Course unit titles

Islamic Monetary Economics

Course unit code

EKS609

Type of course unit (compulsory, optional)

Optional

Level of course units (according to

EQF: first cycle Bachelor, second cycle Master)

Master Program of Islamic Economics

Year of study when the course unit is delivered

(if applicable)

Second year

Semester/trimester when the course unit is delivered

3rd semester

Number of ECTS credits allocated

3 credits (4.8 ECTS)

Name of lecturer(s)

Prof. Dr. Raditya Sukmana

Dr. Sri Herianingrum

Learning outcomes of the course unit

After finishing the course, students will be able to understand Islamic monetary economics, which is essentially about the role of the central bank in influencing the economy through Islamic financial instruments and the existing transmission mechanisms. In addition to understanding the use of contemporary currencies and all their impacts, students will understand the basics of gold as a currency to make research proposals / theses with good quantitative and qualitative methods (clear research objectives, research gaps, relevant to current conditions and follow the right methodology)

Mode of delivery (face-to-face, distance learning)

face-to-face, distance learning

Prerequisites and co-requisites (if applicable)

---

Course content

The course teaches students related to the way the central bank regulates the economy through its instruments to regulate the money supply in the community. In addition to studying instruments, this course will also study the transmission mechanism that links central bank policy and the economy.

This course begins with the objectives of Islamic monetary economy, which is then continued with money as currency, the mechanism of transmission and also discusses alternative currencies, namely gold. 

Recommended or required

reading and other learning resources/tools

1. Solikin M Juhro, Darsono, Ferry Syarifuddin, Ali Sakti Editor Muhammad Syafii Antonio "Sharia Monetary Policy in a Dual Financial System Theory and Practice"."Tazkia Publishing".2018

2. Perry Warjiyo, Solikhin M Juhro "Central Bank Policy Theory and Practice". PT Rajawali Pers. 2016

3. Umer Chapra "Islamic Monetary System" 2000."Gema Insani Pers. / Towards a just monetary system.

4. Hifzur Rab. "Economic Justice in Islam: Monetary Justice and The Way Out of Interest (Riba)". AS Noordin. 2006

5. Muhammad Natsir "Monetary Economics and Central Banking" 2014. Media Discourse Partners      

6. Umer Chapra. "Islamic Monetary Economic System". Gema Human Press. 2002

7. Economics of Money Banking, Frederic Mishkin

8. Part I : Seigniorage of Fiat Money and the maqasid al-Shariah: the unattainableness of the maqashid, Ahamed Kameel Mydin Meera, Moussa Larbani (2006) Humanomics, Vol 22 Issue:1, pp.17-33

9. Seigniorage of Fiat Money and the maqasid al-Shariah:The compatibility of the gold dinar with the maqasid

Planned learning activities and teaching methods

Quiz, questions and answers, and independent study

Language of instructions

English

Assessment methods and criteria
  • Non-test form summarizes the general framework and Islam
  • Quiz