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Risk Sharing and Social Impact Partnerships

In: Social Capital and Risk Sharing

Author

Listed:
  • Adam Ng
  • Abbas Mirakhor
  • Mansor H. Ibrahim

Abstract

Shari’ah scholars and Muslim economists who participated in the Second Strategic Roundtable Discussion (September 20, 2012, Kuala Lumpur) sponsored by the International Shari’ah Research Academy for Islamic Finance (ISRA), the Islamic Research and Training Institute of the Islamic Development Bank Group (IRTI), and Durham University adopted a final statement known as the Kuala Lumpur Declaration. The statement argued that risk sharing is the essence of Islamic finance. It recommended that (i) governments must endeavor to enhance risk-sharing systems by levelling the playing field between equity and debt;1 (ii) design fiscal and monetary policies based on risk sharing; (iii) issue macro-market instruments that are of low denominations, sold on the retail market and supported by strong governance oversight; and (iv) broaden the organizational structures beyond traditional banking models to formats such as venture capital and waqf to meet the social goals and risk sharing features of Islamic finance.

Suggested Citation

  • Adam Ng & Abbas Mirakhor & Mansor H. Ibrahim, 2015. "Risk Sharing and Social Impact Partnerships," Palgrave Studies in Islamic Banking, Finance and Economics, in: Social Capital and Risk Sharing, chapter 0, pages 133-156, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-47605-0_8
    DOI: 10.1057/9781137476050_8
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    Cited by:

    1. Marwan, Syed & Haneef, Mohamed Aslam, 2019. "Does doing good pay off?," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 27, pages 23-37.
    2. Rosella Carè & Francesco Rania & Riccardo De Lisa, 2020. "Critical Success Factors, Motivations, and Risks in Social Impact Bonds," Sustainability, MDPI, vol. 12(18), pages 1-17, September.

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