Economic System: Ideals and Realities

Module 4: Economic System

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CourseProfessional Certificate in Islamic Economics (PCIE)

Module 1: Foundation of Islamic Economics

Religion and Economics
The Western View & the Case of Islam
Worldview of Economics
Islamic worldview and its core elements.

Module 2: Scope and Methodology of Islamic Economics

Definition of Islamic Economics, scope & its Characteristics
Objectives of Islamic Economics
Methodology of Islamic Economics

Module 3: Islamic Ethics and Economics

Examples of Ethics in the Economy
Definition of Ethics & Ethics in Islamic Economics
Ethics and the Market
Ethics and Financial Sector

Module 4: Economic System

Overview of an Economic System
Islamic Economic System
Capitalism
Socialism
Economic System: Ideals and Realities

Module 5: Islamic Microeconomics

Definition of Microeconomics & its Scope
Key Differences between Conventional and Islamic Microeconomics
Key Concepts of Microeconomics from Islamic Perspectives
Rationale Choice, Demand and Supply & Elasticity

Module 6: Consumption

Islam and Consumption
Wants, Needs, and Desires
Guiding Principles on Consumption and Utilization of Wealth
Consumer Behaviour: Islamic vs Conventional Approach

Module 7: Production

Concept of Production in Islamic Economics
Purpose of Resources & Producers as Khalifah of Allah SWT
Ultimate Objectives of Production: Prosperity of the Earth
Theory of Production & Behavior of the Producer in Islamic Economics

Module 8: Distribution

Income Distribution & Marginal Productivity: Profit, Islam and Equity
Amanah, Structures of Justice & Attitude towards wealth
Wages in Islam & Distribution Model in Islam
State and Income Distribution

Module 9: Islamic Macroeconomics

Conceptual Framework of Islamic Macroeconomics
Key Concept of Macroeconomics from an Islamic Perspective
Business Cycle, Employment & Inflation
Government and Economic Policies

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