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Islamic Finance, in the Age of Black Swans and Complexities, for a Multipolar World

In: Developments in Islamic Finance

Author

Listed:
  • Mughees Shaukat

    (College of Banking and Financial Studies)

  • Abbas Mirakhor

    (INCEIF the Global University of Islamic Finance)

Abstract

The recent financial developments have given rise to a developing consensus that the unipolar economic growth regime dominated by USA, Japan, and few European centers is under great stress. The consensus takes into consideration the present financial complexities, stresses, and strains, and the ensuing uncertainty surrounding the sustainability of the unipolar regime, which has given way to a shift toward a multipolar economic setup. Scholarship has already hinted on not only better trade and investment opportunities, but also on a much more resilient global economic growth that such a shift can bring. However, there are some major obstacles that need to be overcome in order to reap fully the desired benefits of multipolarity. Continuation of debt-based financing regime (the hallmarks of which are risk transfer and risk shifting) will not necessarily allow the benefits of emerging multipolarity to accrue to the world economy. The new system can be more effective with a new regime of financing. Indications are that almost all emerging countries in Asia are actively considering risk sharing via Islamic finance as a possible alternative.

Suggested Citation

  • Mughees Shaukat & Abbas Mirakhor, 2017. "Islamic Finance, in the Age of Black Swans and Complexities, for a Multipolar World," Palgrave CIBFR Studies in Islamic Finance, in: Syed Aun R. Rizvi & Irum Saba (ed.), Developments in Islamic Finance, pages 147-176, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-319-59342-5_7
    DOI: 10.1007/978-3-319-59342-5_7
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    Cited by:

    1. Omer Ali Ibrahim & Sonal Devesh & Mughees Shaukat, 2022. "Institutional determinants of FDI in Oman: Causality analysis framework," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4183-4195, October.

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