Islamic economies : stability, markets and endowments PDF
Preview Islamic economies : stability, markets and endowments
Palgrave CIBFR Studies in Islamic Finance Series Editors Nafis Alam Sunway University Business School Sunway University Selangor, Malaysia Syed Aun R. Rizvi Suleman Dawood School of Business Lahore University of Management Sciences Lahore, Pakistan TheCentreforIslamicBusinessandFinanceResearch(CIBFR)isaglobal center of excellence for developing Islamic business and finance as a scientificacademicdisciplineandforpromotingIslamicfinancialproducts, monetaryandfiscalpolicies,andbusinessandtradepractices.BasedatThe UniversityofNottinghamcampusinMalaysia,CIBFRlooksatthemulti- dimensionalaspectsofIslamicbusiness,cuttingacrossthemajorthemesof Islamic economics, Islamic finance and the Halal market. True to the pioneering nature of the research CIBFR undertakes, the Palgrave CIBFR Series in IslamicFinance offers empirical enquiriesinto key issues andchallengesinmodernIslamicfinance.Itexploresissuesinsuchvaried fields as Islamic accounting, Takaful (Islamic insurance), Islamic financial servicesmarketing, andethical andsociallyresponsible investing. More information aboutthisseries at http://www.springer.com/series/15190 NafisAlam(cid:129)SyedAunR.Rizvi Editors Islamic Economies Stability, Markets and Endowments Editors NafisAlam SyedAunR.Rizvi SunwayUniversityBusinessSchool SulemanDawoodSchoolofBusiness SunwayUniversity LahoreUniversityofManagement Selangor,Malaysia Sciences Lahore,Pakistan PalgraveCIBFRStudiesinIslamicFinance ISBN978-3-319-47936-1 ISBN978-3-319-47937-8(eBook) DOI10.1007/978-3-319-47937-8 LibraryofCongressControlNumber:2017930596 ©TheEditor(s)(ifapplicable)andTheAuthor(s)2017 Thisbookwasadvertisedwithacopyrightholderinthenameofthepublisherinerror,whereas theauthorholdsthecopyright. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher,whetherthewholeorpartofthematerialisconcerned,specificallytherightsof translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodology nowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthis publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesare exemptfromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformation in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect tothematerialcontainedhereinorforanyerrorsoromissionsthatmayhavebeenmade. The publisher remains neutral with regard to jurisdictional claims in published maps and institutionalaffiliations. Coverimage:PatternadaptedfromanIndiancottonprintproducedinthe19thcentury Printedonacid-freepaper ThisPalgraveMacmillanimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland C ONTENTS 1 IslamicEconomics’ Contribution toConventional Economics 1 NafisAlam andSyed AunR. Rizvi 2 IslamicFinancial PlanningTowards SustainableEco- Growth 9 Mohd Ma’SumBillah andBuerhan Saiti 3 Remittances,PoliticalStabilityandEconomicDevelopment: EmpiricalEvidencefromOICCountries 29 Mohsin Ali andWajahatAzmi 4 MitigatingShadowEconomyThroughDualBankingSector Developmentin Malaysia 41 Muzafar Shah Habibullah,AbdulHamid Baharom, BadariahHaji DinandFumitaka Furuoka 5 IslamicCommon Market anAlternative Modelto Globalization 63 Mohd Ma’SumBillah v vi CONTENTS 6 IssuesDeterringthe ContinuedGrowth of Awqaf in Bangladesh:The Way Forwardto ItsDevelopmentand Wideningthe Scopeof ItsBenefits 79 Abu UmarFaruq AhmadandMuhammad Fazlul Karim 7 Moneyin IslamicBanking System 99 Bedjo Santoso, KhaliqAhmadandBuerhan Saiti Index 127 C ONTRIBUTORS Abu Umar Faruq Ahmad Universiti Brunei Darussalam (UBD), Gadong,BruneiDarussalam Khaliq Ahmad Institute of Islamic Banking and Finance (IIiBF), InternationalIslamicUniversityMalaysia(IIUM),KualaLumpur,Selangor, Malaysia Nafis Alam Sunway University Business School, Sunway University, Selangor, Malaysia Mohsin Ali International Centre for Education in Islamic Finance (INCEIF),Kuala Lumpur,Malaysia Wajahat Azmi International Centre for Education in Islamic Finance (INCEIF),Kuala Lumpur,Malaysia Abdul Hamid Baharom International Centre for Education in Islamic Finance (INCEIF),Kuala Lumpur,Malaysia Mohd Ma’Sum Billah Islamic Economics Institute, King Abdul Aziz University,Jeddah, Kingdom of Saudi Arabia Badariah Haji Din College of Law, Government and International Studies,Universiti Utara Malaysia,Selangor, Malaysia Fumitaka Furuoka Asia Europe Institute, University of Malaya, KualaLumpur, Malaysia Muzafar Shah Habibullah Faculty of Economics and Management, Universiti PutraMalaysia, Selangor, Malaysia vii viii CONTRIBUTORS MuhammadFazlulKarim AhmadIbrahimKulliyyahofLaws(AIKOL), InternationalIslamicUniversity Malaysia (IIUM), Selangor, Malaysia Syed Aun R. Rizvi Suleman Dawood School of Business, Lahore University of ManagementSciences, Lahore, Pakistan Bedjo Santoso Agung Islamic University (UNISSULA), Semarang, Indonesia Buerhan Saiti Institute of Islamic Banking and Finance (IIiBF), InternationalIslamicUniversityMalaysia(IIUM),KualaLumpur,Malaysia L F IST OF IGURES Fig.4.1 EstimatesofsizeofshadoweconomyinMalaysia 49 Fig.7.1 Volatilityofworldcurrencies,1880–1995 111 ix
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