Islamic Finance, Risk-Sharing and Macroeconomic Stability
The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic finance. Many theoretical studies generally claim superiority of an Islamic financial system based on pure equity and participatory modes of financing,
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Islamic Finance, Risk-Sharing and Macroeconomic Stability
Islamic Finance, Risk-Sharing and Macroeconomic Stability
Muhamed Zulkhibri · Turkhan Ali Abdul Manap Editors
Islamic Finance, Risk-Sharing and Macroeconomic Stability
Editors Muhamed Zulkhibri Islamic Research and Training Institute Islamic Development Bank Jeddah, Saudi Arabia
Turkhan Ali Abdul Manap Islamic Research and Training Institute Islamic Development Bank Jeddah, Saudi Arabia
ISBN 978-3-030-05224-9 ISBN 978-3-030-05225-6 (eBook) https://doi.org/10.1007/978-3-030-05225-6 Library of Congress Control Number: 2018968350 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
The global crisis of 2007–2009 has clearly demonstrated the fallacies and inadequacies of the prevailing financial system and has made policymakers and regulators to rethinking the institutional framework for overseeing the stability of financial systems. Islamic finance underpinned by risk-sharing, real business activity and governance principles has offered itself as a possible alternative solution. Over the last decades, Islamic finance has experienced considerable expansion all over the world. It is promising for Islamic finance to become an integral component of the international financial system. The principles of Islamic economics and finance also promote the well-being of a society, where every individual and organization commits to justice, equity and freedom. Moreover, the risk-sharing principles in Islamic finance may contribute to improving macroeconomic stability. I
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