Although Islamic finance is one of the fastest growing segments of emerging global financial markets, its concepts are not fully exploited especially in the areas of economic development, inclusion, access to finance, and public policy. This volume is to improve understanding of the perspective of Islamic finance on economic development, social and economic justice, human welfare, and economic growth.

New Developments in Islamic Economics: Examples from Southeast Asia investigates the latest developments in a vibrant and fast-moving area of practical financial and economic study. This book is primarily focused on Malaysian contexts, while also presenting perspectives from Indonesia and Thailand.

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A comprehensive guide to mitigating risk and fostering growthin the Islamic financial sector Islamic finance, like conventional finance is a business offinancial intermediation. Its distinctive features relate tothe requirement that it abides by Shari'a rules that promotefairness of contracts and prevention of exploitation, sharing ofrisks and rewards, prohibition of interests, and tangible economicpurpose. Islamic finance should not fund activities considered“haram” or sinful. In Islamic Finance and EconomicDevelopment: Risk, Regulation, and Corporate Governance,authors Amr Mohamed El Tiby and Wafik M. Grais expound how thesedistinctive features bear on the opportunities and challengesfacing the Islamic finance industry’sdevelopment, risk management, regulation and corporategovernance. An experienced banker with various Middle East bankinginstitutions, notably as former Vice President at UAE UnionNational Bank and Mashreq bank, Dr. El Tiby offers aninformed perspective on corporate finance from within theIslamic finance industry. With a long experience in internationaldevelopment and finance, notably as former Director at the WorldBank and Founder and Chairman of a Cairo-based FinancialAdvisors company, Dr. Grais brings global financial experience onthe topics of financial systems assessments, corporate governance,Islamic finance, and public policy. Covers the history and basics of Islamic finance, and providesinsight into current conditions and future landscape Explores regulatory framework, including opportunities andchallenges for the industry’s development andmainstreaming Presents an approach to developing a systemic Shari'agovernance framework to govern operations in the Islamic finance industry

The interest in improving Environmental, Social and Governance (ESG) outcomes among stakeholders of Islamic banking and finance has become front and centre in the discussions relating to Islamic sustainable finance. This book offers an expansive overview of the relevant issues, global initiatives and trends in the management, governance, and operation of Islamic sustainable impact finance. It identifies the models and mechanisms required to achieve sustainable impact finance in the context of Islamic investment and project development and collects and observes the latest approaches in maintaining and fulfilling the principles of Shariah-compliance in Sustainable Development Goals and Environmental, Social and Governance-oriented projects. The book also explores conventional financing instruments, which are being used in modern practice. While Islamic sustainable finance provides a positive change in the Islamic banking and finance industry globally, implementing it is not without its challenges. Such challenges, such as the fulfilment of Shariah-compliance requirements, both legally and jurisprudentially, and the application and development of modern innovative products and hybrid models of classical products are highlighted and addressed in the book. The book delves into the current management practices of Islamic banking and finance, which promote Islamic sustainable impact finance and outlines strategies for meeting sustainable investments and projects. Other factors, such as the latest technology, regulations and social, political and economic policies are also considered. Evidence is provided via case studies from selected countries that participate actively in the Islamic banking and finance industry globally. The book will attract a wide audience from researchers, scholars, and students to stakeholders of Islamic banking and finance, regulators, policy makers and Shariah-compliant practitioners.

This book presents empirical research that addresses the latest issues and innovative products in Islamic banking and finance around the world. Chapters from expert contributors cover a wide range of topics, including the various issues in stock markets, an overview of takaful, a roadmap for introducing Islamic finance to uncharted territories and an in-depth analysis of the current challenges. Case studies and statistics provide up to date information that can be used for future research. This book will be of interest to academics and researchers who wish to learn more about the challenges of Islamic finance and economics.

The book is a collection of chapters discussing the Sustainable Development Goals in the broader context of Islamic finance along with mapping the SDGs with Maqasid Al-Shariah. It provides a framework for both Muslim and non-Muslim countries to develop a sustainable economy which encompasses not only the concept of the welfare state but also supports development-related activities, ensures financial inclusion through equal distribution of wealth and alleviation of poverty, and protects the overall environmental and ecological system. More specifically, this book explores various aspects of Islamic finance in relation to parameters of SDGs; restructuring of Islamic finance and connecting its dots in the light of SDGs; Islamic perspective on ESG and ecological quality; interest-free tools and modernization of Islamic financial institutions for sustainable development and economic stability; and the role of Islamic finance in infrastructure-related development activities. Consistent with the view that SDGs are embedded within the theme of Islamic finance, this book is specifically designed to meet the needs of key regulatory institutions, academic scholars, and industry practitioners both in the field of Islamic finance and sustainable finance.​

This book systematically studies the process of developing Islamic financial products for banks.

Indonesia is the most populous Muslim country in the world. Taking into account also its endowment and potential economic resources, the Islamic banking industry in Indonesia was expected to take on an important role in facilitating more financial resources and to contribute to the internationalization of the Islamic mode of financing particularly in the Asia-Pacific region. However, the reality is far from the expectation. This book aims to clarify the causes and fundamental constraints leading to the extraordinarily low level of Indonesia’s Islamic financial deepening. The authors draw on the traditions of Institutional Economics which are concerned with the rules or mechanisms of creating the 'incentive' and 'threat' for economic players because the rules (institutions) would matter as the determinant for economic development and economic efficiency. This book offers a fairly new analytical lens by hypothesizing that Islamic banks must earn additional profit– the authors coined as ‘Islamic bank rent’ - to maintain their franchise value as prudent Shari’ah-compliant lenders when compared to conventional banks. The authors argued that insufficient provision of the Islamic bank rent opportunity may have caused the Indonesia’s Islamic banks the opportunity to learn and improve their skill and capacity for the credit risk management. The book also offers evidence in support of implementing economic and affirmative policy necessary for incubating and developing the Islamic banking industry in Indonesia and making Indonesia an international Islamic financial hub in the Asia-Pacific region. This book will be a useful resource for policy makers and researchers interested in Islamic banking in Indonesia.

This book aims to explore and analyse Islamic Moral Economy (IME) as an alternative economic and social system to capitalism and socialism. It proposes a new model of Islamic development, integrating global development within an Islamic framework of spiritual development. It is argued that the failure of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with this authentic Islamic development framework. In addition, this book can be an important study to identify the theological, political, social and economic boundaries for changing the society to produce IME oriented developmentalism.