Prof. Muhammad Zilal Hamzah, Ph.D

Chair of Doctoral Concentration in Development Economics (Islamic Economics and Finance, Sustainable Development and Public Policy)

The Nature and Objective of the Postgraduate Program in IEF

The genuine study of Islamic Economics and Finance (IEF) involves an interactive study of complex economic, social, institutional and global human phenomena using the methodology of unity of knowledge in systems perspectives that emanate from the epistemology of the Tawhidi (oneness of Allah) worldview. It is a challenging academic field and has emanated from the need for an authentic approach to the study of the world-system of Islam (Ummah) the global order. The methodology of the Tawhidi worldview is both deeply epistemological in nature premising on the Qur?an and the Sunnah and is of an analytical nature using mathematical models and computer algorithms. Such an orientation to the study of IEF is also of an extensively quantitative policy oriented nature. The Tawhidi foundation of IEF is the focus of the Postgraduate Program in IEF leading to MBA, M.Sc and Ph.D. Degrees and also to Graduate Diploma. Students are required to master the Tawhidi epistemology in its methodological perspective and apply it to factual problems. All courses are designed and are required to build on the Tawhidi epistemological foundation. This is an indispensable requirement of all intellectual and pedagogical offerings of IEF Postgraduate Program.

Benefits of the IEF Program

The rigorous and sometime intensive nature of lectures in selected courses will particularly benefit the reconstruction of the Ummah (world nation of Islam) by producing seriously quantitative, analytical and quantitative policy oriented graduates. In the applied field the IEF Program will prepare students in studying quantitative policy oriented issues and problems with systems models and their computer and analytical treatment. Academically inclined students will use the knowledge gained from a combination of course work and thesis writing to pursue advanced studies and research in the international academic environment. The practical oriented students would apply the knowledge gained to institutional, business and corporate decision-making environments, and to research and quantitative policy oriented modeling and supervisory leadership in the public and private sectors and globally as well.