Islamic Economies in Practice

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.