Abstract
Islamic finance emerged out of Muslim economists’ criticism of the capitalistic
model of economy, based on interest and devoid of morality. After colonialism,
self-governance, the discovery of vast reserves of natural resources, and
rising populations provided impetus to many of the newly independent
Muslim countries to experiment with their new thinking. On the other hand,
the developed world’s aging economies, a recurring bout of economic and
financial crises coupled with noticeable disappointment in poverty reduction,
and continued impoverishment of staggering numbers of people across the
globe led the new generation of Islamic economists and financial professionals
in a kind of belief that many would term inertia and complacency.
After over four decades of practice of Islamic finance, most of the Muslim
states face the same dilemmas and scrutiny out of which they initially emerged.
No doubt, some of the biggest critics of Islamic finance today include many
who had postulated some of the earliest theories of Islamic finance. This book,
comprising selected papers presented at the Tenth Harvard University Forum
on Islamic Finance, is a humble effort to re-examine Islamic finance in the
context of development. It focuses on some of the most pressing questions
relating to Islamic finance, such as how faithful Islamic finance has been to its
professed goal of justice and equity; what role has it played, along with similar
other groups, in promoting growth and development; and what has been its
contribution toward ameliorating the situation of the poor at the grassroots
level? These questions have been addressed in this book by contributors in
their own inimitable style and manner.
This book would not have been possible without the collective efforts
of many around me. Not all of them can be acknowledged by their names for
obvious reasons. However, it is important that I mention some of the most
noteworthy. The Islamic Finance Project (IFP) has shaped my thoughts over
the last two decades, and continues to inspire me even today. It not only
throws challenges at me but also provides me a unique platform from which
to interact with the great thinkers, policymakers, and academicians of our
era. They all have left an indelible mark on me and have motivated me to
continue my efforts in facilitating dialogue among various faiths and Islamic
finance stakeholders. None of my efforts would have been successful without
the unflinching trust and unfailing support of IFP’s sponsors, namely The
National Commercial Bank, Mohammed Alsubeaei & Sons Investment Co.
(MASIC), and Kuwait Finance House.
model of economy, based on interest and devoid of morality. After colonialism,
self-governance, the discovery of vast reserves of natural resources, and
rising populations provided impetus to many of the newly independent
Muslim countries to experiment with their new thinking. On the other hand,
the developed world’s aging economies, a recurring bout of economic and
financial crises coupled with noticeable disappointment in poverty reduction,
and continued impoverishment of staggering numbers of people across the
globe led the new generation of Islamic economists and financial professionals
in a kind of belief that many would term inertia and complacency.
After over four decades of practice of Islamic finance, most of the Muslim
states face the same dilemmas and scrutiny out of which they initially emerged.
No doubt, some of the biggest critics of Islamic finance today include many
who had postulated some of the earliest theories of Islamic finance. This book,
comprising selected papers presented at the Tenth Harvard University Forum
on Islamic Finance, is a humble effort to re-examine Islamic finance in the
context of development. It focuses on some of the most pressing questions
relating to Islamic finance, such as how faithful Islamic finance has been to its
professed goal of justice and equity; what role has it played, along with similar
other groups, in promoting growth and development; and what has been its
contribution toward ameliorating the situation of the poor at the grassroots
level? These questions have been addressed in this book by contributors in
their own inimitable style and manner.
This book would not have been possible without the collective efforts
of many around me. Not all of them can be acknowledged by their names for
obvious reasons. However, it is important that I mention some of the most
noteworthy. The Islamic Finance Project (IFP) has shaped my thoughts over
the last two decades, and continues to inspire me even today. It not only
throws challenges at me but also provides me a unique platform from which
to interact with the great thinkers, policymakers, and academicians of our
era. They all have left an indelible mark on me and have motivated me to
continue my efforts in facilitating dialogue among various faiths and Islamic
finance stakeholders. None of my efforts would have been successful without
the unflinching trust and unfailing support of IFP’s sponsors, namely The
National Commercial Bank, Mohammed Alsubeaei & Sons Investment Co.
(MASIC), and Kuwait Finance House.
| Original language | English |
|---|---|
| Publisher | Cambridge, Massachusetts: Harvard Law School |
| ISBN (Print) | 097028358X |
| Publication status | Published - 2014 |
| Externally published | Yes |