Islamist political parties have enjoyed unprecedented election victories in recent times. The Islamic Revolution in Iran, the election of the Justice and Development Party in Turkey and the coming to power of Islamists, albeit briefly, after the Arab Spring, has changed the political landscape in the Middle East and has ramifications for the entire Muslim World. Yet the continuing success of these parties depends on their record on economic development and employment creation. Are their economic policies different from those of their autocratic predecessors? Have they been influenced by the writings of academic Islamist economists? This book looks at the impact of Islamic teaching on public economic policy and asks how Islamic economics differs from mainstream micro and macroeconomics.
From Iran, where all banking is Shari'ah compliant, to Malaysia and the gulf, where Islamic financial institutions compete with conventional banks, Rodney Wilson examines how Islamic financial institutions are licensed and governed by common and civil law. Covering Islamic banks, takaful operators, fund management and Shari'ah-compliant securities, it examines how their assets and liabilities differ from their conventional counterparts and what the implications are for risk management.
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