LEADER 03735oam 22005295 450 001 9910812381603321 005 20241017183152.0 010 $a1-4648-0927-5 024 7 $a10.1596/978-1-4648-0926-2 035 $a(CKB)3710000001118006 035 $a(MiAaPQ)EBC4826376 035 $a(The World Bank)210926 035 $a(US-djbf)210926 035 $a(EXLCZ)993710000001118006 100 $a20020129d2017 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aGlobal Report on Islamic Finance 2016 $eA Catalyst for Shared Prosperity? 210 1$aWashington, D.C. :$cThe World Bank,$d2017. 215 $a1 online resource (248 pages) 225 0 $aGlobal Report on Islamic Finance 311 $a1-4648-0926-7 320 $aIncludes bibliographical references at the end of each chapters and index. 327 $aForeword -- 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. Taka?ful (Islamic insurance), Retaka?ful, and Micotaka?ful -- 6. Nonbank financial institutions -- 7. Alternative asset classes -- 8. Islamic social finance -- 9. Public policy measures to enhance shared prosperity -- Chatper attributions -- Index. 330 3 $aIncome inequality has increased considerably in the aftermath of the financial crisis of 2007-08 to the extent that one percent of global population possess almost half of the global assets. Whereas the development community is unanimous to tackle growing inequality and imbalance in the distribution of wealth, there is a difference of opinion as to the approaches to achieve this goal. This report presents a perspective from Islamic finance on how shared prosperity can be enhanced. The theoretical framework for economic development by Islamic economics and finance is based on four fundamental pillars: (i) an institutional framework and public policy oriented to the development objectives of Islam; (ii) prudent governance and accountable leadership; (iii) promotion of the economic and financial system based on risk sharing; and (iv) financial and social inclusion for all, promoting development, growth, and shared prosperity. There is evidence that Islamic finance is experiencing high growth with the banking sector leading the way. Several countries are working seriously towards developing standards, regulation and legal frameworks for the development of Islamic finance. However, there are a number of aspects where policy interventions or improvements in policy effectiveness are needed to develop Islamic finance to promote shared prosperity. Without the enabling environment, Islamic finance may not be able to attain the potential expected of it. With adequate policy interventions and enabling financial infrastructure, Islamic finance could become a catalyst for alleviating poverty and inclusive prosperity. 410 0$aWorld Bank e-Library. 606 $aFinance, Public$zIslamic countries 606 $aFinance (Islamic law) 606 $aBanks and banking$zIslamic countries 607 $aIslamic countries$2fast 615 0$aFinance, Public 615 0$aFinance (Islamic law) 615 0$aBanks and banking 676 $a336.091767 702 $aOmar$b Mohd Azmi 702 $aIqbal$b Zamir 712 02$aWorld Bank Group, 712 02$aIslamic Development Bank, 801 0$bDJBF 801 1$bDJBF 906 $aBOOK 912 $a9910812381603321 996 $aGlobal Report on Islamic Finance 2016$94038734 997 $aUNINA