Macroeconomic Policy and Islamic Finance in Malaysia (Financial Institutions) (Hardcover)

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Macroeconomic Policy and Islamic Finance in Malaysia (Financial Institutions) By Azura Othman, Norhanim Mat Sari, Syed Othman Alhabshi Cover Image


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.

About the Author

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).
Product Details
ISBN: 9781137537232
ISBN-10: 113753723X
Publisher: Palgrave MacMillan
Publication Date: October 11th, 2017
Pages: 293
Language: English
Series: Financial Institutions