Islamic Finance as a Complex System

New Insights

Edited by Haider Ali Khan and Karamo N.M. Sonko - Foreword by M. Kabir Hassan - Contributions by Nursilah Ahmad; Tamsir Cham; Ousman Diagana; Haider Ali Khan; Karamo N.M. Sonko; Mariama Sonko; Sarah A. Tobin and Asad Zaman

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.

Lexington Books

Pages: 226 • Trim: 6⅜ x 9

978-1-7936-0865-9 • Hardback • July 2020 • $111.00 • (£85.00)

978-1-7936-0866-6 • eBook • July 2020 • $45.00 • (£35.00)

Subjects: Business & Economics / Economics / General, Business & Economics / Finance / General, Business & Economics / Islamic Banking & Finance

Islamic Finance as a Complex System

New Insights

Hardback

eBook

Summary

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.

Details

Lexington Books

Pages: 226 • Trim: 6⅜ x 9

978-1-7936-0865-9 • Hardback • July 2020 • $111.00 • (£85.00)

978-1-7936-0866-6 • eBook • July 2020 • $45.00 • (£35.00)

Subjects: Business & Economics / Economics / General, Business & Economics / Finance / General, Business & Economics / Islamic Banking & Finance

Author

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.

Table of Contents

Foreword

M. Kabir Hassan

Chapter1 :Introduction

Haider A. Khan and Karamo N.M. Sonko

Chapter 2: Islamic Banking in General Equilibrium: A Structural CGE Model for Policy Making within a Complex Socio-economic System

Haider A. Khan

Chapter 3:Promoting Islamic Finance in Africa: Top Bottom or Bottom Up? A Case Study of Banking in The Gambia

Karamo N.M. Sonko and Mariama Sonko

Chapter 4: Making Islamic Finance “Islamic”: Authenticity in Islamic Banking and Finance Institutions

Sarah A. Tobin

Chapter 5: Does Islamic Banking Favour Price Stability? Empirical Evidence from the GCC, Iran and Sudan

Tamsir Cham

Chapter 6: The Sukuk Industry in Malaysia

Nursilah Ahmad

Chapter 7: Islamic Finance as a Contributor to Development Finance: Some Views from the World Bank Group

Ousmane Diagana

Chapter 8:Islamic Banking after Financial Crises: A Version of the Iceland Plan for Monetary

Reform

Asad Zaman

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

“Islamic Finance as a Complex System: New Insights provides insightful responses to topical questions in Islamic finance that the practitioners, scholars, researchers, and students of Islamic finance will find refreshing and relevant.”
— Azahari Jamaludin, Geomatika University College