The digital revolution in financial services has the potential to shrink the role and relevance of today's banks, while simultaneously creating better, faster, cheaper services that will be an essential part of everyday life. This book discusses t
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Focusing on innovative financing methods, this book explores how non-debt-creating capital market instruments can support government budgets. It provides a comparative analysis with traditional finance, highlighting the role of Islamic capital market tools in fostering economic stability and growth. The authors, Rizvi, Bacha, and Mirakhor, chronologically examine the impacts of macroeconomic policies aimed at alleviating sovereign debt and enhancing government financing, ultimately guiding nations toward sustainable economic progress.
The book explores an economic system rooted in the principles of the Holy Qur'an, emphasizing the importance of adhering to divine rules and the traditions of the Prophet Muhammad. The authors argue that the economic struggles of Muslim countries stem from a lack of understanding and compliance with these guidelines. They propose that by interpreting the Qur'an's Metaframework and the Prophet's Archetype Model in a contemporary context, Muslims can establish an ideal economic system that aligns with current conditions.
The exploration of justice spans various cultures and historical periods, starting from Zarathustra to Islamic interpretations. The text delves into the views of justice in Ancient Egypt, India, Mesopotamia, and key biblical figures, highlighting the shift in focus during the Axial Age to regions like India, China, and Greece. It further examines the emergence of a systematic approach to justice in Islam, based on Qur'anic principles, and reflects on the deterioration of societal structures post-Prophet. This work is essential for those interested in justice, Islamic studies, and political Islam.
The book explores the Islamic perspective on justice, contrasting it with conventional views and tracing its evolution from Enlightenment thinkers to contemporary philosophers. It highlights the disconnect between ritual observance and adherence to Qur'anic principles among Muslims, drawing insights from 20th-century Muslim intellectuals. Empirical surveys of justice in Muslim countries reveal significant economic, social, and political challenges. The authors conclude with an assessment of the current state of justice and identify critical areas needing reform for true justice to be realized.
This book explores financing government budgets using non-debt-creating capital market instruments, comparing them to conventional finance. It highlights how Islamic capital market tools can foster economic stability and growth, guiding readers through the impact of macroeconomic policies aimed at reducing sovereign debt and enhancing government financing.
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.
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.