Program Introduction

ANKARA SOCIAL BILIMER UNIVERITI

international center for comparative economics (founding stage)

graduate programs in islamic economics:

INTRODUCTION

background

Islamic economics started as a popular topic after World War II, when Muslems mostly under Western colonialism, debated the legitimacy of using an interest-based monetary system. The first generation of Islamic economists included Shari'ah students, economists and business enthusiasts. Their writings were more aspirational than analytical. This generation continued to dominate the scene until the First International Conference on Islamic Economics (Makkah, 1976). This conference was a signal of a rising second generation of Islamic economists who made several attempts with varied amounts of success to present an analytical version of Islamic economics in parallel with the development of Islamic banking and finance. The second generation left Shari'ah and historical analysis to Fuqaha' and attempted to focus on economic analysis with mostly limited success.

Analytical Islamic economics had limited success because only few Islamic economists were properly trained in the rigorous use of the tools of economic analysis. This explains the shortage of theories as well as serious empirical analysis done by the second generation.

objectives

The twenty-first century witnessed the rise of the third generation of Islamic economists who adhered to the analytical approach. Such an approach requires certain institutional and intellectual infrastructure that requires proper marriage between economic tools of analysis, synthesis of the Islamic economic theories that have been developed so far, and empirical investigations to test the many hypotheses advanced by those theories.

In this spirit, the Ankara Social Sciences University has its graduate program in Islamic economics. The program is based on a simple philosophy, that is Islamic economists are simply economists with their intellectual distinction, and Islamic economics is a branch of the wider discipline of economics. Therefore, Islamic economists must be trained in the mainstream discipline to excel in the use of its tools of analysis, in order to be able to interact on equal footing with their fellow economists, whether with conventional or Islamic orientation. Such philosophy enables Islamic economists to reach two important objectives. First, to develop the new Islamic economics that would keep pace with mainstream economics in both theoretical analysis and empirical rigor. Second, to lead an inside revolution into economics in order to help humanity reach a better understanding and consequently better cures for its economic ills.

The program trains the students on the tools of economics analysis found in the mainstream school, while building a justifiable yet authentic structure for an Islamic economic system. The end result would be graduates who can

First, serve the academic community through teaching and research.

Second, work side-by-side with policymakers in towards the redesign of economic institutions for the better fulfillment of the ultimate economic objectives. This is a strategic objective for all humanity, especially that rates of unemployment and levels of inequity have crossed all imaginable boundaries. Policymakers would certainly be interested in turning the tide of unstable, inefficient and inequitable economies to better economies.

The dialogue between the third generation of Islamic economists and policymakers should contribute to more inclusive economic policies in countries that wish to benefit from the benefits imbedded in Islamic economics.

Third, serve the Islamic finance industry and help it reach its unique macroeconomic benefits without falling into the trap of mimicking conventional finance.

Naming the program

Since the program philosophy considers Islamic economics as a branch of the wider discipline of economics, program graduates should have a degree in economics with and Islamic economics major. Therefore, degree titles would be

MA in economics, with a double major of economics and Islamic economics,

MA in finance, with a double major in finance and Islamic finance,

MBA in finance, with a double major in business administration and Islamic banking & finance,

PhD in economics, with a double major in economics and Islamic economics.

PhD in Finance, with a double major in finance and Islamic finance

Such degree titles properly reflect the training of the students, and afford them better opportunities to serve in the Academic as well as the practitioners communities.

The above degrees are equivalent of degrees with multiple majors. Their credit hours requirements would be higher than the customary single major degrees in other universities.

approach

Graduate students must start with a background equivalent to an honors BA in economics, that is founded on the core studies of economic theory and its applications in the fields of monetary and financial economics, public finance and international trade and finance. In addition, admission requires that students have studied also the basic quantitative tools. Students with degrees in mathematics, engineering, physical sciences and information technology can be accepted if they are willing to complete the required core economics courses.

While each course in the program has been calibrated to 3 credit hours, instructors would be advised to give at least 50 percent additional teaching hours for each course. In addition, three weeks intensive boot camp can be conducted before a semester starts so that all students from different background would be at same level. This would require special activity program that includes learning strategy, use of knowledge bank and planning ahead for a final degree and a career.

We also propose weekly comprehensive tutorials (including case studies, article review, discussions, problem solving and brain storms) which are common practice in LSE and Harvard. Through comprehensive tutorials, students are given chance to harmonize and employ their knowledge and background. Moreover, tutorials are also beneficial for teaching assistants as they experience to teach and gain deeper understanding of respective topics.