Islamic Accounting and Finance

2 a) “The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective “by Amir Wahalbari etal. Read, review and research this journal article and summarize 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 analyze these in comparison to Conventional Financial systems.

c)Critically Analyze the Lease based financing contracts. (Ijarah and Ijarah Muntahia Bittamleek). 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