Islamic banking: a solution for unequal wealth distribution?
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According to a 2017 report by the Credit Suisse Research Institute (CSRI), the total global wealth in 2017 reached USD280 trillion, 27% higher than a decade ago. Despite total global wealth showing an increase, the equitable distribution of wealth still remains an issue. The wealthiest 1% of the world's population now owns 50.1% of the world's wealth. Recently, a group of researchers undertook a study for the World Inequality Database (WID) to measure inequality in Middle Eastern countries. The study concluded that inequality level in Muslim countries is among the highest in the world with the top 10% of the total population holding 61% of the total income share. The question then is has Islamic banking played its role in addressing the issue of inequality?
Islamic banking , Income inequality , Risk sharing , Maqasid Shariah
Radzi, Silmi Mohamed and Kasri, Noor Suhaida. (2018). Islamic banking: a solution for unequal wealth distribution. Wahed Invest, (April 2018). Retrieved from https://journal.wahedinvest.com/islamic-banking-a-panacea-to-inequitable-wealth-distribution/