LeaderShaikh Faizal Ahmad Manjoo
PrerequisitesAvailable only to students holding an undergraduate degree; alternatively Accredited Prior Learning (APL) can be considered for this module subject to approval bu MIHE's academic management committee.
This module aims to emphasise the practical relevance of Islamic economics through combining the implicit economic insight of jurisprudence (Maqāsid al-Shari’ah) and relevant mainstream economic theories, thereby yielding a coherent discipline of public moral policy. The scope and significance of Islamic economics is presented within the current debate on economic methodology. Islamic economics emerges as a pragmatic policy-oriented discipline that rests on the Qur'an, the Prophet's tradition (peace by upon him) and the on-going up to date Itjihad (scholarly juristic application). Three main themes are the focus of this module: an overview of the foundation of Islamic economic analysis of the prevailing theories, Islamic macroeconomic theories and the major structural themes of Islamic economics related to the voluntary sector, prohibitive elements in market transactions, appraisal of the factors of production from an Islamic perspective.
Assessment 1: A critical essay (c. 2,500 words) on a given topic whereby students should be able to show their understanding of Islamic economics as well as conventional economics on a given topic. Students should demonstrate independent learning, self-direction and originality in tackling and solving the given problems, and act autonomously in planning and implementing tasks at a professional or equivalent level. They are also expected to exercise initiative, personal responsibility and decision-making skills in complex and unpredictable situations, as appropriate; and
Assessment 2: There will be a written closed book exam lasting for two hours where students will be assessed on various aspects of micro economics and macroeconomics. Students are expected to display a good level of critical analysis, formulate insights with regards to economic concepts and their application.