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Palgrave Macmillan

Ethical Dimensions of Islamic Finance

Theory and Practice

  • Book
  • © 2017

Overview

Authors:
  1. Zamir Iqbal

    1. Islamic Development Bank, Jeddah, Saudi Arabia

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  2. Abbas Mirakhor

    1. INCEIF, Kuala Lumpur, Malaysia

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  • Highlights the significance of ethics in economics and finance for betterment of society
  • Presents perspective from Islam, including the principles of virtues of justice and risk-sharing
  • Raises growing concerns of a debt-dominated and leveraged economy and the social and economic cost of ignoring responsible finance

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xv
    Download chapter PDF

  2. Ethics and Finance

    • Zamir Iqbal, Abbas Mirakhor
    Pages 1-24

  3. Moral Sense and Ethics in Economics and Finance

    • Zamir Iqbal, Abbas Mirakhor
    Pages 25-59

  4. Key Virtues of Business Ethics in Islam

    • Zamir Iqbal, Abbas Mirakhor
    Pages 61-80

  5. Business Ethics in Islam

    • Zamir Iqbal, Abbas Mirakhor
    Pages 81-102

  6. Ethical Dimensions of Islamic Economics and Finance

    • Zamir Iqbal, Abbas Mirakhor
    Pages 103-134

  7. Sacralizing Finance: Risk-Sharing Islamic Finance

    • Zamir Iqbal, Abbas Mirakhor
    Pages 135-162

  8. Ethical and Responsible Finance for Development

    • Zamir Iqbal, Abbas Mirakhor
    Pages 163-187

  9. Back Matter

    Pages 189-192
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Keywords

About this book

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

Authors and Affiliations

  • Islamic Development Bank, Jeddah, Saudi Arabia

    Zamir Iqbal

  • INCEIF, Kuala Lumpur, Malaysia

    Abbas Mirakhor

About the authors

Zamir Iqbal is VP Finance and CFO of the Islamic Development Bank. Prior to this role, he served as head of the World Bank's Global Islamic Finance Development Center in Turkey. He is a coauthor of Challenges in Economic and Financial Policy Formulation (2014) and a coeditor of the Palgrave Studies in Islamic Banking, Finance, and Economics series.

Abbas Mirakhor is the First Holder of Islamic Finance Chair at INCEIF - The Global University of Islamic Finance, Malaysia. He is a coauthor of Challenges in Economic and Financial Policy Formulation (2014), Introduction to Islamic Economics (2015), and Intermediate Islamic Finance


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