Economics in Islam is an important subject that provides a comprehensive overview of the Islamic economic system and its principles. This course will explore the framework of Islamic economics, the ethical principles it follows, and how this framework has been applied to various economic issues throughout history. Students will learn about topics such as zakat (alms tax) and riba (interest), Islamic banking, microfinance, Islamic insurance, and more. Additionally, we will also discuss modern applications of these teachings in today’s economy and their implications for financial markets. By the end of this course, students should be able to confidently analyze from an Islamic perspective any economic issue they may encounter.

Islamic economics is `the study of economics in the light of Islamic principles’, or `bringing economics in consonance with the Shari’ah’. But this would imply that the definition of the science of economics has a universal acceptability which it does not. Another way of defining Islamic economics would be to accommodate the latest and the least criticized definition of economics and qualify it with Islam.