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The Role of Islamic Finance in the Development of the IDB Member Countries: A Case Study of the Kyrgyz Republic and Tajikistan


  • Syed Ali, Salman

    (Islamic Research & Training Institute)

  • Shirazi, Nasim Shah

    (Islamic Research & Training Institute)

  • Nabi, Mahmoud Sami

    (Islamic Research & Training Institute)


Finance is expected to play a major role in equitable and sustainable economic development. However, the track record of conventional finance is not encouraging for the task. It has not been very successful in addressing unemployment and poverty. Indeed, the stylized facts show that many countries suffer from increasing income and opportunities inequalities along with economic and financial instabilities. Can Islamic finance offer a solution where conventional finance has failed in the task of equitable socio-economic development? The present paper seeks to explain how promotion of Islamic finance can help in the development of low-income countries.1 This potential role of Islamic finance is discussed in the context of a case study of Kyrgyz Republic and Tajikistan. Development of Islamic financial sector is high on the agenda of Islamic Development Bank in its efforts to partner in the socio-economic development of its member countries and restoration of human dignity.

Suggested Citation

  • Syed Ali, Salman & Shirazi, Nasim Shah & Nabi, Mahmoud Sami, 2013. "The Role of Islamic Finance in the Development of the IDB Member Countries: A Case Study of the Kyrgyz Republic and Tajikistan," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 21, pages 121-130.
  • Handle: RePEc:ris:isecst:0133

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    References listed on IDEAS

    1. Jung, Woo S, 1986. "Financial Development and Economic Growth: International Evidence," Economic Development and Cultural Change, University of Chicago Press, vol. 34(2), pages 333-346, January.
    2. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
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