Publication:
Global Report on Islamic Finance: Islamic Finance - A Catalyst for Shared Prosperity?

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dc.contributor.authorWorld Bank
dc.contributor.authorIslamic Development Bank Group
dc.date.accessioned2016-12-13T19:09:13Z
dc.date.available2016-12-13T19:09:13Z
dc.date.issued2017-02-20
dc.description.abstractIncome inequality has increased considerably in the aftermath of the financial crisis of 2007–08 to the extent that one percent of global population possess almost half of the global assets. Whereas the development community is unanimous to tackle growing inequality and imbalance in the distribution of wealth, there is a difference of opinion as to the approaches to achieve this goal. This report presents a perspective from Islamic finance on how shared prosperity can be enhanced. The theoretical framework for economic development by Islamic economics and finance is based on four fundamental pillars: (i) an institutional framework and public policy oriented to the development objectives of Islam; (ii) prudent governance and accountable leadership; (iii) promotion of the economic and financial system based on risk sharing; and (iv) financial and social inclusion for all, promoting development, growth, and shared prosperity. There is evidence that Islamic finance is experiencing high growth with the banking sector leading the way. Several countries are working seriously towards developing standards, regulation and legal frameworks for the development of Islamic finance. However, there are a number of aspects where policy interventions or improvements in policy effectiveness are needed to develop Islamic finance to promote shared prosperity. Without the enabling environment, Islamic finance may not be able to attain the potential expected of it. With adequate policy interventions and enabling financial infrastructure, Islamic finance could become a catalyst for alleviating poverty and inclusive prosperity. The key findings of the report include a need for sound regulatory framework for Islamic financial institutions due to the obvious differences from the conventional banks, harmonizing of Shariah standards and more discourse related to the underlying mechanism of Islamic financial products. Islamic capital markets both equity and Sukuk (Islamic bonds) are vital for the development of Islamic financial markets. Finally, instruments of Islamic social finance and redistribution could contribute further to enhance the shared prosperity.en
dc.identifier.doi10.1596/978-1-4648-0926-2
dc.identifier.doihttps://doi.org/10.1596/978-1-4648-0926-2
dc.identifier.isbn978-1-4648-0926-2
dc.identifier.urihttps://hdl.handle.net/10986/25738
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderIslamic Development Bank Group
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectISLAMIC FINANCE
dc.subjectSOCIAL FINANCE
dc.subjectSOCIAL JUSTICE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectISLAMIC ECONOMICS
dc.subjectSUKUK
dc.subjectECONOMIC JUSTICE
dc.subjectINEQUALITY
dc.subjectISLAMIC BANKING
dc.subjectTAKAFUL
dc.subjectSHARED PROSPERITY
dc.subjectSUSTAINABLE DEVELOPMENT GOAL
dc.titleGlobal Report on Islamic Financeen
dc.title.subtitleIslamic Finance - A Catalyst for Shared Prosperity?en
dc.typeBooken
dc.typeLivrefr
dc.typeLibroes
dspace.entity.typePublication
okr.crossref.titleGlobal Report on Islamic Finance 2016: A Catalyst for Shared Prosperity?
okr.date.disclosure2017-02-20
okr.doctypePublications & Research
okr.doctypePublications & Research::Publication
okr.identifier.doi10.1596/978-1-4648-0926-2
okr.identifier.internaldocumentum210926
okr.identifier.report113364
okr.importedtrue
okr.language.supporteden
okr.region.administrativeMiddle East and North Africa
okr.region.geographicalMiddle East
okr.region.geographicalNorth Africa
okr.topicFinance and Financial Sector Development::Islamic Finance
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.unitGFM1A
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