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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.

Macroeconomics --- Microeconomics --- Private finance --- banken --- Islam --- macro-economie --- micro-economie --- duurzame ontwikkeling --- bankwezen

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This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth. Putri Swastika is a Lecturer at the State Islamic Institute Metro (IAIN Metro), Indonesia. Abbas Mirakhor has been teaching at various universities for 25 years and served at IMF as a staff member and an executive director for 24 years.

Politics --- Economic order --- Economic policy and planning (general) --- Economic conditions. Economic development --- Development aid. Development cooperation --- Economics --- World history --- ontwikkelingsbeleid --- economie --- economische politiek --- politiek --- ontwikkelingssamenwerking --- economische geschiedenis --- economische ontwikkelingen --- ontwikkelingspolitiek

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This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.

Islam --- Public finance --- Finance --- Economic policy and planning (general) --- Economics --- internationale economische organisaties --- internationale economische politiek --- economische politiek --- financiën --- overheidsfinanciën --- Asia