This course examines key concepts and ideas within the field of Islamic economics and finance and how they relate to contemporary economic and banking practices. It provides students with an in-depth understanding of the Islamic economic systems and their contemporary applications in various Muslim majority countries. The course pays close attention to the emergence of Islamic finance, as well as introducing key ideas and common products in Islamic banking. The course covers topics such as the avoidance of interest in Islamic banking, Islamic bond markets and financial instruments, the modern Waqf (or Islamic endowment) system and charities, Islamic insurance instruments, and fintech applications in Islamic finance. The course will also examine the development of Islamic economics and finance practices in key Muslim majority economies such as Indonesia, Malaysia, Saudi Arabia, Turkey, and the United Arab Emirates. It will also assess the challenges and opportunities associated with Islamic finance in Australia and the global stage.

The course is designed to enable students to acquire practical, policy, and industry specific skills suitable for Islamic-compliant businesses and to help clients in non-majority Islamic states with their understanding and dealings with Islamic financial institutions and capital markets. The knowledge gained from this course will facilitate students' successful transition into careers in Islamic business, finance, and public policy in Australia or Islamic majority countries. The course is designed to be accessible to students from diverse disciplinary backgrounds.

Learning Outcomes

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

1. Contextualise the historical development of Islamic economics and financial practices.
2. Display an advanced understanding of the key principles underlying Islamic economics.
3. Understand and analyse the essential features of Islamic banking and financial instruments.
4. Demonstrate in-depth knowledge of the development and practices of Islamic economics in key Muslim majority countries.
5. Analyse the opportunities and challenges of contemporary Islamic banking and finance.

Research-Led Teaching

The lecture content will include scholarly research in the field of contemporary Islamic economics including the lecturer’s own research. In addition, other data, research and concepts will be presented during the lectures that are not covered in the weekly readings. This material will be sourced from scholarly journals and presses, research institutes, consultancies, and international agencies. During the tutorials, students will have the opportunity to analyse, apply, and present on contemporary and historical developments, relevant theoretical concepts, and issues related to Islamic economies.

Field Trips

There are no field trips for this course

Additional Course Costs

There are no additional costs for this course

Examination Material or equipment

No examination material or equipment is necessary.

Required Resources

The required resources for this course - specifically course readings - will be available for download on Wattle.

Recommended Resources

Whether you are on campus or studying remotely, there are a variety of online platforms you will use to participate in your study program. These could include videos for lectures and other instruction, two-way video conferencing for interactive learning, email and other messaging tools for communication, interactive web apps for formative and collaborative activities, print and/or photo/scan for handwritten work and drawings, and home-based assessment.

ANU outlines recommended student system requirements to ensure you are able to participate fully in your learning. Other information is also available about the various Learning Platforms you may use.

In addition:

Al-Daghistani, S., 2022. The Making of Islamic Economic Thought. Cambridge University Press.

Visser, H., 2019. Islamic Finance: Principles and Practice. Edward Elgar Publishing.

Hassan, K. and Lewis, M. eds., 2009. Handbook of Islamic Banking. Edward Elgar Publishing.

Omar, A., Abduh, M. and Sukmana, R., 2013. Fundamentals of Islamic Money and Capital Markets. John Wiley & Sons.

Oseni, U.A. and Ali, S.N. eds., 2019. Fintech in Islamic Finance: Theory and Practice. Routledge.

Staff Feedback

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

Student Feedback

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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

CRAWFORD ACADEMIC SKILLS

The Crawford School of Public Policy has its own Academic Skills team dedicated to helping students to understand the academic expectations of studying at Crawford and succeed in their chosen program of study. Through individual appointments, course-embedded workshops and online resources, Crawford Academic Skills provides tailored advice to students keen to develop their academic reading, thinking, planning, writing, and presentation skills.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Week 1 - The Muslim World and Course Introduction
2	Week 2 - Emergence of Modern Islamic Economics
3	Week 3 - Islamic Financial Markets
4	Week 4 - Natural Resource Wealth	Response Paper 1 due at 5:00 pm Monday of Week 4
5	Week 5 - Riba, Usury, and Avoidance of Interest in Islamic Banking
6	Week 6 - Islamic Financial Instruments and Fintech in Islamic Finance	Response Paper 2 due at 5:00 pm Monday of Week 6
7	Week 7 - The Turkish Economy
8	Week 8 - The North African Economies	Assessment Task 3 (Individual Presentation)
9	Week 9 - The Gulf Cooperation Council's Economies	Assessment Task 3 (Individual Presentation)
10	Week 10 - The Malaysian Economy
11	Week 11 - The Indonesian Economy
12	Week 12 - Islamic Economics in Australia and Global Stage: Opportunities and challenges	Assessment Task 4 due Thursday Week 12 at 5.00PM

Tutorial Registration

ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Class Participation - 10%	10 %	*	01/12/2023	1,2,3
Response Papers - 20%	20 %	*	*	12,3
Individual Presentation - 30%	30 %	*	*	1,4,5
Country-specific report - 40%	40 %	26/10/2023	01/12/2023	1,4,5

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Extenuating Circumstances Application
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

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 Academic Skills 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.

Participation

Attendance at and participation in all classes is expected. All assessment tasks should be attempted to pass this course. Seminars will be delivered on campus and online through Zoom and recorded and made available on Echo360.

Examination(s)

This course does not have a final examination.

Assessment Task 1

Class Participation - 10%

It is essential to your learning – and the learning of others in the class – that you are fully involved in the course. This means that you need to:

a) Attend class – though much learning will be done outside the classroom, class time is a valuable, scarce resource. You are expected to arrive ready to begin class on time; to not leave until class is over; and to attend all classes. If for any special reason you are unable to meet these requirements, please talk to the course convener about it.

b) Come prepared – it will be assumed that you have completed any assigned readings and prepared for the discussion questions prior to class.

c) Actively participate in the learning – we owe it to ourselves and our colleagues to participate as fully as possible in the class sessions.

For students studying remotely, participation will be assessed through engagement via Zoom.

Marking Criteria:

This component is intended to evaluate the level and quality of your contribution to tutorial discussions, which should reflect your analytical and problem-solving skills. More specifically, it assesses your ability to understand situations and diagnose problems and to communicate your views effectively. This assessment specifically addresses Learning Outcomes 1, 2, & 3 by evaluating your ability to communicate effectively throughout the semester on Islamic economies. As the course will be delivered in a hybrid mode (face-to-face and remotely via Zoom), opportunities will be provided for all students to participate in the weekly seminars and tutorials. Your grade will be based on your attendance record and quality and breadth of participation.

Assessment Task 2

Response Papers - 20%

Students are asked to submit Two 750-words response papers worth 10% each. The response paper must provide an analytical reflection on one assigned reading from weeks 1 through 6. Response paper 1 must address an assigned reading from Weeks 1 through 3, and response paper 2 must address an assigned reading from Weeks 4 through 6.

Due date:

Response Paper 1: 5:00 pm Monday, 14th August (Week 4)

Response Paper 2: 5:00 pm Monday, 28th August (Week 6)

Marking criteria:

Further guidelines, including a marking rubric will be posted on Wattle at the start of semester (Week 1)

Return of assignments:

Assignments with grade and comments will be returned via Turnitin within 10 days of the submission date.

Assessment Task 3

Individual Presentation - 30%

Students are asked to prepare a 20 minute presentation and PowerPoint slides on a specific topic related to Islamic economies. A list of optional topics will be posted on Wattle during Week 1. Students participating online will be able to provide their presentations through Zoom. Students are also required to submit a 1,000-word summary report about their presentation.

Due date:

Workshop of Weeks 8 and 9

Marking criteria:

Further guidelines and marking criteria will be posted on Wattle at the start of semester (Week 1)

Return of assignments:

Feedback on your group presentation and grade will be provided within 10 working days of the due date.

Assessment Task 4

Country-specific report - 40%

Students are asked to submit a 2500-word report worth 40% of their mark. This report provides students the opportunity to conduct in-depth research of a country of their choosing and investigate its Islamic economic landscape. The report must demonstrate strong analytical components and consult scholarly and primary sources on Islamic economics. The report must be 2,500 words in length (+/- 10%) and to include professional referencing and a bibliography. Note that the word count excludes references and the bibliography. The report must consult and cite at least ten scholarly and primary sources.

Due date:

5:00 PM Thursday, 26th October (Week 12)

Marking criteria:

Further guidelines, including a marking rubric will be posted on Wattle at the start of semester (Week 2).

Submission instructions:

Assignments are to be word-processed. The use of professional expression and presentation is expected. The Harvard referencing style is to be used. Links to documentation on referencing methods are available on the course website or from the ANU Library website. You are required to submit an electronic copy of your assignment to Turnitin via the Wattle website. Further information about Turnitin is provided below.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

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.

Hardcopy Submission

Not applicable.

Late Submission

Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:

Extensions

All requests for extensions to assessments must be submitted to the course convener before the due date and time and must include supporting documentation. Extension to assessment applications submitted after the due date or without supporting documentation will not be accepted. 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.

Late Submission

• Late submission of assessment tasks without an approved 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.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Returning Assignments

Please see relevant assessment task details above.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted 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

Not permitted.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

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 Access 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 all ANU students