This course discusses the economic and moral behaviours of the individuals as well as on aggregate basis, simultaneously structures and practices in the economy and in business situations covering the economic, ethical and moral dimensions in the periphery of conventional and Islamic system. It is also concerned especially with Shari’ah and Fiqh injunctions of Islam. The objective of the course is to equip students with both theoretical and analytical skills to help them to evaluate effectively the subject. The focus is on the discussion of theoretical development of economics especially with reference to Islamic teachings. However, challenges related to moral and ethical policy are not only unique to Islamic Economics but also mainstream economics is trying to cover this area. This module covers a variety of theories that relate economics in general and in particular Islamic perspective. This module covers the following topics: Introduction to the course, Definition, Scope, significance and Nature of Islamic Economics, Economic values under the paradigm of Islamic and conventional system, Current debate on methodology, particularly the positive/normative characterization of Islamic Economics.

After completing this course, the student will be able to:

1. Recognize the strength and weaknesses of the major trends in economic thought
2. Demonstrate a critical understanding of the received jurisprudence and juristic intents taken as an essential basis for understanding the concept of ‘utility’ in Islamic Economics
3. Compare between Islamic Economics and mainstream Economics
4. Analyze Islamic Economics as a unique system of economic policy
5. Combine the Market and Non-market economic sector
6. Evaluate a just socio-economic order through the promotion of ethical values and the institution of appropriate system

1. Introduction
2. Methodology of Economics from the maqsasid Perspective
3. Legitimate economic exchange and productive organization
4. Market Imperfections
5. Special topics:
   1. • Consumer behavior
   2. • Firm behavior
   3. • Price Determination
   4. • Fiscal and Monetary policy
6. Ethical issues in business communications

Tag el-Din, Seif I. (2013) Maqasid Foundations of Market Economics, Edinburgh, UK: Edinburgh University Press, Ltd.

Chapra, M. U. (2000) The Future of Economics: An Islamic Perspective, Leicester, UK: Islamic Foundation.