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Over the last three decades, the concepts of Islamic finance and Islamic economics have captured the attention of researchers. The growing market for transactions compatible with Islamic law (Shari-áh) is further evidence of growing interest in this mode of finance. By some estimates, the total volume of Islamic financial assets has grown by 15 to 20 percent a year since 1990 and now exceeds 1.3 trillion. The growth of the Islamic financial sector in 2006-10 period surpassed the growth of conventional financial sector in all segments of the market, ranging from commercial banking, investment b

Economic development -- Islamic countries. --- Finance -- Islamic countries. --- Finance -- Religious aspects -- Islam. --- Finance --- Economic development --- Business & Economics --- Financial Management & Planning --- Islam --- Religious aspects --- Islam. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse

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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.

Finance. --- Banks and banking. --- Microeconomics. --- Macroeconomics. --- Banking. --- Macroeconomics/Monetary Economics//Financial Economics. --- Finance --- Banks and banking --- Price theory --- Economics --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money

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This book explains a perspective on the system of justice that emerges in Islam if rules are followed and how the Islamic system is differentiated from the conventional thinking on justice. It examines conceptions of justice from the Enlightenment to Bentham to Rawls to contemporary philosophers including Sen, Cohen, Nussbaum, and Pogge. The authors present the views of twentieth century Muslim thinkers on justice who see Muslims upholding rituals but not living according to Qur’anic rules. It provides empirical surveys of the current state of justice in Muslim countries analyzing the economic, social, and political state of affairs. The authors conclude by assessing the state of justice-injustice in Muslim countries and highlighting areas in need of attention for justice to prevail. Hossein Askari is former Assistant Professor at Tufts University, Professor of Business and Middle East Studies at the University of Texas at Austin. Previously, he was the Iran Professor of Business and International Affairs at The George Washington University, becoming Emeritus in 2019. Abbas Mirakhor is former Executive Director and Dean of the Executive Board of the International Monetary Fund. Previously, he taught at universities in Iran and in the US and was the First Holder of the INCEIF Chair in Islamic Finance at INCEIF in Malaysia.

Justice --- Religious aspects. --- Islamic countries --- Politics and government. --- Middle East-Politics and governm. --- Political theory. --- Religion and politics. --- Middle Eastern Politics. --- Political Theory. --- Politics and Religion. --- Political science --- Politics, Practical --- Politics and religion --- Religion --- Religions --- Administration --- Civil government --- Commonwealth, The --- Government --- Political theory --- Political thought --- Politics --- Science, Political --- Social sciences --- State, The --- Religious aspects --- Political aspects --- Middle East—Politics and government. --- Middle East --- Political science.

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This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to exogenous shocks. The analysis shows that FCDs created another channel for government borrowing, and fiscal sustainability in a "closed" system may be very different from sustainability in a more "open" system. There is a need to think of these issues in terms of total balance sheet vulnerability, and we recommend measures that would make domestic-currency-denominated assets attractive to investors.

Foreign exchange --- Banks and banking --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Banks and Banking --- Finance: General --- Foreign Exchange --- Monetary Policy --- Open Economy Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Portfolio Choice --- Investment Decisions --- Banking --- Currency --- Finance --- Bank deposits --- International reserves --- International liquidity --- Commercial banks --- Financial services --- Central banks --- Asset and liability management --- Financial institutions --- Foreign exchange reserves --- Pakistan

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This study was prepared by Zubair Iqbal of the Middle Eastern Department and Abbas Mirakhor of the Research Department. To collect information and views for the study, the authors held discussions with the authorities and representatives of commercial banks in the Islamic Republic of Iran and in Pakistan.

Banks and banking --- Banking law (Islamic law) --- Islamic law --- Interest (Islamic law) --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Islamic Banking and Finance --- Public Finance --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Other Economic Systems: Public Economics --- Financial Economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Personal Income, Wealth, and Their Distributions --- International Investment --- Long-term Capital Movements --- Aggregate Factor Income Distribution --- General Financial Markets: General (includes Measurement and Data) --- Fiscal Policy --- Monetary economics --- Banking law --- Public finance & taxation --- Islamic banking --- Credit --- Personal income --- Financial services --- Income --- National accounts --- Loans --- Bank credit --- Islamic countries --- Investments, Foreign --- Financial instruments --- Iran, Islamic Republic of