Course Information
SemesterCourse Unit CodeCourse Unit TitleT+P+LCreditNumber of ECTS CreditsLast Updated Date
1ECON 523Islamic Economics and Finance3+0+03816.09.2025

 
Course Details
Language of Instruction English
Level of Course Unit Master's Degree
Department / Program MA Program in Economics (Thesis) (English)
Type of Program Formal Education
Type of Course Unit Elective
Course Delivery Method Face To Face
Objectives of the Course This course is designed to provide an introduction to Islamic economics & finance, aiming to provide graduate students with a thorough and research-oriented understanding of Islamic economics and finance. It emphasizes the Islamic worldview, ethical foundations, and institutional frameworks while critically comparing them with conventional approaches. Students are expected to engage in advanced case studies, policy analysis, and scholarly debates as preparation for thesis-level research.
Course Content The course covers the Islamic economic worldview and moral philosophy, prohibition of riba, gharar, and maysir, the role of zakat and waqf in redistribution, Islamic banking and finance operations, sukuk, takaful, and economic justice. Greater emphasis is placed on critical literature review, comparative case studies, governance and regulatory challenges, and the integration of contemporary issues such as fintech and sustainability. Students will be guided to connect theoretical insights with applied research questions.
Course Methods and Techniques
Prerequisites and co-requisities None
Course Coordinator None
Name of Lecturers Asist Prof.Dr. Ayman Bekiroğlu ayman.bekiroglu@ihu.edu.tr
Assistants None
Work Placement(s) No

Recommended or Required Reading
Resources Abojeib, M., Haneef, M. A. M., & Mohammed, M. O. (2018). Islamic Economics: Principles and Analysis. International Shari’ah Research Academy for Islamic Finance (ISRA)
Kahf, M. (2014). Notes on Islamic Economics: Theories and Institutions. CreateSpace Independent Publishing Platform
Kahf, M. (2014). Notes on Islamic Economics: Islamic Finance and Banking. CreateSpace Independent Publishing Platform
Course Notes Abojeib, M., Haneef, M. A. M., & Mohammed, M. O. (2018). Islamic Economics: Principles and Analysis. International Shari’ah Research Academy for Islamic Finance (ISRA).
Kahf, M. (2014). Notes on Islamic Economics: Theories and Institutions. CreateSpace Independent Publishing Platform.
Kahf, M. (2014). Notes on Islamic Economics: Islamic Finance and Banking. CreateSpace Independent Publishing Platform.

Course Category
Social Sciences %50
Field %50

Planned Learning Activities and Teaching Methods
Activities are given in detail in the section of "Assessment Methods and Criteria" and "Workload Calculation"

Assessment Methods and Criteria
In-Term Studies Quantity Percentage
Mid-terms 1 % 25
Assignment 2 % 10
Attendance 1 % 15
Project 1 % 15
Final examination 1 % 35
Total
6
% 100

 
ECTS Allocated Based on Student Workload
Activities Quantity Duration Total Work Load
Course Duration 14 3 42
Hours for off-the-c.r.stud 14 10 140
Assignments 2 5 10
Presentation 1 4 4
Mid-terms 1 16 16
Project 1 10 10
Final examination 1 20 20
Total Work Load   Number of ECTS Credits 8 242

 
Course Learning Outcomes: Upon the successful completion of this course, students will be able to:
NoLearning Outcomes
1 Compare and contrast the different theories of Islamic Economics and Finance.
2 Acquire a sound in-depth understanding of the Islamic Worldview (ontology) and methodology (epistemology) and its implications on economics and financial activities
3 Learn the Shariah perspective on the economic concepts of production, consumption and distribution
4 Critically evaluate main features that would distinguish the Islamic financial system and Islamic Financial Institutions from its conventional counterpart
5 Identify a range of commonly used Islamic financial instruments, products and services
6 Adequately discuss main principles requirement and conditions that govern activities and contracts in the Islamic financial system
7 Critically evaluate the key principals of Islamic capital market
8 Assess the current models and practices of Takaful in contrast to conventional insurance
9 Elaborate the current issues and challenges of Islamic finance industry.

 
Weekly Detailed Course Contents
WeekTopicsStudy MaterialsMaterials
1 Adaptation of Islamic Economic Paradigm compared to other economies
2 The Basic Concepts, Principles of Islamic Economics and Finance.
3 Origin of Islamic Economy a historical background.
4 Main Theories of Islamic Economics and Finance.
5 Islamic Commercial Transaction Jurisprudence (Fiqh).
6 Islamic Economic System & Applications.
7 Basic Concepts of Islamic Banking.
8 Islamic Financial instruments and capital markets
9 Midterm Exam
10 Islamic Corporations and Islamic Parameters.
11 Sharia Supervision and Control on Economic and Financial activities.
12 Islamic Macroeconomic, Planning and Sustainable Development.
13 The Role of FinTech, AI, and Technology in Islamic Finance
14 Revision and Discussion of the Projects.

 
Contribution of Learning Outcomes to Programme Outcomes
P1 P2 P3 P4 P5 P6 P7 P8
All 1 5 5
C1
C2 4 4
C3
C4 3 4
C5 4 5 4
C6 1
C7 3
C8 1
C9 1 5

  Contribution: 1: Very Slight 2:Slight 3:Moderate 4:Significant 5:Very Significant

  
  https://obs.ihu.edu.tr/oibs/bologna/progCourseDetails.aspx?curCourse=248657&lang=en