- Class Number 4871
- Term Code 2930
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Jessie Moritz
- Jessie Moritz
- Class Dates
- Class Start Date 25/02/2019
- Class End Date 31/05/2019
- Census Date 31/03/2019
- Last Date to Enrol 04/03/2019
This course provides a detailed background on the religious foundations, history, and political economy of the emergence of modern Islamic Banking, as well as introducing basic ideas and common products in Islamic Finance. The course focuses particularly on the conceptualisation and debate over riba (usury), and the divide between Islamic theology and ideals of Islamic Banking in practice, all while emphasising the diversity of Muslim thinking on Islamic Banking. The course takes a qualitative approach to understanding these issues, and does not require prior knowledge of quantitative techniques.
Upon successful completion, students will have the knowledge and skills to:
- contextualise the historical development of Islamic banking practices across the Middle East, and how this has been shaped by regional, social, and political factors;
- understand contemporary and historical theological and practical debates over the legitimacy of common products in Islamic banking;
- explain the complexity of the debate over the prohibition of riba, as well as broader practices of zakat, khums, awqaf, and other Islamic charitable practices;
- analyse how contemporary political, social, and economic trends in the Islamic World have impacted the Islamic Banking sector; and
- communicate these understandings and applications in writing.
This is a research-led course, in which the curriculum draws from the course convenor’s own research interests, and students are asked to participate in research and critical thinking activities throughout the semester. During seminars, students are expected to consider diverse perspectives and collaboratively explore their understanding of topical issues in Islamic Economics, Finance, and Banking. The formative response papers and major essay support student engagement with the academic literature, and with original research. One major essay topic is left open so that students may, in consultation with the course convenor, create an original research topic.
The course encourages students to not only accumulate new knowledge, but also to evaluate how that research was created. Students are specifically encouraged to consider the impact of different intellectual traditions on contemporary literatures (i.e. how the historical development of the discipline has shaped contemporary research debates), and on how various foreign policy and national interest priorities have influenced the type of research pursued in Islamic Finance. Course readings incorporate different methodological and ontological approaches, and are interdisciplinary, drawing from political economy, economic history, development studies, area studies, and religious sociology, among others.There is scope in the final week for students to select one to two contemporary case studies relevant to the themes of the course; students also participate in selecting the readings for that final week, and run the seminar themselves, with minimal involvement from the course convenor, drawing on the knowledge they have built up over the semester.
There is no scope for field trips in this course.
Additional Course Costs
There are no expected additional class costs for this course.
Examination Material or equipment
No examination material or equipment is necessary.
The required resources for this course - specifically course readings - will be available for download on Wattle.
This course assumes basic background knowledge of the Middle East and Arab world, but no background knowledge of economics, finance, or Islamic theology. Students with no background knowledge on the Middle East are very welcome, but advised to consult a textbook on Middle East politics or economic history before commencing the course.
Some books to consult include:
- On Middle Eastern political economy: Melani Cammett, Ishac Diwan, Alan Richards, and John Waterbury, A Political Economy of the Middle East (Cheltenham: Westview Press, 2015, 4th Edn);
- On modern Middle Eastern history: Peter Mansfield, A History of the Middle East (London: Penguin, various edns);
- On the emergence and debates within Islamic Finance, see: Timur Kuran, Islam and Mammon: The Economic Predicaments of Islamism (Princeton: Princeton University Press, 2004); Charles Tripp, Islam and the Moral Economy: The Challenge of Capitalism (Cambridge: Cambridge University Press, 2006). Note that readings from both these books are included in the course already.
Students may also be interested in reading further into debates among prominent proponents of Islamic Economics. For foundational texts, I recommend:
- Sayyid Abul Ala Mawdudi, First Principles of Islamic Economics (2011);
- Sayyid Qutb, Social Justice in Islam (1948, 2000);
- Muhammed Baqir al-Sadr, Iqtisaduna: Our Economics (1961), vols. 1-2.
Students will be given feedback in the following forms in this course:
- written comments
- verbal comments
- feedback to whole class, groups, individuals, focus group etc
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.
|Week/Session||Summary of Activities||Assessment|
|1||Early Economies of the Muslim World and Course Introduction|
|2||Politics, State-formation, and early Islamic Economists||First response paper due 4pm Tuesday, 5 March|
|3||Capitalism, Marxism, and the 'Islamic Alternative': Debates in Islamic Economics|
|4||The Emergence of Modern 'Islamic Finance'|
|5||Riba, Usury, and the Avoidance of Interest in Islamic Banking|
|6||Social Justice: Modern Waqf Systems, Zakat, and Islamic Charities|
|7||No class - students focus on submitting the major essay this week||Major essay due 4pm on 24 April 2019|
|8||Governance and Religious Regulation of Islamic Banking|
|9||Case Studies of Islamic Banking: Obstacles to Global Standardisation|
|10||Risk-sharing and Islamic Insurance|
|11||The Islamic Bond Market, Debt, and Islamic Finance Under Pressure|
|12||Derivatives, Securities, and Secondary Sukuk Markets: Pushing the Boundaries of Sharia-compliant Finance?||Final exam held during examination period (6-22 June 2019)|
This course is run as a seminar - there are no tutorials for this course.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|All assessment tasks||100 %||22/06/2019||28/06/2019||1,2,3,4,5|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:
- Student Assessment (Coursework) Policy and Procedure
- Special Assessment Consideration Policy and General Information
- Student Surveys and Evaluations
- Deferred Examinations
- Student Complaint Resolution Policy and Procedure
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Please refer to course guide on the MEAS8124 Wattle Site.
Please refer to course guide on the MEAS8124 Wattle Site.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5
All assessment tasks
Please refer to course guide on the MEAS8124 Wattle Site for details of all assessment tasks and due dates.
Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:
- Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item. Late submission is not accepted for take-home examinations or for the short response papers.
Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.
All assignments will be returned electronically via Wattle.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Resubmission of Assignments
There is no scope for re-submission of assignments in this course.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents undergraduate and ANU College students
- PARSA supports and represents postgraduate and research students
Political economy of the Middle East; Gulf studies, especially politics, state-society relations, political economy, and international relations in the Gulf; international relations in the Middle East; political mobilisation, opposition formation, and conflict in the Middle East; political economy of oil; country interests in particular in the Gulf states, Iraq, Libya, Syria, Jordan.