This course provides an overview of the foundational concepts of capitalism and contrasts it with the Islamic economic system. It utilizes a comparative methodology and focuses on the normative characteristics of the two systems.

The course examines a variety of themes, including the history of secularism in Europe and the birth of capitalism, a comparison of western and Islamic worldviews, the fundamental concepts of capitalism and the Islamic economic system, and the theory of property. The course also offers an explanation of riba (interest or usury), an important concept in Islamic economics.

In addition, students will get an understanding of the shortcomings of capitalism and how the Islamic economic system addresses them. At the conclusion of this course, students will have a thorough understanding of the fundamental ideas of capitalism and Islamic economics.

Topics Covered

1. What is Capitalism? What are its origins, foundational concepts, and institutions?
2. What is the Islamic Economic System? What are its core principles, objectives, and institutions?
3. What are the differences between Western and Islamic worldviews?
4. What is the theory of property in Islam? What justifies an increment or increase in property?
5. What is Riba?