IEF 304 - Islamic Economic Analysis

The course aims at providing the students with statistical tools needed for economic analysis in the context of Islamic economics and finance. The course emphasizes understanding the process associated with statistical decisions, defining and formulating problems, analyzing the data, and using the results in decision making.

By the end of the course, the students should be able to (i) demonstrate understanding of statistical thinking and data analysis techniques for decision-making under uncertainty; (ii) apply statistical techniques to data sets, (iii) correctly interpret the results, and (iv) analyze and apply computer-generated statistical outputs to solve problems.

Topics include descriptive statistics, random variables, probability distributions, estimations, hypothesis testing, correlation analysis, and regression. Microsoft Excel is used to assist in the analysis throughout the course.