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Risk Sharing and Public Policy

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

This chapter explores the fundamental question of on what is the current economic system based. The answer lies in exploring the concept of risk, and the modes of transferring and sharing it. Based on discussions in the literature, this chapter explores how the risk shifting-based system has collapsed and how the notion of risk sharing is required. For governments to sustain their future there needs to be a shift towards a risk sharing-based economic society. The chapter further explores the notion of Islamic financial ideology being based in risk sharing, and how this can play its role in public policy. The idea of a global risk sharing between sovereigns is the possible answer.

Suggested Citation

  • Syed Aun R. Rizvi & Obiyathulla I. Bacha & Abbas Mirakhor, 2016. "Risk Sharing and Public Policy," Palgrave Studies in Islamic Banking, Finance and Economics, in: Public Finance and Islamic Capital Markets, chapter 0, pages 65-98, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-55342-3_4
    DOI: 10.1057/978-1-137-55342-3_4
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