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IEF 335 - Morality of Islamic Economics

Faculty of Business and Management Sciences · Business Administration (English 30%) · Undergraduate

ECTS: 5 T+P+L: 3+0+0 University Elective
Coordinator: Dr. Öğr. Üyesi Hüseyin İÇEN

Course Objective

General Information

Course Description

The primary aim of this course is to explore the role of ethics and governance within Islamic economics and financial institutions. The course begins with a discussion on the meaning and foundations of ethics, before moving into real-life ethical dilemmas—cases where the distinction between right and wrong is not always clear-cut. Students will be encouraged to critically analyze such conundrums, debate alternative perspectives, and reflect on how ethical reasoning shapes individual and institutional behavior.

In addition to ethics, the course examines the structures of governance in Islamic financial institutions, with a focus on Shariah compliance, regulatory frameworks, best practices, and strategic alignment with long-term stakeholder value. By linking ethical principles with governance mechanisms, students will gain an integrated understanding of how policies, decisions, and behaviors influence the credibility and sustainability of Islamic institutions.

Expectations and Goals

By the end of the course, students should be able to:

  • Demonstrate a solid understanding of ethical concepts and theories, particularly as they relate to Islamic economics.
  • Analyze complex ethical dilemmas where the “right” choice may not be obvious, and defend their reasoning with clarity and evidence.
  • Identify and assess the consequences of ethical and governance breaches within Islamic financial institutions.
  • Apply governance frameworks and best practices to promote integrity, transparency, and accountability in organizational contexts.
  • Develop the ability to link ethical reflection with practical decision-making in Islamic economic and financial settings.

Course Content

Week

Topic

 

Week 1

 Introduction to the course

 

 

Week 2

 Islamic Economics & The Role Of Values, Ethics And Culture

 

 

Week 3

Understanding Ethics

 

 

Week 4

 Ethics and the Public Sector

Week 5

 Theories of value and its relationship to Ethics

Week 6

 Ethics & Islamic Governance

Week 7

 Risk Management and Internal Controls

Week 8

 Duties and Powers of Directors & Shareholders

Week 9

Midterm

Week 10

 Corporate and Shariah Governance of Islamic Banks

Week 11

 Legal and Regulatory Aspects of Shariah Governance

Week 12

 The Internal Shariah Control System / Stages of Shariah Supervision

Week 13

 The Shariah Supervisory Board and Internal Regulations

Week 14

IFSB-30: Revised Guiding Principles on Corporate Governance for IIFS

Required Resources

İslam İktisadına Giriş Ahmet Tabakoğlu

Recommended Resources

İslam İktisadına Giriş Ali Karadaği

Course Learning Outcomes

  1. To provide students to learn the moral principles related to economic activities in Islam.

Core Area Distribution

(34) Business and Administration%100

Teaching Methods

ExpressionQuestion-AnswerDiscussion

Assessment & Evaluation

HomeworkTesting (Essay / Tests: True-Falls, multiple-choice, short answer, matching)

ECTS / Workload

ActivityQuantityDuration (h)Total Workload
Course Duration (Including Exam Week)14342
Out of Class Study Period428
Midterm122
Quiz111
Assignment313
Practice111
Final133

Course Schedule

WeekSubjectPreparation
11. Hafta: İslam'da İktisadi Ahlakın Temelleri / Foundations of Economic Ethics in Islam1. Hafta: İslam'da İktisadi Ahlakın Temelleri / Foundations of Economic Ethics in Islam
22. Hafta: Faiz ve İslam Ekonomisi / Interest (Riba) and Islamic Economy2. Hafta: Faiz ve İslam Ekonomisi / Interest (Riba) and Islamic Economy
33. Hafta: Tüketim Ahlakı ve İsraf / Consumption Ethics and Wastefulness (Israf)3. Hafta: Tüketim Ahlakı ve İsraf / Consumption Ethics and Wastefulness (Israf)
44. Hafta: Helal Kazanç ve İş Ahlakı / Halal Earnings and Work Ethics4. Hafta: Helal Kazanç ve İş Ahlakı / Halal Earnings and Work Ethics
55. Hafta: Sadaka, Zekât ve Sosyal Adalet / Charity (Sadaqah), Zakat, and Social Justice5. Hafta: Sadaka, Zekât ve Sosyal Adalet / Charity (Sadaqah), Zakat, and Social Justice
66. Hafta: Piyasa Etiği ve Rekabet / Market Ethics and Competition6. Hafta: Piyasa Etiği ve Rekabet / Market Ethics and Competition
77. Hafta: Borç ve Kefalet Ahlakı / Debt, Surety (Kafalah), and Financial Ethics7. Hafta: Borç ve Kefalet Ahlakı / Debt, Surety (Kafalah), and Financial Ethics
8ara sınav / examara sınav / exam
99. Hafta: Modern Ekonomi ve İslamî Finans / Modern Economy and Islamic Finance9. Hafta: Modern Ekonomi ve İslamî Finans / Modern Economy and Islamic Finance
1010. Hafta: Günümüz Dünyasında İslam İktisat Ahlakının Uygulanabilirliği / The Applicability of Islamic Economic Ethics in Today’s World10. Hafta: Günümüz Dünyasında İslam İktisat Ahlakının Uygulanabilirliği / The Applicability of Islamic Economic Ethics in Today’s World
11Sunum - presentationSunum - presentation
12Sunum - presentationSunum - presentation
13Sunum - presentationSunum - presentation
14Sunum - presentationSunum - presentation
15FinalFinal