Globalization And Islamic Finance

This is an extremely valuable book written by three highly qualified scholars whose credentials for writing such a book are difficult to match. The timing of the book is also perfect, having come at a time when the worst financial crisis in living memory has intensified the quest for reform of the international architecture. The proposals made by the authors should go a long way in not only reforming the system but also in accelerating the move towards financial globalization and convergence of the conventional and Islamic financial systems. Dr. Umer Chapra Prominent Scholar of Islamic Economics and currently Research Advisor Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB) Globalization and Islamic Finance, by three well-respected authors in Islamic finance, provides a thought-provoking analysis of an important and topical issue, particularly, given the global impact of the current financial and economic crises. The book is the first attempt to make a compelling case of convergence between globalization and Islamic finance. Askari, Iqbal and Mirakhor should be praised for this serious effort, which is a must-read for academics and practitioners interested in Islamic finance. Professor Rifaat Ahmed Abdel Karim Secretary General Islamic Financial Services Board (IFSB) This book has a robust discussion of the growth and spread of Islamic finance within the umbrella of globalization. The book provides a unique view of Islamic finance, not only from the perspective of how Islamic finance fits within globalization in general, but globalization of finance in particular. This is a must read for anyone interested in the complex and complicated world of Islamic finance. Scheherazade S. Rehman, Ph.D. Director, European Union Research Center Professor of International Finance, School of Business The George Washington University I have not come across any literature that has delved so intensely in financial globalization, in particular Islamic finance. Due to this reason, I would encourage all interested in this area to read this book. Hajah Salma Latiff Managing Director, Crescent Sdn. Bhd. Former Director, Centre for Islamic Banking, Finance and Management (CIBFM), Universiti Brunei Darussalam The recent crisis has evoked wide interest in Islamic finance publications. Globalization and Islamic Finance is both timely and needed. Sani Hamid Director, Wealth Management Financial Alliance (Singapore)

A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.

Islamic Globalization examines the Muslim world's growing importance in creating a more inclusive international system that is increasingly multipolar and multicultural. The author describes an emerging pattern of Islamic globalization as a series of transformations in four interrelated areas — pilgrimage and religious travel, capitalism and Islamic finance, democracy and Islamic modernism, and diplomacy and great power politics. The book integrates the disciplines of religion, politics, economics, law, and international relations highlighting developments in the Middle East, South Asia, Southeast Asia, and Africa. It provides new insights into the rapidly growing ties between China and the Islamic world, exploring their likely impact on the balance of power in Eurasia and beyond. Contents:Introduction: Islamic GlobalizationPilgrimage and Religious Travel:A Pilgrim's Eye View of the HajjThe Contemporary HajjThe Hajj and Human MigrationWomen's Participation in the HajjReligious Travel in IslamCapitalism and Islamic Finance:Capitalism and IslamThe Battle for the Soul of Islamic Finance — If It Has OneThe Revolution in Islamic FinanceIslamic Finance and the International System: Integration without ColonialismDemocracy and Islamic Modernism:Egypt's Revolutionary ElectionsThe Social and Economic Bases of Ennahdha Power: Khaldunian and Tocquevillian Reflections on the Tunisian ElectionsOn Liberty and Human Interest in the Work of Iliya HarikLeonard Binder's Islamic Liberalism: A Critique of Developmental IdeologiesPhilosophers, Lawyers, and Journalists: Arab and Turkish Ventures in Modernist IslamDiplomacy and Great Power Politics:Morsy in Beijing: Implications for America's Relations with China and the Islamic WorldChina–Middle East Relations in Light of Obama's Pivot to the PacificChina and the United States in the Middle East and the Islamic WorldThe Lands of Islam in a China-Led Afro-EurasiaConclusion: Toward a New Concert of Civilizations Readership: Students, general public, policy makers, business executives, and journalists, with interests in the Middle East. Keywords:Islam;Globalization;Islamic Modernism;Islamic Finance;Democracy;China;Pilgrimage;Hajj;International PoliticsKey Features:Describes Muslims' participation in the mainstream of modern life, highlighting their contributions to global consciousness, capitalism, democracy, and diplomacyIntegrates multidisciplinary studies of religion, politics, economics, law, and international relations in clear language accessable to general audiencesProvides historical and geographic perspective on long-term trends throughout Asia and Africa, allowing readers to look beyond the crisis-filled headlines of the dayReviews: “The articles are all well-written, accessible and fairly short, and so this volume is a valuable resource for readers with limited time, particularly undergraduates and journalists. For researchers wishing to pursue specific topics in more depth, the references and bibliography are excellent.” LSE Review of Books

New Issues in Islamic Finance & Economics: Progress and Challenges provides a review of the main issues and challenges facing Islamic finance. The application of Islamic finance is currently limited to banking. This book starts with an overview of the factors and motives behind the development of Islamic finance. A critical review of issues facing the industry is provided followed by a detailed analysis of areas where further attention is required. The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system.

In Towards a Post-Covid Global Financial System a team of experts explore how COVID-19 has affected the most vulnerable parts of the global economy; how it has been met by Islamic banking and finance; and how the principles of Islamic social finance could be used to have a fairer, more resilient Islamic finance system for all.

This book hopes to enlighten readers in the following areas: in understanding existing international trade and finance practices; in exploring the various Islamic guidelines and approaches to international trade and finance; in discussing the Islamic macro-economic responses to the present world economic disorder; and in finding micro-economic solutions (such as Islamic infrastructure financing and corporate bonds) to the present world economic disorder.

This book explores contemporary empirical issues in Islamic economics. It begins by outlining current trends in Islamic economics and before identifying gaps in the empirical research. It then goes on to discuss the role of institutions in economic growth for Islamic countries, and the fiscal aspects of Islamic economics. It explores issues in debt and growth, as well as the instruments of monetary management in Islamic economics. It analyses the trade-off between growth and stability and concludes with discussion of Zakat and Waqf in driving growth.

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.