Humanomics
a) Explain the concept of scarcity and its influence on the definitions of Islamic economics.
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 and provide practical and numerical examples for each contract.