Overview
- Highlights the significance of ethics in economics and finance for betterment of society
- Presents perspective from Islam, including the principles of virtues of justice and risk-sharing
- Raises growing concerns of a debt-dominated and leveraged economy and the social and economic cost of ignoring responsible finance
Part of the book series: Palgrave Studies in Islamic Banking, Finance, and Economics (IBFE)
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About this book
This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.
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Keywords
Table of contents (7 chapters)
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Front Matter
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Back Matter
Authors and Affiliations
About the authors
Zamir Iqbal is VP Finance and CFO of the Islamic Development Bank. Prior to this role, he served as head of the World Bank's Global Islamic Finance Development Center in Turkey. He is a coauthor of Challenges in Economic and Financial Policy Formulation (2014) and a coeditor of the Palgrave Studies in Islamic Banking, Finance, and Economics series.
Abbas Mirakhor is the First Holder of Islamic Finance Chair at INCEIF - The Global University of Islamic Finance, Malaysia. He is a coauthor of Challenges in Economic and Financial Policy Formulation (2014), Introduction to Islamic Economics (2015), and Intermediate Islamic Finance
Bibliographic Information
Book Title: Ethical Dimensions of Islamic Finance
Book Subtitle: Theory and Practice
Authors: Zamir Iqbal, Abbas Mirakhor
Series Title: Palgrave Studies in Islamic Banking, Finance, and Economics
DOI: https://doi.org/10.1007/978-3-319-66390-6
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2017
Hardcover ISBN: 978-3-319-66389-0Published: 06 October 2017
Softcover ISBN: 978-3-319-88233-8Published: 22 June 2018
eBook ISBN: 978-3-319-66390-6Published: 27 September 2017
Series ISSN: 2662-5121
Series E-ISSN: 2662-513X
Edition Number: 1
Number of Pages: XV, 192
Number of Illustrations: 3 illustrations in colour
Topics: Banking, Macroeconomics/Monetary Economics//Financial Economics, Microeconomics