Bains and Sheikh Dr Faizal Ahmad Manjoo. It demonstrates how alternative outlooks and tools are required by Muslims within the contemporary financial economy to concord with the rulings of their faith. Shariah scholars derive legal constructions embedded with uṣūl al-fiqh to enable financial products to develop that suit the demands of the burgeoning Islamic market for independent financial and economic tools and models, alongside the application of maxims and legal mechanisms provided by qawā’id fiqhiyyah

Chapter 8: Developing pedagogical methodologies in teaching Islamic economics offers a cross-disciplinary approach orchestrated by Dr Imran H Khan Suddahazai and Sheikh Dr Faizal Ahmad Manjoo. Here, they examine best practice with regards to the delivery or pedagogy of teaching material on Islamic economics and seek to extract what works best from prominent educational perspectives. The Group Research Interactive Teaching (GRIT) method is showcased as a best practice model which has been incorporated into a contemporary undergraduate teaching programme in Islamic economics. This blends both contemporary and traditional approaches with innovative teaching methods.