International Council of Islamic Finance Educators

Fundamentals of Islamic Economics

Published in 2015



Overview of Islamic Economics and Other Economic Systems

– Overview of Economics and the economic problem

– Islamic economics and the economic problem

– Islamic economics and other economic systems


Islamic Worldview and Sources of Islamic Economics

– Compare Secular and Islamic Worldviews

– The Impact of Islam and Differing Worldviews on Man’s Way of Life

– The Purpose of Knowledge

– Methodology and Sources of Islamic and Secular Economic Disciplines


Development of Islamic Economics

– The development of Islamic Economics

– The development of Mainstream Economics

– The contributions of Muslim scholars to Economics


Consumption and Production in Islam

– Consumption in Islam and the hierarchy of needs

– Consumer choice and the allocation of resources in Islam

– Factors of productions and factor payments

– Entrepreneurship and production in Islam: Factor pricing

– Efficiency of resource allocation

5 Distribution of Income and Wealth in Islam

– Islamic factor markets and the supply and demand for human resources

– Mal-Distribution: unlawful income (riba, Maysir, gharar)

– Lawful distribution of income in Islam

6 Concept of Money in Islam

– Defining money and its role in Islam

– Islamic monetary theory of value

– Time preference and the time value of money

7 Islamic Finance and Banking

– Conventional and Islamic Banking

– Islamic finance

– Loan of use and consumption loan in Islam

8 Re-Distribution in Islam

– Compulsory re-distribution in Islam

– Voluntary re-distribution in Islam

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