Central Banking and Monetary Policy in Muslim-Majority Countries PDF Download

Author: Akhand Akhtar Hossain
Publisher: Edward Elgar Publishing
ISBN: 0857937839
Category : Business & Economics
Languages : en
Pages : 392

View

Book Description
The introduction of Islamic banking and finance across the globe strengthens the argument for low and stable inflation and rule-based monetary policy for sustained economic growth. Although Islamic banking and finance may have created some complexities

Author: Akhand Akhtar Hossain
Publisher: Edward Elgar Publishing
ISBN: 0857937812
Category : Business & Economics
Languages : en
Pages : 654

View

Book Description
This book of case studies is a significant contribution to monetary macroeconomics in which country-specific experience and issues in inflation and monetary policy are reviewed and analysed in an historical context. In doing so, the key ideas and views

Author: Mr.Mumtaz Hussain
Publisher: International Monetary Fund
ISBN: 1513565621
Category : Business & Economics
Languages : en
Pages : 35

View

Book Description
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.

Author: Valentino Cattelan
Publisher: Edward Elgar Publishing
ISBN: 1781002517
Category : Business & Economics
Languages : en
Pages : 260

View

Book Description
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.

Author: Mr.In Song
Publisher: International Monetary Fund
ISBN: 1498319270
Category : Business & Economics
Languages : en
Pages : 42

View

Book Description
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.

Author: Mr.Kangni Kpodar
Publisher: International Monetary Fund
ISBN: 1455205257
Category : Business & Economics
Languages : en
Pages : 30

View

Book Description
This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.

Author: Mr.Luca Errico
Publisher: International Monetary Fund
ISBN: 1451980418
Category : Business & Economics
Languages : en
Pages : 33

View

Book Description
This paper analyzes the implications of Islamic precepts on banks’ structure and activities, focusing on banking supervision issues. It points out and discusses these issues in the context of a paradigm version of Islamic banking, as well as in frameworks that fall between the paradigm version and conventional banking. The case of Islamic banks operating in a conventional system is also examined.

Author: Zamir Iqbal
Publisher: World Bank Publications
ISBN: 0821399535
Category : Business & Economics
Languages : en
Pages : 376

View

Book Description
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.

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1484303016
Category : Business & Economics
Languages : en
Pages : 102

View

Book Description
This background paper, which is a supplement to the board paper on “Ensuring Financial Stability in Countries with Islamic Banking (IB) Sectors”, presents country experiences with reforms to strengthen regulatory oversight of the IB sector. It reviews experiences with and the progress made in adapting prudential, safety nets and resolution frameworks to the specifics of IB. The selection of several countries from a range of regions with different levels of development and approaches to IB was designed to provide a representative sample of country experiences so as to enrich the policy conclusions. Such a multiplicity of experiences can help to identify common challenges that countries face in reforming their regulatory frameworks and to distill best practices. The countries, for which detailed case studies have been undertaken, are: Bahrain, Djibouti, Indonesia, Kenya, Kuwait, Malaysia, Nigeria, Pakistan, Sudan, Turkey and the United Kingdom.

Author: Muhamed Zulkhibri
Publisher: Springer
ISBN: 3030052257
Category : Business & Economics
Languages : en
Pages : 272

View

Book Description
The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic finance. Many theoretical studies generally claim superiority of an Islamic financial system based on pure equity and participatory modes of financing, while empirical studies provide mixed results. Studies and discussions are needed to fully understand how Islamic finance could contribute to the ongoing discussion of financial stability. Against this background, this book addresses various aspects of Islamic finance and the risk-sharing mechanism contributions to the overall macroeconomic and financial stability. Undoubtedly, the findings and recommendation from this book should be of great interest not only to future academic researchers in the field of macroeconomic stability and Islamic finance, but also to policy makers and regulators who are keen on drawing lessons from Islamic finance experiences to prevent similar crisis in the future.