Islamic finance is one of the fastest growing sectors of the finance industry due to a number of factors, including the technology boom, FinTech, blockchain, higher oil and commodity prices, but also in particular, due to its demand by 1.5 billion Muslims around the globe. It enjoys sustainably higher positive returns compared to its conventional finance counterparts, specifically during financial crises. Moreover, it plays a major role in implementing the UN’s Sustainable Development Goals, due to its non-traditional source of long-term fund-financing that advances social, environmental, and economic goals. The Routledge Handbook of Islamic Economics and Finance offers a detailed introduction to the current scholarship, in this ever expanding and emerging field.
The book is divided into three parts, covering Islamic Business, Islamic Economics, and Islamic Finance, respectively. Each chapter provides a balanced overview of current knowledge, identifying issues and discussing the relevant debates. The book seeks to explore the current developments and trends in Islamic economics, Islamic banking and Islamic capital markets. It also covers the areas of Islamic social finance, Impact investment and Islamic microfinance, SMEs, poverty alleviation and financial inclusion. Additionally, it launches the debate on the emergence, progress, challenges and future potential of Islamic Fintech and the Islamic digital economy. Furthermore, it sheds light on subjects such as the marketing of Islamic financial services and products, and the circular economy and the blue economy from an Islamic financial perspective.
As well as surveying the current state of the art, the authors also reflect on where the research agenda is likely to advance in the future, making this the definitive resource for scholars and researchers in this area.
Part 1: Islamic Economics 1. The Role of Islamic Economics, Business, and Finance in a Contemporary Global Context Hussain Mohi-ud-Din Qadri, M. Ishaq Bhatti and Mohd Azmi Omar 2. The Circular Economy, Blue Economy, and Islamic Finance Perspectives Nasim Shah Shirazi and Toseef Azid 3. Bay’ al-Salam as an Alternative to Agriculture Subsidies: A Conceptual Paper Nur Hurin Ayuni Haji Mohammad Syafien, Mohd Azrin Haji Besar, Siti Fatimahwati Pehin Dato Haji Musa, Sazali Zainal Abidin 4. Food Security Development between Indonesia and OIC Member Countries: Seizing the Potential Food Trade in Non-Traditional Markets Fajar B. Hirawan and Safiullah Junejo 5. Cultivating Generosity: Promoting Waqf Funds for Lasting Community Benefit Nurul Adilah Hasbullah, Siti Nor Amira Mohamad, & Asmak Ab Rahman 6. Developing Sukuk Market in Pakistan Muhammad Musa, Hassan Shakeel Shah, and Syarah Syahira Mohd Yusoff 7. The Impact of National Governance on Operating Performance: A Comparative Study of Financial Institutions of Pakistan Fiaz Ahmad, Calvin Cheong Wing Hoh, Zaheer Answer 8. The Role of Sharia Law in Promoting Social Justice and Sustainable Development in Southeast Asia Hisam Ahyani, Ending Solehudin, Naeli Mutmaina, Nurul Ilyana Muhd Adnan, Yogi Triswandan, Aini Nurun Nazhifah, Miftakhul Huda, Moh. Syarif Hidayat, and Dian Permana 9. Economy of the State: A Study of Mawdūdī’s Critique of the Capitalist Economy Zain Razzaq and Rab Nawaz Part 2: Islamic Business 10. Exploring the Minds of Millennial and Gen Z Tech-Adopters of Islamic Fintech in Indonesia Using Artificial Neural Networks M. Luthfi Hamidi and Siti Nur Aisyah 11. Will the Application of Blockchain Technology in Malaysia’s Zakat Management Lead to Sustainability? Shifa Mohd Nor, Amelia Nur Natasha Nazeri, Aisyah Abdul-Rahman, Mohd Helmi Ali 12. Catalysts for Sustainable Economic Growth and Big Data Technologies in the Islamic Financial Industry Muhammad Khalid Shahid, Aye Aye Khin, Lim Chee Seong, Omar Mohammad Hamdan Alkharebsheh, and Ghalib Mohammed Alyamani 13. Ostensible PLS Trading Contracts in Islamic Financial Institutions: What’s Past is a Prologue Islam Kamal 14. Potential of Islamic Foreign Direct Investment Flow to Malaysia: Case study of GULF Investor's Preference Factors in the Europe Region Ashurov Sharofiddin, Rusni Hassan, and Osman Sayid Hassan Musse 15. Factors Leading to and Consequences of an Effective Internal Shariah Audit Function in Malaysian Islamic Financial Institutions Nur Laili Ab Ghani, Noraini Mohd Ariffin, and Abdul Rahim Abdul Rahman 16. A Comparative Analysis of Trust in Banks in Islamic and Non-Islamic Countries Aribah Aslam, Ghulam Ghouse, and M. Ishaq Bhatti 17. Shariah Advisory Committee and Islamic Banks Performance in Pakistan: Role of Board of Directors Muhammad Sohaib Ashraf Part 3: Islamic Finance 18. Key Issues in Marketing Shariah Compliant Financial Services to the Muslim Customers Intekhab Alam 19. Core Principles of Islamic Finance Revisited: The Profit and Loss Sharing ‘Doctrine’ Exposed Ahmed Belouafi and Abdulrhman Alamoudi 20. Historical prospective of Islamic financial system in Italy Paolo Biancone and Francesca Corsini 21. The Effectiveness of Outreach in Islamic Microfinance Institutions: Implications for Poverty Reduction Norma Bt. Saad, Md Nazim Uddin, Yusof Bin Ismail, and Lutfun Nahar 22. Impact of Shariah Board’s Characteristics on the Financial Soundness of Islamic Banks Muhammad Omer Rafique 23. A Comparative Analysis of Sharīʿah Microfinance Models to Alleviate Extreme Poverty Mohammad Khalequzzaman, Asmak Ab Rahman, and Amirrudin Kamsin 24. Empowering Communities: Navigating the Scope and Impediments of Islamic Microfinance in India Fareed Ahmad Malik 25. Islamic Blended Finance as a Catalyst: Driving Sustainable Waste Recycling Initiatives in Pakistan Hadia Saqib Hashmi and Dalal Aassouli 26. Unlocking the Financial Dilemma: Millennial Muslims and Islamic Financial Literacy Zahid Bashir, Sabeeh Iqbal, and Muhammad Aamir 27. Concluding Remarks Hussain Mohi-ud-Din Qadri, M. Ishaq Bhatti, and Mohd Azmi Omar
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