(MSC, MBA Program/PHD Program )
Note that not all courses are offered in any given Intensive Course Module for a
given year of course work. Selected courses totalling to 39 credits (equivalent to
13 3-credits) are required by students in all programs. Besides supervised MSC,
MBA thesis carries 6 credits; PHD thesis carries 12 crediits)
I. MATRICULATION COURSES
(These courses must b completed prior to the commencement of the IEF Program.
Foreign students may be exempted from these courses if deemed suitable.)
IEF 3000: Economic Theory, 3 credits
Instructor: TBA
This course is the foundation in economics, covering conventional rules. Topics
covered are consumer behavior and theory of he firm, factor market, elements of
closed and open economies.
IEF 3010 : Ushul Fiqh – Mualamat Perspective
Instructor: TBA
The course will provide the understanding on Islamic Legal System. The source of
basic law, Al-Quran, Al-Hadist, Qiyas and I’jma as the map of muamalat fiqh.
Text : Teungku Muhammad Hasbi Ash Shiddieqy, Pengantar Fiqh Muamalah
Ibnu Rusydi, Muqaddamah Bidayatul Mujtahid
Mahmud Shaltut, Fiqhul Qur’an Sunnah
Al Ghazali, Al Mustashfa
Ibnul Qayyim, I’Lamul Muwaqqi’in
Qudri Basya, Qanunul Ad-Li Wal Inshaf
IEF 3020 : Introductory Shariah Economics and Finance, 3 credits
Instructor: TBA
The course will introduce the student to the basics of the Shari’ah in relation to
economics and finance (Mualamat). It studies comparative economic system, the
merits and limitations of the capitalist system. The differences between the Shari’ah
economics and finance and the capitalist economic system are pointed out. The
foundation of the Shari’ah economics and finance, the history of Shariah economics
and finance, the characteristic of Islamic banks, international development of the
banking system, insurance and capital market are some of the topics covered.
Text : Warde, Ibrahim . ( 2001). Islamic Finance in The Global Economy Edinburgh
University Press. Lewis, K. Meryn AND Latifa M. Algaoud. ( 2001 ). Islamic
Banking . Edwar Elgar Publishing Limited, UK
4. IEF 3030 : Mathematics
Instructor: TBA
The course will provide the student to mathematical techniques and mathematical
modeling used in the social sciences especially in economics. Topics to cover are
linear relationships, inequalities, law of indices, graphing of functions, numerical
mathematics of interest, introduction to differentiation, integration and solving of
simultaneous linear equations, the slope-intercept form, basic descriptive statistics:
mean, median, variance and standard deviation, grouped data and sampling methods.
Text : Chiang, Alpha C. Dasar-Dasar Matematika Ekonomi . Erlangga
Craig, Robert T. Modern Principles of Mathematics. Prentice Hall
Budnick
Green, Terry dan John Webster. Managing Mathematically
Dowling, Edwar T. Mathematical Methods For Business and Economics. McGrawHill.
Arya, Jagadish dan Robin Larder. Mathematical Anlaysis For Business & Economics.
MATRICULATION COURSES
No Code
Subject
Credit
1 IEF 3000 Economic Theory ( Micro and Macro )
3
2 IEF 3010 Introductory Economics, Finance and the Shari’ah
3
3 IEF 3020 Fiqh Muamalat
3
4 IEF 3030 Mathematics
3
II. UNIVERSITY REQUIRED COURSES
MMI 606: Managerial Economics; 3 credits
Instructor: TBA
The course will provide a unifying theme of managerial decision making around the
theory of the firm. This course shows how managerial economics is not the study of
unrelated topics; rather it is the synthesis of economics theory, decision science, and
various fields of business administration studies, and it examines how they interact
with one another as the firm attempts to reach optimal managerial decisions in the
face of constraints. Application to business decision making are studied.
Text: Salvatore,Dominick. 2004.”Managerial Economics in Global Economy”,5 th
.Thomson
Baye,R Michael.2000.”Managerial Economics and Business Stategy”.3 rd ed. Irwin
McGraw-Hill.Boston
Zimmerman, Jerald L. Managerial Economics and Organizational Architecture”.2 nd
ed. Irwin, McGraw Hill.Newyork.
MMI 601: Strategic Management; 3 credits
Instructor: TBA
The course introduces the students to the study of formulating the goals and strategies
of the firm, planning and evaluating business management strategies and strategy
monitoring system. This course will discuss the factors (internal and external) that
influence the formulation, implementation and evaluation of strategies and describe
complex issues that influence organization’s decision making.
Text : David,Fred.R.1999. ” Strategic Management”.Prentice Hall. New Jersey
Thompson,Arthur.A.2000.” Stategic Management : Consept & Cases “.
Irwin/McGraw- Hill.Singapore
Pearce, John.A.2000.” Strategic Management : Formulation,Implementation and
Control”.Irwin/McGraw-Hill.Boston.
Bearish,Paul.W.2000.”Asia Pasific Casses in Strategic Management “.Irwin/McGrawHill. Singapore .
Jones,Gareth R.2001.” Strategic Management : an Integrated Approach “.Houghtoon
Mifflin.Newyork
Coulter,Mary.2002.’Stategic Management ; in action “.Prentice Hall.Upper Sadle.
MMD 604: Business Economic Environment and Enterpreneurship
Instructor: TBA
The course introduces the concept of economic theory and its utilization in
contemporary business, entrepreneurship and creative behaviour. The course makes
analysis about business behaviour and competitive markets within economics theory.
The business vision of the entrepreneur is identified.
Text : Thomson,Arthu A Jr., and John P. Fromby , Economics of The Firm, Theory
and Practise. Prentice Hall, edisi terbaru.
Hailstones,Thomas J., and Frank V. Mastrianna. Contemporary Economics Problems
and Issues. Cincinnati : South – Western. Edisi terbaru.
Sachs, Jeffrey D.,and Felipe Larrain B. Macroeconomics In The Global Economy :
New Jersey : Prentice – Hall, edisi terbaru.
Pride, Hughes, Kapoor. Business .Boston : Houghton Mifflin,edisi terbaru.
Frederick, William C., James E. Post ,and Keith Davis. Business and Society :
McGraw Hill, edisi terbaru.
Kao, John. Entrepreneurship, Crativity and Oragnization : Texx, Cses and Readings .
New Jersey ; Prentice Hill. Edisi terbaru.
Blue, Richard J. Ecopreneuring, Manging For Result. London : Scon – Firesman,
edisi terbaru.
Baty, Gordon B. Entrepreneurship For The Nineties. New Jersey : Prentice Hall, edisi
terbaru.
MMI 608 Organizational Behaviour
Instructor: TBA
This course studies the basic concepts of organizational behaviour, organizational
development, communication, conflict and conflict resolution, performance appraisal,
innovation and stress management and related topics.
Texts: Bass B.M. Leadership and Performance Beyond Expectation, Free Press,
Latest Edition.
Bennis. W. and B. Nanus, Leaders, Latest Edition
Gardner , J.W., On Leadership, Free Press, Latest Edition
Nanus, B. Visionary Leadership, Jossey-Buss, Latest Edition
Yulk, G., Leadership in Organizations, Prentice Hall, Latest Edition
III. COURSES RECOMMENDED BY THE NATIONAL
EDUCATION DEPARTMENT, GOVERNMENT OF INDONESIA
IEF 4060 Zakat, Infaq, Shadaqah and Waqaf Management
Instructor: TBA
This course will cover such topics as waqaf theory, zakat theory, Islamic business
management and cooperative system.
Texts : Guildford , I.A. 1`956 Fundamental Statistic in Psychology and education
Kagakusha company , Tokyo .
Hadikusumo ,H.1977 . Ensiklopedia Hukum Adat dan Budaya Indonesia
11. IEF 4070 Syariah Banking And Finance
Instructor: TBA
The course will introduce the student to the basics of the Shari’ah economics and
finance. It includes the study of comparative economic system, the merits and
limitations of the capitalist system. The difference between Shari’h economics and
finance and the capitalist economic system are examined. The present usage of
Shari’ah in Islamic banks and non-bank institutions is examined.
Text : Warde, Ibrahim . ( 2001 ). Islamic Finance in The Global Economy Edinburg
University Press.
Lewis, K. Meryn AND Latifa M. Algaoud. ( 2001 ). Islamic Banking . Edwar Elgar
Publishing Limited, UK
IEF 4170: History of Islam Civilization, 3 credits
The narrative history of Islam in terms of its rise and fall and the factors contributing
to this is studied. Also the Qur’anic philosophy of history in terms of the creative
process of change is examined in opposition to the evolution of narrative Islamic
history. A comparative view of historicism is examined.
Instructors: DR Omar A. Zaid
DR Badril Yatim
Texts: Bernard Lewis, The Crisis of Islam, Holy War and Unholy Terror, Weidenfield
& Nicolson , Great Britain , 2003
Prof. Dr. Musa Asy’arie, Filsafat Islam, Sunah Nabi dalam Berpikir, LESFI Publisher,
Jakarta, 2002.
M.A. Choudhury, manuscript. Historicism, Cape Breton University, Sydney, Nova
Scotia, Canada.
IEF 4180: Fiqh
The definition, rule and history of Fiqh in the Islamic world is studied. A critical
study of the epistemology of deriving Shari’ah rules between Fiqh and Qur’an is
examined.
Instructors: DR Anwar Ibrahim; Uswatun Hasanah
IEF 4190: Islamic Capital Market
Specific topics to address in this course are organization and structure of financial
markets, derivative markets, risk-return analysis, interest rate determination and bond
valuation, valuation of preferred and common stocks; shares versus bond markets;
foreign exchange markets.
Instructors : M Gunawan Yasni
Iggi H Achsien
Texts: Frank J. Fabozzi, Capital Markets, Institutions and Instruments, 3 rd Edition,
Prentice Hall, 2003
Charles P. Jones, Investments, Analysis and Management, 8 th Edition, John Wiley &
Sons Inc., 2001
Arthur Anderson & Prasetio Utomo, Indonesian Capital Market Directory 2000
IEF 4200: Islamic Insurance
Instructor: M Syakir Sula
The nature and function of Islamic Insurance System is studied. Social investment and
Islamic Insurance System as social security is studied. Insurance accounting is
introduced. Reinsurance and diversification of risk is studied in the comparative
perspectives.
Texts: Ir Muhammad Syakir Sula, AAIJ,FIIS Asuransi Syariah (Life and General)
Konsep Dan Sistem Operasional
IV. IEF Core Courses
(Offered according to the Intensive Module, April – October. See later)
IEF 4000: Research Methods, 3-credits
Instructor : Professor Sofyan S. Harahap
The principal contents are computer design and simulation of decision-making. Also
to be covered will be the setting up and usage of data banks in different economic and
financial contexts. Questionnaire survey methodology will be covered. Statistical
analysis of survey data is done. Simple mathematical and computer algorithms will be
developed to show how data can be organized and simulated. Statistical packages will
be introduced.
Texts: P.S. Maxim 1999. Quantitative Research Methods in the Social Sciences.
Oxford
University Press – USA.
C. Frankfurt-Nachmias, D. Nachmias & C. Nachmias 1991. Research Methods in
Social Sciences. Palgrave Macmillan.
Reference: M. Blaug. The Methodology of Economics 1993. Cambridge University
Press.
IEF 4010: Analytical Methods, 3-credits
Instructor: TBA
This is a preparatory course on the elements of Algebra, Calculus, Geometry, Set
theory and Topology at the university level. Areas to cover are differentiation and
integration methods, matrix algebra and determinants, real and complex analysis,
theory of functions, probability theory, set theory and elements of topology, and
statistical measures. The intent here is to prepare the student in the analytical tools
required for the study of Tawhidi methodology of IEF throughout the IEF Program.
Texts: M.D. Intrilligator. Quantitative Methods in Economics.
I.J. Maddox. Functional Analysis. University of Cambridge , 1972
Gujrati. Econometric Methods.
Reference: Silberg, E. 1990. The Structure of Economics: A Mathematical Analysis,
New
York : McGraw-Hill, Inc. R.H. Hoyle ed. Structural Equation Modeling: Concepts,
Issues & Application. Thousand Oaks : Calif. Sage Publications.
IEF 4020: Comparative Epistemology in Socio-Scientific Thought, 3-credits
Instructor: Professor Masudul Alam Choudhury
Tawhid (Oneness of Allah) as the epistemological foundation of unity of knowledge
in Islamic world-systems is rigorously studied. The role of the Tawhidi episteme in
the construction of Islamic socio-scientific thought, the study of the Qur’an and the
Sunnah in the light of the Tawhidi epistemology for the socio-scientific order is
developed to open the groundwork for a paradigmatic study of Islamic against
alternative scientific epistemology. Topics in Comparative and Islamic epistemology
span across the socio-scientific thought of Imam Ghazzali, Imam Shatibi, Ibn
Taimiyyah, Shah Waliullah, Fakhruddin Razi, Ibn Al-Arabi, Ibn Rushd, Al-Farabi,
Ibn Khaldun, Malik Ben Nabi and selected other ones. Comparative study of
Occidental epistemology is undertaken. The course is research focused.
Text: Thayer-Bacon, B. 2003. “Why ‘(e)pistemology?” in her Relational
(e)pistemologies. New York : Peter Lang, pp. 14-48.
M.A. Choudhury. Science and Epistemology in the Qur’an Vol 1 of 5 volumes.
Edwin Mellen Press, Lewiston, New York.
M.A. Choudhury 2002. Explaining the Qur’an, a Socio-Scientific Inquiry, 2 volumes
(selectively). Lewiston, New York: Edwin Mellen Press.
References: G. Radnitzky & W.W. Bartley III Eds. Evolutionary Epistemology,
Rationality and
the Sociology of Knowledge, La Salle , IL : Open Court , 1988; Kuhn, T.S. The
Structure of Scientific Revolution, Chicago, IL: University of Chicago Press, 1970;
Sztompka, P. “The model of social becoming”, in Society in Action, the Theory of
Social Becoming, Chicago, IL: The University of Chicago Press, 1991. Campbell,
D.T. Ed. E.S. Overman. Methodology and Epistemology for Social Science, Chicago ,
IL : University of Chicago Press, 1988; Shackle, G.L.S. 1972. Epistemics and
Economics, Cambridge , Eng: Cambridge University Press; M.A. Choudhury 1998.
Studies in Islamic Social Sciences, Macmillan & St. Martin’s; Kant, Immanuel. Trans.
H.J. Paton, 1964. Groundwork for the Metaphysics of Morals, New York : Harper &
Row Publishers; Pheby on Methodology of Economics, London : Macmillan.
IEF 4030: Economics, Finance and the Shari’ah I, 3-credits
Instructor: Professor Masudul Alam Choudhury
The course covers intermediate to advanced microeconomic theory while showing in
it how the Shari’ah rules cause interaction and changes in economic theory and
scientific thinking in the economics and finance fields. The idea of economics,
finance and the Shari’ah as embedded learning systems is highlighted. Specific
coverage is given to the microeconomics of Zakat, interest, financial instruments and
Islamic ethical issues in IEF.
Texts: R. Holton 1992. Economy and Society. London & England, Routledge.
M.A. Choudhury. Comparative Economic Theory, Islamic and Occidental
Perspectives, Kluwer Academic, 2000
References: articles from the Journal of Law and Economics; other texts and journals
including
Jackson, E.T. and Kassam, Y. eds. Knowledge Shared, Participatory Evaluation in
Development Cooperation, New York : The Kumarian Press; Stehr, N. 2002.
Knowledge & Economic Conduct, the Social Foundations of the Modern Economy,
Toronto : University of Toronto Press; Margulis, L. 1998. Symbiotic Planet: A New
Look at Evolution. Amherst , MA : Science writers, Basic Books.
IEF 4040: Economics, Finance and the Shari’ah II, 3-credits
Instructor : Professor Masudul Alam Choudhury
The course covers intermediate to advanced microeconomic theory while showing in
it how the Shari’ah rules cause interaction and changes in economic theory and
scientific thinking in the economics and finance fields. The idea of economics,
finance and the Shari’ah as embedded learning systems is highlighted. Specific
coverage is given to the microeconomics of Zakat, interest, financial instruments and
Islamic ethical issues in IEF and the IEF version of micro-foundations of macrotheory in comparative perspectives.
Texts: R. Holton 1992. Economy and Society, Routledge.
M.A. Choudhury. Comparative Economic Theory, Islamic and Occidental
Perspectives, Kluwer Academic, 2000.
References: articles from the Journal of Law and Economics; other texts and journals
including
Jackson, E.T. and Kassam, Y. eds. Knowledge Shared, Participatory Evaluation in
Development Cooperation, New York : The Kumarian Press; Stehr, N. 2002.
Knowledge & Economic Conduct, the Social Foundations of the Modern Economy,
Toronto : University of Toronto Press; Margulis, L. 1998. Symbiotic Planet: A New
Look at Evolution. Amherst , MA : Sciencewriters, Basic Books.
IEF 4050: Advanced Economics and Finance in IEF, 3 credits
Instructor: Professor Masudul Alam Choudhury
The Tawhidi epistemology is modeled and applied empirically to selected issues of
comparative economics and finance with special focus on IEF. The institutional
framework of decision making is studied in respect to management in institutions,
firms and corporations. The Shuratic process is emphasized in a formal way. Topics
in valuation methods and investment planning are covered. The time value of money
and its various associated measures are critically discussed. The overlapping
generations model of asset valuation contrasts the conventional methods of asset
valuation. Other substantive topics are included.
Texts: M.A. Choudhury & M. Ziaul Hoque 2004. An Advanced Exposition of Islamic
Economics and Finance, Edwin Mellen Press.
Salvatore 2003. Managerial Economics in Global Perspectives.
M.A. Choudhury 2004. The Islamic World-System, a Study in Polity-Market
Interaction. Routledge.
References: Managerial Finance and various other journal and book articles including
J. Hirshleifer, J. Investment, Interest and Capital, Englewoods, Cliffs, NJ: PrenticeHall, Inc.1970; Readings in Business Economics; M. Ziaul Hoque 2003. Economics
in the Qur’an (in Bengali), Dhaka , Bangladesh .
TOTAL IEF CORE COURSE REQUIREMENT = SIX 3-CREDITS COURSES
= 18 CREDITS
V. ELECTIVE COURSES
IEF 4060: Comparative Political Economy, 3-credits
Instructor: Professor Masudul Alam Choudhury
The Tawhidi episteme is conceptualized and applied to the theory and problems of
political economy as a knowledge-centered interactive, integrative and evolutionary
(IIE-model) world-system premised on unity of knowledge. The formal nature of the
Tawhidi-knowledge-centered model is developed. The formal nature of Islamic socioscientific consultative and participatory intellection process called the Shuratic
Process is rigorously studied using the Tawhidi episteme. Comparative treatment of
political economy is covered. Selected applications are studied in the comparative
light of TSR and mainstream political economy and world-systems.
Texts: Staniland, M. What is Political Economy? A Study of Social Theory and
Underdevelopment, New Haven , CONN : Yale University Press, 1985.
M.A. Choudhury. Principles of Islamic Political Economy. Macmillan & St. Martin’s.
M.A. Choudhury 2004. The Islamic World-System, a Study in Polity-Market
Interaction, Routledge.
References: Journal and book articles including R. Palan ed. Global Political
Economy,
Contemporary Theories, London , Eng: Routledge; Ruggie, J.G. 2003. Constructing
the World Polity, London , Eng: Routledge; M.A. Choudhury & Uzir A. Malik, 1992.
Foundations of Islamic Political Economy, Macmillan & St. Martin’s; Thurow, L.
1996. The Future of Capitalism, London , Eng: Nicholas Brealey Publishers.
IEF 4070: Socioeconomic Development in IEF, 3-credits
Instructor: Professor Abdul Ghaffar Ismail
The application of the theory and methodology of the Tawhidi worldview vis-à-vis
conventional approaches to socioeconomic development is undertaken. Special topics
to address are sustainability, distributive equity, poverty alleviation, economic
growth, social justice, microenterprise development in development planning, regimes
of path-dependent development and human development along with its disaggregate
indices etc. all investigated from the comparative and Shari’ah perspectives.
Institutional questions are investigated in the light of these contrasting development
paradigms. Factor utilization, resource allocation and social well-being simulation
versus optimization issues are studied in the light of microentrepreneurial approaches
to grassroots development. The focus is on a general ethico-economic
interrelationship in path-dependent approach to socioeconomic development.
Texts. K.P. Jameson & C.K. Wilber eds. The Political Economy of Development and
Underdevelopment, New York , N.Y: McGraw-Hill, Inc.
M.A. Choudhury. Comparative Development Studies, in Search of the Worldview.
Macmillan & St. Martin’s.
Ekins, P. 1992. A New Global Order, Grassroots Movements for Global Change, New
York , NY : Routledge.
References: journal and book articles including Meier, G.M. 1995. Leading Issues in
Economic
Development, New York : Oxford University Press; D. Goulet 2000. Development
Ethics; United Nations 1987. Guidelines for Development Planning, Procedures,
Methods and Techniques, New York : Department of Technical Co-operation for
Development: United Nations; Goodman, A. 2003. Now What? Developing Our
Future, Understanding Our Place in the Unfolding Universe, New York : Peter Lang.
IEF 4080: Money, Banking and Real Economy in IEF, 3-credits
Instructor: Dr. Ahamad Kameel Mydin
Standard monetary theory and the economics of money, finance and banking are
studied. The contrasting theory of monetary, fiscal and trade policies in the absence of
interest rate and its replacement by appropriate variables are studied. Exogenous and
endogenous monetary theories in respect to real economic relations are studied.
Money in Islam is contrasted with multiple credit creation banking system. The role
of Islamic banks and the money transmission mechanism in the 100 per cent reserve
requirements monetary system are explained. Fiscal and trade policies are combined
with monetary issues in relation to the real economy. The case of the Islamic Dinar
will be discussed.
Texts: Mishkin. Economics of Money and Banking.
M.A. Choudhury 1997. Money in Islam. Routledge
Ahamad Kameel Mydin, 2004. The Theft of Nations, Returning to Gold, Kuala
Lumpur ,
Malaysia : Pelanduk.
References: M.A. Choudhury (ed.) forthcoming. Money and Real Economy, London :
Wisdom
House. Journal and book articles including Yaeger, L.B. 1997 reprint. The Fluttering
Veil, Essays on Monetary Disequilibrium, Indianapolis , IN : The Liberty Press;
Friedman, M. “Quantity theory of money” in New Palgrave: Money, eds. J. Eatwell,
M.
Milgate & P. Newman, New York , NY : W.W. Norton, pp. 1-40, 1989.
IEF 4090: International Economics in IEF, 3-credits
Instructor: Dr. Abul Hasan
The economies of selected Muslim countries and the state of trade and development
in relation to issues of money, finance and sustainability are studied. Exchange rate
mechanism both in the presence and absence of interest rates is formally developed.
The prevailing nature of trade capital and technology transfers between Muslim
countries is discussed. Input-output models of trade and development are studied.
Texts: Brown, W.B. & Hogendorn 1994. International Economics, Theory and
Context, New
York , NY ; Addison-Wesley Publishing Co. Inc.
M.A. Choudhury 2001. A Dynamic Input-Output Model of Trade and Development in
the Muslim World: Selected Case Studies. Dhaka , Bangladesh : Bangladesh Institute
of Islamic Thought.
References: journal and book articles. Particular emphasis on global issues e.g. IMF,
WTO, Basle
II and IDB Annual Reports; including Batten, D.F. 1983. Spatial Analysis of
Interacting Economies: the Role of Entropy and Information Theory in Spatial InputOutput Modeling, Boston , MA : Kluwer-Nijhoff Publications; Basle II, Committee
on Banking Supervision. Overview of the Basle Capital Accord (Consultative
Document), Basle , Switzerland : Bank of International Settlements, 31 July 2003 .
IEF 5000: Political Economy of Globalization in IEF, 3-credits
Dr.Ahmad Kameel Mydin Meera
The nature of the globalization process as a study in mercantilism, transnational
capital movements, consumer and producer cartels and convergence of technology,
institutions, policies and programs of international development organizations is
studied. The aims, goals, institutional structure, policies, programs and philosophy of
the international development finance organizations are examined. These policies and
instruments are critically examined in terms ofself-reliant development nationally and
in the Muslim World. Policy and institutional issues in a global context are studied.
Texts: Drucker, P.F. 1993. Post-Capitalist Society, New York , N.Y: HarperBusiness.
R. Palan. Global Political Economy, Contemporary Theories, London , Eng:
Routledge
M.A. Choudhury 1998. Reforming the Muslim World, Kegan Paul International.
References: journal and book articles including B.N. Ghosh, Macroeconomic
Management
Wisdom House, 2004; and Contemporary Issues on Development Economics.
Routledge, 2001; Ruggie, J.G. 2003. “The new institutionalism in international
relations”, in his Constructing the World Polity, London , Eng: Routledge;
Multilateral Trade Negotiations 1993. Final Act Embodying the Results of the
Uruguay Round of Multilateral Trade Negotiations, Geneva , Switzerland : GATT,
Dec. 15. Mundell, R.A. 1963. “Capital mobility and stabilization policy under fixed
and flexible exchange rates”, Canadian Journal of Economics and Political Science,
Vol. 29, Nov.
IEF 5010: Social Accounting in IEF, 3-credits
Instructor: Professor Sofyan S. Harahap
The focus is on the application of the IEF – Model and Tahwidi methodology to the
concept of money in Islam in contrast to the concept of conventional money.
Monetary policies and financial institutions and instruments pertaining to these
contrasting concept of money are studied. The meaning of 100 percent reserve
requirement for lingking money to the real economy, output, productivity, growth,
stabilization and factor endowment is examined. Both the closed and open economy
cases are examined. The implications of sharia’ah respecting participatory institutions
underlying Mudarabah, Musharakah, and related development financing instrument
are investigated. Zakat is considered as an endogenous variable in the money – real
economy equation. The relationship of endogenous money to socio-economics
development is studied. The use of endogenous 100 percent reserve requirement.
IEF 5020: Accounting for Zakat and Waqaf, 3 credits
Professor Sofyan S. Harahap
The nature and measurement of ethical values in accounting e.g. disclosure,
transparency, moral hazard, asymmetric information and the conduct of justice and
fairness in accounting measures according to the Shari’ah rules are studied in a formal
way. Zakat accounting is highlighted. Shuratic process of decision-making vis-à-vis
cooperatives and socioeconomic cooperation as social action is projected in the
measurement issues of the accounting and auditing tables and balance sheets.
Texts: Sofyan S. Harahap, 2001. Menuju Permusan Theori Akuntansi Islam, Quantum
Prima,
Jakarta.
Sofyan S. Harahap 2002. Auditing dalam Perspektif Islam, Quantum Prima, Jakarta.
M.N. Alam, 2002 Financing Small and Cottage Industries in Bangladesh by Islamic
Banks: An Institutional-Network Approach (PhD thesis), University Press, Lund,
Sweden.
References: journal and book articles including Sofyan Harahap (forthcoming).
“Socio-Economic
Disclosure between Islamic and Conventional Banks – A Case Study of Bank Syariah
Mandiri and Bank Lippo”, in M.A. Choudhury ed. Money and Real Economy, Leeds ,
Eng. & New York : Wisdom House; Sofyan Harahap, 2003. “Islamic Accounting and
Auditing Practice: Its Role in Improving the Economies of the Ummah; D.P. Ellerman
1990. The Democratic Worker-Owned Firm: A Model for the East and West, London
: Unwin Hyman; H. Thomas & C. Logan 1982. Mondragon: An Economic Analysis,
London : George Allen & Unwin; H. Wiener & R. Oakesshott 1987. Worker-Owners:
Mondragon Revisited, London : Anglo-German Foundation; J. Quarter & G. Melnyk
eds. Partners in Enterprise , Montreal : Black Rose.
IEF 5030: Computer Modeling in IEF
Dr. M. Shahadat Hossain
Use of selected statistical packages (e.g. SPSS, Spatial Domain Analysis, GIS in
social sciences) in designing and simulating Tawhidi models in various fields of
application. Extending the linear methodology to complex computer algorithms and
its visual display for Tawhidi models of complexity. Students get hands-on training in
the use of the computer programs in problem solving.
Texts: M.A. Choudhury, M. Shahadat Hossain, I. Bhatti et al. 2004. His Majesty’s
Research
Project ( Sultan Qaboos University ), “A Comparative Study of Economic
Development in the Light of Petroleum-Related Sectoral Linkages and
Diversification: Oman , Saudi Arabia and Canada ” (in ms form).
M.A. Choudhury & M. Shahadat Hossain, manuscript. Computing Reality, School of
Business , Cape Breton University .
Software Programs will be acquired.
References: journal and book articles with special reference to econometric analysis,
spatial domain
Analysis, causality and cointegration and the graphical and analytical interpretations
of simulation results.
VI. OTHER IEF REQUIRED COURSES AND
THESIS/DISSERTATION
IEF 5040: Special Topics, 3 credits
Instructors: TBA
To be selected by instructor(s) on a potpourri of themes covering the course areas of
IEF Program or can be elected from the existing IEF elective courses. Requisite
reading materials are prepared by the instructor(s) on the basis of the selected special
topics.
IEF 5050: Seminar, 3 credits
Coordinator: Mr. Rodney Shakespeare
Students select their own thesis area in consultation with the instructors and present
on-going research findings in the class. Guest speakers may also be invited to
supplement student participation. Guest speakers may deliver on themes of their
interest in IEF. This course is limited to final year students only.
IEF 6000: Thesis/Dissertation, 6 Credits for MSC , MBA; 12 Credits for PHD
Supervisors (joint supervision is possible)
Thesis carries 6 credits for MSC and MBA. Twinning MBA with Cape Breton
University is possible. MBA and M.Sc. Thesis are completed usually within three
months after completion of all course requirements. Usually this is the period
September – December.
Ph.D. Thesis carries 12 credits and requires a minimum of two academic years
beyond the MSC and MBA Levels in pursuing original independent work under
supervision
The Thesis Advisory Committee must approve the thesis proposals presented by the
students before students commence their MSC, MBA and Ph.D. thesis/dissertation
research under supervision.
VII. OPTIONAL COURSE
IEF 6001. Advanced Research Papers in Islamic Economics and Finance, 3
credits
(faculty)
This comprises a compendium of assignments and essays set by instructors over
selective or all courses covering both core and elective courses that students would
have taken during a given Intensive Course Module in any given year. The objective
is to engage students in independent research investigation that would intensify indepth advanced learning of the core and elective course materials taken by students in
any given Intensive Course Module. In such a case the choice of this course as a
substitute for all students of a particular Intensive Course Module will be at the
discretion of the IEF-Program academic committee.
Texts and materials: as assigned to students by the coordinator(s) of this course
TOTAL IEF ELECTIVE COURSE REQUIREMENT = Seven 3-credit courses =
21 credits
*THE INTENSIVE COURES MODULE
All Core and Elective Courses cover duration of two weeks per course with four hours
of class each day for four days a week. A student can take only one complete course
over two weeks, subsequently followed by other courses.
The definition of the course-credit term equivalent to a 3-credits course is
4hrs x 4 days x 2 weeks = 32 hours
Thesis carries 6 credits in the Final Year of a Degree Program.
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