Islamic Accounting and Finance
a) “The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective “by Amir Wahalbari etal. Please read, review and research this journal article and summarise the important differences between Conventional economics and Islamic economics. You also need to substantiate reasons of why you agree or disagree with the article.
Analysis of concept of scarcity versus abundance and how it related to mainstream Economics
Findings and arguments in the paper for the abundance theory
Reflections agreeing or disagreeing with the topic
b) Islamic Financial Systems (IFS) – Illustrate and Review the following:
Significant phases and factors influencing the development of the IFS.
Essential components and features of the Islamic Financial Systems.
Critically analyse these in comparison to Conventional Financial systems.
c)Critically Analyse the Lease based financing contracts. (Ijarah and Ijarah Muntahia Bittamleek). Please provide practical and numerical examples for each contract.
Your answers should include:
A clear flow chart, conditions and description
A Numerical and real world example
Advantages and any limitations
