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Macroeconomic Policy and Islamic Finance in Malaysia: Financial Institutions, Reforms, and Policies in Muslim Countries

Autor Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
en Limba Engleză Hardback – 11 oct 2017
This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.
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Specificații

ISBN-13: 9781137537232
ISBN-10: 113753723X
Pagini: 260
Ilustrații: XXIII, 293 p. 22 illus.
Dimensiuni: 148 x 210 mm
Greutate: 0.53 kg
Ediția:1st ed. 2017
Editura: Palgrave Macmillan US
Colecția Palgrave Macmillan
Seria Financial Institutions, Reforms, and Policies in Muslim Countries

Locul publicării:New York, United States

Cuprins

1. Introduction.- 2. Risk Transfer, Risk Sharing, and Islamic Finance.- 3. Macroeconomic Policies and Risk Transfer.- 4. Islamic Finance, Risk Sharing, and Macroeconomic Policies.- 5. The History of Islamic Finance in Malaysia.- 6. Fiscal Policy and Islamic Finance: Malaysia.- 7. Monetary Policy and Islamic Finance: Malaysia.- 8. Policy Recommendations.- 9. Concluding Remarks.


Notă biografică

Azura Othman is Chief Executive Officer of the Chartered Institute of Islamic Finance Professionals (CIIF) and an Independent Non-Executive Director of Bank Muamalat Malaysia Berhad.
 
Norhanim Mat Sari is a faculty member at the International Centre for Education in Islamic Finance (INCEIF), where she obtained her PhD in Islamic Finance.
 
Syed Othman Alhabshi is Deputy President Academic of INCEIF. He has written and edited a total of 12 books and numerous journal articles on various topics related to Islam, economics, and banking.
 
Abbas Mirakhor is First Holder of the INCEIF Chair of Islamic Finance. He formerly served as Executive Director and Dean of the Executive Board of the International Monetary Fund (IMF).


Caracteristici

Demonstrates the viability and benefits of Islamic macroeconomic policies Models policymaking in the context of the Malaysian economy Presents comparative understanding of both conventional and Islamic finance macroeconomic policies Includes supplementary material: sn.pub/extras