03741oam 22005295 450 991079272550332120180905092623.01-4648-0927-510.1596/978-1-4648-0926-2(CKB)3710000001118006(MiAaPQ)EBC4826376(The World Bank)210926(US-djbf)210926(EXLCZ)99371000000111800620020129d2017 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierGlobal Report on Islamic Finance 2016 : A Catalyst for Shared Prosperity?Washington, D.C. :The World Bank,2017.1 online resource (248 pages)Global Report on Islamic Finance1-4648-0926-7 Includes bibliographical references at the end of each chapters and index.Foreword -- Acknowledgements --Glossary -- Abbreviations -- Overview -- 1. Islamic finance and shared prosperity -- 2. The state of development and shared prosperity in OIC countries -- 3. The Islamic banking sector -- 4. Islamic capital markets -- 5. Takāful (Islamic insurance), Retakāful, and Micotakāful -- 6. Nonbank financial institutions -- 7. Alternative asset classes -- 8. Islamic social finance -- 9. Public policy measures to enhance shared prosperity -- Chatper attributions -- Index.Income inequality has increased considerably in the aftermath of the financial crisis of 2007-08 to the extent that one percent of global population possess almost half of the global assets. Whereas the development community is unanimous to tackle growing inequality and imbalance in the distribution of wealth, there is a difference of opinion as to the approaches to achieve this goal. This report presents a perspective from Islamic finance on how shared prosperity can be enhanced. The theoretical framework for economic development by Islamic economics and finance is based on four fundamental pillars: (i) an institutional framework and public policy oriented to the development objectives of Islam; (ii) prudent governance and accountable leadership; (iii) promotion of the economic and financial system based on risk sharing; and (iv) financial and social inclusion for all, promoting development, growth, and shared prosperity. There is evidence that Islamic finance is experiencing high growth with the banking sector leading the way. Several countries are working seriously towards developing standards, regulation and legal frameworks for the development of Islamic finance. However, there are a number of aspects where policy interventions or improvements in policy effectiveness are needed to develop Islamic finance to promote shared prosperity. Without the enabling environment, Islamic finance may not be able to attain the potential expected of it. With adequate policy interventions and enabling financial infrastructure, Islamic finance could become a catalyst for alleviating poverty and inclusive prosperity.World Bank e-Library.Finance, PublicIslamic countriesFinance (Islamic law)Banks and bankingIslamic countriesIslamic countriesfastFinance, PublicFinance (Islamic law)Banks and banking336.091767Omar Mohd AzmiIqbal ZamirWorld Bank Group,Islamic Development Bank,DJBFDJBFBOOK9910792725503321Global Report on Islamic Finance 20163776861UNINA