Globalization and Islamic Finance: Convergence, Prospects and Challenges (Wiley Finance) - Hardcover

Askari, Hossein; Iqbal, Zamir; Mirakhor, Abbas

Hardcover

ISBN 10: 0470823496 ISBN 13: 9780470823491

Verlag: John Wiley & Sons Ltd, 2010

Inhaltsangabe

Book by Iqbal Zamir Mirakhor Abbas Askari Hossein

Über diesen Titel

Reseña del editor:

This is an extremely valuable book written by three highly qualified scholars whose credentials for writing such a book are difficult to match. The timing of the book is also perfect, having come at a time when the worst financial crisis in living memory has intensified the quest for reform of the international architecture. The proposals made by the authors should go a long way in not only reforming the system but also in accelerating the move towards financial globalization and convergence of the conventional and Islamic financial systems. Dr. Umer Chapra Prominent Scholar of Islamic Economics and currently Research Advisor Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB) Globalization and Islamic Finance, by three well-respected authors in Islamic finance, provides a thought-provoking analysis of an important and topical issue, particularly, given the global impact of the current financial and economic crises. The book is the first attempt to make a compelling case of convergence between globalization and Islamic finance. Askari, Iqbal and Mirakhor should be praised for this serious effort, which is a must-read for academics and practitioners interested in Islamic finance. Professor Rifaat Ahmed Abdel Karim Secretary General Islamic Financial Services Board (IFSB) This book has a robust discussion of the growth and spread of Islamic finance within the umbrella of globalization. The book provides a unique view of Islamic finance, not only from the perspective of how Islamic finance fits within globalization in general, but globalization of finance in particular. This is a must read for anyone interested in the complex and complicated world of Islamic finance. Scheherazade S. Rehman, Ph.D. Director, European Union Research Center Professor of International Finance, School of Business The George Washington University I have not come across any literature that has delved so intensely in financial globalization, in particular Islamic finance. Due to this reason, I would encourage all interested in this area to read this book. Hajah Salma Latiff Managing Director, Crescent Sdn. Bhd. Former Director, Centre for Islamic Banking, Finance and Management (CIBFM), Universiti Brunei Darussalam The recent crisis has evoked wide interest in Islamic finance publications. Globalization and Islamic Finance is both timely and needed. Sani Hamid Director, Wealth Management Financial Alliance (Singapore)

Nota de la solapa:

Islamic finance is a non-debt-based system of finance. Instead of relying on interest-based financial instruments, Islamic finance is based on risk sharing, trust, transparency, and the upholding of Islamic values to promote equality and social welfare. Islamic finance has developed and grown side-by-side with conventional finance over the last four decades or so, but the impact of globalization on Islamic finance has received little attention. In the future, are conventional and Islamic finance likely to continue to develop along separate paths, or could they in fact converge?

Ironically, the financial crisis of 2007–09 could prove to be a major catalyst for promoting the growth and globalization of Islamic finance and its convergence with conventional finance. The crisis has highlighted the inherent flaws of fractional reserve banking, debt leveraging, and the creation of money out of thin air. It may thus be a major force for change in conventional finance, toward greater reliance on equity financing and risk sharing, and thus increase the likelihood of a convergence of conventional and Islamic finance.

How will globalization affect both conventional and Islamic finance? Will they continue to flourish as two distinct financial systems? Will they converge over time, or will one absorb the other? How will they each affect globalization? What does their history, and the history of globalization, reveal about their future? These are the major issues addressed in this timely book.

Über diese Auflage

• Verlag: John Wiley & Sons Ltd
• Erscheinungsdatum: 2010
• ISBN 10: 0470823496
• ISBN 13: 9780470823491
• Einband: Tapa dura
• Anzahl der Seiten: 224