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Specifics of Islamic Transnational Business

Academic Year
Instruction in English
ECTS credits
Course type:
Elective course
1 year, 3, 4 module


Course Syllabus


During this course the students will get acquainted with the influence of Islamic economic and social models as introduced during the historical time span from the VII Century through our times. They will study the impact of the ethical and moral side of the Sharia compliant trading and financial practices as they were introduced in the early days of Islamic conquests, the retreat of the overall economic practices during the period of colonial era, the resurrection of the idea in the late XIX early XX Centuries alongside of the national independence movements and the Renaissance of the Islamic Economic Concept in the second half of the XX Century. During the course the controversy of the Sharia compliant economic model will be discussed along with the study of different concepts and attitudes from the absolutely negative to the absolutely positive proselytizing of the Idea with the numerous variables in between. The course will investigate the current state and future prospects of the Sharia compliant model of business activity in different socio-political environment of the Asian countries. Pros and cons of the Islamic concept will be analysed versus the traditional anglo-salon way of doing business.
Learning Objectives

Learning Objectives

  • guiding participants in developing and improving research skills (analytical, heuristic, creative, etc.) and deepening their knowledge of social science methodology related to conducting, structuring and framing of a successful degree research and completing of a Master dissertation.
  • A special attention is paid to advanced examination of social science research specificities, challenges, logic and the structure with a focus on their performance in the field of study of Transnational Islamic Business in Asia. The course introduces classical and cutting-edge trends in Business Studies methodology with detailed inroads into the Islamic sphere of economics and finance and ways of their application to research.
  • The course implies a detailed analysis of the main trends in Transnational Businesses in Asia with special emphasis on the Middle Eastern influence and Islamic modus operandi, exploring the key techniques of effective collecting and analyzing various data, as well as theoretical and practical support of the paper completion process.
  • The main academic aim of the course is to equip students with theoretical and methodological instruments for conducting theoretical and applied research in the field of Transnational Islamic Business in Asia and beyond, to advance critical and independent thinking, evaluate students’ own standpoints on the research problem, to enhance the students’ competence in recognizing and creating the balanced structure and contents of the thesis in Asian Studies as well as in assessing own research as a holistic work, its place in the field of study and contribution to it, its perspectives and challenges.
Expected Learning Outcomes

Expected Learning Outcomes

  • defines the basic principles, special features, challenges and key components of the contemporary research in Transnational Islamic Business in Asia with the emphasis on the Mideastern influences and Sharia compliant practices.
  • identifies and explains the classical and cutting-edge trends in the field of study and different theoretical approaches to exploring the chosen research subject in E&BA
  • adequately uses instruments of the contemporary social science methodology in conducting the research in E&BA
  • does various types of research work in compliance with the objectives and tasks of the study and formal requirements of Master’s dissertation
  • professionally works with literature and different types of information resources, to apply contemporary techniques of effective collecting and analyzing various data to own research work
  • distinguish between incoherent explanation and well-ground argumentation, to identify and correct various types of errors in scientific inquiry and reasoning
  • recognizes and follows the main ideas and principles of scientific culture, to structure thoughts on the subject of study with the use of suitable scientific language in all spheres connected to Islamic Business heritage and practices.
  • critically assesses own written works, oral presentations and explanations as well as research activity and performance of the colleagues, make references of the others’ work
  • works effectively on the research project as both an individual researcher and a member of the expert group / team of the researchers
Course Contents

Course Contents

  • Introduction to the Islamic Business Heritage. The rise of the new socio-economic formation and the early challenges of the “justice in dealing” concept of early Muslims
    Trading traditions of the Arabian Peninsula on the eve of Islam. Overland caravan trade. Persia and Byzantium commerce. Camel “Pit-Stops” and marketplaces for local and overseas produce. The rise of Islam: new “just” concept for commercial interactions – God is watching.
  • The “Spread of the Word”. How Islamic business affected Eastern Societies. Islam as a convenient business companion and advisor from the onset of the Great Empire of the God.
    The spread of the Word by sword and by trade. Sham and North Africa: conquests leading to revival of trade. The Era of the Camel replacing The Era of the Wheel. Big Cities of Trade. Eastern Asia: proselytizing by example. Trading outposts and new rules of trade. Islam as a convenient faith for merchants
  • Cross-border trade, business and financial transactions in early Islamic history in Asia. From Transoxiana to the Land of Rafidain without customs and delays.
    One Umma – One Market. The no-border concept of Islam as a boost to the inter-regional trade. Convenience of travel, common logistics. From Mesopotamia to Bukhara and from Spain to China border – Muslim trading network flourished.
  • The Great Comeback – 1962 onwards: how the Islamic Commercial Reconquista started. Reasons, risks and factors of the new-old trading adage.
    The missing element – how Islamic Economic Model (IEM) filled the void of self-identification package. March of the winner for the IEM fraught with missteps and losses. The road of fierce fights and bitter compromises. IEM is out to win the world.
  • Islamic Financial and Trading Networks in Eastern and Western Asia. “Old Boys” fraternity of the Sacred Belief and how the spiritual defined the material. “Fight between Towers” or “The Winner Takes it All” – Kuala Lumpur, Jedda and Dubai in a bitter fight over the financial and trading leadership in the world of Islam.
    Halal Markets in Asia. How the networks of Sufi orders paved the way to the “New Masonry” – fraternities of Muslim merchants. “The Place of True Merchants is with the Martyrs, Holy Men and Saints” (Muhammad) – spiritual driving material. Powerful incentives to lead the Muslim World through acquisition of “Halal” wealth leads to energetic competition between Kuala Lumpur in Malaysia, Jedda in Saudi Arabia and Dubai in UAE. The prize – economic and financial leadership for 1.5 bn people.
  • On visionaries and adventurers. Two approaches to the Islamic business discourse. (Preparing for the final essay)
    Some scholars and experts, including Muslims, say that IEM is a big scam. Some scholars and experts, including Europeans, say it is a new moral alternative with great future. Who is right? What drove and drive people like Mohammed the Prophet, Ibn Khaldun, Mohammad Abdo and others to the extremes to proselytize their beliefs and dreams?
Assessment Elements

Assessment Elements

  • non-blocking Colloquium participation
    4 colloquia during the course of 0.25 each constitute accumulated result.
  • non-blocking Essay
    student uploads his essay to LMS. In this case, short-term and long-term violations of the Internet connection do not matter.
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.3 * Colloquium participation + 0.7 * Essay


Recommended Core Bibliography

  • Gundogdu, A. S. (2019). A Modern Perspective of Islamic Economics and Finance (Vol. First edition). Bingley, UK: Emerald Publishing Limited. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1913114

Recommended Additional Bibliography

  • Askari, H., Mirakhor, A., & Iqbal, Z. (2015). Introduction to Islamic Economics : Theory and Application. Singapore: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=923524
  • Bahri, W. (2018). Ibn Khaldun’s Islamic economic view. MPRA Paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.pra.mprapa.87568
  • Bowen, J. R. (2004). Beyond Migration: Islam as a Transnational Public Space. Journal of Ethnic & Migration Studies, 30(5), 879–894. https://doi.org/10.1080/1369183042000245598
  • Mirakhor, A. V. (DE-588)14224449X, (DE-576)32969913X, aut. (2017). Ideal Islamic economy : an introduction / Abbas Mirakhor, Hossein Askari. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.495754781
  • Sadr, S. K. (2016). The Economic System of the Early Islamic Period : Institutions and Policies. [New York]: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1236425
  • Shaikh, S. A. (2015). A Comparative Study of Views and Role of Labor in Marxian, Mainstream and Islamic Economics. MPRA Paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.pra.mprapa.68750