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