Macroeconomic Policy And Islamic Finance In Malaysia

Author : Azura Othman,Norhanim Mat Sari,Syed Othman Alhabshi,Abbas Mirakhor
Publisher : Springer
Page : 293 pages
File Size : 42,7 Mb
Release : 2017-10-10
Category : Business & Economics
ISBN : 9781137531599

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Macroeconomic Policy and Islamic Finance in Malaysia by Azura Othman,Norhanim Mat Sari,Syed Othman Alhabshi,Abbas Mirakhor Pdf

This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.

Author : Mr.Alfred Kammer,Mr.Mohamed Norat,Mr.Marco Pinon,Ananthakrishnan Prasad,Mr.Christopher M. Towe,Mr.Zeine Zeidane
Publisher : International Monetary Fund
Page : 38 pages
File Size : 49,9 Mb
Release : 2015-04-06
Category : Business & Economics
ISBN : 9781498325035

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Islamic Finance by Mr.Alfred Kammer,Mr.Mohamed Norat,Mr.Marco Pinon,Ananthakrishnan Prasad,Mr.Christopher M. Towe,Mr.Zeine Zeidane Pdf

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.

Author : Muhamed Zulkhibri,Turkhan Ali Abdul Manap
Publisher : Springer
Page : 268 pages
File Size : 52,5 Mb
Release : 2019-02-20
Category : Business & Economics
ISBN : 9783030052256

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Islamic Finance, Risk-Sharing and Macroeconomic Stability by Muhamed Zulkhibri,Turkhan Ali Abdul Manap Pdf

The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic finance. Many theoretical studies generally claim superiority of an Islamic financial system based on pure equity and participatory modes of financing, while empirical studies provide mixed results. Studies and discussions are needed to fully understand how Islamic finance could contribute to the ongoing discussion of financial stability. Against this background, this book addresses various aspects of Islamic finance and the risk-sharing mechanism contributions to the overall macroeconomic and financial stability. Undoubtedly, the findings and recommendation from this book should be of great interest not only to future academic researchers in the field of macroeconomic stability and Islamic finance, but also to policy makers and regulators who are keen on drawing lessons from Islamic finance experiences to prevent similar crisis in the future.

Author : Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat
Publisher : Springer
Page : 272 pages
File Size : 52,7 Mb
Release : 2016-05-25
Category : Business & Economics
ISBN : 9783319304458

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Macroprudential Regulation and Policy for the Islamic Financial Industry by Muhamed Zulkhibri,Abdul Ghafar Ismail,Sutan Emir Hidayat Pdf

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy – which has gained important impetus in recent years – are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

Author : Mr.Mumtaz Hussain,Asghar Shahmoradi,Rima Turk
Publisher : International Monetary Fund
Page : 35 pages
File Size : 43,5 Mb
Release : 2015-06-02
Category : Business & Economics
ISBN : 9781513590745

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An Overview of Islamic Finance by Mr.Mumtaz Hussain,Asghar Shahmoradi,Rima Turk Pdf

Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.

Author : Muhamed Zulkhibri,Turkhan Ali Abdul Manap,Aishath Muneeza
Publisher : Springer Nature
Page : 201 pages
File Size : 40,5 Mb
Release : 2019-10-01
Category : Business & Economics
ISBN : 9783030240059

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Islamic Monetary Economics and Institutions by Muhamed Zulkhibri,Turkhan Ali Abdul Manap,Aishath Muneeza Pdf

This edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives, the enclosed papers highlights several option for authorities and regulatory bodies regarding monetary policy and regulation, as well as discussing how Islamic monetary policy effects growth, financial stability and resilience to shocks in practice. The inter-linkage between Islamic monetary policy and other markets are also explored. The subject of Islamic economics has gained considerable attention in the last four decades with the emergence of Islamic financial institutions around the world. This phenomenon has motivated economists to develop a comprehensive theoretical framework of modern monetary economics for Islamic economic system. An important characteristic of the Islamic economic system is the abolition of interest from the financial system. Islamic monetary economics is distinguished from conventional monetary economics due to the absence of interest. Therefore, under the Islamic economic system, monetary policy has to depend on other tools. In the early theoretical literature on Islamic monetary economics, many have discussed the role of money in Islamic economics system, while the number of empirical studies on Islamic monetary economics is a relatively new phenomenon. According to Islamic scholars, there are three main goals of Islamic monetary policy: a) economic well-being with full employment and optimum rate of economic growth; b) socioeconomic justice and equitable distribution of income and wealth and c) stability in the value of money. Hence, the Islamic monetary policy has several socioeconomic and ethical implications. Featuring regional case studies, this book serves as a valuable resource for academics, scholars, practitioners and policy makers in the areas of Islamic economics and finance.

Author : H. Askari,Z. Iqbal,A. Mirakhor
Publisher : Springer
Page : 459 pages
File Size : 52,5 Mb
Release : 2014-12-16
Category : Religion
ISBN : 9781137381996

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Challenges in Economic and Financial Policy Formulation by H. Askari,Z. Iqbal,A. Mirakhor Pdf

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system.

Author : Toseef Azid,Murniati Mukhlisin,Nashr Akbar,Muhammad Tahir
Publisher : Emerald Group Publishing
Page : 376 pages
File Size : 54,9 Mb
Release : 2021-06-16
Category : Business & Economics
ISBN : 9781800437869

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Monetary Policy, Islamic Finance, and Islamic Corporate Governance by Toseef Azid,Murniati Mukhlisin,Nashr Akbar,Muhammad Tahir Pdf

Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International overview explores the interrelationships between corporate governance from the perspective of shari’ah, banking industry and monetary policy and is a must-read for students and professionals.

Author : Norma Md. Saad,Syezlin Hasan,Sulaiman Wan Yusoff (Wan.)
Publisher : Unknown
Page : 136 pages
File Size : 44,5 Mb
Release : 2004
Category : Finance
ISBN : UCSD:31822030365340

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Macroeconomic Applications in South East Asian Countries by Norma Md. Saad,Syezlin Hasan,Sulaiman Wan Yusoff (Wan.) Pdf

Author : Syed Aun R. Rizvi,Obiyathulla I. Bacha,Abbas Mirakhor
Publisher : Springer
Page : 185 pages
File Size : 54,6 Mb
Release : 2016-11-01
Category : Business & Economics
ISBN : 9781137553423

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Public Finance and Islamic Capital Markets by Syed Aun R. Rizvi,Obiyathulla I. Bacha,Abbas Mirakhor Pdf

This book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth. Rizvi, Bacha, and Mirakhor guide readers chronologically through the unfolding effects of macroeconomic policy implemented to reduce crippling sovereign debt, increase government financing, and guide governments to the path of economic progress.

Author : M. Kabir Hassan,Mehmet Saraç,Ashraf Khan
Publisher : Springer Nature
Page : 395 pages
File Size : 54,6 Mb
Release : 2021-08-13
Category : Business & Economics
ISBN : 9783030760168

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Islamic Finance and Sustainable Development by M. Kabir Hassan,Mehmet Saraç,Ashraf Khan Pdf

The book is a collection of chapters discussing the Sustainable Development Goals in the broader context of Islamic finance along with mapping the SDGs with Maqasid Al-Shariah. It provides a framework for both Muslim and non-Muslim countries to develop a sustainable economy which encompasses not only the concept of the welfare state but also supports development-related activities, ensures financial inclusion through equal distribution of wealth and alleviation of poverty, and protects the overall environmental and ecological system. More specifically, this book explores various aspects of Islamic finance in relation to parameters of SDGs; restructuring of Islamic finance and connecting its dots in the light of SDGs; Islamic perspective on ESG and ecological quality; interest-free tools and modernization of Islamic financial institutions for sustainable development and economic stability; and the role of Islamic finance in infrastructure-related development activities. Consistent with the view that SDGs are embedded within the theme of Islamic finance, this book is specifically designed to meet the needs of key regulatory institutions, academic scholars, and industry practitioners both in the field of Islamic finance and sustainable finance.​

Author : J. Langton,C. Trullols,A. Turkistani
Publisher : Springer
Page : 191 pages
File Size : 53,9 Mb
Release : 2011-11-11
Category : Business & Economics
ISBN : 9780230361133

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Islamic Economics and Finance by J. Langton,C. Trullols,A. Turkistani Pdf

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance. These highlights of the symposium and original articles specifically address the post-crisis application of this growing and relevant economic philosophy in Europe.

Author : Zamir Iqbal,Abbas Mirakhor
Publisher : World Bank Publications
Page : 375 pages
File Size : 40,7 Mb
Release : 2013-08-05
Category : Business & Economics
ISBN : 9780821399545

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Economic Development and Islamic Finance by Zamir Iqbal,Abbas Mirakhor Pdf

Although Islamic finance is one of the fastest growing segments of emerging global financial markets, its concepts are not fully exploited especially in the areas of economic development, inclusion, access to finance, and public policy. This volume is to improve understanding of the perspective of Islamic finance on economic development, social and economic justice, human welfare, and economic growth.

Author : Nafis Alam,Syed Aun R. Rizvi
Publisher : Springer
Page : 129 pages
File Size : 42,6 Mb
Release : 2017-08-25
Category : Business & Economics
ISBN : 9783319479378

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Islamic Economies by Nafis Alam,Syed Aun R. Rizvi Pdf

This book explores contemporary empirical issues in Islamic economics. It begins by outlining current trends in Islamic economics and before identifying gaps in the empirical research. It then goes on to discuss the role of institutions in economic growth for Islamic countries, and the fiscal aspects of Islamic economics. It explores issues in debt and growth, as well as the instruments of monetary management in Islamic economics. It analyses the trade-off between growth and stability and concludes with discussion of Zakat and Waqf in driving growth.

Author : Zamir Iqbal,Tarik Akin,Nabil El Maghrebi,Abbas Mirakhor
Publisher : Walter de Gruyter GmbH & Co KG
Page : 575 pages
File Size : 46,7 Mb
Release : 2020-08-10
Category : Business & Economics
ISBN : 9783110585179

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Handbook of Analytical Studies in Islamic Finance and Economics by Zamir Iqbal,Tarik Akin,Nabil El Maghrebi,Abbas Mirakhor Pdf

This handbook offers a unique and original collection of analytical studies in Islamic economics and finance, and constitutes a humble addition to the literature on new economic thinking and global finance. The growing risks stemming from higher debt, slower growth, and limited room for policy maneuver raise concerns about the ability and propensity of modern economies to find effective solutions to chronic problems. It is important to understand the structural roots of inherent imbalance, persistence-in-error patterns, policy and governance failures, as well as moral and ethical failures. Admittedly, finance and economics have their own failures, with abstract theory bearing little relation with the real economy, uncertainties and vicissitudes of economic life. Economic research has certainly become more empirical despite, or perhaps because of, the lack of guidance from theory. The analytics of Islamic economics and finance may not differ from standard frameworks, methods, and techniques used in conventional economics, but may offer new perspectives on the making of financial crises, nature of credit cycles, roots of financial system instability, and determinants of income disparities. The focus is placed on the logical coherence of Islamic economics and finance, properties of Islamic capital markets, workings of Islamic banking, pricing of Islamic financial instruments, and limits of debt financing, fiscal stimulus and conventional monetary policies, inter alia. Readers with investment, regulatory, and academic interests will find the body of analytical evidence to span many areas of economic inquiry, refuting thereby the false argument that given its religious tenets, Islamic economics is intrinsically narrative, descriptive and not amenable to testable implications. Thus, the handbook may contribute toward a redefinition of a dismal science in search for an elusive balance between rationality, ethics and morality, and toward a remodeling of economies based on risk sharing and prosperity for all humanity