Globalization and Islamic finance : convergence, prospects, and challenges


Globalization and Islamic finance : convergence, prospects, and challenges

Hossein Askari, Zamir Iqbal, and Abbas Mirakhor

J. Wiley & Sons (Asia), 2010


Globalization & Islamic finance : convergence, prospects, & challenges

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Includes bibliographical references (p. 187-209) and index



This is an extremely valuable book written by three highly qualified scholars whose credentials for writing such a book are difficult to match. The timing of the book is also perfect, having come at a time when the worst financial crisis in living memory has intensified the quest for reform of the international architecture. The proposals made by the authors should go a long way in not only reforming the system but also in accelerating the move towards financial globalization and convergence of the conventional and Islamic financial systems. Dr. Umer Chapra Prominent Scholar of Islamic Economics and currently Research Advisor Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB) Globalization and Islamic Finance, by three well-respected authors in Islamic finance, provides a thought-provoking analysis of an important and topical issue, particularly, given the global impact of the current financial and economic crises. The book is the first attempt to make a compelling case of convergence between globalization and Islamic finance. Askari, Iqbal and Mirakhor should be praised for this serious effort, which is a must-read for academics and practitioners interested in Islamic finance. Professor Rifaat Ahmed Abdel Karim Secretary General Islamic Financial Services Board (IFSB) This book has a robust discussion of the growth and spread of Islamic finance within the umbrella of globalization. The book provides a unique view of Islamic finance, not only from the perspective of how Islamic finance fits within globalization in general, but globalization of finance in particular. This is a must read for anyone interested in the complex and complicated world of Islamic finance. Scheherazade S. Rehman, Ph.D. Director, European Union Research Center Professor of International Finance, School of Business The George Washington University I have not come across any literature that has delved so intensely in financial globalization, in particular Islamic finance. Due to this reason, I would encourage all interested in this area to read this book. Hajah Salma Latiff Managing Director, Crescent Sdn. Bhd. Former Director, Centre for Islamic Banking, Finance and Management (CIBFM), Universiti Brunei Darussalam The recent crisis has evoked wide interest in Islamic finance publications. Globalization and Islamic Finance is both timely and needed. Sani Hamid Director, Wealth Management Financial Alliance (Singapore)


Preface vii CHAPTER 1 A Brief History of Globalization and Islamic Finance 1 1.1 A Brief History of Globalization 2 1.2 How Complete Is Globalization? 7 1.3 A Brief Introduction to Islamic Finance 11 1.4 Islamic Finance and Globalization: Convergence or Divergence? 26 CHAPTER 2 The Consequences of Globalization: Convergence or Divergence with Islam? 29 2.1 Theoretical Consequences of Globalization: Growth, Income Distribution, Poverty Alleviation, and Regulation 29 2.2 Some Empirical Consequences of Globalization 35 2.3 Financial Globalization 41 2.4 Basic Islamic Economic and Financial Doctrines and Globalization 47 2.5 Convergence or Divergence? 53 CHAPTER 3 Islamic Finance, Conventional Finance, and Globalization 59 3.1 The Development of Islamic Finance 59 3.2 The Development of Conventional Finance 68 3.3 Islamic and Conventional Finance: The Impactof Globalization 70 3.4 Financial Stability and the Emerging Relationship between Islamic and Conventional Finance 75 CHAPTER 4 Recent Developments in Conventional Finance, Financial Globalization, and Islamic Finance 79 4.1 Introduction 79 4.2 The Role of Financial Systems and the Stability Characteristics of the Conventional Financial System 80 4.3 A Different Explanation for the Financial Crisis of 2007 94 4.4 Islamic Financial System and Lessons from the Recent Crisis 111 4.5 Summary 119 CHAPTER 5 Empirical Trends in Conventional and Islamic Financial Globalization 121 5.1 Trends in Conventional Financial Globalization 121 5.2 Growth in Islamic Finance 137 5.3 Convergence or Divergence? 147 CHAPTER 6 Key Considerations in Developing an Islamic Financial System 149 6.1 Lessons from the Conventional Financial System 149 6.2 Gaps in the Islamic Financial System and its Practice 157 6.3 Policy Recommendations 163 6.4 Concluding Remarks 171 CHAPTER 7 Conclusions and the Future of Islamic Finance 173 7.1 The Future of Globalization 173 7.2 The Evolution of Financial Globalization 177 7.3 The Expansion of Risk Sharing 179 7.4 The Likelihood of Convergence 180 References 187 Index 211

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