Concepts in Islamic Economics and Finance

CIEF covers the following topics:

Banking

Banking covers the workings of an Islamic bank and how it differs from a traditional bank at both a theoretical and practical level. We analyze various Islamic banking options available in the world from Kuala Lumpur to New York.

Basics and Definitions

Basics and Definitions includes an overview of the basic ideas and the foundations of Islamic Economics and Finance. We discuss Ribaa, Gharar, Ta’awun and other similar ideas that form the basis of Islamic Economics and Finance.

Consumer Behaviour

As individuals, Islam expects us to adhere to certain norms in our daily lives. A Muslim consumer behaves differently from a normal consumer. Without a shift in consumer behaviours, the effectiveness of Islamic economics and finance remain limited in any society.

Contemporary Issues

From credit cards to investments in stocks, we discuss in detail the contemporary issues that affect Muslims who live in a non-Islamic economic system.

Contracts and Transactions

Contract-based transactions fundamentally compose our economical and financial structure. We cover the types and conditions of contracts, as well as the various legal and illegal transactions types, from an Islamic viewpoint. These basics are part of our daily lives. Any Muslim involved in a contract or transaction needs to understand mu’amlat.

Economic History

Did Muslims play a role in the development of the modern Islamic thought? What is the heritage of Islamic Economics? In this section, we analyze the contributions of Muslim economists to the development of modern economic thought.

Ethics

Islam necessitates ethical behaviour from its followers. What role does Islamic economics and finance play in moving towards a more ethical society? What are some of the common ethical issues Muslim businesspersons face, and how do we deal with them?

Financial Markets

What are the financial markets? What Islamic financial markets exist today? In this category, we attempt to understand the various financial markets around the world, Islamic and non-Islamic, and their scope.

Financing

We develop an understanding of financing options available to Muslims as businesspersons and as individuals. We discuss various prohibited equity and debt financing options Muslim businesses need to avoid. We spend a considerable amount of time discussing home financing.

Fiscal Policy

How does the state fiscal policy work in an interest-free context? We develop an understanding of this highly complex and theoretical topic over the course of our studies.

Grassroots Development

Islamic economics and finance, implemented properly, uplift the human condition and bring about a true welfare state. What role does Islamic economics and finance play in the development of a welfare state? We also discuss the role of Islamic economics and finance, in the absence of an Islamic state, in grassroots development.

Investments

What makes an investment permissible, and what makes it prohibited? We cover the alternatives Islamic finance offers to Muslims who want to invest in fixed-income securities and conditions that Islam imposes on equity investments.

Money

In the capitalist economy, money maintains a privileged status over all other commodities. But is money even a commodity? We explore Islam’s view of money, and what shape it takes in an Islamic economic system.

Options and Futures

Options and futures make-up a significant part of our economy today, and are part of any sound investment strategy. What does Islam say about options and futures? We analyze in detail the role of options and futures in an Islamic economic system.

Qur’an and Sunnah

Various verses and ahadith that form the basis of Islamic Economics and Finance. We cover many of these verses and ahadith. The Qur’anic verses are organized into categories and will be posted as such. The ahadith will come from various collections of the sayings of the Prophet salAllahu alayhi wa sallam.

Traditional Economic Theories

We cover the basics of traditional economic theories as a basis for those who are not well-versed in the field of economics.

Zakaat

Zakaat is the most important tool used by Islam to stimulate the economy. We discuss Zakaat from the fiqhi, as well as the economic, perspectives.