Book

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

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collection.link.129
https://openknowledge.worldbank.org/handle/10986/5993
collection.name.129
Stand alone books
dc.contributor.author
World Bank
dc.contributor.author
Islamic Development Bank Group
dc.date.accessioned
2016-12-13T19:09:13Z
dc.date.available
2016-12-13T19:09:13Z
dc.date.issued
2017-02-20
dc.description.abstract
Income 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.isbn
978-1-4648-0926-2
dc.identifier.uri
http://hdl.handle.net/10986/25738
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC: World Bank
dc.rights
CC BY 3.0 IGO
dc.rights.holder
Islamic Development Bank Group
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ISLAMIC FINANCE
dc.subject
SOCIAL FINANCE
dc.subject
SOCIAL JUSTICE
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ISLAMIC ECONOMICS
dc.subject
SUKUK
dc.subject
ECONOMIC JUSTICE
dc.subject
INEQUALITY
dc.subject
ISLAMIC BANKING
dc.subject
TAKAFUL
dc.subject
SHARED PROSPERITY
dc.subject
SUSTAINABLE DEVELOPMENT GOAL
dc.title
Global Report on Islamic Finance
en
dc.title.subtitle
Islamic Finance - A Catalyst for Shared Prosperity?
en
dc.type
Book
en
okr.date.disclosure
2017-02-20
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Publication
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-1-4648-0926-2
okr.identifier.internaldocumentum
210926
okr.identifier.report
113364
okr.imported
true
okr.language.supported
en
okr.region.administrative
Middle East and North Africa
okr.region.geographical
Middle East
okr.region.geographical
North Africa
okr.topic
Finance and Financial Sector Development :: Islamic Finance
okr.topic
Finance and Financial Sector Development :: Banks & Banking Reform
okr.topic
Finance and Financial Sector Development :: Finance and Development
okr.topic
Finance and Financial Sector Development :: Financial Regulation & Supervision
okr.unit
GFM1A

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