Islamic Finance: a Catalyst for Shared Prosperity?

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Islamic Finance: a Catalyst for Shared Prosperity? Islamic Finance: A Catalyst for Shared Prosperity? Islamic Finance: A Catalyst for Shared Prosperity? First Symposium on Islamic Finance Research in Islamic economics and finance has progressed in many areas, although the emphasis on risk sharing in financial and social contracts is a distinctive feature of Islamic finance. However, certain important aspects of risk sharing and its relevance to shared pros- perity are yet to be fully explored and developed. The desire is that human well-being and shared prosperity remains at the very heart of all Islamic finance initiatives. Therefore, the Inaugural Symposium on Islamic Economics and Finance with theme of “Islamic Finance: A Catalyst for Shared Prosperity?” was held on 8-9 September 2015 at Boğaziçi University, Turkey. It is hoped that the symposium con- tributed toward a better understanding of the role Islamic finance can play in promoting inclusive growth, reducing inequality, and acceler- ating poverty reduction. This book as well as thoughts within it are expected to pave the way for broader discussion and research in the field, playing a role of motivation and reference source to academics, policymakers, finance professionals and practitioners. The book is published as an attempt to share the knowledge as well as to dis- seminate the papers and speeches presented in the symposium. sharing (equity and asset-backed financing) offers the right ingredi- Islamic Finance: ents to mobilize long-term financing provided an enabling legal, reg- A Catalyst for Shared Prosperity? ulatory, and financial ecosystem is developed. Post-Symposium Proceedings INSTITUT ISLAMIQUE DE RECHERCHE ET DE FORMATION MEMBRE DU GROUPE DE LA BANQUE ISLAMIQUE DE DEVELOPPEMENT Post-Symposium Edited Book Islamic Finance: A Catalyst for Shared Prosperity? Edited by: Zamir Iqbal Azmi Omar Turkhan Ali Abdul Manap Abayomi A. Alawode TABLE OF CONTENTS © Islamic Development Bank, 2018 TABLE OF CONTENTS All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopied, recorded, or otherwise, without the prior written permission of the copyright holder, except for reference and citation, with proper acknowledgment. Acronyms and Abbreviations Glossary King Fahad National Library Cataloging-in-Publication Data Oerview Islamic Development Bank Remarks Azmi Omar, Opening Remarks Islamic Finance: A Catalyst for Shared Prosperity. / Mohamad Hammour, Opening Remarks: Islamic Development Bank .- Jeddah , 2018 Importance of Research in Islamic Economics and Finance Talat Ulussever, Opening Remarks: ..p ; ..cm Thoughts on the Paradigm Shift in Islamic Finance ISBN: 9960-32-347-1 Andrew Sheng, Keynote Speech: Building Tomorrow’s Islamic Stock Markets 1- Islamic finance I-Title Abbas Mirakhor, Keynote Speech: Understanding the Potential of Risk Sharing to Attain Shared Prosperity 332. 121 dc 1440/1085 Muhammed Umer Chapra, Islamic Finance: A Catalyst for Shared Prosperity Jemilah Mahmood, The Role of Islamic Finance in Humanitarian Action Part 1 Risk-Sharing and Shared Prosperity L.D. no. 1440/1085 Chapter 1. Stability of Islamic Finance and Shared Prosperity ISBN: 9960-32-347-1 Nabil Maghrebi and Abbas Mirakhor Chapter 2. A Risk-sharing Model for Islamic Banks Obiyathulla Ismath Bacha and Abbas Mirakhor Chapter 3. Distributive Justice: An Islamic Perspective Hossein Askari Part 2. The Role of Islamic Finance in Development, Shared Prosperity, and Growth Chapter 4. Islamic Finance, the Sustainable Development Goals, and Shared Prosperity Habib Ahmed Chapter 5. Islamic Banking: Is It Good for Growth? Patrick Imam and Kangni Kpodar Chapter 6. Undermining Shared Prosperity? Risk Shifting and Islamic Banking DISCLAIMER Alaa Alaabed, Mansur Masih, and Abbas Mirakhor Part 3. The Role of Islamic Finance in Financial Inclusion This is a non-binding document and the views expressed in this book are those of the authors. The views do not necessarily represent the official stance of the Islamic Research and Training Chapter 7. Modernizing a Historical Instrument (Esham) for Growth and Financial Inclusion Institute (IRTI), the Islamic Development Bank (IsDB) or its Executive Directors and the Murat Cizakca countries they represent. Chapter 8. Designing Holistic Financial Inclusion Based on Maqāṣid al-sharī‘ah Ascarya, Siti Rahmawati, and Hendri Tanjung 5 TABLE OF CONTENTS FOREWORD Chapter 9. Islamic Banking: More Financial Inclusion for Arab States? Foreword Clement M. Henry The significant progress in economic growth has lifted many people out of poverty over the past few Part 4. Islamic Microfinance decades. Nevertheless, poverty alleviation remains a challenge. Inequality persists, with huge gaps in terms of access to health and education and other services and assets. The World Inequality Report Chapter 10. Islamic Microfinance Institutions: Pro-Poor or For-Profit? 2017 reveals that since 1980 the world›s richest 0.1 per cent have increased their wealth by the same Luqyan Tamanni and Frank Hong Liu amount as the 3.7 billion people who make up the poorest half of the world›s population. Growth has apparently not benefitted everyone equally. This begs the question of how to equitably share benefits Chapter 11. Women’s Participation in Islamic Microfinance in Bangladesh and their Role in Shared and opportunities emanating from economic growth. It is also important to seek equitable financial Prosperity: An Empirical Analysis well-being and unbiased access to markets and resources to include the most vulnerable in a regime of Mizanur Rahman shared prosperity. Chapter 12. Integration of Waqf and Islamic Microfinance for Poverty Reduction: The Case of Sudan Reducing poverty and improving distribution of welfare, while boosting overall prosperity, is a Mustafa Omar Mohammed Mohamed, Aslam Mohamed Haneef, Ataul Haq Pramanik, common goal across most low- and middle-income countries. The notions of risk-sharing and shared Fouad Bin Amin, and Aliyu D. Muhd prosperity have attracted attention, especially after the financial crisis in 2007-2008. The shared prosperity advocates an economic and financial system that mobilizes and allocates resources to the most productive ventures, at no additional cost of poverty and income inequality. Islamic finance has a role to play in addressing these issues. It advocates risk-sharing, equitable distribution of wealth, fairness and justice in all transactions, economic and social justice, linking finance with real economic activities, and promoting social and financial inclusion. It should, therefore, encourage entrepreneurship, promote real economic development, and support the principles of long- term sustainability. Social inclusion is central to ending extreme poverty and fostering shared prosperity. It is both an outcome and a process of improving the terms on which people take part in society. It aims to empower the poor and marginalized people to take advantage of burgeoning global opportunities. However, we must acknowledge that Islamic finance is not currently being utilized to its full potential. It has a variety of financial instruments that can be used to increase funds and mobilize resources from a diverse range of sources, including the corporate sector, impact investors, and social entrepreneurs as well as other social finance tools such as zakat, waqf and general charity. To address this broad array of challenges, “Islamic Finance: A Catalyst for Shared Prosperity?” was selected as a theme for the inaugural Symposium on Islamic Economics and Finance 2015. The Symposium was organized by Islamic Research and Training Institute (IRTI) of Islamic Development Bank (IsDB) Group, in partnership with the World Bank Group’s Global Islamic Finance Development Center (GIFDC), Borsa Istanbul, and Guidance Financial Group at Boğaziçi University. The aim of the Symposium was to demonstrate relevance of Islamic financial principles and practices to global socio- economic outlook. This book will contribute in sharing knowledge and providing new insights. I would like to congratulate the editors, and extend my deepest gratitude to those who have contributed and rendered their support for this publication. Dr. Humayon Dar Director General Islamic Research & Training Institute 6 7 KEYNOTE SPEECH OVERVIEW OVERVIEW Background Reducing poverty and improving the welfare, while boosting the overall prosperity of the population, is a common goal across most low-income countries. Risk-sharing and shared prosperity concepts have attracted attention especially after the financial crisis in 2007- 2008. Shared prosperity advocates for an economic and financial system that mobilizes and allocates resources to the most productive ventures without the cost of increased poverty and income inequality. Furthermore, social inclusion is central to ending extreme poverty and fostering shared prosperity. Social inclusion is both an outcome and a process of improving the terms on which people take part in society. Social inclusion aims to empower the poor and marginalized people to take advantage of burgeoning global opportunities. Research in Islamic economics and finance has progressed in many areas. Although the emphasis on risk sharing in financial and social contracts is a distinctive feature of Islamic finance, however, important aspects of risk sharing and its relevance to shared prosperity are yet to be explored and developed. The desire is that human well-being and shared prosperity remains at the very heart
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