Lectures on Islamic Economics
This website is for the older courses on Islamic Economics -- 15 lectures are linked on this page, and links to other courses are also provided. NEW website for Islamic Economics 2019, to be taught by Dr Asad Zaman at IIIE, IIUI
New website to organize Urdu Materials -- Videos, Audio, Papers, Lectures, Courses: AZ4URDU
This website is copy of older website Islamic Economics (Shortlink http://bit.do/ciie12) -- all material other than courses was deleted to provide a clean access to previous courses on Islamic Economics -- ACCORDINGLY, this site has been renamed as "Lectures on Islamic Economics"
Link for other courses: Micro, Macro, Econometrics, etc.
I now have a YOU-TUBE Channel with talks on Islamic Economics: Conference Talks. Another page which lists lectures/course in Islamic Economics is HERE
Videos of Five Lectures on Islamic Economicms delivered at Imam Sadiq University in OCt 16-18, 2010 are available from my website: http://asadzaman.net
Videotaped Lectures (links given below) are collected on my website: CIIE 2012 --Another version of these lectures is available from my Google Drive Folder: Islamic Economics: IIIE 2012
Audio lectures given to students at IIIE in fall 2011 and 2012 are linked here.
Lectures given to students at IIIE in 2009 and 2010 are linked here. Below are 15 Lectures to be delivered to IIIE Faculty from February to June 2011. These are more advanced and difficult than the 2009 and 2010 lectures.
SOMEONE (not me) has compiled the lectures into a single document and put them together in book format. I have not had time to look through/review it yet, though I was planning to do this at some later stage. These are attached at the bottom of the page. LECTURE NOTES ON ISLAMIC ECONOMICS. [VIEW] [DOWNLOAD]
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A FUNDAMENTAL Lecture on RE-DEFINING ISLAMIC ECONOMICS, presents a new definition of Islamic Economics, and how it provides a dramatically different perspective on economics which is diametrically opposed to western views in ten different dimensions. This should added as Lecture 2 in the sequence below, and subsequent lectures should be move up one number in sequence.
Some important papers of mine on the nature of money and banking
An Outline and Reading Material for these Lectures are Attached:
Lecture 0: Islamic Economics: Introduction and Motivation -- URDU
Introductory Lecture on Islamic Economics
Lecture delivered to class of PIDE students in AR Kemal Room on 7th Dec, 2015
It should be obvious that if we want to teach and learn Islamic Economics, this must by done by Islamic methods, rather than western ones. In this first lecture, we will review Islamic teachings related to the process of the acquisition of Knowledge. There is no match, parallel, or analog of these teachings in the canons of Western knowledge.
Readings:
LIE01 -- MAIN
Supplementary
CIIE01.doc: Current Issues in Islamic Economics, Lecture 1.
“An Islamic Worldview: An Essential Component of an Islamic Education,” Lahore Journal of Policy Studies Vol. 1 No. 1, p95-106, June 2007.
First lecture as recorded on YouTube with Urdu Talk/Urdu Slide CIIE12 L01 Intro to Islamic Economics
Lecture 2: Origins of Western Social Science (IKF10.doc)
“Origins ofWestern Social Science” Journal of Islamic Economics, Banking and Finance, vol 5, number 2, May-August 2009, p. 9-22
ABSTRACT: On the whole, Muslims have accepted Western claims that both social sciences and physical sciences are equally fact and logic based, and “positive” descriptions of reality. In fact, Western formulations of social sciences hide ethical and social commitments to secular views which conflict the Islamic views. Widespread acceptance by Muslims of these false claims to factuality and objectivity has prevented the development of genuine Islamic alternatives, and has been a serious obstacle to progress in the project of “Islamization of Knowledge”. The goal of this paper is to examine the origins of Western Social Science, and to show how it is based on secular preconceptions antithetical to Islam.
Additional Reading:
“Improving Social Science Education in Pakistan,” Lahore Journal of Policy Studies Vol. 2 No. 1, June 2008.
Lecture 3: Islamic and Western Conceptions of Scarcity
“Scarcity: East and West,” Journal of Islamic Economics, Banking and Finance, Vol. 6, No. 1, January - March 2010.
Scarcity is considered to be the basis of economics. Yet the Quran states that Allah T’aala provides enough for us, and in abundant quantities. Islamic views on the sources and solutions to the problem of scarcity are dramatically different from western views. This paper seeks to explain the differences.
Modern Economic theory is exclusively concerned with the market economy, and takes this way of structuring society for granted, as a universal of human behavior. This lecture studies the historical emergence of the market economy, and many of its unnatural and harmful features. A key insight is that proper functioning of a market economy requires a market society -- certain ways of thinking and being and socializing. The values of a market society are antithetical to Islamic values, and dominance of these values causes collapse of Islamic societies.
Readings:
“The Riseand Fall of the Market Economy,” to appear in Review of Islamic Economics
Download from: https://sites.google.com/site/azcurrentresearch/home/ecmeth/rise
The Market Economy and Its Limits: Entry in Encyclopedia of Islamic Economics
Download from: https://sites.google.com/site/azcurrentresearch/home/islamicecon/limits
Just as a market economy functions within a market society, so an Islamic Economy functions within an Islamic Society. To create an Islamic economic system requires the creation of an Islamic society. However, this does not mean that we postpone our efforts to create an Islamic Economy because the society is not Islamic. Rather, the creation of an Islamic Economic system is part of the effort that is needed to create an Islamic Society. How this can be done is the subject of this lecture.
Readings:
RIS4.doc, RIS4.ppt.
An Islamic Critique of Neoclassical Economics.
In this lecture we discuss some of the fundamental principles of conventional economics are diametrically opposed to Islamic principles. Furthermore, Islamic principles provide a sound basis on which to build, while economics is built on wrong principles.
Crit7.doc
Current Social Science and Economic Theory is a reflection of the European historical experience. To understand it, we must understand European history, and how it has affected European thought. This lecture provides some basics of European history and how it has shaped the European worldview embodied in their economic thought.
European History: Lessons for Muslims
The accumulation and pursuit of wealth has always been considered a bad thing. The Bible states that the love of money is the root of all evil. Through a sequence of historical events, Europeans came to believe that “lack of money is the root of all evil.” This can be called the “great transformation”, and it has affected all of us. Once the pursuit of money become a virtue instead of a vice, only then is it possible to have banks, interest and other paraphernalia of a capitalist society. Several people have analyzed how the pursuit of money became desirable in the west. One analyst is Tawney, whose work we shall study in depth in this lecture. Understanding this is crucial to understanding the spirit behind the financial and ownership structures of a capitalist society. This in turn, is crucial to understanding economic theory.
It is widely believed that interest is necessary to the functioning of a capitalist society. In fact, the capitalist economy can function quite well without interest. However, interest-based financial transactions help the rich and the powerful in the society. This essay demonstrates the evils of interest and provides Islamic alternatives.
Interest and the Modern Economy.
This lecture discusses standard theories of growth and development, and shows how they are wrong. Then the correct theories are discussed. Basically the issues have to do with Power/Knowledge.
Three assumptions of economic theories which are wrong lead to false theories.
We show how colonization destroyed the independence. That independence is needed for growth. That the co-opted class is crucial to understanding current affairs. That this class is still in power. That colonization never ended.
The elevation of scarcity to the fundamental economic problem rests on some unstated normative assumptions. These include a political commitment to private property, a methodological commitment to not inquire about taste formation, and the idea that human welfare is roughly equivalent to preference satisfaction. The problem arises because current methodology is based on certain positivist principles, and needs revision in light of subsequent collapse of positivism.
The Crisis in Islamic Economics - Journal of King Abdul Aziz University: Islamic Economics,Vol. 25 No. 1, pp: 147-169 Explains how trying to mix neoclassical economics with Islam is like mixing fire and ice and this attempt has led to a crisis in Islamic Economics
Scarcity: East and West - Journal of Islamic Economics, Banking and Finance, Volume 6, Number 1, January-March 2010. p. 87-104 paper explains how scarcity arises ONLY because we treat NEEDS and DESIRES as the same -- if we focus on needs and REJECT idle desires, as Islam teachers, there is no scarcity
Rise and Fall of the Market Economy - Review of Islamic Economics, Vol. 14, No. 2, 2010, pp. 123-155 -- paper contrasts Market economy with an Islamic economy
Reviving the Promise of Islamic Economics - v. 25, n. 2, International Journal of Economics, Management and Accounting, p. 205-225, Explains how the second generation made compromizes with neoclassical and threw away the radical and revolutionary spirit of Islam, and how this mistake can be corrected by the third generation.
Re-Defining Islamic Economics - Provides a new definition of Islamic Economics based directly on Islamic sources WITHOUT any mixture of Western concepts
Origina of Western Social Sciences - Journal of Islamic Economics, Banking and Finance, Vol. 5, No. 2, pp. 9-22, 2009 -- explains how western social science originates from rejection of religion and provides answers diametrically opposed to Islam for major social questions
Normative Foundations of Scarcity - The concept of scarcity is supposed to be objective, but in fact it is based on hidden normative principles which are in opposition to Islam
Logial Positivism and Islamic Economics - Foundation of modern economics are based on methodology of Logical Positivism which involves rejection of the unseen, while Islam requires us to believe in the unseen
Islam Versus Economics - Chapter 2 in Handbook on Islam and Economic LIfe, edited by Kabir Hassan and Mervyn Lewis, Edward Elgar Press, (2015). Shows how Islam and neoclassical economics are strongly opposed to each other in ten different dimensions
Islamic Economics A Survey of the Literature - Final version, to be published as a book by IRI soon
Is Development the Accumulation of Wealth? Islamic Views - Explains that UNLIKE Western economics, Islam does not consider development to be the accumulation of wealth. Instead, it focuses on human development, especially of character and spirit
Interest and the Modern Economy - The Lahore Journal of Economics, Vol. 6, No.1, pp. 113-127, 2002 -- explains how interest is extremely harmful as an economic proposition, and how Islamic rules are superior
First Fundamental Economic Problem: Feeding the Hungry - From Islamic point of view, the FIRST economic problem is NOT scarcity -- it is how to feed the hungry and how to take care of the basic needs of the entire population
Developing an Islamic WorldView: An Essential Component of an Islamic Education - Lahore Journal of Policy Studies, Vol. 1, No. 1, pp. 95-105, 2007 -- explains the fundamentals of an Islamic WorldView whish is REQUIRED as a basis on which to build Islamic Economics
Building Genuine Islamic FInancial Institutions - Institutions have both body and spirit -- Islamizing the FORM or the body does not change the spirit of greed and accumulation of wealth hidden within, which is contrary to Islamic values
An Islamic Critique of Neoclassical Economics - Shows the many difficulties with conventional economics from an Islamic point of view
An Islamic Approach to Poverty and Inequality - Many misconceptions about Islamic views on these hot topics are clarified.Journal of King Abdulaziz University: Islamic Economics, Vol. 31, No. 1, 2018
An Islamic Approach to Humanities - Journal of King Abdulaziz University: Islamic Economics, Vol. 27, No. 2, 2014 -- explains how the social sciences would be bulit on entirely different foundations in an Islamic Approach