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2020 | Buch

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Islamic Finance and Global Capitalism

An Alternative to the Market Economy

verfasst von: Dr. James Simon Watkins

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book examines whether Islamic finance and Islamic economics is challenging the orthodoxy of the money markets. Can ethical finance combined with the prohibition on interest and speculation really work in the global economy? With a political economy approach, the book explores how the industry has grown in modern times – from a short-lived bank in an Egyptian city in the 1960s through to a global industry that is today valued at US$2.05 trillion. From the revelation as articulated by the Prophet Muhammed in the seventh century through to the gleaming 21st century skyscrapers of Dubai and Kuala Lumpur, the book covers the end of European colonialism, the controversial utterances of self-styled religious leaders, the impact of Islamophobia, and the efforts to end poverty through Islamic microfinance. The book uncovers an industry that is both profitable and changing the face of contemporary capitalism.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction: Is There an Alternative?

Abstract

What is Islamic finance and why is Islamic finance seen as challenging the concepts of conventional finance? This chapter also considers the growth potential of the global Islamic finance industry.

James Simon Watkins

Chapter 2. The Emergence of Islamic Finance

Abstract

This chapter considers how Islamic concepts contained in the Qur’ran, hadiths and sunna has informed Islamic finance concepts. This chapter also considers how the early Islamic thinkers helped shape the Islamic finance industry of the twenty-first century.

James Simon Watkins

Chapter 3. In the Beginning …

Abstract

This is an explanation of the key principles which underpin contemporary Islamic finance practices such as the prohibition of interest, gambling and speculation. There is a consideration as to how these stipulations came about and what impact these prohibitions have in today’ Islamic finance industry.

James Simon Watkins

Chapter 4. The Beauty of Islamic Finance Contracts

Abstract

This is an analysis and explanation of the primary contract types and product lines which are offered in the contemporary Islamic finance industry which includes specialised contract structures for short- and long-term financing. There is also a description as to how structures within capital markets have been adapted to become shari’a complaint such as shari’a compliant derivatives and Islamic finance bonds (sukuks). In addition, there is a description of Islamic finance product lines designed to cater for personal finance customers.

James Simon Watkins

Chapter 5. Compliance

Abstract

Compliance is the critical requirement for all investors and consumers in order to trust the veracity of any financial product. This chapter considers how the need to meet compliance requirements has led to financial service firms employing shari’a scholars, the role of multilateral institutions in overseeing the Islamic finance industry and how financial scandals in the early years of the industry have helped inform contemporary compliance requirements.

James Simon Watkins

Chapter 6. Faith and Capitalism

Abstract

This chapter considers the theological foundations of Islamic finance. There is also an analysis as to how arguments against religion helped revitalise the debate surrounding Islamic economics. There is a comparative analysis as to how Muslim and Christian thinkers perceive the role of the markets within a religious context.

James Simon Watkins

Chapter 7. Ethical and Business Finance

Abstract

This chapter considers the practical application of Islamic finance in terms of health care, climate change and other long-term challenges which require patient capital. There is a consideration of Islamic microfinance and how this compares with conventional microfinance. In addition, there is a discussion as to how Islamic finance is entering new commercial arenas such as crowdfunding.

James Simon Watkins

Chapter 8. Can There Be an Islamic Monetary Policy?

Abstract

This chapter considers whether there could be an Islamic monetary policy which could be operated successfully without the use of interest rates. There is also a consideration of the debate amongst Islamic scholars as to whether there should be a return to the gold standard in order to set monetary policy. There is also an analysis of a potential Islamic cryptocurrency and whether the development of halal industries in Indonesia could impact on the development of global trade policies.

James Simon Watkins

Chapter 9. Varieties of Capitalism and Islamic Finance: A Comparative Study

Abstract

This is a discussion as to how Islamic finance and Islamic economics are shaping the political economy of nations in the Middle East, Central Asia and East Asia. There is a consideration of the synergies between Islamic economics and left-wing political thought and how Islamic economics has strong synergies with the developmental capitalist model of East Asia. There is also an analysis of Islamic insurance—known as takaful.

James Simon Watkins

Chapter 10. Islamic Economics and Political Economy

Abstract

This is a discussion of the direct impact Islamic finance and Islamic economics has had to a greater and lesser degree with the political economies of Pakistan, Saudi Arabia, United Arab Emirates and the Gulf monarchial states, Iran, Malaysia, Sudan, Russia, Egypt, Lebanon, United Kingdom and the Republic of Ireland. There is also a consideration as to how Saudi Arabia, Pakistan, Malaysia and the United Arab Emirates have played key roles in shaping the contemporary Islamic finance industry.

James Simon Watkins

Chapter 11. Branding and Islamophobia

Abstract

This chapter considers how Islamophobia has hindered the growth of the Islamic finance industry. There is also a discussion as to how branding concerns impacted on the development of the sector in Turkey and whether France will develop a strong Islamic finance industry. There is also an analysis as to whether the decisions of the Central Bank of Qatar have helped—or hindered—the growth of the Islamic finance industry.

James Simon Watkins

Chapter 12. The Future of Islamic Finance

Abstract

What does the future hold for the Islamic finance industry? Could conventional finance be able to meet patient capital needs or does the Islamic finance industry have an opportunity to dominate the patient capital space? There is also an analysis as to the challenges the Islamic finance industry is required to address if the sector is to further grow and prosper.

James Simon Watkins

Backmatter

Titel: Islamic Finance and Global Capitalism
verfasst von: Dr. James Simon Watkins
Verlag: Springer International Publishing
Electronic ISBN: 978-3-030-59840-2
Print ISBN: 978-3-030-59839-6
DOI: https://doi.org/10.1007/978-3-030-59840-2