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Role of Islamic banks in economic development

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saleem, shahid

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Abstract

The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these countries. Islam appears to be the only dynamic religion and tells us about prevention of interest, similar to Christian and Jewish theologies. But at the same time gives a comprehensive setoff trade and financing modes, not easily and completely described in any other religion or social order. Even TFP, a modern concept for collective efficiency has been advised in Islam, shunning to self interest and individualism of materialistic economics. Some scholars of WEST consider use of Islamic banking more suitable for economic development, while others consider Islam as obstacle & threat to development of Muslim countries. I hope that the paper will be useful in this regard to provide another valuable theoretical dimension to this field of study………

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6449.

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Date of creation: 25 Dec 2007
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Handle: RePEc:pra:mprapa:6449

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Related research
Keywords: Islamic Banking Comparison Pakistan SHAHID economic development

Find related papers by JEL classification:
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics
P4 - Economic Systems - - Other Economic Systems

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  1. Felsenthal, Dan S & Machover, Moshe, 1996. " Alternative Forms of the Shapley Value and the Shapley-Shubik Index," Public Choice, Springer, vol. 87(3-4), pages 315-18, June.
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  6. Harding, Don & Pagan, Adrian, 2003. "A comparison of two business cycle dating methods," Journal of Economic Dynamics and Control, Elsevier, vol. 27(9), pages 1681-1690, July. [Downloadable!] (restricted)
  7. D.J.C. Van Dijk & P.H. Franses & R. Paap, 2000. "A nonlinear long memory model for US unemployment," Econometric Institute Report 204, Erasmus University Rotterdam, Econometric Institute. [Downloadable!]
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  9. Gilles DUFRENOT & Dominique GUEGAN & Anne PEGUIN-FEISSOLLE, 2003. "A SETAR model with long-memory dynamics," Econometrics 0309002, EconWPA. [Downloadable!]
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