Cover Image

Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.

Islamic finance (IF) is the latest form of international financial system that emerged to offer an alternative source of financing development particularly among some countries in the global South. The aim of this article is to explore the role of diplomacy in the emergence of IF as an alternative f...

Full description

Saved in:
Bibliographic Details
Main Authors: Abubakar Usman, Abubakar, Muhd Huda, Mohd Ikbal, Adam Sa'ad, Auwal
Format: Article
Language:English
Published: Human Resource Management Academic Research Society 2022
Subjects:
BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
Online Access:http://irep.iium.edu.my/99929/2/99929_Diplomacy%20and%20the%20birth%20of%20Islamic%20finance.pdf
http://irep.iium.edu.my/99929/
https://hrmars.com/index.php/IJARBSS/article/view/14404/Diplomacy-and-The-Birth-of-Islamic-Finance-As-An-Alternative-Financing-Source-for-The-Global-South
Tags: Add Tag
No Tags, Be the first to tag this record!
id my.iium.irep.99929
record_format dspace
spelling my.iium.irep.999292022-09-12T02:27:15Z http://irep.iium.edu.my/99929/ Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South. Abubakar Usman, Abubakar Muhd Huda, Mohd Ikbal Adam Sa'ad, Auwal BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability Islamic finance (IF) is the latest form of international financial system that emerged to offer an alternative source of financing development particularly among some countries in the global South. The aim of this article is to explore the role of diplomacy in the emergence of IF as an alternative financing source particularly for the global South. This article argues that IF was born out of diplomatic process, like its counterpart the Bretton Woods system. It further argues that, to understand the emergence and the forces behind the emergence of Islamic financial system, there is need to look at the context of the notion of South-South Cooperation that was conceived in 1950s and gained momentum in 1960s. The notion of South-South Cooperation showed to the Muslim world the possibility of creating a new financial system that began with the formation of the Organization of Islamic Conference (OIC) in 1969 and consolidated with the Mecca Conference in 1976. This article concludes that although international financial systems are always the product of diplomacy, however, the nexus between the two has been overlooked by researchers. This article, therefore, recommends that future studies examine this relationship in an in-depth manner. Human Resource Management Academic Research Society 2022-08-13 Article PeerReviewed application/pdf en http://irep.iium.edu.my/99929/2/99929_Diplomacy%20and%20the%20birth%20of%20Islamic%20finance.pdf Abubakar Usman, Abubakar and Muhd Huda, Mohd Ikbal and Adam Sa'ad, Auwal (2022) Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South. International Journal of Academic Research in Business & Social Sciences, 12 (8). pp. 1181-1197. ISSN 2222-6990 (In Press) https://hrmars.com/index.php/IJARBSS/article/view/14404/Diplomacy-and-The-Birth-of-Islamic-Finance-As-An-Alternative-Financing-Source-for-The-Global-South 10.6007/IJARBSS/v12-i8/14404
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
spellingShingle BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
Abubakar Usman, Abubakar
Muhd Huda, Mohd Ikbal
Adam Sa'ad, Auwal
Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
description Islamic finance (IF) is the latest form of international financial system that emerged to offer an alternative source of financing development particularly among some countries in the global South. The aim of this article is to explore the role of diplomacy in the emergence of IF as an alternative financing source particularly for the global South. This article argues that IF was born out of diplomatic process, like its counterpart the Bretton Woods system. It further argues that, to understand the emergence and the forces behind the emergence of Islamic financial system, there is need to look at the context of the notion of South-South Cooperation that was conceived in 1950s and gained momentum in 1960s. The notion of South-South Cooperation showed to the Muslim world the possibility of creating a new financial system that began with the formation of the Organization of Islamic Conference (OIC) in 1969 and consolidated with the Mecca Conference in 1976. This article concludes that although international financial systems are always the product of diplomacy, however, the nexus between the two has been overlooked by researchers. This article, therefore, recommends that future studies examine this relationship in an in-depth manner.
format Article
author Abubakar Usman, Abubakar
Muhd Huda, Mohd Ikbal
Adam Sa'ad, Auwal
author_facet Abubakar Usman, Abubakar
Muhd Huda, Mohd Ikbal
Adam Sa'ad, Auwal
author_sort Abubakar Usman, Abubakar
title Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
title_short Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
title_full Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
title_fullStr Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
title_full_unstemmed Diplomacy and the birth of Islamic finance as an alternative financing source for the Global South.
title_sort diplomacy and the birth of islamic finance as an alternative financing source for the global south.
publisher Human Resource Management Academic Research Society
publishDate 2022
url http://irep.iium.edu.my/99929/2/99929_Diplomacy%20and%20the%20birth%20of%20Islamic%20finance.pdf
http://irep.iium.edu.my/99929/
https://hrmars.com/index.php/IJARBSS/article/view/14404/Diplomacy-and-The-Birth-of-Islamic-Finance-As-An-Alternative-Financing-Source-for-The-Global-South
_version_ 1744353534258708480
score 13.211869

Similar Items