05400nam 2200661Ia 450 991046292140332120200520144314.00-8213-9954-3(CKB)2670000000417987(EBL)1463586(OCoLC)857718184(SSID)ssj0000980873(PQKBManifestationID)12388681(PQKBTitleCode)TC0000980873(PQKBWorkID)10968804(PQKB)11629400(MiAaPQ)EBC1463586(Au-PeEL)EBL1463586(CaPaEBR)ebr10745131(CaONFJC)MIL546821(EXLCZ)99267000000041798720130422d2013 uf 0engur|n|---|||||txtccrEconomic development and Islamic finance[electronic resource] /[edited by] Zamir Iqbal and Abbas MirakhorWashington, DC World Bank Groupc20131 online resource (354 p.)Directions in DevelopmentDescription based upon print version of record.0-8213-9953-5 Front Cover; Title Page; Copyright Page; Contents; Foreword; Acknowledgments; Contributors; Abbreviations; Overview; Views on Economic Development; The Islamic Concept of Economic Development; Summary of Chapters; References; PART 1 Theoretical Foundation; Chapter 1 Epistemological Foundation of Finance: Islamic and Conventional; An Ideal Conventional Financial System; An Ideal Islamic Finance System; Achieving the Ideal: Uncertainty, Risk, and Equity Markets; Summary and Conclusion; References; Background ReadingChapter 2 Islamic Finance Revisited: Conceptual and Analytical Issues from the Perspective of Conventional EconomicsIntroduction; The Central Tenet of Islamic Finance: Absolute Prohibition against Interest Rates; Ethical Foundations of Islamic Finance; Modigliani and Miller Theorems; Risk Sharing, Risk Shifting, and the Risks of Bankruptcy; The Stock Market and Islamic Finance; Interim Summary of the Main Findings and Two Further Questions; Islamic Finance and Economic Development; The Real Challenge of Islamic Finance; Conclusion; Notes; ReferencesChapter 3 The Foundational Market Principles of Islam, Knightian Uncertainty, and Economic JusticeIntroduction; The Foundational Islamic Market Principles; Knightian Uncertainty and the Islamic View of Uncertainty; Institutional Development, Trust, and Uncertainty; Islamic Contracts and Risk Sharing; Research Agenda for Islamic Economics: A Proposal; Concluding Remarks; Notes; References; PART 2 Developmental Aspects; Chapter 4 Finance and Development in Islam: A Historical Perspective and a Brief Look Forward; Introduction; Basic Characteristics of an Islamic Economy and FinanceImplementationHistorical Evidence; Stagnation and Decline; Relevance for Today: What Needs to Be Done?; Conclusion; Notes; References; Chapter 5 Economic Development in Islam; The Evolution of Western Thinking on Development; Economic Development in Islam; Concluding Comments; Notes; References; Chapter 6 Islam's Perspective on Financial Inclusion; What Is Financial Inclusion and Why Is It Important?; Issues with the Conventional Approach to Financial Inclusion; The Concept of Financial Inclusion in Islam; Redistributive Instruments of Islam; Public Policy ImplicationsGovernment as the Risk Manager Promoting Risk SharingNeed for Developing a Supportive Institutional Framework; Institutionalization of Islamic Redistributive Instruments; Conclusion; Notes; References; Chapter 7 Financial Inclusion and Islamic Finance: Organizational Formats, Products, Outreach, and Sustainability; Introduction; Inclusive Finance: Scope and Constraints; Islamic Finance and Inclusive Finance; Islamic Inclusive Finance: An Overview and Comparison; Organizational Formats, Services, Outreach, and Sustainability; Conclusion; Notes; ReferencesChapter 8 Theory and Instruments of Social Safety Nets and Social Insurance in Islamic Finance: Takaful and Ta'minOver 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 bDirections in DevelopmentFinanceIslamic countriesFinanceReligious aspectsIslamEconomic developmentIslamic countriesElectronic books.FinanceFinanceReligious aspectsIslam.Economic development332.0917/67Iqbal Zamir698698Mirakhor Abbas862217MiAaPQMiAaPQMiAaPQBOOK9910462921403321Economic development and Islamic finance2202661UNINA