Course Outline

  1. Money and Banking:
    The concept of Riba (interest): its interpretation and implications, rationale for prohibition of interest based transactions and gambling, models of interest-free commercial banking, financial instruments, Principles of financial contracts, insurance in Islamic perspective,
  2. Monetary Policy in Islamic Framework:
    The role of central bank: its powers and limitations, rudiments of a just monetary system, issues in interest free financial system.
  3. Islamic Banking Practice:
    Problems and prospects, formulation and implementation of monetary policy in Islamic State, Inflation and indexation.
  4. Forms of Business Organization:Proprietorship, Partnership (Muzara’h, Mudharbah, Mushrakah), Joint Stock Company (Sharikah), Factor pricing, the status and role of labor in Islamic perspective, market structure and resource allocation.

Reference Books

  1. CII Report Consolidated Recommendations on the Islamic Economic System , Council of Islamic Ideology, Govt. of Pakistan (1983, 1994)
  2. IRTI, IDB Islamic Economic Studies, the Quarterly Journal of the IRTI, Islamic Development Bank, Jeddah, K.S.A.
  3. Izzud-Din Pal, Pakistan, Islam, and Economics: Failure of Modernity (1999), Oxford University Press, Karachi
  4. Khurshid Ahmed (Ed) Studies in Islamic Economics (1980). King Abdul Aziz University Jeddah and The Islamic Foundation UK
  5. Akram Khan Issues in Islamic Economics (1983) Islamic Publications Ltd. Lahore.
  6. Imran Ashraf Meezan Bank’s Guide to Islamic Banking (2002) Dar-ul-Ishaat Karachi
  7. Taqi Usmani, The Historic Judgment on Interest by the Supreme Court (2000) Idaratul-Maarif Karachi
  8. Umer Chapra, Just Monetary System (1993) IIIT New York and Islamic Research Institute, IIU Islamabad
  9. A. Manan and Economic Development in Islamic Framework (1996) Mehboob Ahmed (Ed). IIIE, International Islamic University, Islamabad.
  10. N. Siddiqi, Banking without Interest & Issues in Islamic Banking (two Books), The Islamic Foundation, Leicester UK (1983)
  11. N. Siddiqi, Dialogue in Islamic Economics (2002) Institute of Policy Studies, Islamabad.
  12. Muhammad Arif (Ed) Monetary and Fiscal Economics of Islam: (1982). King Abdul Aziz University, Jeddah KSA.
  13. Muhammad Ayub, Islamic Banking and Finance: Theory and Practice (2002). State Bank of Pakistan, Karachi
  14. Munawar Iqbal (Ed) -Distributive Justice and need Fulfillment in an Islamic Economy (1986), IIIE, International Islamic University, Islamabad
  15. Ziauddin et al (Ed) – Fiscal Policy and Resource Allocation in Islam: (1983). King Abdul Aziz University Jeddah & Institute of policy Studies Islamabad
  16. Ziauddin et al (Ed) – Money and Banking in Islam: (1983) King Abdul Aziz University Jeddah & Institute of policy Studies Islamabad