Alam / Rizvi Islamic Economies

Stability, Markets and Endowments
1. Auflage 2017
ISBN: 978-3-319-47937-8
Verlag: Springer Nature Switzerland
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 137 Seiten

Reihe: Palgrave CIBFR Studies in Islamic Finance

This book explores contemporary empirical issues in Islamic economics. It begins by outlining current trends in Islamic economics and before identifying gaps in the empirical research. It then goes on to discuss the role of institutions in economic growth for Islamic countries, and the fiscal aspects of Islamic economics. It explores issues in debt and growth, as well as the instruments of monetary management in Islamic economics. It analyses the trade-off between growth and stability and concludes with discussion of Zakat and Waqf in driving growth.

Nafis Alam is currently Professor of Finance at Sunway University Business School, Sunway University. He previously served as an Associate Professor of Finance at the Nottingham University Business School (NUBS) in the University of Nottingham Malaysia Campus (UNMC). He also served as the founding director of Center for Islamic Business and Finance Research at UNMC. Syed Aun R. Rizvi is an Assistant Professor at Suleman Dawood School of Business at Lahore University of Management Sciences (LUMS), Pakistan. He is also a Research Affiliate of Centre for Islamic Business and Finance Research (CIBFR) at University of Nottingham Malaysia Campus, Malaysia, where he previously served in a similar academic role for over two years. He has considerable industry experience in fund management, as well as a diverse teaching and research background. His research focuses on capital markets in Islamic and emerging economies.

Autoren/Hrsg.

Alam, Nafis

Rizvi, Syed Aun R.

Inhaltsverzeichnis

1;Islamic Economies;4
1.1;Contents;6
1.2;Contributors;8
1.3;List of Figures;10
1.4;List of Tables;11
2;1 Islamic Economics’ Contribution to Conventional Economics;12
2.1;References;19
3;2 Islamic Financial Planning Towards Sustainable Eco-Growth;20
3.1;2.1 Introduction;21
3.2;2.2 Islamic Financial Planning;24
3.2.1;2.2.1 Protection in Islam;25
3.2.1.1;2.2.1.1 Basis of Cooperation;25
3.2.1.2;2.2.1.2 Basis of Responsibility;26
3.2.1.3;2.2.1.3 Basis of Mutual Protection;26
3.2.2;2.2.2 Accumulation of Wealth in Islam;26
3.2.3;2.2.3 Wealth Preservation;27
3.2.4;2.2.4 Wealth Distribution;28
3.2.5;2.2.5 Wealth Purification;28
3.3;2.3 Financial Planning Process;29
3.4;2.4 Recommendation;29
3.4.1;2.4.1 Wasiyah (Bequest);30
3.4.2;2.4.2 Waqf (Endowment);33
3.4.2.1;2.4.2.1 Advantages of Waqf;34
3.4.3;2.4.3 Hibah (Gift);34
3.4.3.1;2.4.3.1 Advantages of Hibah;36
3.5;2.5 Final Remarks;37
3.6;Notes;37
3.7;References;37
4;3 Remittances, Political Stability and Economic Development: Empirical Evidence from OIC Countries;39
4.1;3.1 Introduction;40
4.2;3.2 Data and Model;42
4.3;3.3 Descriptive Statistics;43
4.4;3.4 Results and Discussion;45
4.5;3.5 Conclusion;48
4.6;Notes;49
4.7;References;49
5;4 Mitigating Shadow Economy Through Dual Banking Sector Development in Malaysia;51
5.1;4.1 Introduction;52
5.2;4.2 How the Banking Sector Can Mitigate the Shadow Economy;54
5.3;4.3 Determinants of Shadow Economy in Malaysia;57
5.3.1;4.3.1 Estimating Model;57
5.3.2;4.3.2 Sources of Data;58
5.4;4.4 Long-Run Models for Shadow Economy in Malaysia;60
5.5;4.5 Islamic Banking and the Shadow Economy;65
5.6;4.6 Conclusion;67
5.7;References;68
6;5 Islamic Common Market an Alternative Model to Globalization;73
6.1;5.1 An Overview;74
6.2;5.2 Rational Outlook of Islamic Common Market;75
6.3;5.3 Importance of Islamic Common Market: Universal Views;77
6.4;5.4 Dimensions of the Islamic Common Market;78
6.5;5.5 Challenges in Establishing an ICM;80
6.5.1;5.5.1 Globalization as a Threat;80
6.5.2;5.5.2 Lack of Unity;81
6.6;5.6 Establishment of an Islamic Common Market: The Way Forward;81
6.7;5.7 Challenges;82
6.8;5.8 Regulatory Frameworks;83
6.9;5.9 Islamization of a Common Market: Shariah Rulings;83
6.9.1;5.9.1 Mechanisms for Islamization of a Common Market:;83
6.9.1.1;5.9.1.1 Cooperation;84
6.10;5.10 Strategies for Establishing an Islamic Common Market;84
6.11;5.11 Final Remarks;85
6.12;Notes;86
6.13;References;87
7;6 Issues Deterring the Continued Growth of Awqaf in Bangladesh: The Way Forward to Its Development and Widening the Scope of Its Benefits;88
7.1;6.1 Introduction;89
7.2;6.2 Genesis of awqaf Legislation in Bangladesh;90
7.3;6.3 Present Legal and Administrative Structure of Waqf Administration in Bangladesh;91
7.4;6.4 Key Challenges in Developments of awqaf in Bangladesh;92
7.4.1;6.4.1 Inadequate Manpower;93
7.4.2;6.4.2 Unregistered Waqf Properties;93
7.4.3;6.4.3 Illegal Occupation and Misappropriation of Waqf Properties;94
7.4.4;6.4.4 Uncollected Arrears;94
7.4.5;6.4.5 Operational Inefficiency and Problem of Waqf Disputes;95
7.4.6;6.4.6 Absence of Provisions in Waqf Ordinance of 1962 Relating to the Development of Awqaf;95
7.4.7;6.4.7 Integrity of Mutawallis and Their Qualifications;97
7.4.8;6.4.8 Unauthorized Alienation;97
7.4.9;6.4.9 Personal Use of Waqf Compensation Money;98
7.4.10;6.4.10 Lack of Progressive and Innovative Ideas;98
7.5;6.5 Prospects of Utilizing the Potentials of Awqaf in Bangladesh;99
7.5.1;6.5.1 Waqf Income and Program for Community Development and Poverty Eradication;99
7.6;6.6 Recommendations and Plan of Action;100
7.6.1;6.6.1 Need for a New Waqf Act;100
7.6.2;6.6.2 Development of Urban Waqfs and Issuance of Waqf Bonds;101
7.6.3;6.6.3 Collaboration with Other Countries;102
7.6.4;6.6.4 Establishment of National Waqf Advisory Board (NAWAB);102
7.6.5;6.6.5 Education and Training for Mutawallis;103
7.6.6;6.6.6 Increasing Staff Benefits;103
7.6.7;6.6.7 Waqf Tribunal;103
7.7;6.7 Conclusion;104
7.8;Notes;104
7.9;References;105
8;7 Money in Islamic Banking System;108
8.1;7.1 Introduction;109
8.2;7.2 A Brief History of Currency in Islam;109
8.2.1;7.2.1 History of Currency during the Time of the Prophet (PBUH);110
8.2.2;7.2.2 History of Currency during Khulafa’ al- Rashidin Period;111
8.2.3;7.2.3 History of Currency during Islamic Caliphate;111
8.2.4;7.2.4 History of Currency Following Collapse of Islamic Caliphate;112
8.3;7.3 Fiqh Discussion of Money;114
8.4;7.4 The Siyasah Shariah Approach;115
8.4.1;7.4.1 Maslahah of Fiat Money;116
8.4.2;7.4.2 Mafsadah of Fiat Money;116
8.4.3;7.4.3 Maslahah of Gold and Silver as Money;116
8.4.4;7.4.4 Mafsadah of Gold and Silver as Money;118
8.4.5;7.4.5 Discussion on Masalih Al-Mursalah;118
8.5;7.5 Strategy to Establish Gold as Money in the Current Economic System;122
8.5.1;7.5.1 Determining the Alternatives;122
8.5.2;7.5.2 Criteria Determination;123
8.5.3;7.5.3 Infrastructure and Regulations;124
8.5.4;7.5.4 Deductive Analysis to Select the Best Alternative;126
8.6;7.6 Conclusion;129
8.7;Notes;131
8.8;References;131
9;Index;135