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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.
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.
This book explores the relationships between financial inclusion,
poverty and inclusive development from Islamic perspectives.
Financial inclusion has become an important global agenda and
priority for policymakers and regulators in many Muslim countries
for sustainable long-term economic growth. It has also become an
integral part of many development institutions and multilateral
development banks in efforts to promote inclusive growth. Many
studies in economic development and poverty reduction suggest that
financial inclusion matters. Financial inclusion, within the
broader context of inclusive development, is viewed as an important
means to tackle poverty and inequality and to address the
sustainable development goals (SDGs). This book contributes to the
literature on these topics and will be of interest to researchers
and academics interested in Islamic finance and financial
inclusion.
This volume aims to discuss the current research, theory,
methodology and applications of macropreudential regulation and
policy for the Islamic financial industry. Published in cooperation
with the Islamic Research and Training Institute (IRTI), this book
features contributions from a workshop presented in collaboration
with the University College of Bahrain (UCB) in Manama, Bahrain,
aimed to bring together experts in Islamic banking and regulation
and financial economics. This resulting book sheds light on how
macroprudential policy may be implemented in the Islamic financial
system, and indicates current challenges and their effects on
economic growth, financial stability and monetary regulation.
Macroprudential policy is increasingly seen as a way of dealing
with the different dimensions of systemic risk. But many central
banks, bank supervisors and regulators have limited experience with
macroprudential tools, particularly in the Islamic financial
industry. Given the complementarities between monetary policy and
financial stability, it appears that central banks would always
play an important role in macroprudential policy. But how should
macroprudential policy best interact with monetary policy? It is
becoming more pressing for the central banks to conduct monetary
policy in which its conventional banking system operates side by
side with Islamic banking system. This question has received
increasing attention in the research literature but there is much
we still need to learn. This is why new insights from research on
macroprudential policy - which has gained important impetus in
recent years - are so valuable. Featuring contributions on topics
such as macroprudential regulation, policy, tools and instruments;
governance, systematic risk, monetary policy, and bank leverage,
the editors provide a collection of comprehensive research covering
the most important issues on macroprudential policy and regulation
for the Islamic financial industry. This volume is expected to be a
significant contribution to the literature in the field of Islamic
finance and evaluation of public policies to promote the
development for Islamic financial industry. It is also served as a
key text for students, academics, researchers, policy-makers in the
field of Islamic finance.
This book explores the relationships between financial inclusion,
poverty and inclusive development from Islamic perspectives.
Financial inclusion has become an important global agenda and
priority for policymakers and regulators in many Muslim countries
for sustainable long-term economic growth. It has also become an
integral part of many development institutions and multilateral
development banks in efforts to promote inclusive growth. Many
studies in economic development and poverty reduction suggest that
financial inclusion matters. Financial inclusion, within the
broader context of inclusive development, is viewed as an important
means to tackle poverty and inequality and to address the
sustainable development goals (SDGs). This book contributes to the
literature on these topics and will be of interest to researchers
and academics interested in Islamic finance and financial
inclusion.
This volume aims to discuss the current research, theory,
methodology and applications of macropreudential regulation and
policy for the Islamic financial industry. Published in cooperation
with the Islamic Research and Training Institute (IRTI), this book
features contributions from a workshop presented in collaboration
with the University College of Bahrain (UCB) in Manama, Bahrain,
aimed to bring together experts in Islamic banking and regulation
and financial economics. This resulting book sheds light on how
macroprudential policy may be implemented in the Islamic financial
system, and indicates current challenges and their effects on
economic growth, financial stability and monetary regulation.
Macroprudential policy is increasingly seen as a way of dealing
with the different dimensions of systemic risk. But many central
banks, bank supervisors and regulators have limited experience with
macroprudential tools, particularly in the Islamic financial
industry. Given the complementarities between monetary policy and
financial stability, it appears that central banks would always
play an important role in macroprudential policy. But how should
macroprudential policy best interact with monetary policy? It is
becoming more pressing for the central banks to conduct monetary
policy in which its conventional banking system operates side by
side with Islamic banking system. This question has received
increasing attention in the research literature but there is much
we still need to learn. This is why new insights from research on
macroprudential policy - which has gained important impetus in
recent years - are so valuable. Featuring contributions on topics
such as macroprudential regulation, policy, tools and instruments;
governance, systematic risk, monetary policy, and bank leverage,
the editors provide a collection of comprehensive research covering
the most important issues on macroprudential policy and regulation
for the Islamic financial industry. This volume is expected to be a
significant contribution to the literature in the field of Islamic
finance and evaluation of public policies to promote the
development for Islamic financial industry. It is also served as a
key text for students, academics, researchers, policy-makers in the
field of Islamic finance.
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.
The Asian financial crisis in 1997/98 and the U.S sub-prime
mortgage crisis in 2007/08 have led to billions in losses and panic
in world financial markets, a sharp fall in share prices and a
contraction of credit markets. These events have raised further
questions on the role of credits, monetary policy and financial
markets for attaining macroeconomic stability. The book relates to
the above issues by providing new evidence for the credit channel
of monetary transmission mechanism. The book highlights that
financially constrained firms are severely affected during times of
increasing interest rates; firm-specific characteristics are an
important factor in explaining the corporate financing choices of
firms; different monetary conditions affect the rate of interest
charged by borrowers to firms; external and internal financing are
important determinants of firms' investment behaviour, and
consistent with other empirical evidences, bank lending channel
operating via small and low liquidity institutions.
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