Challenges in Economic and Financial Policy

The Islamic financial industry is growing rapidly. There are a number of foundational elements that are still developing, with macroeconomic policy goals and instruments, and policy formulation in the public sector at the forefront.

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system. The authors discuss the characteristics, logic, objectives, organizing principles, policies and policy instruments in an economic system structured on the foundational teachings of Islam. This exciting new volume addresses the design and implementation of policies in Muslim countries and outlines the all-important question of policy objectives designed and implemented to convert the conventional system into Islamic economic and financial systems as envisaged in the Quran.

Hossein Askari is Iran Professor of International Business and International Affairs at the George Washington University, USA.

Zamir Iqbal serves as Lead Specialist at the Financial Systems Global Practice of the World Bank.

Abbas Mirakhor is First Holder of Islamic Finance Chair at INCEIF-Global University of Islamic Finance, Malaysia.

1. Introduction: The Significance of Policy
2. Institutional Perspective of Islamic Economics
3. Economic and Social Justice: A Policy Objective in Islam
4. Risk Sharing Finance and the Role of Public Policy
5. Lessons from Financial Crisis: A Policy Failure?
6. Financial and Capital Market Policies
7. Fiscal and Monetary Policy in Islam
8. Developing Social Capital
9. Financial Inclusion: Implications for Public Policy
10. Environmental and Natural Resource Policies in Islam
11. Benchmarking Islamic Finance Enabling Policies
12. Policy Challenges: Building Institutions

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Challenges in Economic and Financial Policy Formulation An Islamic Perspective

Summary

Author Biography

Table of Contents

Supplemental Materials