Course Outline: Introduction to Business and Principles of Islamic Economics
Introduction to Business
Afroza Bulbul, Assistant Professor in Management
Department of Business Administration
International Islamic University Chittagong, Dhaka Campus
Introduction Concept of Business, Why we study business, People form the core of business, Business
objectives, The foundations of Business, The Economic System, Factors influencing Business
ownership, Business concept in Islam
Forms of Business Ownership Sole Proprietorship: Advantages, disadvantages, Partnership: Types of Partnership,
Advantages and disadvantages of Partnership, Partnership Contract, Syndicates, Business
Trust, Corporations, Forming a Corporation, Types of Corporation, Advantages of Corporation,
Business forms in Islam
Franchising and Small Business Disadvantages of Corporation, Mergers, Types of Mergers. Meaning of Franchising, Franchising
Agreement, Advantages and Disadvantages of Owning a Franchising, Small Business:
Concept, Characteristics, Advantages and Disadvantages, Franchising and Islam, Small
business administration, Small Business Opportunities,
The Business Environment The External Environment: The General Environment, The Task Environment, The Internal
Environment, How environment affect organization, How organization adapt to their
environment.
International Business Meaning of International Business, Why International business, Basic Concepts of international
Business, Barriers to International Business, Regulation of International Business Approaches
to International Business. International Business and Islam
Organizing Business Organizations Why organizing, Issues while organizing, Principles of Organizing, How to Organizing:
Functional Structure, Product Structure, Product Structure, Matrix and Multiple Structures
Business, Law and Government Sources of Law, Laws affecting business, Law of contract, law of sales, law of agency, law of
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Course Outline: Introduction to Business and Principles of Islamic Economics
bankruptcy, Law of Negotiable instrument, Law of Business and Law of Labor
Social Responsibility and Business Ethics Social Responsibility: Responsibility to Consumers, Responsibility to Employees, Responsibility
to environment, Responsibility to investors, Advancing social responsibility, Business Ethics:
Meaning, factors influencing business ethics, encouraging ethical behavior, Professional ethics.
Social Responsibility and Business Ethics in Islam
Managing Human Resources Meaning of HRM, HR Planning, Recruitment, and Selection, Training and Development:
Orientation, Training, Management Development, Performance Analysis, Compensation and
Benefits, Human resources Management in Islam
Managing Productions and Operations What are productions and operations, What does the productions and operation managers do:
Organizing the production process, Planning site locations and layout, Managing materials,
purchasing and inventory, Using technology like CAD, CAE, CAM. Improving Quality and
Managing Quality Control, Improving productivity, Maintaining Safety for employees, products,
and the environment,
Reference Books
9. Introduction to Business: By Skinner
10. Business Organization and Management – Gupta, C.B.
11. Business and Society- Davis and Blomstrom
12. Business Organization and Combination- Owen, R.N.
13. Islam and Business- Ismail Noor
14. Business Ethics- Khan, A.R.
15. Islamic Business Ethics- Rafiq I Beekun
16. Islamic Management- Ahmad, A.k.
Principles of Islamic Economics
Afroza Bulbul, Assistant Professor in Management
Department of Business Administration
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Course Outline: Introduction to Business and Principles of Islamic Economics
International Islamic University Chittagong, Dhaka Campus
Introduction:
Basic Concept of Economics and Islamic Economics, objectives of Islamic Economics,
Importance, basic assumptions and postulates of Islamic Economics, Characteristics of a good
Muslim, Similarities and dissimilarities between conventional and Islamic Economics. Sources
of knowledge of Islamic Economics
Islam and other Economic System:
Capitalism:
Concept, Objectives, Features, Merits and demerits, Historical evaluation
Socialism:
Concept, Historical evaluation, Objectives, Features, Merits and demerits
Communism:
Concept, Historical evaluation, Objectives, Features, Merits and demerits
Fascism:
Concept, Historical evaluation, Objectives, Features, advantages and disadvantages
Islam and other Economic System: (Contd.)
Islamic Economic System Vs. Other Economic Systems
Micro Consumer Behavior in Islam:
Concept, Determinants of consumer behavior in Islam, Want, Need and Demand in Islam,
Levels of Demand in Islam, Choices to meet the demand in Islam, Principles of food in Islam
Macro Consumer Behavior in Islam:
Islamic premises on which a Muslim’s consumer behavior is determined, Types of expenditure
of a Muslim, elements of Muslim consumer behavior, Micro consumption function, Aggregation
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Course Outline: Introduction to Business and Principles of Islamic Economics
for macro framework, Dynamics of the consumption pattern, Aggregate consumption function of
an Islamic Economy, Macro Economic model to trace the Savings, Growth and Income
distribution effects of the consumption function
Production in Islam:
Concept, Types and factors of production, Land a factor of production: its cultivation, Land
tenure system in Islam-Umar’s Land Tenure System
Distribution of Income and Wealth:
Concept: Income & wealth; distribution of income; Distribution of Wealth; Wasyah, its maximum
limit and for whom it is, Concepts pf inheritance, who are heirs, law of inheritance in Islam
Trade and Commerce in Islam:
Principles of trade and Commerce in Islam, Islam and monopoly business, Islam and
International trade and dumping
Pricing in Islam:
Concept of pricing, Basis of Islamic method of pricing, Modern Vs. Islamic pricing system
Banking in Islam:
Concept of Islamic Banking and its Functions, Difference between Interest and Profit. Islamic
Banking Vs. Conventional Banking
Public Finance: Tax and Zakat
Tax
Meaning of Tax, Tax structure in early Islam, Tax structure in modern Islamic State
Zakat
Meaning of Zakat, for whom Zakat is mandatory, areas to spend Zakat money
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Course Outline: Introduction to Business and Principles of Islamic Economics
Rules of paying Zakat, Zakat in early Islam and in modern Islamic State
Fiscal policy and Budgeting in Islam:
Fiscal policy
Meaning of fiscal policy, revenue policy, expenditure policy, Significance and desirability of
mark-up based financing
Budgeting in Islam
Concept of Budgeting policy, budgeting in early Islam, Islamic state and modern Budget, Types,
Trends in Modern Budgeting
Growth and Development:
Concept of Economic Development, Development Process in an Islamic Economy, strategy,
Islam as a factor of development; Muslim countries and Economic Development, Ulama and
Development. A sample model of Income determination, Growth and Economic Development in
the perspective of an Interest free economy, Investment Demand: Determination of profitsharing ratio and demand for funds at micro level, Investment demand function in micro level;
Investment funds market: Macro perspective; Goods market equilibrium. Money Demand:
Demand function, Money market equilibrium, Income Determination: Islamic frame work-slop of
LAM curve, slop of IS curve, liquidity trap. Economic Development and macro framework:
Efficacy of monetary policy vis-à-vis Fiscal policy; process of economic development, low
income trap, Concepts of welfare state in Islam; moral, spiritual, social, political and economic
values
Reference Books:
Islamic Economics: Theory and Practice (A Comparative Study) By – M.A. Mannan
Essays in Islamic Economics, By –M. Fahim Khan
Islam and Economic Challenges By – M. Omar Chapra
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