The Role of Islamic Finance in Economic Development

2014 ◽  
pp. 63-74
Author(s):  
Raja M. Almarzoqi
Keyword(s):  
Economic Development ◽  
Islamic Finance

scholarly journals Analyzing the Role of Islamic Finance in Kuwait Regarding Sustainable Economic Development in COVID-19 Era

2022 ◽  
Vol 14 (2) ◽  
pp. 701
Author(s):  
Salah Alhammadi
Keyword(s):  
Economic Development ◽  
Best Practices ◽  
Management Strategies ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Banking And Finance ◽  
Sustainable Economic Development ◽  
Grounded Theory Method ◽  
The Impact

The aim of the present study was first to consider the impact of COVID-19 on Kuwait’s economy. Second, it attempted to examine the role of Islamic banking and finance in achieving socioeconomic justice and attaining best practices by securing social goods. Hence, the research assessed how Islamic banking and finance can help in reconstructing the economy based on Maqasid Al-Shari’ah (higher ethical objectives) to redevelop social, economic, and environmental welfare, especially in the COVID-19 era. A theoretical approach was adopted, namely, the grounded theory method (GTM), to explore COVID-19 related solutions for achieving sustainable economic development. The findings show that Islamic banking and finance can be employed to mitigate the impact of coronavirus and can be used as an alternative financial system to support both affected people and entrepreneurs. The paper expands on previous literature discussing the role of Islamic finance in management strategies through Islamic ethical objectives, with a particular focus on Kuwait’s post-COVID-19 era. This research can help policymakers to develop mechanisms and supporting approaches for Kuwait’s economy.

scholarly journals The Role of Islamic Finance Instrument (Sukuk) in Boosting the Economic Development

2019 ◽  
Vol 12 (1) ◽  
pp. 22-24
Author(s):  
Abdelkhleg M. Elkormagi ◽  
Hazianti binti Abdul Halim ◽  
Rusliza Binti Yahaya
Keyword(s):  
Economic Development ◽  
Islamic Finance

Using Blockchain and Smart Contracts for Waqf Institutions

2020 ◽  
pp. 225-244
Author(s):  
Farrukh Habib ◽  
Abu Umar Faruq Ahmad
Keyword(s):  
Economic Development ◽  
Muslim World ◽  
Pivotal Role ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Historical Records ◽  
Muslim Society ◽  
History Of ◽  
Key Issues

The institution of Waqf always played a pivotal role of sustainable economic development in a Muslim society throughout the history of Islam. However, recently, even with the introduction of the modern Islamic finance a few decades ago, the institution has been struggling to rejuvenate its past glory. The key issues are lack of availability of data and historical records, weak transparency and public disclosure, improper audit and compliance practices. The advent of the blockchain has offered a ray of hope for the revival of the Waqf institution. The blockchain has already proved itself as a game changing breakthrough. Similarly, the Waqf institution could be invigorated with the innovative and efficient use of the blockchain. Moreover, the use of smart contracts on blockchain could further enhance the performance and efficacy of the Waqf institution. It is strongly believed that with the firm Islamic jurisprudential foundations of the Waqf, blockchain, and smart contracts will ensure that the Waqf institution could partake in the economic development of the whole Muslim world.

Islamic banks-Sukuk markets relationships and economic development

2014 ◽  
Vol 5 (1) ◽  
pp. 47-60 ◽  
Author(s):  
Daoud Ben Jedidia Khoutem
Keyword(s):  
Economic Development ◽  
Important Implication ◽  
Islamic Finance ◽  
Islamic Banks ◽  
Liquidity Management ◽  
Content Type ◽  
Long Run ◽  
Disclosure Laws ◽  
Investment Process

Purpose – The purpose of this paper is to examine the opportunities of Islamic finance in spurring economic development in Tunisia after the revolution of 2011. Precisely, this paper seeks to explore whether the Islamic banks-Sukuk markets relationships are more conducive of economic growth. Design/methodology/approach – This work reviews the role of Islamic finance in economic development, examines the current dominance of Islamic banks on the saving-investment process and compares it with a situation characterized by a more important implication of banks in the Sukuk markets both as issuers and buyers. Findings – This paper finds that the “marketable Islamic intermediation” provides easily more funds to finance the economic development and solve the problems of poverty and unemployment. It also reveals that Islamic intermediation can be improved by a more important implication of banks in the Sukuk markets. This permits to overcome many problems related to saving mobilization, bank liquidity management, risk taking and long-run investment. Social implications – The author's recommendations related to the economic policy suggest strict rules to establish accountability, disclosure laws and transparency in Tunisia. Originality/value – This paper is a first attempt to study the role of the relationships between Islamic banks and Sukuk markets in the economic development process. It stresses the importance of these relationships to better meet the requirements of development financing in Tunisia.

Sociostructural Aspects of Socio-Economic Development:The role of Economic approach

2014 ◽  
pp. 86-105
Author(s):  
M. Shabanova
Keyword(s):  
Economic Development ◽  
Structural Factors ◽  
Economic Approach ◽  
Economic Agents ◽  
Socio Economic Development

The author discusses the importance of studying socio-structural factors of socio-economic development through a broader application of the economic approach. The resources of status positions of economic agents are in the spotlight. A possible platform for interdisciplinary interactions is proposed which allows to increase the contribution of both economics and sociology in improving governance at all levels.

Moral Factor of Social and Economic Progress

2007 ◽  
pp. 55-62 ◽  
Author(s):  
O. Bogomolov
Keyword(s):  
Economic Development ◽  
Social Justice ◽  
Moral Atmosphere ◽  
Economic Progress ◽  
Moral Factor

The article reveals the influence of the spiritual and moral atmosphere in the society on economic development. The emphasis is put especially on the role of social confidence and social justice. The author indicates also some measures on improving the worsening moral situation in Russia.

Economic Development of Bangladesh: The Role of IBBL

IIUC Studies ◽  
2015 ◽  
Vol 9 ◽  
pp. 323-334
Author(s):  
Shafiqur Rahman ◽  
Nicholas McDonald
Keyword(s):  
Economic Development ◽  
Content Analysis ◽  
Foreign Trade ◽  
Rural Economy ◽  
Significant Contribution ◽  
Annual Report ◽  
Housing Sector

This paper presents the role of Islami Bank Bangladesh Limited (IBBL) to the recent economic development in Bangladesh. The study analyses published texts, articles, websites and annual report of this bank through a content analysis. Key findings of this study manifest the contribution of this bank in different areas of economic development in Bangladesh like generating employment, earning foreign remittance, strengthening rural economy, promoting ecology and green banking, boosting industrialization, developing the SMEs, assisting in foreign trade (import-export), developing the housing sector etc. This study also identifies IBBL’s significant contribution to the national exchequer. This paper contributes to the field of economic development of Bangladesh and the role of IBBL behind it and fills the gap of literature in this specific area.IIUC Studies Vol.9 December 2012: 323-334

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