Economics and Business

Course Outline: Introduction to Business and Principles of Islamic Economics

Afroza Bulbul, Assistant Professor in Management
Department of Business Administration
International Islamic University Chittagong, Dhaka Campus

Concept of Business, Why we study business, People form the  core of business, Business objectives, The foundations of Business, The Economic System, Factors influencing Business ownership, Business concept in Islam

Forms of Business Ownership  
Sole Proprietorship: Advantages, disadvantages, Partnership: Types of Partnership, Advantages and disadvantages of Partnership, Partnership Contract, Syndicates, Business Trust, Corporations, Forming a Corporation, Types of Corporation, Advantages of Corporation, Business forms in Islam

Franchising and Small Business  
Disadvantages of Corporation, Mergers, Types of Mergers. Meaning of Franchising, Franchising Agreement, Advantages and Disadvantages of Owning a Franchising, Small Business: Concept, Characteristics, Advantages and Disadvantages, Franchising and Islam, Small business administration, Small Business Opportunities,
The Business Environment 
The External Environment: The General Environment, The Task Environment, The Internal Environment, How environment affect organization, How organization adapt to their environment.
International Business 
Meaning of International Business, Why International business, Basic Concepts of international Business, Barriers to International Business, Regulation of International Business Approaches to International Business. International Business and Islam
Organizing Business Organizations 
Why organizing, Issues while organizing, Principles of Organizing, How to Organizing: Functional Structure, Product Structure, Product Structure, Matrix and Multiple Structures
Business, Law and Government 
Sources of Law, Laws affecting business, Law of contract, law of sales, law of agency, law of bankruptcy, Law of Negotiable instrument, Law of Business and Law of Labor

Social Responsibility and Business Ethics 
Social Responsibility: Responsibility to Consumers, Responsibility to Employees, Responsibility to environment, Responsibility to investors, Advancing social responsibility, Business Ethics: Meaning, factors influencing business ethics, encouraging ethical behavior, Professional ethics. Social Responsibility and Business Ethics in Islam
Managing Human Resources 
Meaning of HRM, HR Planning, Recruitment, and Selection, Training and Development: Orientation, Training, Management Development, Performance Analysis, Compensation and Benefits, Human resources Management in Islam

Managing Productions and Operations 
What are productions and operations, What does the productions and operation managers do: Organizing the production process, Planning site locations and layout, Managing materials, purchasing and inventory, Using technology like CAD, CAE, CAM. Improving Quality and Managing Quality Control, Improving productivity, Maintaining Safety for employees, products, and the environment,

Reference Books
9. Introduction to Business: By Skinner
10. Business Organization and Management – Gupta, C.B.
11. Business and Society- Davis and Blomstrom
12. Business Organization and Combination- Owen, R.N.
13. Islam and Business- Ismail Noor
14. Business Ethics- Khan, A.R.
15. Islamic Business Ethics- Rafiq I Beekun
16. Islamic Management- Ahmad, A.k.

Principles of Islamic Economics
Afroza Bulbul, Assistant Professor in Management
Department of Business Administration
International Islamic University Chittagong, Dhaka Campus

Basic Concept of Economics and Islamic Economics, objectives of Islamic Economics, Importance, basic assumptions and postulates of Islamic Economics, Characteristics of a good Muslim, Similarities and dissimilarities between conventional and Islamic Economics. Sources of knowledge of Islamic Economics

Islam and other Economic System:
Concept, Objectives, Features, Merits and demerits, Historical evaluation

Concept, Historical evaluation, Objectives, Features, Merits and demerits
Concept, Historical evaluation, Objectives, Features, Merits and demerits

Concept, Historical evaluation, Objectives, Features, advantages and disadvantages

Islam and other Economic System: (Contd.)
Islamic Economic System Vs. Other Economic Systems

Micro Consumer Behavior in Islam:
Concept, Determinants of consumer behavior in Islam, Want, Need and Demand in Islam, Levels of Demand in Islam, Choices to meet the demand in Islam, Principles of food in Islam

Macro Consumer Behavior in Islam:
Islamic premises on which a Muslim’s consumer behavior is determined, Types of expenditure of a Muslim, elements of Muslim consumer behavior, Micro consumption function, Aggregation for macro framework, Dynamics of the consumption pattern, Aggregate consumption function of an Islamic Economy, Macro Economic model to trace the Savings, Growth and Income distribution effects of the consumption function

Production in Islam:
Concept, Types and factors of production, Land a factor of production: its cultivation, Land tenure system in Islam-Umar’s Land Tenure System

Distribution of Income and Wealth:
Concept: Income & wealth; distribution of income; Distribution of Wealth; Wasyah, its maximum limit and for whom it is, Concepts pf inheritance, who are heirs, law of inheritance in Islam

Trade and Commerce in Islam:
Principles of trade and Commerce in Islam, Islam and monopoly business, Islam and International trade and dumping

Pricing in Islam:
Concept of pricing, Basis of Islamic method of pricing, Modern Vs. Islamic pricing system

Banking in Islam:
Concept of Islamic Banking and its Functions, Difference between Interest and Profit. Islamic Banking Vs. Conventional Banking

Public Finance: Tax and Zakat

Meaning of Tax, Tax structure in early Islam, Tax structure in modern Islamic State

Meaning of Zakat, for whom Zakat is mandatory, areas to spend Zakat money
Rules of paying Zakat, Zakat in early Islam and in modern Islamic State

Fiscal policy and Budgeting in Islam:

Fiscal policy
Meaning of fiscal policy, revenue policy, expenditure policy, Significance and desirability of mark-up based financing

Budgeting in Islam
Concept of Budgeting policy, budgeting in early Islam, Islamic state and modern Budget, Types, Trends in Modern Budgeting

Growth and Development:
Concept of Economic Development, Development Process in an Islamic Economy, strategy, Islam as a factor of development; Muslim countries and Economic Development, Ulama and Development. A sample model of Income determination, Growth and Economic Development in the perspective of an Interest free economy, Investment Demand: Determination of profit- sharing ratio and demand for funds at micro level, Investment demand function in micro level; Investment funds market: Macro perspective; Goods market equilibrium. Money Demand: Demand function, Money market equilibrium, Income Determination: Islamic frame work-slop of LAM curve, slop of IS curve, liquidity trap. Economic Development and macro framework: Efficacy of monetary policy vis-à-vis Fiscal policy; process of economic development, low income trap, Concepts of welfare state in Islam; moral, spiritual, social, political and economic values

Reference Books:
Islamic Economics: Theory and Practice (A Comparative Study) By – M.A. Mannan
Essays in Islamic Economics, By –M. Fahim Khan 
Islam and Economic Challenges By – M. Omar Chapra

Log in

DMC Firewall is a Joomla Security extension!