Details
New Issues in Islamic Finance and Economics
Progress and ChallengesWiley Finance, Band 753 1. Aufl.
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69,99 € |
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| Verlag: | Wiley |
| Format: | EPUB |
| Veröffentl.: | 19.12.2011 |
| ISBN/EAN: | 9781118179642 |
| Sprache: | englisch |
| Anzahl Seiten: | 200 |
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Beschreibungen
New Issues in Islamic Finance & Economics: Progress and Challenges provides a review of the main issues and challenges facing Islamic finance. The application of Islamic finance is currently limited to banking. This book starts with an overview of the factors and motives behind the development of Islamic finance. A critical review of issues facing the industry is provided followed by a detailed analysis of areas where further attention is required. The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system.
Glossary of Arabic Terms ix Acknowledgement xxi 1 Development and Progress of Islamic Finance 1 2 Issues and Challenges 47 3 Islamic Finance and Globalization: Convergence and a Boost for Rapid Growth? 75 4 Globalization and Its Implications for Muslim Countries 111 5 Expanding Financial Frontiers 129 6 Reputational Risk for the Islamic Financial Industry 149 7 Design of Benchmark for Asset Pricing 179 8 Qard-ul-Hassan-based Microfinance 197 9 Developing the Theoretical Foundations of Economics in Islam 211 10 Islam and Economic Development 243 11 Taxation and Public Expenditures in Islam 263 12 Scope of Social Safety Net in Islam: A Case Study 293 References 327 Index 363
PROF. HOSSEIN ASKARI received a B.S. in CivilEngineering, Ph.D. in Economics and attendedthe Sloan School of Management at theMassachusetts Institute of Technology (MIT). Hewas an instructor of Economics at MIT, AssistantProfessor of Economics at Tufts University,Associate Professor of Economics at Wayne State University, Associate Professor and Professor of International Business and Middle Eastern Studies at the University of Texas at Austin and is now the Iran Professor of International Business and Professor of International Affairs at the George Washington University. He served for two and a half years on the Executive Board of the IMF and was Special Advisor to the Minister of Finance of Saudi Arabia. In the mid-1980s he was the director of a multinational team that developed the first energy plan and energy planning models for Saudi Arabia. He has written extensively on economic development in the Middle East, international trade and finance, agricultural economics, oil economics, and on economic sanctions. He has been an advisor to a number of governments,institutions and corporations. DR. ZAMIR IQBAL works as Lead Investment Officer with the Quantitative Strategies, Risk and Analytics department in the Treasury of the World Bank in Washington, D.C. He earned his Ph. D.in international finance from the George Washington University, where he also serves as adjunct faculty of international finance. He has published several articles on Islamic finance in journals of repute and has presented papers at international forums. He has extensive experience with capital markets, structured products, risk management, financial sector development, and financial modeling.His research interests include Islamic Finance, Financial Engineering,Structured Finance and International Banking. He is co-author of Introduction to Islamic Finance: Theory and Practice (2007) and Risk Analysis for Islamic Banks (2007). DR. ABBAS MIRAKHOR, born in Tehran, Islamic Republic of Iran, attended Kansas State University, where he received his Ph. D. in economics in 1969. From 1969 to 1984, he taught in various universities in the U.S. and Iran. From1984 until 1990, he served on the staff of thief, and from 1990 to 2008, he served as the Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia on the Executive Board of the IMF. Dr. Mirakhor is the co-author of Essays on Iqtisad: Islamic Approach to Economic Problems (1989), Theoretical Studies in Islamic Banking and Finance (1987), and Introduction to Islamic Finance: Theory and Practice (2007). He has received several awards including 220;Order of Companion of Volta221; for service to Ghana, conferred by the President of Ghana in 2005; Islamic Development Bank Annual Prize for Research in Islamic Economics, shared with Mushin Khan in2003, and 220;Quaid-e Azam221; star for service to Pakistan, conferred by the President of Pakistan in 1997.
In recent years, Islamic finance has becomethe fastest growing sector in the global finance industry. It has expanded beyond its traditional markets to become a global phenomenon.International financial institutions have embraced it as an important offering for their clients. In the face of higher energy prices andgrowing export earnings in a number of Islamic countries, the rapid growth of Islamic finance may be expected to continue. But whether this anticipated growth will indeedc ontinue as before, or even accelerate, will depend on how Islamic institutions and governments respond to the challenges that loom on the horizon. During this period of growth, Islamic finance has gone through significant changes and transformations, and has been affected by the forces of economic and financial globalization. But what are the forces that are likely to shape its further development? The authors argue that the future success of Islamic finance will depend on a number of developments, including: economic and financial reform in Islamic countries, institutional reform and liberalization (leading to the development of transparent and efficient institutions), governance and regulatory oversight of Islamic financial institutions and products (affecting the reputation of Islamic institutions and products), research into the development of Shari217;ah-compatible financial products, the pace of economic growth in Islamic countries (determining the demand for Shari217;ah-compatible financial products),and on the direction and further developments in financial globalization. This volume will appeal to all those engaged in the field of Islamic finance as students, practitioners and academics.
This volume certainly fills a gap in the Islamic finance literature. Not many have the broadknowledge of Askari, Iqbal, and Mirakhor who provide in this book comprehensive, usefuland analytical information on issues that are hardly addressed by others in this field. Prof. Rifaat Abdul Karim Secretary General Islamic Financial Services Board This book offers a global perspective of different segments of Islamic finance and insightsinto a range of key technical topics that are assuming growing significance for the sustainabledevelopment of this discipline. The authors provide insights on risk management issues andhighlight the significance of specific reputational risks to Islamic finance, given the elementof 220;trust221; that customers place in the management to comply with the 220;sacred obligations.221;Equally beneficial for the industry is the argument offered by the authors to develop theoreticalfoundation of Islamic economics and finance with need for proper benchmarking of the assetpricing. Rich in content, the book offers an interesting read while shedding light on theoreticaleconomic dimensions of Islam. Dr. Shamshad Akhtar Governor, State Bank of Pakistan Former Director-General, Asian Development Bank The authors should be congratulated for presenting an excellent analytical discussion of some central contemporary issues in Islamic finance and economics as a 220;common and connected concern.221; As such, it provides a timely reminder to all those involved in developing Islamic finance that trying to focus on 220;downstream221; areas of financial products for the industry without giving due attention to the conceptual and theoretical foundations of Islamic economics, is not only intellectually unsound, but could lead to consequences that are questionable and unjust. Prof. Mohamed Aslam Haneef Professor, Department of Economics International Islamic University Malaysia
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