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Palgrave Macmillan

Islamic Finance, Risk-Sharing and Macroeconomic Stability

  • Book
  • © 2019

Overview

Editors:
  1. Muhamed Zulkhibri

    1. Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia

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    You can also search for this editor in PubMed   Google Scholar

  2. Turkhan Ali Abdul Manap

    1. Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia

    View editor publications

    You can also search for this editor in PubMed   Google Scholar

  • Examines the compatibility of capitalism and Islamic economics/finance by addressing important questions
  • Proposes nominal-GDP targeting (NGDPT) framework as an efficient monetary policy that is also consistent with Islamic monetary economy
  • Provides the Shari’ah as the principal source of Islamic banking
  • Investigates the effects of dynamic forces behind capital structure variation such as the optimal capital structure behaviour based on the trade-off, pecking order, market timing and firm fixed effect models of capital structure

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Table of contents (12 chapters)

  1. Front Matter

    Pages i-xvi
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  2. Introduction

    • Muhamed Zulkhibri, Turkhan Ali Abdul Manap
    Pages 1-8

  3. The Nature of Islamic Economics and Macroeconomic Stability

    1. Front Matter

      Pages 9-9
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    2. Islamic Economics: “New Paradigm” or “Old Capitalism”?

      • Necati Aydin
      Pages 11-40

    3. The Theological Foundations of Islamic Banking: A Critical Review

      • Md. Thowhidul Islam
      Pages 41-59

  4. Risk-Sharing, Islamic Bank Capital and Financial Regulation

    1. Front Matter

      Pages 61-61
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    2. Capital Structure and Shari’ah Compliance Firms: Malaysian Evidence

      • Asyraf Abdul Halim, Mohd Edil Abd Sukor, Obiyathulla Ismath Bacha
      Pages 63-79

    3. Capital Regulatory Requirements for Islamic Banks in the UAE: A Comparative Analysis

      • Abdussalam Ismail Onagun
      Pages 81-94

    4. Monetary Management in a Dual Banking System: A Nominal-GDP Targeting Approach

      • Mehdi Hadian
      Pages 95-118

  5. Financial Leverage and Risk-Sharing in Islamic Banking

    1. Front Matter

      Pages 119-119
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    2. Determinants of Financial Leverage in Islamic Banks

      • M. A. Rehman Shah, A. Rashid, M. Khaleequzzaman
      Pages 121-149

    3. Measuring Systemic Risk in Dual Banking System: The Case of Malaysia

      • Turkhan Ali Abdul Manap
      Pages 151-170

    4. Credit Risk, Bank Performance and Islamic Banking: Evidence from Pakistan

      • Azam Ali, Muhamed Zulkhibri, Tanveer Kishwar
      Pages 171-189

  6. Islamic Finance for Socioeconomic Development

    1. Front Matter

      Pages 191-191
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    2. Resource Mobilisation and Islamic Charity-Giving in Indonesia: Evidence from Low-Income Households

      • Laily Dwi Arsyianti, Salina Kassim, Adewale Abideen Adeyemi
      Pages 193-221

    3. Islamic Finance and Financial Exclusion in Minority Muslim Countries: The Case of India

      • Ummer Farooque Musliyar Kurunkatil
      Pages 223-235

    4. Fintech and Risk-Sharing: A Catalyst for Islamic Finance

      • Siti Muawanah Lajis
      Pages 237-254

  7. Back Matter

    Pages 255-268
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Keywords

About this book

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.  

Editors and Affiliations

  • Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia

    Muhamed Zulkhibri, Turkhan Ali Abdul Manap

About the editors

Muhamed Zulkhibri is a Senior Economist at Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB), Kingdom of Saudi Arabia, with years of experience in the Central Bank of Malaysia and policy-oriented institutions. He has written extensively on monetary economics, financial institutions and markets, finance and economic development as well as Islamic economics and finance. He has published in leading academic journals, industry reports, and the financial press. He has also lectured for under- and post-graduate programs at the University of Nottingham, UK and University Putra, Malaysia. He earned a PhD in economics from University of Nottingham, UK.

Turkhan Ali Abdul Manap is a Senior Research Economist at Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB), Kingdom of Saudi Arabia. Prior to joining IRTI, he was an Associate Professor of Economics in the Faculty of Economics and Management Sciences, International Islamic University Malaysia (IIUM), where he taught various courses for Bachelor, Master and PhD levels. His research interests include macroeconomics, (Islamic) capital markets, financial stability, and stress testing for Islamic financial institutions. He has spoken and attended various national and international conferences on economics and finance issues and his research papers have appeared in numerous academic journals. He obtained his PhD in economics from IIUM, Malaysia.



Bibliographic Information

  • Book Title: Islamic Finance, Risk-Sharing and Macroeconomic Stability

  • Editors: Muhamed Zulkhibri, Turkhan Ali Abdul Manap

  • DOI: https://doi.org/10.1007/978-3-030-05225-6

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature 2019

  • Hardcover ISBN: 978-3-030-05224-9Published: 05 March 2019

  • eBook ISBN: 978-3-030-05225-6Published: 20 February 2019

  • Edition Number: 1

  • Number of Pages: XVI, 268

  • Number of Illustrations: 2 b/w illustrations, 10 illustrations in colour

  • Topics: Islamic Finance, Risk Management, Macroeconomics/Monetary Economics//Financial Economics

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