Islamic Macroeconomic Policies

Syed Aun R. Rizvi, Obiyathulla Bacha and Abbas Mirakhor
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Abbas Mirakhor: International Centre for Education in Islamic Finance (INCEIF)

Chapter Chapter 2 in Public Finance and Islamic Capital Markets, 2016, pp 23-43 from Palgrave Macmillan

Abstract: Abstract The rising interest in Islamic finance and banking over the last two decades has revived the debate on the holistic framework of Islamic macroeconomics. The debate has gone on in a comparative manner with its conventional counterparts. This chapter explores the very fundamentals of Islamic economic thought enshrined in justice and risk sharing. From the fundamentals we try to synthesize the ideas, arriving at a sense of the broad economic goals of the Islamic macroeconomic framework. In light of dearth of literature, the chapter further explores a famous macroeconomic equilibrium of an economy operating on the Islamic notion of risk sharing by Mirakhor (JKAU: Islamic Economics 5:3–23, 1993). This model forms the basis of all theoretical debates on Islamic macroeconomic frameworks.

Keywords: Islamic economic goals; Risk sharing; Justice in economics; Macroeconomic equilibrium (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1057/978-1-137-55342-3_2

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