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Islamic Monetary Economics and Institutions

Theory and Practice

Editors: Zulkhibri, Muhamed, Abdul Manap, Turkhan Ali, Muneeza, Aishath (Eds.)

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  • Explores monetary economic theory and policy in the Islamic economic and financial system
  • Highlights several option for authorities and regulatory bodies regarding monetary policy and regulation
  • Examines the interlinkage between Islamic monetary policy and other markets
  • Explores the ways Islamic monetary policy effects growth, financial stability and resilience to shocks in practice
  • Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives
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eBook 14,99 €
price for Spain (gross)
  • ISBN 978-3-030-24005-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 124,79 €
price for Spain (gross)
  • ISBN 978-3-030-24004-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
About this book

This edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives, the enclosed papers highlights several option for authorities and regulatory bodies regarding monetary policy and regulation, as well as discussing how Islamic monetary policy effects growth, financial stability and resilience to shocks in practice. The inter-linkage between Islamic monetary policy and other markets are also explored. 
The subject of Islamic economics has gained considerable attention in the last four decades with the emergence of Islamic financial institutions around the world. This phenomenon has motivated economists to develop a comprehensive theoretical framework of modern monetary economics for Islamic economic system. An important characteristic of the Islamic economic system is the abolition of interest from the financial system. Islamic monetary economics is distinguished from conventional monetary economics due to the absence of interest. Therefore, under the Islamic economic system, monetary policy has to depend on other tools. In the early theoretical literature on Islamic monetary economics, many have discussed the role of money in Islamic economics system, while the number of empirical studies on Islamic monetary economics is a relatively new phenomenon. According to Islamic scholars, there are three main goals of Islamic monetary policy: a) economic well-being with full employment and optimum rate of economic growth; b) socioeconomic justice and equitable distribution of income and wealth and c) stability in the value of money. Hence, the Islamic monetary policy has several socioeconomic and ethical implications. Featuring regional case studies, this book serves as a valuable resource for academics, scholars, practitioners and policy makers in the areas of Islamic economics and finance.

About the authors

Muhamed Zulkhibri is a Senior Economist at Islamic Research and Training Institute, Islamic Development Bank, Saudi Arabia with years of progressive experience in the Central Bank of Malaysia and policy-oriented institutions. He has authored extensively on monetary economics, financial institutions and markets, finance and economic development as well as Islamic economics and finance. He has published extensively in leading academic journal, industry report and the financial press. He has also lectured for under- and post-graduate program at the University of Nottingham, U.K and University Putra Malaysia. He earned a Ph.D in economics from University of Nottingham, United Kingdom.
Turkhan Ali is a Senior Research Economist at Islamic Research and Training Institute (IRTI), Islamic Development Bank, Kingdom of Saudi Arabia. Prior to joining IRTI, he was an Associate Professor of Economics in the Faculty of Economics and Management Sciences, where he taught various courses for Bachelor, Master and Ph.D. level. His research interests include macroeconomics, (Islamic) capital market, financial stability and stress testing for Islamic financial institutions. He has spoken and attended various national and international conference on economics and finance issues, while his research papers have appeared in numerous academic journals. He obtained his Ph.D. in economics from International Islamic University Malaysia.
Aishath Muneeza is the first female Deputy Minister of Ministry of Islamic Affairs and the first chairperson of the Hajj Pilgrimage Fund of Maldives. Currently, she is the chairperson of Maldives Centre for Islamic Finance. She structured the first corporate sukuk, sovereign private sukuk and Islamic Treasury instruments for the government of Maldives and she has played the key role in offering of Islamic finance products by more than eleven institutions. She also designed the first Islamic microfinance scheme offered in Maldives. She sits in Shariah advisory committees of financial institutions offering Islamic financial services such as Islamic hire purchase and takaful. She also holds the position of chairperson of three different in-house Shariah committees. She is the chairperson of Shariah Advisory Council of CMDA, the capital market regulatory authority of Maldives since 2011. She is the only registered Shariah Adviser for structuring capital market instruments in Maldives and she is a registered Shariah Advisor at the Securities Commission of Malaysia. The Islamic capital Market framework of Maldives was designed by her.

Table of contents (11 chapters)

Table of contents (11 chapters)
  • Introduction

    Pages 1-7

    Zulkhibri, Muhamed (et al.)

  • Monetary Economics and Macroeconomic Model for an Islamic Economy

    Pages 11-37

    Khan, M. Fahim

  • Islamic Monetary Economics: Insights from the Literature

    Pages 39-53

    Uddin, Md. Akther

  • On Normative and Logical Foundations of Monetary Policy

    Pages 55-64

    Atiq-ur-Rehman,

  • Historical and Ideological Peculiarity of the Monetary Institutions: Islamic and Austrian School’s Perspectives

    Pages 65-85

    Javaid, Omar

Buy this book

eBook 14,99 €
price for Spain (gross)
  • ISBN 978-3-030-24005-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 124,79 €
price for Spain (gross)
  • ISBN 978-3-030-24004-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
  • The final prices may differ from the prices shown due to specifics of VAT rules
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Bibliographic Information

Bibliographic Information
Book Title
Islamic Monetary Economics and Institutions
Book Subtitle
Theory and Practice
Editors
  • Muhamed Zulkhibri
  • Turkhan Ali Abdul Manap
  • Aishath Muneeza
Copyright
2019
Publisher
Springer International Publishing
Copyright Holder
Islamic Research and Training Institute
eBook ISBN
978-3-030-24005-9
DOI
10.1007/978-3-030-24005-9
Hardcover ISBN
978-3-030-24004-2
Edition Number
1
Number of Pages
XXIII, 201
Number of Illustrations
11 b/w illustrations, 12 illustrations in colour
Topics