Advertisement

© 2017

Macroeconomic Policy and Islamic Finance in Malaysia

Book

Table of contents

  1. Front Matter
    Pages i-xxiii
  2. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 1-19
  3. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 21-35
  4. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 37-51
  5. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 53-76
  6. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 77-101
  7. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 103-173
  8. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 175-237
  9. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 239-261
  10. Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi, Abbas Mirakhor
    Pages 263-272
  11. Back Matter
    Pages 273-293

About this book

Introduction

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.

Keywords

Islamic macroeconomic policy Risk sharing macroeconomics Equity participation instrument Fiscal policy Monetary policy economic policy public policy Flat Tax

Authors and affiliations

  1. 1.Chartered Institute of Islamic Finance ProfessionalsKuala LumpurMalaysia
  2. 2.International Centre for Education in Islamic FinanceKuala LumpurMalaysia
  3. 3.International Centre for Education in Islamic FinanceKuala LumpurMalaysia
  4. 4.International Centre for Education in Islamic FinanceKuala LumpurMalaysia

About the authors

Azura Othman is Chief Executive Officer of the Chartered Institute of Islamic Finance Professionals (CIIF) and an Independent Non-Executive Director of Bank Muamalat Malaysia Berhad.
 
Norhanim Mat Sari is a faculty member at the International Centre for Education in Islamic Finance (INCEIF), where she obtained her PhD in Islamic Finance.
 
Syed Othman Alhabshi is Deputy President Academic of INCEIF. He has written and edited a total of 12 books and numerous journal articles on various topics related to Islam, economics, and banking.
 
Abbas Mirakhor is First Holder of the INCEIF Chair of Islamic Finance. He formerly served as Executive Director and Dean of the Executive Board of the International Monetary Fund (IMF).

Bibliographic information

  • Book Title Macroeconomic Policy and Islamic Finance in Malaysia
  • Authors Azura Othman
    Norhanim Mat Sari
    Syed Othman Alhabshi
    Abbas Mirakhor
  • Series Title Financial Institutions, Reforms, and Policies in Muslim Countries
  • Series Abbreviated Title Financial Institutions, Reforms, and Policies in Muslim Countries
  • DOI https://doi.org/10.1057/978-1-137-53159-9
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2017
  • Publisher Name Palgrave Macmillan, New York
  • eBook Packages Economics and Finance Economics and Finance (R0)
  • Hardcover ISBN 978-1-137-53723-2
  • Softcover ISBN 978-1-349-71103-1
  • eBook ISBN 978-1-137-53159-9
  • Edition Number 1
  • Number of Pages XXIII, 293
  • Number of Illustrations 22 b/w illustrations, 0 illustrations in colour
  • Topics Islamic Finance
    Economic Policy
    Asian Economics
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking