Economic development and Islamic finance

Economic development and Islamic finance / Zamir Iqbal and Abbas Mirakhor, editors.

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 vol...

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Bibliographic Details
Other Authors: Iqbal, Zamir, Mirakhor, Abbas
Format: eBook
Language:English
Published: Washington, DC : World Bank, [2013]
Series:Directions in development (Washington, D.C.). Finance.
Subjects:
Finance > Islamic countries.
Finance > Religious aspects > Islam.
Economic development > Islamic countries.
BUSINESS & ECONOMICS > Finance.
Economic development
Finance
Finance > Religious aspects > Islam
Islamic countries
Online Access:Click for online access
Table of Contents:
  • Front Cover; Contents; Foreword; Acknowledgments; Contributors; Abbreviations; Overview; Figure O.1 Growth of Islamic Banking and Conventional Banking Assets in Selected Countries, 2006-10; Table O.1 Total Islamic Banking Assets; Figures; Figure O.2 Total Sukuk Issuance, 2002-12; Tables; Views on Economic Development; Box O.1 Basic Principles of an Islamic Economic and Financial System; Boxes; 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 SystemAn 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 QuestionsIslamic 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; Table 3.1 Banking Crises in Predominantly Muslim and Non-Muslim Countries, 1800-2008.
  • Research Agenda for Islamic Economics: A ProposalConcluding 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 InclusionWhat 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.

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