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Palgrave Macmillan

Macroeconomic Policy and Islamic Finance in Malaysia

  • Book
  • © 2017

Overview

Authors:
  1. Azura Othman

    1. Chartered Institute of Islamic Finance Professionals, Kuala Lumpur, Malaysia

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  2. Norhanim Mat Sari

    1. International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia

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  3. Syed Othman Alhabshi

    1. International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia

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  4. Abbas Mirakhor

    1. International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia

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  • Demonstrates the viability and benefits of Islamic macroeconomic policies
  • Models policymaking in the context of the Malaysian economy
  • Presents comparative understanding of both conventional and Islamic finance macroeconomic policies
  • Includes supplementary material: sn.pub/extras

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-xxiii
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  2. Introduction

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 1-19

  3. Risk Transfer, Risk Sharing, and Islamic Finance

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 21-35

  4. Macroeconomic Policies and Risk Transfer

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 37-51

  5. Islamic Finance, Risk Sharing, and Macroeconomic Policies

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 53-76

  6. History of Islamic Finance in Malaysia

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 77-101

  7. Fiscal Policy and Islamic Finance: Malaysia

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 103-173

  8. Monetary Policy and Islamic Finance: Malaysia

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 175-237

  9. Policy Recommendations

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 239-261

  10. Concluding Remarks

    • Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 263-272

  11. Back Matter

    Pages 273-293
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Keywords

About this book

This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.

Authors and Affiliations

  • Chartered Institute of Islamic Finance Professionals, Kuala Lumpur, Malaysia

    Azura Othman

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

    Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor

About the authors

Azura Othman is Chief Executive Officer of the Chartered Institute of Islamic Finance Professionals (CIIF) and an Independent Non-Executive Director of Bank Muamalat Malaysia Berhad.
 
Norhanim Mat Sari is a faculty member at the International Centre for Education in Islamic Finance (INCEIF), where she obtained her PhD in Islamic Finance.
 
Syed Othman Alhabshi is Deputy President Academic of INCEIF. He has written and edited a total of 12 books and numerous journal articles on various topics related to Islam, economics, and banking.
 
Abbas Mirakhor is First Holder of the INCEIF Chair of Islamic Finance. He formerly served as Executive Director and Dean of the Executive Board of the International Monetary Fund (IMF).


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