ISL556 Islamic Economy, Banking and Finance (16)

This subject provides an intensive introduction to the principles of Islamic economy, banking and finance. It focuses on the underlying principles of economic justice and analyses the features of Islamic banking and finance. Several modes of personal and business finance solutions will be outlined and evaluated by considering the relevant primary and secondary Islamic sources. The subject will also cover the global development of Islamic finance, the challenges and opportunities associated with Islamic banking and finance in Australia.

Subject Outlines
Current CSU students can view Subject Outlines for recent sessions. Please note that Subject Outlines and assessment tasks are updated each session.


Session 1 (30)
United Theological College

Continuing students should consult the SAL for current offering details: ISL556. Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System



One session


Centre for Islamic Studies and Civilisation

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to identify and discuss the key principles underlying Islamic economics and the principles of economic justices;
  • be able to describe the Islamic legal rationale and framework that govern the Islamic banking and financial transactions;
  • be able to explain and analyse the essential features of Islamic banking and financial solutions;
  • be able to distinguish and critically analyse the differences between Islamic and conventional banking and finance;
  • be able to describe the significant phases of the development of Islamic banking across the globe;
  • be able to identify and describe the opportunities and challenges of Islamic banking and finance related to the Australian market;
  • be able to identify and explain the features of Islamic commercial contracts;
  • be able to describe and discuss the Islamic banking regulatory and governance framework; and
  • be able to use critical thinking and apply problem solving skills in the application of Islamic banking and finance.


This subject will cover the following topics:
  • Principal features of the economic system of Islam
  • Wealth distribution and the Islamic socio-economic doctrine
  • Islamic legal sources and the rationale of Islamic banking and finance
  • Overview of Islamic economies and the development of Islamic finance
  • Development of Islamic financial markets and institutions
  • The features and modes of Islamic banking, takaful (insurance) and finance
  • Islamic investments and savings products
  • Islamic equity, bonds and trusts
  • Personal banking and finance compliant solutions
  • Islamic finance related risks, corporate governance and sharia compliance
  • Opportunities and challenges confronting Islamic banking finance in Australia and on the global stage


Current Students

For any enquiries about subject selection or course structure please contact Student Central or or phone on 1800 275 278.

Prospective Students

For further information about Charles Sturt University, or this course offering, please contact info.csu on 1800 275 278 (free call within Australia) or enquire online.

The information contained in the 2018 CSU Handbook was accurate at the date of publication: August 2018. The University reserves the right to vary the information at any time without notice.