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Financial Institutions, Reforms, and Policies in Muslim Countries

Macroeconomic Policy and Islamic Finance in Malaysia

Authors: Othman, A., Mat Sari, N., Alhabshi, S.O., Mirakhor, A.

  • Demonstrates the viability and benefits of Islamic macroeconomic policiesModels policymaking in the context of the Malaysian economy
  • Presents comparative understanding of both conventional and Islamic finance macroeconomic policies
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eBook $99.00
price for USA (gross)
  • ISBN 978-1-137-53159-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-1-137-53723-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.

About the authors

Azura Othman is Chief Executive Officer of the Chartered Institute of Islamic Finance Professionals (CIIF) and an Independent Non-Executive Director of Bank Muamalat Malaysia Berhad. Norhanim Mat Sari is a faculty member at the International Centre for Education in Islamic Finance (INCEIF), where she obtained her PhD in Islamic Finance. Syed Othman Alhabshi is Deputy President Academic of INCEIF. He has written and edited a total of 12 books and numerous journal articles on various topics related to Islam, economics, and banking. Abbas Mirakhor is First Holder of the INCEIF Chair of Islamic Finance. He formerly served as Executive Director and Dean of the Executive Board of the International Monetary Fund (IMF).

Table of contents (9 chapters)

  • Introduction

    Othman, Azura (et al.)

    Pages 1-19

  • Risk Transfer, Risk Sharing, and Islamic Finance

    Othman, Azura (et al.)

    Pages 21-35

  • Macroeconomic Policies and Risk Transfer

    Othman, Azura (et al.)

    Pages 37-51

  • Islamic Finance, Risk Sharing, and Macroeconomic Policies

    Othman, Azura (et al.)

    Pages 53-76

  • History of Islamic Finance in Malaysia

    Othman, Azura (et al.)

    Pages 77-101

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-1-137-53159-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-1-137-53723-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Macroeconomic Policy and Islamic Finance in Malaysia
Authors
Series Title
Financial Institutions, Reforms, and Policies in Muslim Countries
Copyright
2017
Publisher
Palgrave Macmillan US
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-1-137-53159-9
DOI
10.1057/978-1-137-53159-9
Hardcover ISBN
978-1-137-53723-2
Edition Number
1
Number of Pages
XXIII, 293
Number of Illustrations and Tables
22 b/w illustrations
Topics