Providing a comprehensive account of the progress, potential and challenges facing Islamic finance in Eurasia, this prescient book explores Islamic finance’s history and development across the Asian and European continents and argues that in order for this market to continue to prosper, innovation and adaptation is a necessity. Islamic Finance in Eurasia brings together a wealth of expert scholars, making a significant contribution to the emerging literature available on this topic. Chapters cover in depth the progress, potential, innovative practices and challenges of Islamic finance in Eurasia, analysing selected case studies from the region. This incisive book argues that sustainable and inclusive Islamic finance has the potential to promote economic growth, reduce poverty and increase financial independence. Offering an extensive overview of the topic, this book will prove a highly beneficial read for students and researchers interested in understanding both the efficacies and challenges of adopting Islamic finance in this region. Islamic finance stakeholders, policymakers and regional standard setting bodies will also find this book an invaluable resource.

Islamic Finance in Africa discusses the progress, issues and innovations in African Islamic financial markets. It provides a comprehensive overview of Islamic finance in Africa by exploring legal, regulatory and governance challenges while balancing the issues and innovations found in both Islamic commercial and social finance. The chapters in the book can be broadly classified into three parts. The first part covers legal, regulatory and governance developments and issues of Islamic finance in Africa, the second part deals with issues and innovations in Islamic commercial finance, and the third explores issues and innovations in Islamic social finance. The editors use a case study format to present the topic in discussion effectively and provide insight into actual or potential areas of growth. Scholars and Islamic finance stakeholders, including research and education institutes, will find this book invaluable in understanding this important topic and region. In depth case studies allow the reader to zoom into selected markets to understand issues/innovation in detail. This book also will be useful to policymakers and regional standard setting bodies, including multilateral and humanitarian agencies, in understanding the potential of Islamic finance in financial inclusion and resolving humanitarian crises.

Zakat, being the third pillar of Islam, is an act of worship fulfilled by Muslims. As an obligatory means of alms giving expected of Muslims, it also helps to alleviate poverty in society by assisting such individuals to achieve a state of financial independence. It is maintained by Muslims that the principles of zakat derived from the Sharia is expected to remain unchanged with passing time. However, in order to achieve efficiency in the administration of zakat, innovation and technology can be used even within the parameters of Sharia. For students and researchers studying Islamic economics and zakat, it is hard to obtain the contemporary application of zakat from one single textbook as the books available in the market focus on elaborating the fiqh or jurisprudence of zakat. As such, the objective of this textbook is to provide the opportunity to learn the basics of zakat and its contemporary application by highlighting the innovative practices of zakat with issues and challenges.

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 Male, 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.

It is said that the COVID-19 pandemic has turned back the poverty clock. As such, there is a need to have social mechanisms put in place to provide relief to those who are affected in this regard. Islamic social finance consists of tools and institutions that could be used to alleviate poverty. This book explores the impact of COVID-19 on Islamic finance to better understand the effectiveness of Islamic social finance in helping those who have been affected by poverty overnight due to the halt in all major economic activities in the context of the pandemic. Since the struggle against poverty in each country will be different, the book attempts to shed light on the experiences of different countries by presenting successful models of Islamic social finance. The book first looks at poverty and COVID-19 before delving into the role of Islamic social financial institutions and how they have risen against COVID-19. The book concludes by examining the impact of COVID-19 on Islamic microfinance. This book is the first of its kind on the subject of COVID-19, and it intends to bridge the gap in the literature.

It is said that the COVID-19 pandemic has turned back the poverty clock. As such, there is a need to have social mechanisms put in place to provide relief to those who are affected in this regard. Islamic social finance consists of tools and institutions that could be used to alleviate poverty. This book explores the impact of COVID-19 on Islamic finance to better understand the effectiveness of Islamic social finance in helping those who have been affected by poverty overnight due to the halt in all major economic activities in the context of the pandemic. Since the struggle against poverty in each country will be different, the book attempts to shed light on the experiences of different countries by presenting successful models of Islamic social finance. The book first looks at poverty and COVID-19 before delving into the role of Islamic social financial institutions and how they have risen against COVID-19. The book concludes by examining the impact of COVID-19 on Islamic microfinance. This book is the first of its kind on the subject of COVID-19, and it intends to bridge the gap in the literature.

The impact of COVID-19 has exposed major cracks in the global financial system and has severely undermined global financial stability. Never have the shortcomings of universal financialization - the dominant principle of the global financial system for the past thirty-odd years - been more obvious or more painful. Islamic finance provides ways forward: based on commercial and social modes of risk-sharing and financing, it offers radical structural solutions to the health, human and financial crises faced in this unprecedented time. In Towards a Post-Covid Global Financial System: Lessons in Social Responsibility from Islamic Finance, an international team of experts explore how COVID-19 has affected the most vulnerable parts of the global economy; how it has been met by Islamic banking and finance specifically; and how the principles of Islamic social finance could be used to have a fairer, more resilient Islamic finance system for all.

The objective of this Element is to provide an overview of Islamic finance by highlighting the impact of the pandemic on it in a comprehensive manner by looking at two branches of Islamic finance: Islamic commercial finance; and Islamic social finance. The approach that is adopted in this Element is to first provide an overview of Islamic finance to the readers in a simple and easy manner followed by the impact of pandemic discussed separately for both types of Islamic finance. Last, but not least, the Element also recommends ways in which Islamic finance could be further improved in the light of the lessons learnt from the pandemic. It is anticipated that the recommendations made in this regard would assist policymakers, practitioners, researchers and other stakeholders of Islamic finance to understand the way to unlock the full potential of Islamic finance to reduce the wealth gap and achieve financial inclusion.

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 Male, 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.