Islamic Finance and Economic Development

Over the last thirty years, Islamic banking has emerged as a viable and efficient model of financial intermediation. In conventional economic systems, the interest rate mechanism is at the heart of that process, however the Islamic financial system cannot rely on that mechanism. With this fact considered, this volume explores the role of Islamic finance in promoting growth and development. It highlights the benefits that Islamic banking can bring to society as an alternative model of financial intermediation and presents interesting case studies that examine certain features of Islamic finance and their relationship with growth, economic and financial stability, allocative efficiency and social justice.

HABIB AHMED Economist, Islamic Economics Cooperation and Development Division, Islamic Research and Training Institute, Islamic Development Bank, Saudi ArabiaSAID AL-HALLAQ Yarmouk-University, Department of Economics, JordanMABID ALI AL-JARHI Consultant, Monetary and Financial Economics and President, International Association for Islamic Economics, EgyptKHALID A. AL MESHAL Associate Professor, Department of Economics, Imam Muhammad University, Saudi ArabiaAHMED S. BAMAKHRAMAH Professor, King Abdulaziz University, Department of Economics, Faculty of Economics and Administration, Saudi ArabiaABDELKADER CHACHI Researcher, Islamic Economics Research Center, King Abdul Aziz University, Saudi ArabiaYADOLLAH DADGAR Chairman, Islamic Economics Department, Tarbiat Modarres University, Islamic Republic of IranHUMAYON DAR Department of Economics, Loughborough University, UKKARIM ESLAMLOUEYAN Assistant Professor, Department of Economics, Shiraz University, Islamic Republic of IranZUBAIR HASAN International Islamic University, Department of Economics, Kulliyyah of Economics & Management Sciences, MalaysiaABUL HASSAN University of Durham, Department of Economics & Finance, UKMORTEZA HEIDARI Management and Planning Organization, Islamic Republic of IranJAVED HUSSAIN Director of MPhil/PhD Programmes, Business School, University of Central England, UKMARIANI A. MAJID Lecturer, Faculty of Economics, Universiti Kebangsaan Malaysia, MalaysiaSHERIFA MARAFI Project Analyst, The Industrial Bank of Kuwait, Kuwait VICTOR MURINDE Reader in Finance and Director, Corporate Finance Research, Department of Accounting & Finance, The Birmingham Business School, UKNOR GHANI MD. NOR Lecturer, Faculty of Economics, Universiti Kebangsaan Malaysia, MalaysiaRIDHA MUHAMMAD SAADALLAH Faculte des Sciences Economiques et de Gestion de Sfax, Route de l'Aerodrome, TunisiaABDULLAH M. SADEQ Vice Chancellor, Asian University of Bangladesh, BangladeshKAZEM SADR Professor, Shahid Beheshti University, School of Economics and Political Sciences, Islamic Republic of IranFATIN F. SAID Lecturer, School of Economics, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, MalaysiaSHAMIM A. SIDDIQUI Department of Economics, Brunei University, Negara Brunei DarussalamSAYYID TAHIR Professor of Economics, International Islamic University, Pakistan

HABIB AHMED Economist, Islamic Economics Cooperation and Development Division, Islamic Research and Training Institute, Islamic Development Bank, Saudi Arabia SAID AL-HALLAQ Yarmouk-University, Department of Economics, Jordan MABID ALI AL-JARHI Consultant, Monetary and Financial Economics and President, International Association for Islamic Economics, Egypt KHALID A. AL MESHAL Associate Professor, Department of Economics, Imam Muhammad University, Saudi Arabia AHMED S. BAMAKHRAMAH Professor, King Abdulaziz University, Department of Economics, Faculty of Economics and Administration, Saudi Arabia ABDELKADER CHACHI Researcher, Islamic Economics Research Center, King Abdul Aziz University, Saudi Arabia YADOLLAH DADGAR Chairman, Islamic Economics Department, Tarbiat Modarres University, Islamic Republic of Iran HUMAYON DAR Department of Economics, Loughborough University, UK KARIM ESLAMLOUEYAN Assistant Professor, Department of Economics, Shiraz University, Islamic Republic of Iran ZUBAIR HASAN International Islamic University, Department of Economics, Kulliyyah of Economics & Management Sciences, Malaysia ABUL HASSAN University of Durham, Department of Economics & Finance, UK MORTEZA HEIDARI Management and Planning Organization, Islamic Republic of Iran JAVED HUSSAIN Director of MPhil/PhD Programmes, Business School, University of Central England, UK MARIANI A. MAJID Lecturer, Faculty of Economics, Universiti Kebangsaan Malaysia, Malaysia SHERIFA MARAFI Project Analyst, The Industrial Bank of Kuwait, Kuwait VICTOR MURINDE Reader in Finance and Director, Corporate Finance Research, Department of Accounting & Finance, The Birmingham Business School, UK NOR GHANI MD. NOR Lecturer, Faculty of Economics, Universiti Kebangsaan Malaysia, Malaysia RIDHA MUHAMMAD SAADALLAH Faculte des Sciences Economiques et de Gestion de Sfax, Route de l'Aerodrome, Tunisia ABDULLAH M. SADEQ Vice Chancellor, Asian University of Bangladesh, Bangladesh KAZEM SADR Professor, Shahid Beheshti University, School of Economics and Political Sciences, Islamic Republic of Iran FATIN F. SAID Lecturer, School of Economics, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, Malaysia SHAMIM A. SIDDIQUI Department of Economics, Brunei University, Negara Brunei Darussalam SAYYID TAHIR Professor of Economics, International Islamic University, Pakistan