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An Islamic Model for Stabilization and Growth (Political Economy of Islam)
by Adama DieyeThis book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth inequalities. These facts underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim countries.
Islamic Monetary Economics: Finance and Banking in Contemporary Muslim Economies (Islamic Business and Finance Series)
by Taha Eğri; Zeyneb Hafsa OrhanThe existence of fiat currencies has long been cited as one of the major contributing factors to the challenges facing contemporary economies, and the current monetary system is not only a key source of exorable increases in interest rates but also a principal cause of inflation and decline in the value of money in many countries. The editors argue that an Islamic monetary system, with its specific money concepts, interest-free financial institutions, and monetary policy embedded in real growth, provides a solution to this conundrum. Contributions from many world-renowned experts consider a wide array of topics, ranging from the theoretical concepts of money and banking in conventional and Islamic economics to the historical journey of money from precious metals to plastic money and digital currency today. The book outlines the problems that sprout from interest-based banking and multiple debt structures. It then mirrors the Islamic concepts of money as well as idiosyncrasies of its monetary policy. Supported with meticulous research and empirical evidence, the book demonstrates the efficacy of Islamic monetary system in delivering real growth along with equitable distribution of wealth and prosperity in the economy. It additionally acquaints the readers with juristic debates about money and monetary policy. This is essential reading for both students and researchers in Islamic economics, banking, and finance, expertly promoting a fair and just economic system that emerges as a result of interest-free banking and monetary policy based on Islamic principles.
Islamic Monetary Economics and Institutions: Theory and Practice
by Muhamed Zulkhibri Turkhan Ali Abdul Manap Aishath MuneezaThis 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.
Islamic Money and Banking
by Dr Iraj ToutounchianThis book examines how money, in the absence of interest (Riba) and money market can become an endogenous variable of an economic system. It further tries to integrate money in capital theory and to make monetary sector part of the real sector aiming at removing the problems that arise from separation of the two.
Islamic Operations Management: Theories and Applications
by Rafikul Islam Suhaiza Zailani Selim AhmedManaging operations is an integral part of all business and comprises a number of components, including quality management, production planning, supply chain management, logistics, and inventory control. The effective management of operations plays a defining role in enhancing business efficiency and is a lynchpin for success.This book explores how Islamic principles and tools can be applied to improve operations management across industries. While Islamic banking and finance are established disciplines, there is yet little evidence of how exploring operations management from an Islamic lens can improve efficiency. Bringing together leading scholars across subdisciplines, the Editors fill the long-standing gap and address the rising demand for halal products and services by providing a unique perspective to define and enhance an important, growing field.This book will be a useful reference for those who wish to understand all aspects of Islamic business operations and halal logistics. The book will be helpful to academics, researchers, and upper level students, in particular to those who are looking to further their research on how Islamic principles can be applied to business operations.
Islamic Philanthropy: Exploring Zakat, Waqf, and Sadaqah in Islamic Finance and Economics (Palgrave Studies in Islamic Banking, Finance, and Economics)
by Abdul Ghafar Ismail Rose Abdullah Muhammad Hasbi ZaenalIn Islam, philanthropy is a spectrum of activity, and these activities differ in their purpose and in the principles on which they operate. To fully understand philanthropy, it is vital to examine not only its purpose but its motive and outcomes. This book identifies three types of philanthropy within this spectrum: Philanthropy as relief (zakat), which seeks to alleviate human suffering; philanthropy as an improvement (waqf), which seeks to maximize individual human potential and is energized by a principle that seeks to progress individuals and their society; and philanthropy as reform (sadaqah), which seeks to solve social problems. Philanthropy as civic engagement seeks to build better community structures and services and is directed by civic responsibility. This book explores philanthropy in Islam that covers the three primary spectra of activity: zakat, waqf, and sadaqah. Combining contributions from the Conference on Philanthropy for Humanitarian Aid under the joint organization of Sultan Sharif Ali Islamic University and the International Research Centre of Islamic Economics and Finance, International Islamic University College in collaboration with the Islamic Research and Training Institute, this book will be of interest to students, policymakers, practitioners, and researchers in the areas of Islamic finance and Islamic economics.
The Islamic Republic of Iran: Reflections on an Emerging Economy (Europa Perspectives: Emerging Economies Ser.)
by Jahangir AmuzegarThis title provides an in depth study of Iran’s post 1979 Revolution economy under the Islamic Republic, with new material and related journal articles combined under one roof in a novel and reader friendly style. The volume starts with an original text, summarizing the development of the Iranian economy under five successive administrations, in five distinct phases. Following this are fifteen accompanying articles providing detailed information that expands on, and compliments, the discussion in the original material. Appropriate references on specific topics are made to each relevant article, ensuring the material is easily accessible to the reader. Topics discussed include public finance, employment, banking, petroleum, privatization, and the exchange rate. Full references are also made to US and universal economic sanctions and their effects, with the legacies of the Khatami and Ahmadinejad administrations also covered. This versatile title is designed to appeal to a vast readership. The hurried business executive or high government official, interested in a quick review of the subject matter may simply read the original text while think tank researchers, research fellows and students can take the time to read the supplementary articles and review what is related to the topic of their choosing.
Islamic Republic of Iran: 2003 Article IV Consultation--Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Iran
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Iran
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Iran: Selected Issues Paper
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Mauritania: Staff Monitored Program
by International Monetary FundA report from the International Monetary Fund.
Islamic Roots Of Capitalism: Egypt, 1760-1840 (Middle East Studies Beyond Dominant Paradigms)
by Peter GranThis paperback edition has an updated first chapter, resituating its main argument for today’s readers. New historical data on eighteenth- and nineteenth-century Egypt makes an extremely persuasive argument for the eighteenth-century roots of Egyptian modernity. The similarity, too, of Egyptian history with other Mediterranean countries is much more clearly demonstrated today than when Islamic Roots of Capitalism first was published.
Islamic Social Finance: Entrepreneurship, Cooperation and the Sharing Economy (Islamic Business and Finance Series)
by Valentino CattelanThe current dynamics of world economy show remarkable changes in the socio-economics of credit provision and entrepreneurship. If the emergence of the sharing economy is fostering innovative models of collaborative agency, networking and venture business, economic actors are also looking for a more sustainable development, able to foster profitability as well as community welfare. This book investigates Islamic social finance as a paramount example of this economy under change, where the balance between economic efficiency and social impact is contributing to the transformation of the market from an exchange- to a community-oriented institution. The collected essays analyse the social dimension of entrepreneurship from an Islamic perspective, highlighting the extent to which the rationales of "sharing," distribution and cooperation, affect the conceptualization of the market in Islam as a place of "shared prosperity." Moving from the conceptual "roots" of this paradigm to its operative "branches," the contributing authors also connect the most recent trends in the financial market to Shari‘ah-based strategies for community welfare, hence exploring the applications of Islamic social finance from the sharing economy, FinTech and crowdfunding to microcredit, waqf, zakat, sukuk and green investments. An illuminating reference for researchers, practitioners and policy-makers dealing with the challenges of a global market where not only is diversity being perceived as a value to be fostered, but also as an important opportunity for a more inclusive economy for everybody.
Islamic Social Finance: Law and Practice in Malaysia
by Sherin Kunhibava Aishath Muneeza Maryam Binti Khalid Zakariya Mustapha Thong Ming SenThis book addresses the growing significance of Islamic social finance as an alternative and sustainable financing approach in the world. With a focus on Malaysia, a global leader in Islamic banking and finance, the topics covered fills the gap in the extant research by providing in-depth coverage of the legal framework surrounding Islamic social finance. Written with students, researchers, and policymakers in mind, it explores the unique features and principles of Islamic social finance, which aims to achieve social objectives alongside financial returns. By examining real-life case studies and digital examples, readers will gain valuable insights into the practical application of Islamic social finance principles. Each chapter concludes with self-review questions, allowing students to assess their understanding and consolidate their knowledge. This book serves as a valuable resource for academics, researchers, and practitioners seeking to explore and implement Islamic social finance principles. With its comprehensive coverage and practical insights, it will will play a crucial role in promoting the understanding and adoption of Islamic social finance for sustainable development.
Islamic Sustainable Finance: Policy, Risk and Regulation (Islamic Business and Finance Series)
by Mohd Ma’Sum Billah Rusni Hassan Razali Haron Nor Razinah Mohd ZainThe central idea of sustainability in the modern world is intricate and ever-changing. Closely related to the realm of finance and socioeconomic discussion, the phrase “sustainable impact finance” has become increasingly popular among bankers, practitioners, financial analysts, investors and the relevant experts seeking an impactful connection between the best financing mechanisms or tools and sustainable development related investments or projects.This book opens up the discussion by offering a Shari’ah-compliance perspective. It is a primer on how Islam addresses and offers solutions to the challenges facing us within the spirit of maqasid al-Shari’ah, among others, in tackling poverty, food supply, health and well-being, quality education, reducing inequalities, responsible consumption and production and climate action. It discusses the connection between Islamic sustainable finance and the Sustainable Development Goals (SDGs) and explains the strategic action-plan of Islamic banks towards achieving Islamic sustainable finance.The book considers the relevant policies and regulations, evaluating the role of regulators, discussing jurisprudential solutions and focusing on the role of Islamic banking standards in relation to Islamic sustainable finance. Further, it explores the issue of risk mitigation and the effective role of Takaful. It presents a practical case study from the banking industry in Malaysia, which evaluates the carbon footprint of bank loans and climate change risk mitigation. Finally, it highlights sustainable finance innovations in an Islamic concept.The book will appeal to advanced students, researchers and scholars of Islamic banking and finance, as well as those concerned with environmental social governance and Sustainable Development Goals research. Regulators, policy makers and Shari’ah-compliant practitioners will also find it to be a useful guide.
Islamic Sustainable Finance, Law and Innovation: Opportunities and Challenges (Contributions to Management Science)
by Nadia Mansour Lorenzo Mateo Bujosa VadellThis volume discusses the role and characteristics of Islamic finance and how it can contribute to a sustainable financial system. Islamic finance is not only for the 1.5 billion Muslims. Several countries are interested in it because it has interesting characteristics in terms of transparency and banking regulation. Although the origins of Islamic finance date back several centuries, its resurgence is relatively recent. From its modern beginnings in Egypt and Malaysia, Islamic finance is now a growing sector and its recent performance contrasts with that of conventional banks. Rapid growth and innovation are transforming the sector, driving economic development in an increasing number of jurisdictions, while also increasing the number of new opportunities and challenges. Today, with the problem of climate change and its adverse effects on the whole world, the flexibility of Islamic finance concerning the operations available to those who wish to finance the development of infrastructure, makes this area crucial for sustainable finance.
Islamic Tourism: Management of Travel Destinations (CABI Religious Tourism and Pilgrimage Series)
by Noha El-Bassiouny Rukeya Suleman Balal Qayum Yasin Bilim Ferdi Biskin Ibrahim Hakki Kaynak Sulistyo B. Utomo Professor Noel Scott Xin Jin Sorur Adwik Tahir Rashid Md Javed Kawsar Ibrahim Alsini Erdogan Ekiz Kashif Hussain Dr Tariq Elhadary Kristel Kessler Mustafa Acar Professor Alfonso Vargas-Sánchez María Moral-Moral Onur Akbulut Yakin Ekin Mustafa Yilmaz Ümit Sormaz Eda Günes Paolo Pietro Biancone Silvana Secinaro Dr Shin Yasuda UmmeSalma Mujtaba Dr Abdus Sattar AbbasiIslamic tourism is not purely motivated by religion; it also includes participants pursuing similar leisure experiences to non-Muslims, within the parameters set by Islam. Destinations are therefore not necessarily locations where Shari'a or full Islamic law is enforced. Demand for Islamic tourism destinations is increasing as the Muslim population expands, with the market forecast to be worth around US$238 billion. This book explores the ever-widening gap between the religious, tourism, management and education sectors. It provides practical applications, models and illustrations of religious tourism and pilgrimage management from a variety of international perspectives, and introduces theories and models in an accessible structure. The book: - Includes a range of contemporary case studies of religious and pilgrimage activities. - Covers ancient, sacred and emerging tourist destinations. - Reviews new forms of pilgrimage, faith systems and quasi-religious activities. This book offers an engaging assessment of the linkages and interconnections between Muslim consumers and the places they visit. It provides an important analysis for researchers of religious tourism, pilgrimage and related subjects.
Islamic Values and Management Practices: Quality and Transformation in the Arab World (Transformation and Innovation)
by Maqbouleh M. HammoudehThe author of this thought provoking addition to Gower's Transformation and Innovation Series has worked as a management consultant in the Arab Middle East for 25 years. In Islamic Values and Management Practices she acknowledges that businesses and other organizations in the region face urgent concerns in relation to quality and transformation, but argues that these issues might be more appropriately addressed by the application of an Islamic Management Model, rather than the 'Western' one hitherto applied. Over time, a set of management systems based on Islamic values has been developed by the author. These systems recognise the need to build human organizations, socially and politically as well as commercially, and also the recognition that for Muslims, justice is the ultimate value, bringing balance between the individual's soul and spirit on the one hand, and the organization's soul and spirit on the other. This Islamic management model stresses that effectiveness is an outcome of operating efficiently and at the same time unifying the organization's objectives with those of its employees and wider society, and ensuring that at the strategic level the long view is always maintained. Recounting her own personal and business journey, Maqbouleh Hammoudeh presents the outcomes of research that has tested the application of the Islamic Management Model and its ability to deliver the desired quality and transformation outcomes in a major civic or profit making organization. At a time when many practitioners and business educators are seeking new management approaches, this revealing case study sheds light on the evolution of a contemporary theory of management for the Muslim World.
Islamic Wealth and the SDGs: Global Strategies for Socio-economic Impact
by Mohd Ma’Sum BillahThe SDGs, developed by the UN in 2012, focuses on 17 goals for the betterment of humanity and humanitarian causes. Among the core objectives of Shari'ah in Islamic finance is to offer a helping hand, emphasizing the efforts and scope of the SDGs. This book explores how Islamic ethical wealth is structured to contribute to the SDGs and an overall socio-economic impact within the principles of Maqasid al-Shari’ah. Focusing areas such as Islamic micro-finance, wealth inclusion, corporate and agro-Zakat, Awqaf, SRI Sukuk, and green Sukuk, this book will feature contributions from the leading researchers in sustainability and Islamic finance and will be of interest to scholars, researchers, industrialists, NGOs, UNDP and students studying both areas.
Islamism, Arab Spring, and the Future of Democracy: World System and World Values Perspectives (Perspectives on Development in the Middle East and North Africa (MENA) Region)
by Leonid Grinin Andrey Korotayev Arno TauschThis book provides an in-depth analysis of public opinion patterns among Muslims, particularly in the Arab world. On the basis of data from the World Values Survey, the Arab Barometer Project and the Arab Opinion Index, it compares the dynamics of Muslim opinion structures with global publics and arrives at social scientific predictions of value changes in the region. Using country factor scores from a variety of surveys, it also develops composite indices of support for democracy and a liberal society on a global level and in the Muslim world, and analyzes a multivariate model of opinion structures in the Arab world, based on over 40 variables from 12 countries in the Arab League and covering 67% of the total population of the Arab countries. While being optimistic about the general, long-term trend towards democracy and the resilience of Arab and Muslim civil society to Islamism, the book also highlights anti-Semitic trends in the region and discusses them in the larger context of xenophobia in traditional societies. In light of the current global confrontation with radical Islamism, this book provides vital material for policy planners, academics and think tanks alike.
Islamist Party Mobilization: Tunisia’s Ennahda and Algeria’s HMS Compared, 1989–2014
by Chuchu ZhangThis book aims to explore how Islamist parties mobilize debates, discourses, and environments in electoral authoritarian systems. Interrelating three theoretical schools, Electoral Authoritarianism Theory, Protest Voting Theory, and Political Process Theory, it adopts and expands on a demand-and-supply framework to approach the subject in a novel way, and adapts them to address North Africa, a region in which such theoretical scholarship has until now not been conducted. In-depth case studies focus on two Islamist parties in North Africa, Tunisia’s Ennahda and Algeria’s HMS, both of which adopted the Muslim Brotherhood model, had charismatic leaders, and were active in the political scene from 1989-2014, the period between their first electoral trial and their electoral participation after taking part in governance. The chapters proceed chronologically, providing a historical treatment of the evolution of Ennahda and the HMS since their inception and addressing their development in two and a half decades.
Islamist Radicalisation in Europe: An Occupational Change Process (Political Violence)
by Daniela PisoiuThis book examines the Islamist radicalisation process in Europe, developing a new theoretical model based on an empirical study of the evolution of Islamist radicals in their social environment. The approach of this book is to examine how, and under what conditions, people choose to radicalise. It focuses on the experience of radicalisation from the perspective of those who have undergone it. The study is based on trial and court material, along with an extensive number of interviews collected from many different European countries, and this biographical approach is used to address individuals and the details of their social environment. Overall, the explanatory framework departs from the existing deterministic paradigm (with grievances as causes), also present in some psychological models, and argues that radicalisation is a process much like occupational choice – a rational choice made with social and ideational significance. It addresses critically the assumption that, because the result of the radicalisation process could be seen as ‘abnormal’, the cause of it might be of a similar nature. Parallels are drawn with other forms of extremism and European counter-radicalisation policies are considered critically. This book will be of great interest to students of terrorism studies and political violence, political Islam, social movements, European politics and IR/security studies in general.
Island Compliance Risk and the Protocol of Global Finance: Governing Evil Money
by Kirk Harrison TaittKirk Harrison Taitt examines the threat money laundering and terrorist financing pose to Caribbean island nations involved in international financial services, the role of compliance regimes in averting sanctions and the future of these nations at the table of global capital. He addresses and, indeed, positions island nations in a strategic space outside the global clamour, unceasing debate and severe criticism over their bona-fides/qualifications to engage in the trillion-dollar industry of offshore finance, alongside their G20 nemeses. He asserts a high ground (ethical) approach as essential to counteracting potential reputational harm. Throughout the book, Taitt weaves a governance, risk and compliance (GRC) thread in order to speak directly to practitioners and to demonstrate how a strong GRC paradigm at the jurisdictional and institutional levels could be leveraged for competitive advantage. Among the key recommendations outlined in his IRIE Mitigation Matrix are: effective regulatory governance of the jurisdiction’s financial system by ensuring conformance with international standards, the deployment of sufficient resources to adequately supervise financial institutions and the promotion of values-based decision-making amongst corporate financial managers and leaders. He also recommends on-going engagement of the wider civil society to ensure present and future generations of the Caribbean island financial centre (IFC) workforce appreciate the value of personal moral excellence in business and its inextricable link to sustainable development of the IFC sector.
Island Disputes and Maritime Regime Building in East Asia
by Min Gyo KooThis book explores the three most prominent island disputes in East Asia: the Dokdo/Takeshima, the Senkaku/Diaoyu, and the Paracel and Spratly disputes. These island disputes clearly illustrate the puzzling pattern of continuity and mutual restraint in East Asia's territorial conflicts. In dealing with sovereignty issues, East Asian countries have engaged in varied patterns of diplomatic and military behaviors. In some cases, one can find examples of the aggressive use of military force and intransigent bargaining strategies, while in others military inaction and accommodative diplomacy are equally evident. When and why do disputants pursue conflictual policies? Conversely, why do they at other times seek the containment, if not the resolution, of territorial disputes by shelving thorny sovereignty issues? This book uses a territorial bargaining game framework to analyze various stages of dispute initiation, escalation, and de-escalation in a consistent and systematic manner. It starts from an assumption that territory involves mixed motive games, which can be characterized as having elements of partnership, competition, and conflict. Consistent with conventional wisdom, this book finds that the combination of resource competition, fluid geopolitics, and unstable domestic power dynamics has regularly brought about the initiation and escalation of the three island disputes. More importantly, this book discovers that the pacific influence of economic interdependence has repeatedly prevented the sovereignty disputes from escalating into a full-scale diplomatic and/or military crisis.
The Island of the Four Ps: A Modern Fable About Preparing for Your Future
by Ed HajimThe Island of the Four Ps, a spinoff of Ed Hajim's bestselling memoir On The Road Less Traveled, is a modern fable about a young man, Marketus, who leaves home for the first time and travels to an island on a quest to answer some of life&’s basic questions. The book, a conversation with the hero's inner voice, is divided into four fundamental sections—passions, principles, partners, and plans—the key ingredients to making a successful life, says the author. This magical trip takes Marketus and his guide to four villages named after the four Ps. As he enters each place, Marketus places a green pea into a special device, which allows him to store his thoughts, retrieve them, and integrate them. This engaging tale features full-color illustrations throughout, this parable comes to life in the most unusual way. Perfect for those looking for inspiration in an ever-changing world, Marketus and the Four Peas offers a timeless message for everyone.