• Offered by Centre for Arab and Islamic Studies
  • ANU College ANU College of Arts and Social Sciences
  • Classification Transitional
  • Course subject Middle Eastern & Central Asian Studies
  • Areas of interest Arab and Islamic Studies, Development Studies, Asian Studies, Middle East Studies, Political Economy
  • Academic career PGRD
  • Mode of delivery In Person

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.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

  1. contextualise the historical development of Islamic banking practices across the Middle East, and how this has been shaped by regional, social, and political factors;
  2. understand contemporary and historical theological and practical debates over the legitimacy of common products in Islamic banking;
  3. 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;
  4. analyse how contemporary political, social, and economic trends in the Islamic World have impacted the Islamic Banking sector; and
  5. communicate these understandings and applications in writing.

Indicative Assessment

  1. 10 response papers, 250 words each (1.5% each for a total of 15%) Learning Outcomes 1-5 (15) [LO 1,2,3,4,5]
  2. Seminar participation (10%) Learning Outcomes 1-4 (10) [LO 1,2,3,4]
  3. Major essay, 4000 words (40%) Learning Outcomes 1-5 (40) [LO 1,2,3,4,5]
  4. Final exam, 2.5 hours (held during final examination period) (35%) Learning Outcomes 1-5 (35) [LO 1,2,3,4,5]

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130 hours of total student learning time made up from:
a) 24 hours of contact over 12 weeks: a weekly 2-hour seminar; and
b) 106 hours of independent student research, reading, and writing.

Inherent Requirements

Not applicable

Prescribed Texts

Not Applicable


Tuition fees are for the academic year indicated at the top of the page.  

Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees

Student Contribution Band:
Unit value:
6 units

If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.

Where there is a unit range displayed for this course, not all unit options below may be available.

6.00 0.12500
Domestic fee paying students
Year Fee
2021 $2940
International fee paying students
Year Fee
2021 $4890
Note: Please note that fee information is for current year only.

Offerings, Dates and Class Summary Links

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There are no current offerings for this course.

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