Department of Islamic Economics

Islamic economics is a science of economic that is developed on the basis of Islamic values. The reality of Islamic economics is embodied in the principles of economics that had been practiced by the first Muslims generation and was carried on by succeeding generations for centuries. After longstanding practices as well as intellectual discourses those economic principles are now emerging and growing into scientific discipline.

However, during this process the main problem faced by Islamic economics is to bridge the gap between values of Islamic economics with contemporary economic practice. The gap occurs because the principles and values of Islamic economics have not been applied for long period of time by the Muslim while the system of Liberal Western economic in Muslim countries is considerably dominant. Therefore, it is plausible that the economy of Muslim countries in general is far behind Western countries that Muslim can hardly compete. Thus it is quite wise for Muslim not to imitate Western system, instead, Muslim have to study deeply the principle of economics and its practices in the history of Islam to generate new economics system that is well suit with the worldview of Islam.

The chief characteristic of this department is on the curriculum designed that is prepare to supply the great demand of experts in the field of Islamic economics such as on Islamic banking, Islamic insurance (takaful), Islamic microfinance institutions, hotel, and other Islamic businesses institutions. In addition the curriculum is also designed to prepare graduate who could give significance contribution for the development of a discipline of Islamic economic by re-conceptualising Islamic teaching of economic referring mainly to Islamic sources and intellectual tradition, as well as utilising any compatible concepts of foreign sources.