Global Governance: Is There a Role for Islamic Economics and Finance?

In this chapter, Mohseni-Cheraghlou argues that the implementation and growth of genuine Islamic economic and financial (IEF) systems in countries with significant Muslim population, which host more than 1.5 billion people, can help international efforts in increasing financial stability, reducing poverty and inequality, and promoting shared prosperity and environmental sustainability. In doing so, Mohseni-Cheraghlou argues that an IEF system can contribute much toward international institutions’ (such as IMF and World Bank) global governance efforts in these fronts. Finally, the chapter provides the case study of a successful attempt by an organization named Akhuwat, for reducing poverty and promoting shared prosperity in Pakistan through Qard Hassan, an Islamic microfinance scheme. © Author