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Economic development and Islamic finance

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dc.contributor.authorIqbal, Zamir
dc.contributor.authorMirakhor, Abbas
dc.date.accessioned18/7/2016
dc.date.accessioned2016-09-29T05:53:44Z
dc.date.available18/7/2016
dc.date.available2016-09-29T05:53:44Z
dc.date.disclosure19/7/2016
dc.date.issued2013
dc.description.abstractIslamic finance has been practiced in some form since the inception of Islam, its practice in modern financial markets became recognized only in the 1980s, and began to represent a meaningful share of global financial activity only around the beginning of this century. In recent years, significant interest in Islamic finance has emerged in the world's leading conventional financial centers, including London, New York, and Hong Kong, and Western investors are increasingly considering investment in Islamic financial products. The organizing principle of Islamic finance in an Islamic economy is transaction based on exchange, where real asset is exchanged for real asset. By focusing on trade and exchange in commodities and assets, Islam encourages risk sharing, which promotes social solidarity. The features of an Islamic economy will change the behavior of society. There will be greater consultation; hence there will be no impulsive-compulsive reaction in financial dealings. At the same time, the labor force in an Islamic economy will work under a rule of trust and full understanding of contracts and obligations. Workers also share in the gains achieved through the risk, based on productive efforts, which is a better incentive system than a fixed wage. Workers will be treated with respect, which reflects the importance of human dignity in Islam.
dc.identifier.citationIqbal, Zamir & Mirakhor, Abbas. (2013). Economic development and Islamic finance. Washington, DC: The World Bank Group.
dc.identifier.isbn9780820000000
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/2075
dc.languageEnglish
dc.language.isoen
dc.publisherThe World Bank Group
dc.rights2013. The World Bank Group
dc.sourceCRP
dc.subjectFinance
dc.subjectIslamic countries
dc.subjectIslamic finance
dc.subjectEconomic development
dc.titleEconomic development and Islamic finance
dc.typeBook
dlc.maintopicIslamic economics
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.docurlhttps://kmcportal.inceif.org/client/en_GB/v2
ikr.licenseAvailable in physical copy only
ikr.topic.maintopicIslamic economics
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