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Author Iqbal, Zamir
Title Economic Development and Islamic Finance
Imprint Herndon : World Bank Publications, 2013
©2013
book jacket
Descript 1 online resource (354 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Directions in Development
Directions in Development
Note Front Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Acknowledgments -- Contributors -- Abbreviations -- Overview -- Views on Economic Development -- The Islamic Concept of Economic Development -- Summary of Chapters -- References -- PART 1 Theoretical Foundation -- Chapter 1 Epistemological Foundation of Finance: Islamic and Conventional -- An Ideal Conventional Financial System -- An Ideal Islamic Finance System -- Achieving the Ideal: Uncertainty, Risk, and Equity Markets -- Summary and Conclusion -- References -- Background Reading -- Chapter 2 Islamic Finance Revisited: Conceptual and Analytical Issues from the Perspective of Conventional Economics -- Introduction -- The Central Tenet of Islamic Finance: Absolute Prohibition against Interest Rates -- Ethical Foundations of Islamic Finance -- Modigliani and Miller Theorems -- Risk Sharing, Risk Shifting, and the Risks of Bankruptcy -- The Stock Market and Islamic Finance -- Interim Summary of the Main Findings and Two Further Questions -- Islamic Finance and Economic Development -- The Real Challenge of Islamic Finance -- Conclusion -- Notes -- References -- Chapter 3 The Foundational Market Principles of Islam, Knightian Uncertainty, and Economic Justice -- Introduction -- The Foundational Islamic Market Principles -- Knightian Uncertainty and the Islamic View of Uncertainty -- Institutional Development, Trust, and Uncertainty -- Islamic Contracts and Risk Sharing -- Research Agenda for Islamic Economics: A Proposal -- Concluding Remarks -- Notes -- References -- PART 2 Developmental Aspects -- Chapter 4 Finance and Development in Islam: A Historical Perspective and a Brief Look Forward -- Introduction -- Basic Characteristics of an Islamic Economy and Finance -- Implementation -- Historical Evidence -- Stagnation and Decline -- Relevance for Today: What Needs to Be Done?
Conclusion -- Notes -- References -- Chapter 5 Economic Development in Islam -- The Evolution of Western Thinking on Development -- Economic Development in Islam -- Concluding Comments -- Notes -- References -- Chapter 6 Islam's Perspective on Financial Inclusion -- What Is Financial Inclusion and Why Is It Important? -- Issues with the Conventional Approach to Financial Inclusion -- The Concept of Financial Inclusion in Islam -- Redistributive Instruments of Islam -- Public Policy Implications -- Government as the Risk Manager Promoting Risk Sharing -- Need for Developing a Supportive Institutional Framework -- Institutionalization of Islamic Redistributive Instruments -- Conclusion -- Notes -- References -- Chapter 7 Financial Inclusion and Islamic Finance: Organizational Formats, Products, Outreach, and Sustainability -- Introduction -- Inclusive Finance: Scope and Constraints -- Islamic Finance and Inclusive Finance -- Islamic Inclusive Finance: An Overview and Comparison -- Organizational Formats, Services, Outreach, and Sustainability -- Conclusion -- Notes -- References -- Chapter 8 Theory and Instruments of Social Safety Nets and Social Insurance in Islamic Finance: Takaful and Ta'min -- Islamic Social Safety Nets -- The Institutional Framework of Social Safety Nets in Islam -- The Concept of Social Security in Islam -- Social Insurance: Takaful and Ta'min -- Takaful in Practice -- Conclusion -- Notes -- References -- Chapter 9 Islamic Capital Markets and Development -- Introduction -- Are Capital Markets Necessary? -- Issues Concerning Capital Markets -- Concept of Islamic Capital Markets -- Equity and Sukuk Markets in an Islamic Capital Market -- The Reality of Capital Markets in the Muslim World -- Concluding Remarks: Implementing the Risk-Sharing Framework -- Notes -- References -- Chapter 10 Islamic Stock Markets in a Global Context
Introduction -- Do Stock Markets Help Economic Development? -- Lessons for Islamic Stock Markets -- Stock Markets and Economic Efficiency: Further Lessons for Islamic Stock Markets -- Issues of Globalization and of Long-Term Growth for Islamic Stock Markets -- Conclusion -- Notes -- References -- PART 3 Policy Formulation -- Chapter 11 A Survey of the Economic Development of OIC Countries -- Introduction -- Fundamental Islamic Economic Doctrines -- The Performance of OIC Countries -- Concluding Remarks on Islam and Economic Performance and Prosperity -- Notes -- References -- Chapter 12 Islam and Development: Policy Challenges -- Introduction -- The Islamic Economy and the Role of the State -- Policy Tools in Macroeconomic Management -- Policy Instruments in an Islamic Economy -- Challenges in Policy Implementation -- Summary -- Notes -- References -- Glossary of Arabic Terms -- Boxes -- Figures -- Tables -- Back Cover
Over the last three decades, the concepts of Islamic finance and Islamic economics have captured the attention of researchers. The growing market for transactions compatible with Islamic law (Shari-áh) is further evidence of growing interest in this mode of finance. By some estimates, the total volume of Islamic financial assets has grown by 15 to 20 percent a year since 1990 and now exceeds 1.3 trillion. The growth of the Islamic financial sector in 2006-10 period surpassed the growth of conventional financial sector in all segments of the market, ranging from commercial banking, investment banking, and fund management to insurance in several Muslim-majority countries. The growth of this market has been driven by the high demand for Shari-áh-compliant products, as well as the increasing liquidity in Gulf region due to high oil revenues.Following on from the significant developments that have occurred in what is viewed as the core area for this market-the predominantly Muslim countries-we are now witnessing the globalization of Islamic finance. In recent years, significant interest in Islamic finance has emerged in the world's leading conventional financial centers, including London, New York, and Hong Kong, and Western investors are increasingly considering investment in Islamic financial products.Although Islamic finance is one of the fastest growing segments of emerging global financial markets, it is often stated that the market is far below its true potential. At the same time, the concepts of Islamic finance are not fully explained and exploited-especially in the areas of economic development, inclusion, access to finance, and public policy. This volume attempts to highlight some of the key features of Islamic finance relevant to economic development. The objective of the volume is to improve understanding of the perspective of Islamic
finance on economic development, social and economic justice, human welfare, and economic growth
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Iqbal, Zamir Economic Development and Islamic Finance Herndon : World Bank Publications,c2013 9780821399538
Subject Finance -- Islamic countries.;Finance -- Religious aspects -- Islam.;Economic development -- Islamic countries
Electronic books
Alt Author Mirakhor, Abbas
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