Conclusion: Heterodox Approach to Public-Private Partnership

Abstract

This monograph gives the foundation for shaping new theoretical solutions in the area of public finance in emerging, developing countries, particularly in sub-Saharan Africa region. It is a kind of provocation that encourages the revision of the perception of the often-disjointed systems of conventional public finances and Islamic finance. As a consequence, it creates a new concept called heterodox approach to public-private partnership, attractive and adequate to the needs of the market, in times of uncertainty and crisis of public finance worldwide. The conducted discourse is a contribution to the further discussion on the development of public finance theories and the inclusion of various developments, including the Islamic Moral Economy. Thus, the heterodox approach in PPP directs to obtain the convergence between selected goals: conventional private investors—maximizing profits, Islamic investors—maximizing social well-being and profits, as well as public entities goals—provision of public services with specified quality and accessibility. At the same time, the proposed platform for the interpenetration of both financial systems and the principles of financial management (public or private) guarantees equal opportunities for cooperation between those parties from different socio-economic and religious orders. Each partner waives some of their rights, invests what is their key, material or financial capital and seeks to achieve stable, predetermined shared profits over the long term, with particular emphasis on the positive impact of cooperation on the society.