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Policy Challenges: Building Institutions

In: Challenges in Economic and Financial Policy Formulation

Author

Listed:
  • Hossein Askari
  • Zamir Iqbal
  • Abbas Mirakhor

Abstract

The one thing that all economists and financial experts can surely agree upon is the importance of institutions in all areas of economic activity. In the case of Islamic finance, as its operational essence is risk sharing, it is essential to promote the development of an institutional environment that is conducive for market participants to implement risk-sharing principles. An enabling environment where risk and reward are shared in a fair and systematic manner, rather than being transferred or shifted, can further foster trustworthiness, social solidarity, cooperation and the protection of property rights.

Suggested Citation

  • Hossein Askari & Zamir Iqbal & Abbas Mirakhor, 2014. "Policy Challenges: Building Institutions," Palgrave Studies in Islamic Banking, Finance and Economics, in: Challenges in Economic and Financial Policy Formulation, chapter 0, pages 233-248, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-38199-6_12
    DOI: 10.1057/9781137381996_12
    as

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