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Islamic Macroeconomic Policies

In: Public Finance and Islamic Capital Markets

Author

Listed:
  • Syed Aun R. Rizvi

    (Lahore University of Management Sciences)

  • Obiyathulla I. Bacha

    (International Centre for Education in Islamic Finance (INCEIF))

  • Abbas Mirakhor

    (International Centre for Education in Islamic Finance (INCEIF))

Abstract

The rising interest in Islamic finance and banking over the last two decades has revived the debate on the holistic framework of Islamic macroeconomics. The debate has gone on in a comparative manner with its conventional counterparts. This chapter explores the very fundamentals of Islamic economic thought enshrined in justice and risk sharing. From the fundamentals we try to synthesize the ideas, arriving at a sense of the broad economic goals of the Islamic macroeconomic framework. In light of dearth of literature, the chapter further explores a famous macroeconomic equilibrium of an economy operating on the Islamic notion of risk sharing by Mirakhor (JKAU: Islamic Economics 5:3–23, 1993). This model forms the basis of all theoretical debates on Islamic macroeconomic frameworks.

Suggested Citation

  • Syed Aun R. Rizvi & Obiyathulla I. Bacha & Abbas Mirakhor, 2016. "Islamic Macroeconomic Policies," Palgrave Studies in Islamic Banking, Finance and Economics, in: Public Finance and Islamic Capital Markets, chapter 0, pages 23-43, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-55342-3_2
    DOI: 10.1057/978-1-137-55342-3_2
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    Cited by:

    1. Hydzulkifli Hashim Omar* & Abubakar Yusuf Sanyinna, 2018. "Administrative Challenges of WAQF Institution in the Contemporary World: Future Prospects," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 294-299:6.

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