CLO1.Explain the foundation of Islamic Economics, the sources of knowledge and Islamic Economics systems. (C2) Economics may define as social science concerned with efficient use of limited resources or scarce resources to achieve maximum satisfaction of human material wants.

CLO1 .Explain the foundation of Islamic Economics, the sources of knowledge and Islamic Economics systems. (C2) • Sources and types of knowledge in Islam • Methodology of Islamic economics • Comparison with western economics

CLO1 Explain the foundation of Islamic Economics, the sources of knowledge and Islamic Economics systems. (C2) An economic system is a mechanism (also defined as system or social institution), which deals with the production, distribution and consumption of goods and services in a particular society

CLO2. Demonstrate the mechanism of distribution systems in Islam and the economcs role of state (Al-Hisbah). (C3). • Mechanism of exchange • Mechanism of authority - zakat - faraidh - Ghanimah (spoil of war) - Al- fai’ • Mechanism of voluntary actions - waqaf - manihah - hibah

CLO2. Demonstrate the mechanism of distribution systems in Islam and the economcs role of state (Al-Hisbah). (C3) • Al-Hisbah • Economic stabilization and fiscal policy

CLO3. Demonstrate Islamic financial system and the various contracts of Islamic banking. (C3, A3, P4) • Islamic financial system • Riba, Gharar, Gambling, and Prohibited property • Islamic banking Contracts: - Al-Murabahah and Al- Bay Bithaman Ajil - Al-Mudharabah - Al- Wadiah - Al-Musyarakah and Al-musyarakah Mutanaqisah - Al-Ijarah - Bay al-Salam - Bay Al-istisna