Foundation of Islamic Economics

Abstract

In International Islamic University Malaysia, PhD researchersare allowed to teach a section of a course. I have been teaching ‘Foundation of Islamic Economics’ or FIE since February 2014. FIE is a corecourse of the Kulliyyah (Faculty) taught at undergraduate level, which means that every student of Kulliyyah of Economics & Management Sciences (KENMS) must take this course in order to complete the undergraduate degree from IIUM whether his/her major in economics, accounting, finance or business administration. The importance of this course to the faculty as well as the university can be understood from this policy. This is obvious because this course gives the students an exposure to Islamic economics at its foundation level and the rationale for the inclusion of the course / module in the program is, “[T]his course is expected to develop the capability of students to enter into positions in government, business, and consulting firms, which call for the analysis of economic problems and variables from an Islamic perspective(Course outline: FIE)”.  I do not fully agree with rationale because I believe that whether government, business, and consulting firms, which call for the analysis of economic problems and variables from an Islamic perspective or not, students will be capable of recommending Islamic approach to the government, business, and consulting firms in such a scientific manner that these institutions  take the Islamic approach at least on the ground of efficiency, stability and sustainability if not from the ground of spirituality.