Faculty of Business and Management Sciences · International Trade and Finance (English) · Undergraduate
Course Objective
This class on Islamic social finance offers an insightful exploration into the principles, practices, and applications of financial concepts deeply rooted in Islamic tradition. Delving into essential components such as Zakat, Sadaqah, Waqf, and Qard Hasan, students will gain a profound understanding of the obligations and voluntary acts of charity, as well as the mechanisms of benevolent loans and endowments in Islamic finance. Through discussions on Islamic microfinance, Takaful, and impact investing, participants will analyze how these principles are applied in modern financial systems, fostering social solidarity, ethical investment, and sustainable development. Moreover, the course delves into the realm of philanthropy management, crowdfunding, and ethical screening, offering students a holistic perspective on Islamic social finance's role in promoting economic equity and social responsibility.
3. To familiarize students with the contemporary issues on Islamic Social Finance and related institutions.
Course Content
This course will discuss the principles of Islamic Social Finance, which should be understood and applied by all Muslims daily along their life. Due to time constraint, the discussion will be limited to basic understandings of Islamic Social Finance. The course will be continued by a discussion of some Islamic Social Financial Institutions known widely, which include: Zakat, Waqf /Awqaf, Baitul Mal, Hisbah, Masjid Fund, Hajj Fund and so forth
Required Resources
Adnan, MA (2009)
Qaradawi, Y. (1988)
Choudhury, Masudul Alam. (1986). Contributions to Islamic Economic Theory: A Study in Social Economics. New York: St. Martin's Press, Inc.
Recommended Resources
Ayub, Muhammad, (2007), Understanding Islamic Finance, John Wileys and Sons, Ltd.
Course Learning Outcomes
- Learn about the definitions and functions of Islamic social finance concepts
- The functioning of Islamic financial institutions (non-bank financial institutions) will be discussed within the framework of Islamic social finance concepts.
Core Area Distribution
Teaching Methods
Assessment & Evaluation
ECTS / Workload
| Activity | Quantity | Duration (h) | Total Workload |
|---|---|---|---|
| Course Duration (Including Exam Week) | 16 | 3 | 48 |
| Out of Class Study Period | 16 | 5 | 80 |
| Midterm | 1 | 1 | 1 |
| Quiz | 0 | 0 | 0 |
| Assignment | 0 | 0 | 0 |
| Practice | 0 | 0 | 0 |
| Final | 1 | 2 | 2 |
Course Schedule
| Week | Subject | Preparation |
|---|---|---|
| 1 | Ta’arruf Character building: Prophet Muhammad (pbuh) as the best model The SIFAT of Prophet Muhammad (pbuh) Syllabus explanations Introduction: Concepts of Islamic Social Finance | Selected verses of Holy Qur’an and Hadith, among others: QS 33:21 Cattelan, V. (2019) |
| 2 | • The imperative of Islamic Social Finance for Muslims • The comprehensiveness of the Qur’an and in the Sunnah as a life guidance for Muslims | Quran and Hadith |
| 3 | • The purpose and the significance of Islamic Social Finance • The practice of Islamic Finance in Early Islam | related part, Adnan, MA (2009) |
| 4 | Conceptual differences between Islamic Social Finance and Conventional Social Finance | - |
| 5 | Zakat and Awqaf | Qaradawi, Y. (1988) |
| 6 | Islamic Social Finance Institutions: Baitul Maal | - |
| 7 | Overview | - |
| 8 | Midterm | - |
| 9 | Best Practices from Indonesia | - |
| 10 | Best Practices from Malaysia | |
| 11 | Best Practices from Singapore | |
| 12 | Best Practices from Saudi Arabia | |
| 13 | Best Practices from Türkiye | |
| 14 | Best Practices from India | |
| 15 | Best Practices from Egypt | |
| 16 | Final Exam |