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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 e...
This book is the first ‘groundwork’ on Muslim NGOs in contemporary Ghana. It builds upon a database of more than 600 Muslim non-profit associations, foundations and grass-roots organisations whose activities are traced through extensive use of social media. The first part of the book scrutinises the varieties of their activities and operational spaces, their campaigns and target groups, alongside their local, regional, national and international connections. The second part analyses contemporary debates on infaq, sadaqa, waqf and zakat as well as Islamic banking and micro-finance schemes for promoting social welfare among Muslim communities in Ghana.
This book discusses management and governance initiatives undertaken by agencies and stakeholders towards achieving the Sustainable Development Goals (SDGS) in the Southeast Asian region, specifically Malaysia, Indonesia, Thailand and Singapore. It highlights the theories, methodologies and action plans involved in implementing the goals in these countries and the importance of developing a positive relationship between the public and government agencies. With contributors coming from a range of disciplines and backgrounds across the Association of Southeast Asian Nations (ASEAN) region, this edited collection provides a holistic quantitative and qualitative approach to achieving the SDGs. I...
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 reg...
This book explores the relationships between financial inclusion, poverty and inclusive development from Islamic perspectives. Financial inclusion has become an important global agenda and priority for policymakers and regulators in many Muslim countries for sustainable long-term economic growth. It has also become an integral part of many development institutions and multilateral development banks in efforts to promote inclusive growth. Many studies in economic development and poverty reduction suggest that financial inclusion matters. Financial inclusion, within the broader context of inclusive development, is viewed as an important means to tackle poverty and inequality and to address the sustainable development goals (SDGs). This book contributes to the literature on these topics and will be of interest to researchers and academics interested in Islamic finance and financial inclusion.
Islamic economics, which is a discipline for studying economic behaviour from an Islamic perspective, advocates comprehensive human development defined by advancement and progress in multiple dimensions beyond GDP, income, or standard of living. Not only should socio-economic progress be in all dimensions but it should also have a higher purpose. A society is considered economically and socially developed if adequate protections are provided for faith, life, intellect, progeny, and wealth. This concept of balanced progress itself is an important idea recognized by the sociologists. However, the same has so far not been measured or used in policy making by economists. Similarly, lack of adequ...
“Bank Indonesia terus berupaya mendukung pengembangan keuangan syariah melalui blueprint dengan pembentukan lima pilar strategis: Pengembangan produk dan pasar keuangan syariah, pengembangan sumber daya manusia, memperkuat kerangka kerja, pembiayaan untuk sektor riil dan UMKM serta mempromosikan struktur industri yang lebih efisien dan berpartisipasi dalam keuangan syariah global. Lahirnya buku Dinamika Produk dan Akad Keuangan Syariah di Indonesia ini tentu sejalan dengan upaya tersebut.” Agus D.W. Martowardojo Governor of Bank Indonesia “No doubt, Islam is a system and way of life which is intact and unified. It is not just a torch to truth and salvation, but also a complete guide to all aspects of life in this world, including in the financial sector. Publication of the book entitled The Dynamics of Islamic Financial Products and Contracts in Indonesia is one such proof. Islam emphasizes the ‘dualism of piousness’; pious in terms of spirituality and financial matters, and clearly the book is one of the ‘white paper’ that everyone should read” KH. Ma’ruf Amin The Chief of Indonesian Ulama Council
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.
Economic capital is the subject of great debate among academics and professionals in the field of risk management. Conceptually, Islamic finance's encouragement of risk-sharing eliminates the debt burden encountered by the conventional banking sector. The majority of the Islamic banking system is based on equity-based financing. To be effective in practice, a variety of well-functioning institutions are required to translate Islamic banking concepts into a 'real-world' financial system. In spite of this, the regulatory, legal, product and operational requirements specific to Islamic banks may necessitate a distinct strategy for managing capital-related risks. This book provides a comprehensi...
The 2021 edition of the Outlook addresses reallocation of resources to digitalisation in response to COVID-19, with special focuses on health, education and Industry 4.0. During the COVID-19 crisis, digitalisation has proved critical to ensuring the continuity of essential services.