Mobilizing Funds for Industrialization and Development Through Islamic Value System, Capital Markets, and Social Finance

Salman Ahmed Shaikh ()

A chapter in Islamic Finance, FinTech, and the Road to Sustainability, 2023, pp 159-180 from Palgrave Macmillan

Abstract: Abstract Muslim majority countries, in particular, face a higher incidence of poverty than the rest of the countries in the world. Low per capita incomes result in lower savings and investments. As a result, capital formation in physical infrastructure and human capital development is significantly hampered and compromised. Without industrialization, most countries fail to generate enough income and exports. Governments remain poorly funded through economic activities and largely depend on assistance and grants. Weak tax base results in more resources going to non-development expenditure as compared to development expenditure. Thus, this vicious cycle continues. This chapter discusses the solutions offered by Islamic finance through its underpinning value system and worldview and through its set of commercial and social finance institutions to intervene in development assistance through and beyond markets.

Keywords: Islamic finance; FinTech; Poverty; Zakat; Waqf (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pcichp:978-3-031-13302-2_8

Ordering information: This item can be ordered from
http://www.palgrave.com/9783031133022

DOI: 10.1007/978-3-031-13302-2_8

Access Statistics for this chapter

More chapters in Palgrave CIBFR Studies in Islamic Finance from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().