Public Finance and Islamic Capital Markets

1. Front Matter

   Pages i-xiii

   PDF

2. Conventional Macroeconomic Policy

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 1-21

3. Islamic Macroeconomic Policies

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 23-43

4. Capital Markets: Conventional Versus Islamic

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 45-63

5. Risk Sharing and Public Policy

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 65-98

6. Government Finance and the Debt Market

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 99-115

7. Government Finance and the Equity Market

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 117-130

8. Macro Market Application

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 131-155

9. Micro Market Application

   • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

   Pages 157-172

10. Markets and the Way Forward

    • Syed Aun R. Rizvi, Obiyathulla I. Bacha, Abbas Mirakhor

    Pages 173-182

11. Back Matter

    Pages 183-185

    PDF

This book addresses the financing of government budgets with non-debt-creating flows through risk-sharing capital market instruments. It offers a comparative analysis with conventional finance to demonstrate the ability of Islamic capital market instruments to create an impetus for economic stability and growth. Rizvi, Bacha, and Mirakhor guide readers chronologically through the unfolding effects of macroeconomic policy implemented to reduce crippling sovereign debt, increase government financing, and guide governments to the path of economic progress.

• IS-LM model
• Hicks–Hansen model
• socioeconomic
• debt financing
• ijarah
• sukuks
• regulation
• supervision
• banking
• capital market
• economic policy
• economics
• finance
• international economics
• macroeconomics
• public finance

• Lahore University of Management Sciences, Lahore, Pakistan

  Syed Aun R. Rizvi

• International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia

  Obiyathulla I. Bacha

• International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur, Malaysia

  Abbas Mirakhor

Syed Aun R. Rizvi is Assistant Professor at Suleman Dawood School of Business at Lahore University of Management Sciences (LUMS), Pakistan.  He is also a Research Affiliate of Centre for Islamic Business and Finance Research (CIBFR) at the University of Nottingham Malaysia Campus. He brings to academia his fund management industry experience and a diverse teaching and research background spanning over three countries. His research focuses on capital markets in Islamic and emerging economies.


Obiyathulla I. Bacha is Professor of Finance at the International Centre for Education in Islamic Finance, Malaysia, and President of the Malaysian Finance Association. He has published extensively in academic journals and has written two textbooks: Islamic Capital Markets (with Abbas Mirakhor) and Financial Derivatives.


Abbas Mirakhor is First Holder of the INCEIF Chair in Islamic Finance at the International Centre for Education in Islamic Finance, Malaysia. He was the Executive Director and Dean of the Executive Board of the International Monetary Fund from 1984 to 2006.

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