New Developments in Islamic Economics: Examples from Southeast Asia

New Developments in Islamic Economics: Examples from Southeast Asia explores the latest developments in Islamic finance in Malaysia, Indonesia, and Thailand, with case studies analyzing microtakaful, waqf, social finance, and poverty alleviation.

Format: Hardback
Length: 232 pages
Publication date: 09 November 2018
Publisher: Emerald Publishing Limited

New Developments in Islamic Economics: Examples from Southeast Asia delves into the latest advancements in a dynamic and rapidly evolving field of practical financial and economic research. Primarily centered on Malaysian contexts, while also offering insights from Indonesia and Thailand, this book explores the Asian nations at the forefront of implementing Islamic finance. Case studies analyze and discuss emerging issues in Islamic economics, encompassing microtakaful, waqf, social finance, and poverty alleviation, from an Islamic perspective.

Islamic economics has experienced significant growth and development in recent years, particularly in Southeast Asia. This region has emerged as a hub for Islamic finance, with Malaysia, Indonesia, and Thailand leading the way in the application of Islamic principles in financial transactions and economic activities.

One of the key developments in Islamic economics is the growth of microtakaful. Microtakaful is a form of takaful insurance that is designed specifically for individuals and small businesses. It allows Muslims to participate in insurance activities that are compliant with Islamic principles, such as avoiding interest and gharar (risk sharing).

Another important development is the use of waqf (charitable trust) in Islamic economics. Waqf is a legal mechanism that allows individuals to donate assets to a trust, which is then managed by a trustee for the benefit of the community. Waqf can be used for various purposes, such as funding education, healthcare, and social welfare programs.

Social finance is another area of growth in Islamic economics. Social finance is a financial system that aims to promote social and environmental sustainability while generating financial returns. It includes a range of financial products and services, such as microfinance, community development finance, and sustainable investment funds.

Poverty alleviation is also a significant focus of Islamic economics. Islamic economics emphasizes the importance of social justice and the alleviation of poverty. This is achieved through the use of various financial products and services, such as microinsurance, microcredit, and community-based development programs.

In addition to these developments, there have been several other trends in Islamic economics. One of these is the increasing integration of Islamic economics with other fields, such as finance, economics, and social science. This integration allows for a more comprehensive understanding of the economic and social challenges facing Muslim communities and provides new solutions for addressing these challenges.

Another trend is the growing interest in Islamic economics among non-Muslims. As more people become aware of the ethical and sustainable principles of Islamic finance, they are increasingly seeking to invest in and participate in Islamic economic activities. This has led to the development of new financial products and services that are designed to appeal to a broader range of investors.

Despite these developments, there are also challenges that need to be addressed in the field of Islamic economics. One of these is the need for greater regulatory oversight and guidance. As Islamic finance continues to grow and evolve, it is important to ensure that it is conducted in a safe and responsible manner.

Another challenge is the need to address the issue of diversity and inclusivity in Islamic economics. Islamic economics is rooted in the principles of Shariah law, which emphasizes the importance of social justice and the alleviation of poverty. However, there may be differences in interpretation and application of these principles among different Muslim communities, which can lead to tensions and conflicts.

To address these challenges, there is a need for greater collaboration and dialogue among different stakeholders in the field of Islamic economics. This includes policymakers, financial institutions.

Weight: 456g
Dimension: 162 x 238 x 19 (mm)
ISBN-13: 9781787562844