This course is available for on-campus & remote (online) learning. All students participate in interactive, real-time classes.
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 will help to 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:
- Contextualise the historical development of Islamic economics and financial practices.
- Display an advanced understanding of the key principles underlying Islamic economics.
- Understand and analyse the essential features of Islamic banking and financial instruments.
- Demonstrate in-depth knowledge of the development and practices of Islamic economics in key Muslim-majority countries.
- Analyse the opportunities and challenges of contemporary Islamic banking and finance.
Other Information
Required readings will be posted on Wattle. These will include journal articles, book chapters, working papers, and policy publications. Each week will also include a list of recommended readings.
Indicative Assessment
- Response paper 1 (750 words) (10) [LO 1,2,3]
- Group presentation (Including a 1,000-word summary report) (30) [LO 1,4,5]
- Response paper 2 (750 words) (10) [LO 1,2,3]
- Seminar participation (10) [LO 1,2,3]
- Country-specific report (2,500 words) (40) [LO 1,4,5]
The ANU uses 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. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Workload
The standard workload for a 6 unit course is 130 hours including class time and independent study.
Inherent Requirements
None.
Prescribed Texts
None.
Preliminary Reading
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.
Assumed Knowledge
This course is designed to be accessible to students from diverse disciplinary backgrounds. No in-depth economic or finance knowledge is assumed.
Fees
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:
- 34
- 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.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Course fees
- Domestic fee paying students
| Year | Fee | Description |
|---|---|---|
| 2024 | $4680 | Standard Rate |
| 2024 | $3720 |
Grandfathered Rate*
*continuing students in nominated programs only. See fee website |
- International fee paying students
| Year | Fee |
|---|---|
| 2024 | $6000 |
Offerings, Dates and Class Summary Links
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.
