Islamic Finance as a Complex System: New Insights

✍ Scribed by Haider Ali Khan, Karamo N. M. Sonko

• Publisher: Lexington Books
• Year: 2020
• Tongue: English
• Leaves: 227
• Category: Library

✦ Synopsis

There has been a rapid increase in the interest in the study of Islamic finance, resulting in a dramatic rise in financing since the beginning of the century. By the end of 2017 global industry assets had reached $2.4 trillion and were forecasted to reach $3.2 trillion by 2020, despite historic challenges to Islam itself at the same time. This collection of chapters provides key theoretical, empirical, and policy insights into Islamic finance from an overall complex financial and economic systems perspective. Within the complex financial and economic systems framework, this book addresses questions such as how to conceptualize Islamic financial institutions in a nonlinear general equilibrium system, how to promote Islamic Finance in Africa, how “Islamic” is Islamic finance, and how it affects price stability, among other topics. The book provides case studies in Africa and Asia, addresses the subject in a structural financial CGE model, demonstrates the development impact of Islamic finance, and presents an Islamic version of the Iceland Plan for Monetary Reform.

✦ Table of Contents

Cover
Islamic Finance as a Complex System
Islamic Finance as a Complex System: New Insights
Copyright Page
Dedication Page
Contents
Foreword
Chapter 1
Introduction
Notes
Bibliography
Chapter 2
Human Capabilities and Islamic Finance in General Equilibrium
Section 1: Development as a Complex Social-Economic-State Systemic Process in both Islamic and Non-Islamic Contexts:
Section 2: Islamic Banking as a Key Part of an Islamic Enabling Developmental State
Section 3: Islamic Contracts and Banking:
Section 4: A CGE Model with Islamic Banking
Summary and Conclusion
Notes
Bibliography
Chapter 3
Promoting Islamic Finance in Africa
INTRODUCTION
Section 1: Literature Review
Section 2: Islamic Finance and Its Global Growth
Section 3: Islamic Finance in Sub-Saharan Africa
Section 4: Islamic Banking in Sub-Saharan Africa
Section 5: A Case Study of Islamic Banking in The Gambia: Survey of the Population
Section 6: Case Study of Islamic Banking in The Gambia: Survey of The Gambian Business Community
Section 7: Case Study of Islamic Banking in The Gambia: The AGIB
Section 8: Implications, Conclusions, and Recommendations
Notes
Bibliography
Chapter 4
Making Islamic Finance “Islamic”
INTRODUCTION: ISLAMIC AUTHENTICITY
Institutional
Experiential: An Islamic Aesthetics?
Ethics, Scriptures, and Theological Emphases
Conclusion
Notes
Bibliography
Chapter 5
Islamic Banking and Price Stability
INTRODUCTION
Model
Data and Empirical Results
Empirical Results and Analysis
Conclusion
Notes
Bibliography
Chapter 6
The Sukuk Industry in Malaysia
INTRODUCTION
Islamic Banking and Finance in Malaysia
Malaysia’s Financial Sector Blueprint, 2011–2020
An Overview of the Sukuk Industry
The Sukuk Market in Malaysia
Prospects and Challenges in Islamic Finance
Sukuk and the Way Forward
Conclusion
Notes
Bibliography
Chapter 7
Islamic Finance as a Contributor to Development Finance
INTRODUCTION
Shortcomings of Global Finance
Islamic Banking
Conclusion
Notes
Bibliography
Chapter 8
Islamic Banking after Financial Crises
INTRODUCTION
Myths of Money Creation
The Truths of Money Creation
The Close Relation between Money and Interest-Based Debt
The Harms of Debt-Based and Private Money Creation
The Chicago Plan
Political Obstacles to Implementing the Chicago Plan
An Islamic Iceland Plan
Sovereign Money
Price Stability
Elimination of Nonproductive Investments
Encouraging Productive Investments and Employment
Conclusion
Notes
Bibliography
Appendix A
Chapter 3
Appendix B
Chapter 3
SURVEY OF ISLAMIC BANKING IN THE GAMBIA: THE POPULACE
Personal Questions
Personal Questions
Appendix C
Chapter 3
Appendix D
Chapter 5
Appendix E
Chapter 5
Appendix F
Chapter 5
Appendix G
Chapter 5
Appendix H
Chapter 5
Index
About the Contributors