EMIF620 ISLAMIC ECONOMICS

Course Description:

This course is intended to continue to introduce students to Islamic economic history and philosophy (wisdom) from the Quran and Sunnah. The course will build on other courses that introduced Islamic Finance. This Islamic economics course will show the difference between Islamic thinkers in the field of economics in the past and present. The course will enhance the students’ awareness on the body of classical economics and relate it to contemporary schools of economics. This course is based on advanced thinking and will discuss developing Islamic economics to the applied field by studying theory and practice.

Course Code: EMIEF620

Credit hours: 3

Pre-Requisites: None

Learning Objectives:

  • Students will be able to understand the meaning of Islamic economics.
  • Students will be able to understand the difference of  Islamic economics relative to classical and neoclassical theories of economics.
  • Students will be able to understand the development by economists that apply the philosophy of Islamic economics.
  • Students will be able to understand the challenges which face Islamic economics.

Course Outlines:

The outline of the course will build a comprehension of Islamic economic understanding through Islamic thought and historical influences.
  • Economic Thought in the Qur”àn and Sunnah
  • Books on classical Islamic economics
  • From reform to revival, an economic journey of thinking
  • The modernization of Islamic economics
  • The challenges of globalization

Main Textbook

Islamic Economics : A Short History By Ahmed El-Ashker and Rodney Wilson.

Grading and Evaluation:

  • Minimum passing grade 70%
  • Weekly Assignments: 30% (10 assignments, 3% each)
  • Attendance:  10%
  • Mid-Term exam:  10%
  • Final exam:  10%
  • Oral exam:  20%
  • Research paper:  20%

Guidelines for Research Paper:

 1- A part of the course requirements is to submit a research paper, except for certain courses.

 2- The chosen topic must be relevant to the course and approved by the Instructor.

 3- Joint project / research is allowed, up to 3 students, and upon the instructor’s approval.

 4- The paper must meet the following requirements:

  • Consider either MLA or APA guides for writing research papers
  • Follow the standard research paper structure with a Table of Contents, Abstract or Executive Summary, Introduction, Main Body, Conclusion, List of Reference
  • The Main Body should be organized into logical chapters and paragraphs
  • When quoting Hadeeth, a notation indicating its authenticity must be clearly

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Communication Etiquette:

  • If sending emails directly to the Instructor, please include appropriate label in the subject line (Action Required/Info/Admin) and allow up to 3 working days for reply.
  • Limit telephone communication with the Instructor to the office hours only.
  • When leaving a voicemail, please clearly state your name, course code, and contact number.

Additional Information:

Log in Instructions:

To attend live – online lectures (on their scheduled time):

Virtual Class Room

Access the course on-line by logging into Online School, accessible from

Guidance College Online School

You will need a user name and password to:

  • View the recorded lectures if you missed the live online ones.
  • Interact with your teacher and classmates.
  • Upload and submit your assignments, research papers, and exams.
  • View your grades.
  • All attempt must be made to submit assignments by the agreed due dates. Late submissions will be penalized.
  • Your work will be checked and graded on weekly basis, in sha Allah.

Vision Statement:

Guidance College shall be one of the top well-recognized universities in the United States that offers graduate and undergraduate degrees in specialized Islamic fields aiming at preparing moral and well-knowledgeable leaders who provide research-based Islamic alternatives that enable the Muslims to contribute to the success of their country.

Mission Statement:

Guidance College is the place where students gain their undergraduate degrees in authentic and professional specialized Islamic knowledge that recognizes modern-time realities and allows them to examine different branches of knowledge from an authentic Islamic perspective which enables them to think ethically, logically, analytically, and critically while making responsible and moral decisions aiming at improving the quality of life for all inhabitants of the earth with a full understanding and appreciation of the cultural and human differences.