Islamic Finance as a Complex System: New Insights

(Hardback)

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Description

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.

Reviews

By demonstrating through rigorous analysis the links between Islamic Finance and infrastructural development together with its contribution to domestic price stability by means of concrete country case studies across Continents, this book has confirmed Islamic Finance as an integral part of the Global Financial System. The relevance of Islamic Banking to people's well-being across both Muslim and non-Muslim societies revealed by the book should help counter both radical Islamic extremists as well as Islamophobia by promoting inter-faith harmony. Finally, while the book simplifies the complexities of the concept and operation of the Islamic Banking principles, the findings will doubtless win the confidence of academics by the sophisticated quantitative statistical tools and methodology applied to arrive at its conclusions. -- Iftikhar Ahmed, former Editor-in-Chief of the International Labour Review

Author Bio

Haider Ali Khan is John Evans Distinguished University Professor at the Joseph Korbel School of International Studies at the University of Denver.



Karamo N.M. Sonko is Chairman and Founder, Heeno International.