Islamic Finance

The banking and financial landscape has been inundated with technology over the last decade, with FinTech, InsurTech and RegTech being just some of the new applications within finance. In the Gulf Cooperation Council (GCC), FinTech is yet to ­find its feet despite several digital transformation drives initiated by the regional governments in the UAE and Bahrain. In comparison to conventional ­finance, the use of FinTech within Islamic financial institutions (IFIs) in GCC countries is still in its very early stages.

The linear economic approach described as the "take, make, dispose of" model where the bulk of the material used to make products is ultimately thrown away is recognized as a contributor to the natural resource constraints faced by humanity. Responding to this problem requires an economic paradigm of "reduce, reuse and recycle" conceptualized as Circular Economy(CE). The paper explores ways Islamic finance can support circular businesses within OIC countries to achieve economic growth that is not at the expense of the environment.

This paper aims to present an account and discussion of Imam Ali’s view on poverty and socio-economic justice based on examining Nahj al-Balagha, a tenth century collection of sermons and letters of Imam Ali Ibn Abutalib. The concept of socio-economic justice is of utmost importance in Islamic teachings. In Imam Ali’s view, socially just outcomes can only be achieved through just means and procedures. Second, acute and visible inequalities and side-by-side co-existence of extreme wealth and poverty in a society point to the existence of socio-economic injustices.

Global Findex database reports that 75% or about one billion adults among self-identified Muslims do not have an account in a formal financial institutions. The first part of this chapter suggests that overall access to Islamic financial products is positively correlated with levels of financial inclusion in

This book explores the relationships between financial inclusion, poverty and inclusive development from Islamic perspectives. Financial inclusion has become an important global agenda and priority for policymakers and regulators in many

Alongside its detrimental macroeconomics impacts, financial crises can have substantial negative consequences on human and social wellbeing. Employing a cross-country dataset on more than 100 banking and/or currency crises during 1981–2007, this work examines the effects of financial crises on indicators of human and social wellbeing.

The present paper studies differences in thoughts of first vs. second generation Islamic economists, during the past forty years. It also investigates deviations that occurred in thought and practice in this period. But first it attempts to determine the basis of differentiation between the two generations and their distinguishing features. For our study purpose, we regard as the first generation those scholars who started writing on the subject of Islamic economics between 1950 to 1975, a period highly unfriendly if not hostile to the idea of economics with Islamic perspective.

There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article, we argue that the main reason for this is that most

The paper aims to highlight the challenges facing Islamic finance industry and outline the prospectus of what constitutes a sound Islamic banking product in terms of both its Shariah control and product development methodology. The paper analytically addresses the internal challenges facing Islamic finance industry by highlighting, first, the deficiencies in the existing Shariah supervisory work and, then, the deficiencies in the product development methodology followed in Islamic banks. Islamic banking and finance is facing some internal challenges which require immediate action.

This paper aims to enhance the impact of incorporated