Macroeconomic policy and Islamic finance in Malaysia [electronic resource] / Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor.
By: Othman, Azura [author.].
Contributor(s): Othman Alhabshi, Syed [author.] | Mirakhor, Abbas [author.] | Sari, Norhanim Mat [author.].
Series: New York, NY : Palgrave Macmillan, 2017Description: 290 pages.Content type: text Media type: computer Carrier type: online resourceISBN: 9781137531599.Subject(s): Banking law (Islamic law) | Banks and banking -- Religious aspects -- Islam | Banks and banking -- Malaysia | Islam -- Economic aspects -- Malaysia | Macroeconomics | Banking law (Islamic law) | Banks and banking -- Religious aspects -- Islam | Banks and banking | Islam -- Economic aspects | Macroeconomics | MalaysiaGenre/Form: Print books.| Current location | Call number | Status | Date due | Barcode | Item holds |
|---|---|---|---|---|---|
| On Shelf | HG3300.6 .A6O84 2017 (Browse shelf) | Available | AU00000000010952 |
Includes bibliographical references and index.
""Foreword""; ""Preface""; ""Acknowledgements""; ""Contents""; ""List of Figures""; ""List of Tables""; ""List of Appendixes""; ""Chapter 1 Introduction""; ""Historical Perspective""; ""Governmentsâ#x80;#x99; Role""; ""Policy Design""; ""Interest Rate Mechanism in Conventional Macroeconomic Policy""; ""The Intractable Problem of Debt""; ""Impetus for Reform""; ""Risk Sharing and Macroeconomic Policy""; ""Application to Malaysia""; ""Tax Structure""; ""Public Sector Borrowing""; ""Potency of Monetary Policy""; ""Organization of Book""; ""References""
""Chapter 2 Risk Transfer, Risk Sharing, and Islamic Finance""""What is Risk?""; ""Risk, Uncertainty, and Ambiguity""; ""Types of Risk""; ""Concept of Risk in Financial Transactions""; ""Risk Transfer, Risk Shifting, and Risk Sharing""; ""Risk Transfer""; ""Risk Shifting""; ""Risk Sharing""; ""The Role of Debt in Financial Crises""; ""The Role of the Government as Risk Manager""; ""References""; ""Chapter 3 Macroeconomic Policies and Risk Transfer""; ""Financial Crises and its Relation to Current Financial System""; ""Policy Tools in Macroeconomic Management""
""Monetary Policy and the Transmission Mechanism""""Fiscal Policy""; ""Debt and Growth""; ""Interest-Based Borrowing""; ""An Alternative System""; ""References""; ""Chapter 4 Islamic Finance, Risk Sharing, and Macroeconomic Policies""; ""The Concept of Development in Islamic Economy""; ""Institutional Framework of Islamic Economic and Finance""; ""Contracts and Trusts""; ""Cooperation and Consultation""; ""Property Rights""; ""Distribution and Redistribution""; ""Inequality, Debts, and Crisis""; ""Markets and Islamic Finance""; ""Risk Sharing as the Essence of Islamic Finance""
""Risk-Sharing Financial Instruments""""Islamic Macroeconomic Policies""; ""Theoretical Foundation of Macroeconomic Theory""; ""Fiscal Policy""; ""The Common Pool Problem""; ""Monetary Policy""; ""Islamic Macroeconomic Policy Tools""; ""References""; ""Chapter 5 History of Islamic Finance in Malaysia""; ""Introduction""; ""The Period Prior to 1983""; ""The Development of the Islamic Banking Sector""; ""The First Islamic Bank in Malaysia (July 1983)""; ""The Interest Free Banking Scheme (1993)""; ""The Full-Fledged Subsidiaries (2002)""; ""Malaysiaâ#x80;#x99;s Initiative on Risk-Sharing Finance""
""Why risk sharing?""""Reward Potential of Risk-sharing Finance""; ""Takaful Journey in Malaysia""; ""Takaful: Concept and Operations""; ""Development of Takaful in Malaysia""; ""Phase I (1984â#x80;#x93;1992)""; ""Phase II (1993â#x80;#x93;2000)""; ""Phase III (2001â#x80;#x93;2010)""; ""Islamic Capital Market""; ""Conclusion""; ""References""; ""Chapter 6 Fiscal Policy and Islamic Finance: Malaysia""; ""Fiscal Position in Malaysia and its Challenges""; ""Government Debt and Deficit""; ""Government Expenditure""; ""Government Revenue""; ""Increasing Income and Wealth Inequality""; ""Current Fiscal Policy""
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This book offers an alternative framework for macroeconomic policy in Malaysia, derived from the universal principles of social justice espoused in the objectives of the Shariah. It attempts to holistically analyze issues related to public finance, which has been criticized for lack of transparency and justice in wealth distribution. This book explores these criticisms and discusses the principles of Islamic finance that may be applied to macroeconomic policymaking to create a better economy overall. It presents a case for a flat tax system, to make the economy more resilient to shocks, and financing methods that limit interest-rate-based debt contracts and allow greater risk sharing among the market participants on a broad scale. Using both qualitative and quantitative methods, this book models the Malaysian economy based on policies that apply the fundamental Islamic finance principle of risk sharing to demonstrate its benefits in spurring growth, promoting distributive justice, rendering the economy more stable, strengthening the potency of monetary policy, enhancing fiscal governance, and improving financial inclusion. The book will be of interest to students, policymakers, financial institutions, researchers, ministries of finance, central banks, securities commissions, and anyone interested in alternative economic paradigms.--
Provider: SpringerLink.