IMU202 Fundamentals Of Islamic Economics UITM Assignment Sample Malaysia

IMU202 Fundamentals of Islamic Economics is a foundational course that provides an introduction to the different concepts and principles that form the basis of modern Islamic economics. Students will gain an understanding of how the application of these principles creates an equitable economic system in addition to emphasizing the importance of ethical business practices.

This course explores topics such as risk management, Zakat, community development, microfinance and other pertinent issues in contemporary Islamic finance. It aims to help students apply their knowledge of Islamic Economics to a range of real-world issues with the purpose of empowering them to become ethical and competent professionals in the field.

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Here, we will delve into the details of a few assignment briefs. To list just a few:

Assignment Brief 1: Discuss the basic concepts of Islamic economics.

Islamic economics is an ethical-focused field that seeks to apply Islamic teachings to everyday economic matters. It provides a comprehensive framework for understanding economic and financial matters within the broader philosophical context of Islam. By integrating Islamic ethical principles, Islamic economics emphasizes social justice, equity and solidarity, as well as utilizing elements from traditional monetary theories such as the avoidance of excessive uncertainty and speculation. One key concept of Islamic economics is that money itself is not a source of wealth; instead, all wealth derives from productive activity involving physical, social and human capital.

Because of this, usury and similar practices such as gambling are strictly forbidden since they produce nothing to reward society as a whole for its labor. Additionally, much like other economic systems, Islamic economics seeks to allocate resources efficiently to achieve optimum utility. As such, it has been able to provide continual growth through asset enhancement while remaining compliant with its ethical ideals.

Assignment Brief 2: Discover economic functions from the Islamic perspective.

Understanding economic functions from an Islamic perspective can offer insight into how modern economics intersects with religion. Islamic perspective considers the aspect of social justice as fundamental, by acknowledging that economic growth is driven by collective efforts and not just individual effort. The economic system established in Islam fosters balance between what the society wants and what it needs, creating opportunities for entrepreneurship, healthy competition, and planning for long-term security.

It also encourages fairness and discourages greed by putting emphasis on divine providence over material wealth. Additionally, those within the faith are given guidelines to follow regarding interest (or riba) which encourages devout followers to practice ethical financial behavior. Overall, examining the Islamic economy offers a powerful opportunity to understand how religious teachings shape our modern world economy.

Assignment Brief 3: Explain the economic issues in light of the Islamic worldview.

Ethical considerations of economic dealings within the Islamic framework provide an alternative approach to viewing global economic affairs. The central principle of Islamic economics is that people should not be allowed to gain by exploiting one another or creating monopolies and other systems that are inherently unfair. All individuals should benefit equally from economic activities and there should be a balance between individual profit and social welfare. Wealth must be seen as a sign of God’s generosity, not something to be taken advantage of unjustly.

Distributing wealth more evenly and fairly can benefit both individuals and society, preventing disparities in well-being and providing a higher quality of life for all members of a nation or region. Furthermore, Islamic principles discourage the use of highly speculative financial instruments, monitoring investment activities more closely than with traditional forms of banking which can help prevent crashing market trends before they become too severe.

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