Skip to content

🕌 ISC113 — Islamic Economic System

This course introduces the Islamic economic system as a practical, value-based framework for understanding wealth, ownership, production, distribution, and consumption. It connects economic ideas to Islamic Sharia, explores how Islam approaches contemporary economic issues, and compares Islamic economic thought with other major systems such as capitalism and socialism.

This section contains structured study material including lecture notes, midterm preparation material, exams, cheat sheets, a summary PDF, and a video resource. The goal is to provide a clear, organized place for understanding the course concepts and reviewing them efficiently before assessments.

🧭 How to Use This Section

Depending on where you are in the course, use this section differently.

If you are following the course, start with the lecture notes and move in order through the core ideas. If you are preparing for exams, focus on the midterm preparation pages, exam practice, cheat sheets, and summary material. If you are reviewing a specific topic, jump directly to the lecture or major section that matches it.

🗂 Course Topics

  • 🌱 Introduction to Islamic Economy

    Definition of Islamic economy, why it matters in daily life, and how it is connected to Islamic legislation and broader human conduct.

  • ⚖ Islamic Economy and Other Economic Systems

    Core characteristics of the Islamic economy, along with comparisons to capitalism and socialism and their approaches to economic problems.

  • 📑 Prime Economic Terms

    Foundational concepts such as money, production, capital, and work, along with the language used throughout the course.

  • 🏦 Public Revenues and State Budget

    Islamic state budget revenues, public revenues in the Islamic economy, and how they compare with revenues in non-Islamic systems.

  • 🏛 Public Expenditure in Islam

    How spending is viewed in the Islamic system, including principles, priorities, and social responsibility in public finance.

  • 🏭 Production in Islamic Economic Thought

    The economic dilemma, the place of production in Islam, and how productive activity is tied to ethics, responsibility, and lawful earning.

  • 🛒 Consumption and Consumer Conduct

    Consumption in Islam, moderation, responsible use of wealth, and consumer behavior shaped by moral and spiritual values.

  • 🛍 The Market and Pricing in Islam

    The role of the market in Islamic economic thought, market ethics and regulation, pricing, and fair dealing in transactions.

  • 🪙 Money in Islam

    The role and nature of money in the Islamic framework, including its function, limits, and relation to broader economic justice.

🗒 Study & Revision Material

In addition to the lecture notes, this section includes:

  • Midterm preparation pages
  • Midterm exams and practice material
  • Cheat sheets for faster revision
  • A summary PDF
  • A video resource for major topics

These materials are designed to support both understanding and exam preparation.

Step Topic
1 Start with the definition of Islamic economy and its relationship to Sharia
2 Study the characteristics of the Islamic economy and compare them with capitalism and socialism
3 Review the prime economic terms carefully because they support the rest of the course
4 Move to public revenues, state budget, and public expenditure
5 Study production, the economic dilemma, and the role of work and lawful earning
6 Review consumption, market conduct, pricing, and money in Islam
7 Use the midterm material, cheat sheets, summary, and video for revision

About This Material

This section is based on my coursework, lecture material, and course syllabus. The focus is on clarity, structure, and practical revision. Content will continue to be refined and expanded over time.