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Palgrave Macmillan

Public Finance and Islamic Capital Markets

Theory and Application

  • Book
  • © 2016

Overview

  • Explains empirical and mathematical concepts
  • Examines sequentially how fiscal policy impacts economic stability
  • Explores how Islamic capital markets share risk

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Table of contents (9 chapters)

Keywords

About this book

This book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth. Rizvi, Bacha, and Mirakhor guide readers chronologically through the unfolding effects of macroeconomic policy implemented to reduce crippling sovereign debt, increase government financing, and guide governments to the path of economic progress.

Authors and Affiliations

  • Lahore University of Management Sciences, Lahore, Pakistan

    Syed Aun R. Rizvi

  • International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia

    Obiyathulla I. Bacha

  • International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia

    Abbas Mirakhor

About the authors

Syed Aun R. Rizvi is Assistant Professor at Suleman Dawood School of Business at Lahore University of Management Sciences (LUMS), Pakistan.  He is also a Research Affiliate of Centre for Islamic Business and Finance Research (CIBFR) at the University of Nottingham Malaysia Campus. He brings to academia his fund management industry experience and a diverse teaching and research background spanning over three countries. His research focuses on capital markets in Islamic and emerging economies.


Obiyathulla I. Bacha is Professor of Finance at the International Centre for Education in Islamic Finance, Malaysia, and President of the Malaysian Finance Association. He has published extensively in academic journals and has written two textbooks: Islamic Capital Markets (with Abbas Mirakhor) and Financial Derivatives.


Abbas Mirakhor is First Holder of the INCEIF Chair in Islamic Finance at the International Centre for Education in Islamic Finance, Malaysia. He was the Executive Director and Dean of the Executive Board of the International Monetary Fund from 1984 to 2006.

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