Economics and Business

Can There Be an Economics Based on Religion? The Case of Islamic Economics

As an undergraduate student at the International Islamic University Malaysia, my experience in studying economics was quite unique in the sense that while being exposed to mainstream neoclassical economics, there was an explicit mention that economics was to be taught in a ‘comparative’ and ‘critical’ manner. At the same time, due to events of the late 1970s and early 1980s, developing ‘Islamic economics’ was one of the goals in a few Muslims countries, including Malaysia. I discovered that there was also a ‘mainstream school’ among those writing on Islamic economics, modeled along neoclassical lines, working almost within the boundaries of neoclassical theory, with some adjustments to incorporate teachings/norms/values that reflected certain requirements of Islam.

Meeting the Needs of Islamic Finance at the Undergraduate Level: The Double Degree

B.Economics (Hons.) with Concentration in Finance/Islamic Economics and B.Islamic Revealed Knowledge and Heritage


It has now been accepted by nearly all scholars that in order to produce the type of human resources needed to develop the discipline and practice of Islamic economics, banking and finance, we have to have curricula that integrates between our Islamic heritage and modern economics/finance. In this brief note, we will try to present the double degree effort introduced in the last decade at the Department of Economics, IIUM, that was an additional step seen to be necessary to make a more meaningful contribution to the development of Islamic economics, banking and finance.

Teaching Islamic Economics in Malaysian Universities: Lessons from the Department of Economics, IIUM

Islamic economics, in both theory and practice, has been an area of discussion and debate for the last three decades. While literature on Islamic economics, particularly Islamic banking and finance, has increased tremendously in the last two decades, one very neglected area has been in Islamic economics education.  This paper tries to fill this gap by discussing and analyzing the ‘Islamic economics curriculum’ at the Department of Economics, Kulliyyah of Economics and Management Sciences (KENMS), IIUM and how its 25 year experience could provide some insights and lessons for curriculum reform in Malaysian universities.

Values and Their Relationship to Social Problems in Malaysia: An Islamic Framework

This study analyzes the relationship between values and social problems for Malaysian teenagers. Malaysia has undergone a tremendous social transformation that has affected many of its traditional and religious values and norms. This development is said to have contributed to a rise in social problems. Our basic premises are that values are reflected by behavior and that religion plays an important role in Malaysians’ value formation. In this context, and since Islam is Malaysia’s official religion, the measurement of values is based on the works of al-Ghazali and Rokeach.1 Some suggestions also are provided for future development policies.

Developing the Ethical Foundations of Islamic Economics: Benefitting from Toshihiko Izutsu

Abstract: Toshihiko Izutsu (1914-1993) is among the few 20th Century scholars who attempt to derive ethical principles of Islam from the Qur´ān by applying semantic analysis of Qur´ānic terms/concepts. Can his approach contribute to the development of an Islamic science in general, and of Islamic economics in particular, especially in the endeavour to establish the ethical principles of Islamic economics? In this paper, we scrutinise Izutsu’s two works on God and Man in the Qur´an (2002) and Ethico-Religious Concepts in the Qur´an (2004) to derive relevant Islamic values from the Qur´ān that could form the ethical base of Islamic economic theories as well as policy prescriptions. In particular, the concept of man as khalīfah-ʿabd is seen as having significant ethical implications on how economics and economic decision-making would be developed.

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Teaching of Economics at IIUM: The Challenges of Integration and Islamization

1. Introduction

The teaching of Islamic economics, in both theory and practice, has not been a widely discussed and debated area among Islamic economists. Islamic reforms in education have taken place in many parts of the world since the 1977 First International Conference on Muslim Education in Makkah. While the ‘theory’ and practice of Islamic economics (mainly banking and finance) has become a relatively wide-spread feature in many Muslim countries since the 1980s, discussions and debates on Islamic economics education have been rather scarce.  In fact, issues relating to curriculum and teaching of Islamic economics is at most, an internal matter, rarely discussed at international Islamic economics conferences and meetings. In this chapter, we discuss the practice of teaching modern economics, within the agenda of integration and Islamization of knowledge, including some observations on the current practice and relevant issues that need to be addressed.

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