Module FINN45515: Islamic Political Economy

Department: Finance

FINN45515: Islamic Political Economy

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To define the scope and significance of Islamic Economics with special reference to the central problems of economic choice, whereupon the meeting points with, and departure points from, mainstream economics are critically appreciated;
• To enable students to locate the ethical character of Islamic economics within the context of the current debate on economic methodology, particularly the positive/normative characterisation of Islamic economics;
• To provide students with an advanced understanding of key concepts and theories and philosophical foundations of Islamic political economy and Islamic economic development;
• To enable students to critically evaluate the contributions of leading scholars to the fields of Islamic political economy and Islamic economics;
• To provide students with an advanced understanding of the principles and implications of Shariah law for economic and financial systems;
• To critically examine the systems and theories of governance and regulation applied to Islamic banking and financial intermediation.

Content

• Scope and definition of Islamic political economy;
• Islamic Moral Economy;
• The structure of an Islamic economy - the government sector;
• The structure of an Islamic economy- Philanthropic Sector;
• Developments in Islamic economic thought;
• Islam and economic development;
• Institutionalisation of the Islamic Economy;
• Islamic Governance and Political economy of Islamic governance and regulations;

Learning Outcomes

• An advanced understanding of economic systems and the place of Islamic economics within a systemic understanding;
• An advanced knowledge of the nature and scope of Islamic economics and its relationship with conventional economics;
• An advanced knowledge of nature, framework and strategies of Islamic economic development and rationale for it;
• An advanced understanding of Islamic views on trade and commercial activity and the moral justification for rewards under the Shariah law;
• An advanced understanding of the principles of Islamic economics in relation to corporate governance and regulation.

• The ability to identify Islamic economics as a unique system with its philosophical and institutional foundations;
• The ability to distinguish Islamic economic development targeting a just socio-economic order through the promotion of ethical values and the appropriate system;
• The ability to evaluate Islamic faith perspectives on economic organisation and behaviour;
• The ability to appreciate the differences between the utopian Islamic moral economy and the contemporary Muslim economies and the practical nature of Islamic finance; and hence
• The intellectual capacity to judge the extent to which certain Muslim economies can be considered models of Islamic economies;
• The ability to critically reflect on whether the lack of development of many Muslim countries is explained by behavioural factors, moral theory and moral economy;
• The ability to identify and distinguish the Islamic corporate governance system with its institutions.
• Analysing economic behaviour in any given context including the Islamic framework;
• Developed perception and integrated approach to economic issues in a comparative manner;

• On completion of this module, students will have developed the following key skills:
• Developed self-awareness, openness and sensitivity to diversity in terms of people, religions, economics and business issues;
• Developed independent learning within a defined framework of study at an advanced level;
• Developed independent thought in analysing and critiquing existing scholarship on the subject area and in evaluating its contribution;
• Ability to engage in class discussion and impart complex information to others;
• Ability to work to a deadline and complete written work within word limits;
• Advanced essay-writing skills;
• The ability to seek out and use relevant data sources, including electronic and bibliographic sources.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The modes of teaching are lectures, which allow the students to learn the identified topics and discuss them in a class environment; and four seminars, which will provide students with an opportunity to engage in and present the results of their teamwork. Lectures provide students with an opportunity to learn new concepts, principals, and philosophies, while seminars are appropriate for the students to further engage with this new paradigm through exchanging views and ideas.
• Assessment is through a formative assignment, as well as a summative assignment. The assignments provide students with the opportunity to engage and develop their knowledge and understanding of the subject matter, as well as their critical judgement and problem-solving skills.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

1000 word formative essay. Students will receive individual written feedback.

■ Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.