Islamic Finance has become all the rage in financial markets in the last thirty years. Expanding rapidly to more than 250 financial institutions in over 40 countries, it has caught the attention of international financial institutions who are beginning to embrace it as an important offering for their clients. Big names such as Citibank, HSBC and ABN Amro are trying to create their niche in this lucrative market.
As the Middle East markets open up and the Muslim world looks for new places to invest its wealth in the face of higher energy prices and growing export earnings, the rapid growth of Islamic Finance is expected to continue. Whether or not this anticipated growth would continue or accelerate really depends on how Islamic institutions and governments respond to the challenges that loom on the horizon.
"New Issues in Islamic Finance and Economics: Progress and Challenges" begins with an overview of the factors and motives behind the development of Islamic finance, followed by a critical review of issues facing the industry that would determine its future success – with dependence on a number of developments including economic and financial reform in Islamic countries, institutional reform and liberalization, governance and regulatory oversight of Islamic financial institutions and products, research into the development of Shariah-compatible financial products, the pace of economic growth in Islamic countries and on the direction and future developments in financial globalization.
Going forward, the authors add, “As economic performance improves in OIC countries, as financial liberalization and growth continues, as financial and regulatory and supervisory administration of Islamic financial practices matures, and as Muslims are afforded diverse and better opportunities to save and invest in accordance with their religion (both in Muslim and non-Muslim countries), the growth of Islamic finance should be more rapid than anything we have seen in the past.”
"New Issues in Islamic Finance and Economics: Progress and Challenges" offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system, and deals with topics such as globalization, reputational risk and safety nets that have yet to be covered by books written in this field. This volume is a thinking man’s guide to all engaged in the Islamic finance domain as students, practitioners and academics.
About the Authors
Dr Zamir Iqbal works as Principal Financial officer with the Quantitative Strategies, Risk and Analytics department in the Treasury of the World Bank in Washington, D.C. He earned his PhD in international finance from the George Washington University where he also serves as adjunct faculty of international finance. He has published several articles on Islamic finance in reputable journals and has presented papers at international forums. He has extensive experience with capital markets, exotic derivative products, risk management, financial sector development, and financial modelling. His research interests include Islamic finance, financial engineering, structured finance and international banking.
Dr Abbas Mirakhor, born in Tehran, Islamic Republic of Iran, attended Kansas State University, where he received his PhD in economics in 1969. From 1969 to 1984, he taught in various universities in the U.S. and Iran. From 1984 until 1990, he served on the staff of the IMF, and from 1990 to present; he has been the Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia. Dr Mirakhor is the co-editor of Essays on Iqtisad: Islamic Approach to Economic Problems (1989), and Theoretical Studies in Islamic Banking and Finance (1987). He has received several awards including "Order of Companion of Volta" for service in Ghana, conferred by the President of Ghana in 2005; Islamic Development Bank Annual Prize for Research in Islamic Economics, shared with Mohsin Khan in 2003, and "Quaid-e Azam" star for service to Pakistan, conferred by the President of Pakistan in 1997.
Professor Hossein Askari is currently holding the position of Iran Professor of International Business and Professor of International affairs at the George Washington University. He earned his PhD in economics from the Massachusetts Institute of Technology in 1970. He is also the author or co-author of various earlier published books and monographs.
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