Wealth Inequality Asset Redistribution And Risk Sharing Islamic Finance

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Wealth Inequality, Asset Redistribution and Risk-Sharing Islamic Finance

Author : Tarik Akin
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110586665
Total Pages : 216 pages
Book Rating : 4.1/5 (15 download)

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Book Synopsis Wealth Inequality, Asset Redistribution and Risk-Sharing Islamic Finance by : Tarik Akin

Download or read book Wealth Inequality, Asset Redistribution and Risk-Sharing Islamic Finance written by Tarik Akin and published by Walter de Gruyter GmbH & Co KG. This book was released on 2019-03-04 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wealth inequality has been not only rising at unsustainable pace but also dissociated from income inequality because of the fact that wealth is increasing without concomitant increase in savings and productive capital. Compelling evidence indicates that capital gains and other economic rents are mainly responsible for wealth inequality and its divergence from income inequality. The main argument of the book is that interest-based debt contracts are one of the drivers of wealth inequality through creating disproportional economic rents for the asset-rich. The book also introduces the idea of risk-sharing asset-based redistribution, which is a novel and viable policy proposal, as an effective redistribution tool to address the wealth inequality problem. Furthermore, a large-scale stock-flow consistent macroeconomic model, which is step by step constructed in the book, sheds light on the formation of wealth inequality in a debt-based economy and on the prospective benefits of implementing risk-sharing asset-based redistribution policy tools compared to traditional redistribution policy options. The research presented in this book is novel in many respects and first of its kind in the Islamic economics and finance literature.

Ethical Dimensions of Islamic Finance

Author : Zamir Iqbal
Publisher : Springer
ISBN 13 : 3319663909
Total Pages : 192 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Ethical Dimensions of Islamic Finance by : Zamir Iqbal

Download or read book Ethical Dimensions of Islamic Finance written by Zamir Iqbal and published by Springer. This book was released on 2017-09-27 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

A Collection of Surveys on Savings and Wealth Accumulation

Author : Edda Claus
Publisher : John Wiley & Sons
ISBN 13 : 1119158397
Total Pages : 312 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis A Collection of Surveys on Savings and Wealth Accumulation by : Edda Claus

Download or read book A Collection of Surveys on Savings and Wealth Accumulation written by Edda Claus and published by John Wiley & Sons. This book was released on 2016-02-23 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this collection of critical surveys the reader is provided with a range of up-to-date work from some of the leading scholars in the area, writing on private and public sector aspects of savings and wealth accumulation. A survey of savings and wealth accumulation which are important dimensions of research and policy debates Discusses the measurement of genuine savings and sustainability, the estimation of wealth inequality, and recent developments in consumer credit and defaults Evaluates the impact of student loans on financial well-being, people’s retirement decisions, and the impact of pension reform Considers the distribution of wealth across generations and the importance of accurately measuring government debt, the rise of sovereign wealth funds and Islamic banking and finance

Handbook of Analytical Studies in Islamic Finance and Economics

Author : Zamir Iqbal
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110587920
Total Pages : 723 pages
Book Rating : 4.1/5 (15 download)

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Book Synopsis Handbook of Analytical Studies in Islamic Finance and Economics by : Zamir Iqbal

Download or read book Handbook of Analytical Studies in Islamic Finance and Economics written by Zamir Iqbal and published by Walter de Gruyter GmbH & Co KG. This book was released on 2020-08-10 with total page 723 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

An Overview of Islamic Finance

Author : Mr.Mumtaz Hussain
Publisher : International Monetary Fund
ISBN 13 : 1513565621
Total Pages : 35 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis An Overview of Islamic Finance by : Mr.Mumtaz Hussain

Download or read book An Overview of Islamic Finance written by Mr.Mumtaz Hussain and published by International Monetary Fund. This book was released on 2015-06-02 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Finance, Growth, and Inequality

Author : Mr. Ross Levine
Publisher : International Monetary Fund
ISBN 13 : 1513583360
Total Pages : 80 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Finance, Growth, and Inequality by : Mr. Ross Levine

Download or read book Finance, Growth, and Inequality written by Mr. Ross Levine and published by International Monetary Fund. This book was released on 2021-06-11 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Applying Risk-Sharing Finance for Economic Development

Author : Putri Swastika
Publisher : Springer Nature
ISBN 13 : 3030826422
Total Pages : 150 pages
Book Rating : 4.0/5 (38 download)

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Book Synopsis Applying Risk-Sharing Finance for Economic Development by : Putri Swastika

Download or read book Applying Risk-Sharing Finance for Economic Development written by Putri Swastika and published by Springer Nature. This book was released on 2021-09-13 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.

Handbook of Ethics of Islamic Economics and Finance

Author : Abbas Mirakhor
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110590549
Total Pages : 797 pages
Book Rating : 4.1/5 (15 download)

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Book Synopsis Handbook of Ethics of Islamic Economics and Finance by : Abbas Mirakhor

Download or read book Handbook of Ethics of Islamic Economics and Finance written by Abbas Mirakhor and published by Walter de Gruyter GmbH & Co KG. This book was released on 2020-04-20 with total page 797 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the financial crisis of 2007/2008, a renewed discussion on the ethics and finance is being examined from different dimensions – finance for good society, responsible finance, ethical finance, financial crimes, and financial repression. The principal objective of this Handbook on Ethics of Islamic Economics and Finance is to provide a deeper understanding of the ethical underpinning of Islamic economics and finance. The reader will notice that the Handbook reflects a diversity of views on the subject of economic and business ethics in Islam across the intellectual spectrum of Muslim thought over the globe. Handbook attempts to find answers to some questions concerning the definition and characteristics of the ethical system in Islam. What is its goal and how do its rules and practices ensure welfare for individuals and society? Are the moral principles universal and invariable or do they change and adapt with the social changes of communities and progress in science and technology? Is the present generation accountable for the welfare of future generations? Where is the boundary between law and ethics and who guarantees their adoption and implementation?

Revisiting Islamic Economics

Author : Nabil El Maghrebi
Publisher : Springer Nature
ISBN 13 : 303141134X
Total Pages : 392 pages
Book Rating : 4.0/5 (314 download)

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Book Synopsis Revisiting Islamic Economics by : Nabil El Maghrebi

Download or read book Revisiting Islamic Economics written by Nabil El Maghrebi and published by Springer Nature. This book was released on 2024-01-21 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the need for a paradigm shift from Islamic economics universe of discourse to Iqtisād, a socio-economic system that is entirely independent from other economic doctrines and systems of thought. It provides an overview of critiques of the science and dogma of mainstream, orthodox, neoclassical, or simply Economics, with its axioms of rationality, scarcity, and unlimited wants. There is also a critical analysis of Islamic economics, and its failures to set its own policy agenda and development objectives. Our contention in this book is that Iqtisād--the Qur’an’s vision of how the economy is to be arranged—provides such a paradigm with a radically different philosophical foundation from that of Economics to the point that makes grafting one onto the other Impossible. Iqtisād offers a genuine and authentic Islamic paradigm with unique etymological and philosophical foundations. It is a unique system that derives its organizing principles from the principal source of the Quran, rather than Economics. The logical coherence of its immutable system of rules compliance, institutional structures, and risk-sharing relations provides the foundations for economic dynamism, financial stability, and shared prosperity. It ensures that resources are efficiently managed, poverty is eradicated, income and wealth mal-distributions are corrected, and the internal sources of economic injustices gripping human societies are eliminated. The Impossibility Theorem proposed in this book implies that, metaphysically, ontologically, epistemologically, axiologically, and teleologically, the two polar cases of Iqtisād and Economics are so radically different to rule out any grafting of one onto the other in order to present an intermediate paradigm with a synthetic discipline called Islamic economics. Given its multidisciplinary contents, this book will be of interest to a wide audience, including economists, policymakers, philosophers, theologians, and jurists, and can guide also free-thinking readers to a clarity of understanding about the conditions of humanity and the imperative of change with a sincerity of purpose and coherence in knowledge.

Islamic Finance

Author : Mr.Alfred Kammer
Publisher : International Monetary Fund
ISBN 13 : 1498325033
Total Pages : 38 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Islamic Finance by : Mr.Alfred Kammer

Download or read book Islamic Finance written by Mr.Alfred Kammer and published by International Monetary Fund. This book was released on 2015-04-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Islamic Capital Markets: A Comparative Approach (Second Edition)

Author : Obiyathulla Ismath Bacha
Publisher : World Scientific
ISBN 13 : 9813274654
Total Pages : 403 pages
Book Rating : 4.8/5 (132 download)

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Book Synopsis Islamic Capital Markets: A Comparative Approach (Second Edition) by : Obiyathulla Ismath Bacha

Download or read book Islamic Capital Markets: A Comparative Approach (Second Edition) written by Obiyathulla Ismath Bacha and published by World Scientific. This book was released on 2019-02-27 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate.Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike.

Islamic Finance

Author : Usman Hayat
Publisher :
ISBN 13 : 9781934667798
Total Pages : pages
Book Rating : 4.6/5 (677 download)

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Book Synopsis Islamic Finance by : Usman Hayat

Download or read book Islamic Finance written by Usman Hayat and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Inclusion for Poverty Alleviation

Author : Essam Yassin Mohammed
Publisher : Routledge
ISBN 13 : 1351595121
Total Pages : 260 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Financial Inclusion for Poverty Alleviation by : Essam Yassin Mohammed

Download or read book Financial Inclusion for Poverty Alleviation written by Essam Yassin Mohammed and published by Routledge. This book was released on 2017-12-12 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than one billion people still live below the poverty line – most of them in South Asia and Sub-Saharan Africa. Financial inclusion is a major issue, as more than three-quarters of the numbers of poor and disadvantaged women and men do not have access to financial products and services, such as bank accounts, affordable and suitable loans, and insurance. The key objective of this book is to provide practical case studies of financial inclusion, rather than focus on academic debates such as the ideological basis of promoting microfinance. Using the recently adopted Sustainable Development Goals as an overall framing of the issues, it shows how poor and disadvantaged women and men can be bankable if the right facilitation for maximizing opportunities and addressing constraints are in place. Case studies confirm that achieving inclusive and sustainable access to financial products and services goes beyond simply enabling poor and disadvantaged women and men to have access to credit, or the ability to open a bank account. Examples from Africa, Asia and Latin America demonstrate encouraging progress in making microcredit accessible to millions of poor people. The foremost challenge, however, has been to ensure that they have access to, and usage intensity of, suitable and affordable financial products and services that meet the needs of their livelihoods as well as risks and mitigation strategies. This requires understanding that poor and disadvantaged women and men do not exist in isolation from complex and interdependent functions in the financial system, which includes a number of actors, diversified services, constraints (not just symptoms) and capacities and incentives. Overall, the book provides a rich source of examples of how building inclusive financial systems can empower the world's poor – by increasing income and employment opportunities, securing livelihoods and reducing poverty.

The Effects of the Global Crisis on Islamic and Conventional Banks

Author : Jemma Dridi
Publisher :
ISBN 13 : 9781455205318
Total Pages : 42 pages
Book Rating : 4.2/5 (53 download)

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Book Synopsis The Effects of the Global Crisis on Islamic and Conventional Banks by : Jemma Dridi

Download or read book The Effects of the Global Crisis on Islamic and Conventional Banks written by Jemma Dridi and published by . This book was released on 2005-10-31 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the performance of Islamic banks (IBs) and conventional banks (CBs) during the recent global crisis by looking at the impact of the crisis on profitability, credit and asset growth, and external ratings in a group of countries where the two types of banks have significant market share. Our analysis suggests that IBs have been affected differently than CBs. Factors related to IBs‘ business model helped limit the adverse impact on profitability in 2008, while weaknesses in risk management practices in some IBs led to a larger decline in profitability in 2009 compared to CBs. IBs‘ credit and asset growth performed better than did that of CBs in 2008-09, contributing to financial and economic stability. External rating agencies‘ re-assessment of IBs‘ risk was generally more favorable.

Economic Development and Islamic Finance

Author : Zamir Iqbal
Publisher : World Bank Publications
ISBN 13 : 0821399535
Total Pages : 376 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Economic Development and Islamic Finance by : Zamir Iqbal

Download or read book Economic Development and Islamic Finance written by Zamir Iqbal and published by World Bank Publications. This book was released on 2013-08-05 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Islamic Banking

Author : Mr.Kangni Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1455205257
Total Pages : 30 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Islamic Banking by : Mr.Kangni Kpodar

Download or read book Islamic Banking written by Mr.Kangni Kpodar and published by International Monetary Fund. This book was released on 2010-08-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.

Global Report on Islamic Finance 2016

Author : World Bank;Islamic Development Bank
Publisher : World Bank Publications
ISBN 13 : 1464809275
Total Pages : 248 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Report on Islamic Finance 2016 by : World Bank;Islamic Development Bank

Download or read book Global Report on Islamic Finance 2016 written by World Bank;Islamic Development Bank and published by World Bank Publications. This book was released on 2017-02-22 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Income inequality has increased considerably in the aftermath of the financial crisis of 2007†“08 to the extent that one percent of global population possess almost half of the global assets. Whereas the development community is unanimous to tackle growing inequality and imbalance in the distribution of wealth, there is a difference of opinion as to the approaches to achieve this goal. This report presents a perspective from Islamic finance on how shared prosperity can be enhanced. The theoretical framework for economic development by Islamic economics and finance is based on four fundamental pillars: (i) an institutional framework and public policy oriented to the development objectives of Islam; (ii) prudent governance and accountable leadership; (iii) promotion of the economic and financial system based on risk sharing; and (iv) financial and social inclusion for all, promoting development, growth, and shared prosperity. There is evidence that Islamic finance is experiencing high growth with the banking sector leading the way. Several countries are working seriously towards developing standards, regulation and legal frameworks for the development of Islamic finance. However, there are a number of aspects where policy interventions or improvements in policy effectiveness are needed to develop Islamic finance to promote shared prosperity. Without the enabling environment, Islamic finance may not be able to attain the potential expected of it. With adequate policy interventions and enabling financial infrastructure, Islamic finance could become a catalyst for alleviating poverty and inclusive prosperity.