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ECON-4192

The document explores the philosophy and principles of Islamic banking, highlighting its differences from conventional banking, including key contracts and financial products. It also discusses Islamic business ethics and the globalization of Islamic finance, alongside recommended literature for further reading. Additionally, it outlines a course on monetary theory and policy, detailing its objectives, contents, and recommended texts.

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Nayyar
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7 views

ECON-4192

The document explores the philosophy and principles of Islamic banking, highlighting its differences from conventional banking, including key contracts and financial products. It also discusses Islamic business ethics and the globalization of Islamic finance, alongside recommended literature for further reading. Additionally, it outlines a course on monetary theory and policy, detailing its objectives, contents, and recommended texts.

Uploaded by

Nayyar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exploring the philosophy of Islamic banking and financing alongwith the series of key

alternative financing principles. Knowledge about Mudarabah, Musharkah, Murabaha-


Mu’ajjal and Salam
Islamic Banking and Conventional Banking
Highlighting the key differences between Islamic banking and conventional banking. Islamic
banking model and its comprehensive definition and overview of how the model work in a
contemporary business setting. Exploration of the difference between Islamic banking and
others and magnitude of difference from conventional western banking
Islamic Law of Contract
Contract laws under the rules of Islamic banking and representation of balancing situation.
Explanation of the key elements of Islamic contracts, the various types of contracts relevant to
Islamic banking and their framework
Islamic Financial Products
Deeper insight into specific Islamic financial products, touching upon Islamic financial
institutions, investment banking, and introduction to Islamic principles in relation to stock and
sukuk (Islamic bonds for the generation of returns to investors
Islamic Business Ethics
Analyzing the Islamic business ethics, incorporating essential teachings on gentleness,
honesty, legitimate earnings and justice
Globalization of Islamic Banking
Islamic banking and finance on a global basis and representation of the contemporary
international Islamic financial institutions including the Islamic Financial Services Board and
the International Islamic Rating Agency
Recommended Books:
 Ahmad, K. (1976). Islami Nazriya Hayat. Karachi: Institute of policy studies.
 Chapra, M. U. (1992). Islam and the economic challenge. Lahore: The Islamic foundation.
 Dar, A. H., & Akram, M. M. (2007). Islamic Economics. Lahore: Ilmi Kitab Khana.
 Mannan, M. A. (2006). Islamic Economics : theory and practice. Lahore: Sh. Muhammad
 Ashraf.
 Mulathawi, M. H. (1995). Muashiyat Islam. Karachi: Manghu Peer Sharif.
 Naqvi, S. N. H.(2003). Perspectives on Morality and Human Well-Being: A Contribution
to Islamic Economics. UK: The Islamic Foundation.
 Naqshbandi, Q. M. A. Islamic Economics. Lahore: Iqra Books

Code: ECON-419
Title: Monetary Theory and Policy
Credit Hours: 03
Prerequisite: Intermediate Microeconomics and Intermediate Macroeconomics
Objectives:
The course is intended to provide the students a thorough understanding of monetary theory
monetary policy.
Course Contents
Definition and Tools of Monetary Policy
The Market for Reserves and the Federal Funds Rate; Demand and Supply in the Market for
Reserves, Major Tools of Monetary Policy, Changes in the Tools of Monetary Policy and its
Effect on the Federal Funds Rate.
The Conduct of Monetary Policy: Strategy and Tactics
Monetary Targeting. Advantages of Monetary Targeting, Inflation Targeting, Advantages and
Disadvantages of Inflation Targeting. Choosing the Policy Instrument and Criteria for
Choosing the Policy Instrument. The Tailor Rule. Central Banks Response to Asset-Price
Bubbles: Lessons from Supreme Crisis.
The Foreign Exchange Market
What are Foreign Exchange Rates? Why are Exchange Rates Important? How is Foreign
Exchange Traded? Exchange Rates in the Long Run, Exchange Rates in The Short Run: A
Supply and Demand Analysis. Explaining Changes in Exchange Rates; Shifts in the Demand
for Domestic Assets, Domestic Interest Rate, Foreign Interest Rate, Changes in the Expected
Future Exchange Rate, Recap: Factors That Change the Exchange Rate.
The International Financial System
Intervention in The Foreign Exchange Market, Exchange Rate Regimes in The International
Financial System, Capital Controls, Role of IMF, International Considerations and Monetary
Policy and to Peg and Not To Peg: Exchange Rate Targeting As an Alternative Monetary
Policy Strategy.
Monetary Policy in International Framework
Money Demand and Empirical Evidences. Money in Growth Models. Inflationary Spiral.
Current Issues in Monetary and Financial Sector Reforms. Conduct of Monetary Policy in
Fixed and Flexible Exchange Rates. Perfect Mobility of Capital and Money Control,
Effectiveness of Policy. Impact of Reserves on B.O.P and Exchange Rates. Targeting
Exchange Rate. Managed Exchange Rate System and Monetary Policy. Targeting Inflation.
Exchange Rate and Balance of Payment.
Time Inconsistency/CB Independence.
Rules Vs Discretion debate. Monetary Policy Rules, Discretion in monetary policy making,
Central Bank independence and monetary policy under CBI.
VAR Model of Monetary Policy
Introduction to VAR, Representation of VAR and Estimation, Granger Causality Impulse
Response Function, Forecast Error Variance Decompositive.
Transmission Mechanism of Monetary Policy: The Evidence
Framework For Evaluating Empirical Evidence, Transmission Mechanism of Monetary Policy
and Lessons For Monetary Policy. Transmission channels: Interest rate channel, Ex-Rate
Channel.
Recommended Books:
 Bennett T. McCallum. (1989). Monetary Economics, Theory and Policy, McMillan.
 Fredric S. M. (1995). Financial Markets and Money, Harper & Row Publishers.
 Laider, David E.W (1996). The Demand for Money: Theories, Evidence and Problems
(Fourth edition), Harper & Row, Publishers, New York.
 Miller, R. L. and David VanHose. (2001). Money, Banking & Financial Markets. South
Western, Singapore.
 Mishkin, Frederic S. (2001). The Economics of Money, Banking and Financial Markets.
(Sixth edition). Addison Wesley, New York.
 Patinkin Don. Money, Interest and Prices, Harper and Row Publishers, (Latest Edition).

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