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Syllabus for IslamPolicy.com - Shariah Compliant Finance: Paradigm Shift or Neo-Imperialism – Class to start February 20, 2011 Insha’Allah – register now at IslamPolicy.com

Syllabus for IslamPolicy.com - Shariah Compliant Finance: Paradigm Shift or Neo-Imperialism – Class to start February 20, 2011 Insha’Allah – register now at IslamPolicy.com

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Published by islampolicy
The following is a list of the topics and readings that insha’Allah will serve as the basis for a ten week course covering the contemporary Shariah Compliant Banking Industry and critically analyzing its present state, ultimately questioning if, in fact, it presently embodies the Islamic Economic ideology and represents a break away from a modern finance that fails a majority. Drawing from an array of sources, lecturing and through question and answer participants will gain a dynamic understanding of the industry itself and the social, religious, political and historical forces that pull on the industry today. Students are asked to engage in as many of the readings as possible each week. Page numbers can be found in bold at the end of the citation and the books represent a body of work that heavily influences content of the lectures. Students are encouraged to read all the selections before each lecture and to continue reading the material after the class has been completed. Classes will be held every other week and will be recorded and posted on islampolicy.com for those that miss the live sessions. All materials, all e-books, pdf’s and reading material will be provided to registrants free of charge. It is necessary that interested participants send an email immediately so that they can join the online group and receive the course-pack including every reference below. Participants will be asked to produce some form of multimedia (articles, videos, audios, graphic design, etcetera)as a final project in order to better promote the ideas and concepts covered in the course as an assignment, but ultimately we seek to engage in this most important topic in a way that promotes depth of comprehension, stimulates conversation, motivates others to enhance, improve and alter the present industry and that challenges Muslims to utilize Islamic principles and concepts in working for justice and peace. We hope you may join us; for more information or to register for the course go to Islampolicy.com or email islampolicy@gmail.com
The following is a list of the topics and readings that insha’Allah will serve as the basis for a ten week course covering the contemporary Shariah Compliant Banking Industry and critically analyzing its present state, ultimately questioning if, in fact, it presently embodies the Islamic Economic ideology and represents a break away from a modern finance that fails a majority. Drawing from an array of sources, lecturing and through question and answer participants will gain a dynamic understanding of the industry itself and the social, religious, political and historical forces that pull on the industry today. Students are asked to engage in as many of the readings as possible each week. Page numbers can be found in bold at the end of the citation and the books represent a body of work that heavily influences content of the lectures. Students are encouraged to read all the selections before each lecture and to continue reading the material after the class has been completed. Classes will be held every other week and will be recorded and posted on islampolicy.com for those that miss the live sessions. All materials, all e-books, pdf’s and reading material will be provided to registrants free of charge. It is necessary that interested participants send an email immediately so that they can join the online group and receive the course-pack including every reference below. Participants will be asked to produce some form of multimedia (articles, videos, audios, graphic design, etcetera)as a final project in order to better promote the ideas and concepts covered in the course as an assignment, but ultimately we seek to engage in this most important topic in a way that promotes depth of comprehension, stimulates conversation, motivates others to enhance, improve and alter the present industry and that challenges Muslims to utilize Islamic principles and concepts in working for justice and peace. We hope you may join us; for more information or to register for the course go to Islampolicy.com or email islampolicy@gmail.com

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Syllabus for IslamPolicy.com - Shariah Compliant Finance: Paradigm Shift or Neo-Imperialism – Classto start February 20, 2011 Insha’Allah – register now at IslamPolicy.com
The following is a list of the topics and readings that insha’Allah will serve as the basis for a ten week coursecovering the contemporary Shariah Compliant Banking Industry and critically analyzing its present state,ultimately questioning if, in fact, it presently embodies the Islamic Economic ideology and represents a break away from a modern finance that fails a majority. Drawing from an array of sources, lecturing and throughquestion and answer participants will gain a dynamic understanding of the industry itself and the social,religious, political and historical forces that pull on the industry today. Students are asked to engage in asmany of the readings as possible each week. Page numbers can be found in bold at the end of the citation and the books represent a body of work that heavily influences content of the lectures. Students are encouraged toread all the selections before each lecture and to continue reading the material after the class has beencompleted. Classes will be held every other week and will be recorded and posted on islampolicy.com for thosethat miss the live sessions. All materials, all e-books, pdf’s and reading material will be provided to registrants free of charge. It is necessary that interested participants send an email immediately so that they can join theonline group and receive the course-pack including every reference below. Participants will be asked to produce some form of multimedia (articles, videos, audios, graphic design, etcetera)as a final project in order to better promote the ideas and concepts covered in the course as an assignment, but ultimately we seek toengage in this most important topic in a way that promotes depth of comprehension, stimulates conversation,motivates others to enhance, improve and alter the present industry and that challenges Muslims to utilize Islamic principles and concepts in working for justice and peace. We hope you may join us;
 
 for moreinformation or to register for the course go to Islampolicy.com or email islampolicy@gmail.com
WEEK #1 - Sunday February 20, 2011 - Introduction:
The first session will introduce the background of the topic by discussing the present growth of the shariah-compliant finance industry and the role of trade and finance in Islam both historically and during thecontemporary Islamic Awakening. We will cover the syllabus, explain the technological options for studentsand how to obtain the coursework, and the readings will be introduced along with an outline of the overallintentions of the social science courses offered by Islam Policy.
Readings:
On Crafting Islamic Policy: The Methodology of Islamic Social Sciences.Younus Abdullah Muhammad(2010), islampolicy.com
The Islamic Awakening.Shaikh Muhammad bin Salih al-Uthmayin. Kalamullah.com 2007.
(p.29-78)
Methodology of Economics: Secular versus Islamic. Addas, Waleed A.J.. International IslamicUniversity Malaysia, 2008.
Islamic Finance: A Therapy for Healing the Global Financial Crisis.Kartika Dewi, Miranti and Ferdian,Ilham Reza. International Islamic University in Malaysia, 2009.
Islamic Economics as a Social Science: Some Methodological Issues.Mannan, M.A. Journal of Residual Islamic Economics (Vol.1, No.1 pp.41-50)
Principles of Islamic Economics.Choudhury, Masudal Alam. Middle East Studies, Vol.19, No.1 Jan.1983).
Pp. 93-103.
The Venture of Islam: Conscience and History in a World Civilization: The Classical Age of Islam (.Hodgson, Marshall G.S., University of Chicago Press, 1974.
map of trade routes and Introductiononly.
 
Meccan Trade and the Rise of Islam.Crone, Patricia. Georgia Press, 2004.
(Introduction)WEEK #2 Sunday March 6, 2011 Week 2: Products and Discussion of the General Industry:
During this session we will discuss the history, present condition and future projections for the ShariahCompliant Finance Industry along with the names and structures of the most common products offered by so-called Islamic Banks. This session is an effort to briefly identify key terms and products in order to analyzestructures. The Readings cover the basics of the industry and create a leeway for participant inquiry into theabundant and growing body of research in the field. As stated by World Bank analysis, research and background is a key component of this new yet constantly changing field.
“The development of the Islamic Finance (IF) industry is closely linked to the research pursued in its field. As soon as new theories are generated by researchers, the industry picks them up and implements them. And as soon as the industry encounters new problems, they turn to the researchers to find a way to overcome them. Acloser look at the relationship between research and the industry makes several trends apparent.” (  LINK  )
Readings:
An Introduction to Islamic Finance.Mufti Muhammad Taqi Usmani
Islamic Finance: Law, Economics, and Practice.El-Gamal, Mahmoud. Cambridge Press, 2006.
(pp.1-45)
Islamic Critique and Alternative to Financial Engineering Issues.Choundhury, Masudal Alam. Journalof King Abdulaziz University. Vol. 22, No. 2 (2009).
Pp. 205-44.
An Economic Explanation of the Prohibition of Gharar in Classical Islamic Jurisprudence. May 2, 2001 – paper prepared for 4
th
International Conference on Islamic Economics
Islamic Banks and Investment Financing.Rajesh K. Aggarwal and Tarik Yousef. Journal of Money,Credit and Banking, Vol. 32, No. 1 (Feb., 2000),
pp. 93-120
Islamic Economics: The Emergence of a New Paradigm: Presley, John and Sessions, John. TheEconomic Journal, 104 (May, 1994)
pp. 584-596.
Islamic Economics and the Islamic Subeconomy.Kuran, Timur. Journal of Economic Perspectives.Vol.9, Number 4. (Fall 1995).
Pp. 155-73.
Islamic Banking – Interest Free of Interest Based? Chong, Ben Soon and Liu, Ming-Hua. NyangBusiness School, October 2007.
Islamic Banking.Delwin A. Roy. Middle Eastern Studies, Vol. 27, No. 3 (Jul., 1991),
pp. 427-456.
Islamic Finance and Economics as Reflected in Research and Publications.Ali, S. Nazim. Harvard LawSchool. 2010.
Islamic vs. Conventional Banking: Business Model, Efficiency, and Stability.Beck, Thorsten, Asli-Demirgue-Kunt, and Merrouche, Ourada. The Word Bank: Policy Research Working Paper 5446, 2010.
Islamic Alternatives to Purely Capitalist Modes of Finance: A Story of the Malaysian Banks from 1999to 2006. Gindi, Tamer and Said, Mona. Review of Radical Political Economics 2009 41: 516.
WEEK #3 Sunday March 20, 2011 - Murabaha as Interest Free or Free Interest?
 
 
Murabaha contracts represent between 60-90 percent of the contracts of the shariah-compliant finance industry.During this session Readings will cover the fatawa that have authorized these “mark-up” sales and theequivalency they represent with ribaa or fixed interest contracts will be revealed. Thereafter, we will discussthe implications this reality has on preventing Shariah-compliant finance from presenting a paradigmaticchallenge to the dominant order.
Readings:
A Comparative Study of Islamic Banking Practices.Harun, Sudin. Journal of King AbdulAzizUniversity. Islamic Economics, Vol. 10 pp.23-50. (p29, sec 4 especially)
Murabaha Financing Versus Lending on Interest: A Thin Line Making a Big Difference in theUnderstanding of Ribaa. Irfan, Qazi. Islamabad, Pakistan, hazariba.com. July 22, 2008.
Shariah Opinions (Fatwa) on Murabaha.Al-Baraka Banking Group, Department of Research andDevelopment. 2008.
WEEK #4 - Sunday April 3, 2011 - Privilege and Power in the Middle East, the Remnants of Colonialism:
In this session we will analyze the post-colonial structures of the Middle East and Muslim world generallyalongside the changing forces and constant resistance to change there in the modern era. We will understand both the authoritarian regimes and networks of privilege and power and the influence that has on wealth and itsdistribution in society.
Readings:
Forces of Fortune: The Rise of the New Muslim Middle Class and What It Will Mean for Our World.  Nasr, Vali. Council of Foreign Relations, 2009. Audio CD
(
 
).
The Modern Middle East. “Formation of the Middle East after World War I.” Khalidi, Rasheed.Recorded Course from Columbia University in December 2009.
(in student folder)
Islamic Leviathan: Islam and the Making of State Power.Nasr, Vali. Oxford University Press, 2001.
 Networks of Privilege in the Middle East: The Politics of Economic Reform Revisited.Heydemann,Steven. Palgrave McMillan, 2004.
Arab Development Report 2009 : Chapter 5, Wealth. United Nations Development Report.
Upgrading Authoritarianism in the Arab World.Hydeman, Steven. The Saban Center for Middle EastPolicy at the Brookings Institution. Analysis Paper #13, Oct. 2007.
Why the Middle East Is Economically Underdeveloped: Historical Mechanisms of InstitutionalStagnation. Timur Kuran. The Journal of Economic Perspectives, Vol. 18, No. 3 (Summer, 2004),
pp.71-90.
Arab Human Development Report 2003: Building a Knowledge Society.United Nations DevelopmentReport.
WEEK #5 Sunday April 17, 2011 - Arab influence on Europe and “Capitalism” – 
Whilst dominant thought portrays capitalism and all its “progresses as originating in Europe and especially withAdam Smith an accurate and important distinction is made once one looks at the influence of Islam oneconomic thought and practice. In this session we will debunk traditional Orientalist thought and explore the

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