EMIEF620 Islamic Economics I (History & Philosophy)

Course Description:

This course is intended to continue to introduce students to Islamic economic history and philosophy (wisdom) from the Qur’an 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:

The objectives of the course are to develop an understanding of:
  • The meaning of Islamic economics.
  • The difference of  Islamic economics relative to classical and neoclassical theories of economics.
  • Development by economists that apply the philosophy of Islamic economics.
  • 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%
  • Participation: 30% (10 assignments, 3% each)
  • Mid-Term exam: 20%
  • Research paper: 20%
  • Final exam: 20%
  • Oral Exam 10%

Guidelines for Research Paper:

As part of the course, you are required to submit a research paper. The topic chosen must be relevant to the course and approved by the Instructor. The paper must meet the following requirements:

At least ten (10) double-spaced pages (not including the introduction and conclusion).

1 inch margins.

12 pt size (Times New Roman).

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 Hadith, a notation indicating its authenticity must be clearly.

Please Watch:

How To Write A Research Paper

Communication Etiquette:

  • Post all your questions related to the course to the (Online Test) forum.
  • If sending emails directly to the lecturer, 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 Lecturer to within specified office hours only.
  • When leaving a voicemail, please clearly state your name, course code, and contact number.

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

Virtual Class Room

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

Al-Huda 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.
  • Weekly materials and graded assignments will be posted onto the site by Monday– in sha Allah.
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