Fiscal Transparency And Financial Integration In Islamic Economy
This research attempts to extend beyond the good image of the Islamic economy system and gives the readers an overview on how the system works. Importantly this research would argue how the system can attain social justice and economic balance in the sense of efficiency and equity, which is what...
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| Format: | Research Report |
| Language: | English |
| Published: |
Kolej Universiti Islam Malaysia
2015
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| Online Access: | http://ddms.usim.edu.my/handle/123456789/8151 |
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| Summary: | This research attempts to extend beyond the good image of the Islamic economy
system and gives the readers an overview on how the system works. Importantly this
research would argue how the system can attain social justice and economic balance
in the sense of efficiency and equity, which is what Islam focus in the economy. The
goal mentioned above would be approached through fiscal transparency and financial
integration. For fiscal transparency, the concept of return in Islam will be discussed.
In other words how these intermediaries carry out their investments. Financial data of
several Islamic financial instruments and market returns are collected. Business and
ethics from the Islamic perspective would be discussed in this section as well. For
financial integration the role of Zakah, dinar, Islamic banks, Takaful and International
trade will be discussed to see how these instruments can increase liquidity, social
balance and economic growth. In general, the findings obtained are; Islamic economy
has variables that sustain equity and equality. The guidance from the Al-Qu'ran and
Hadith are complete framework to build an economy that follows Islamic principles
and at least minimize or possibly eliminate unlawful elements such as riba (usury),
maysir (gambling), gharar (unnecessary risk), and rishwah (corruption). Financial
integration upholds unity among Muslims in terms of taqwa and wealth. Wealth has
to be managed professionally and fairly as following Islamic principles. Financial
integration is to ensure that the Islamic, Banking and Finance system runs efficiently
and accurately in managing the funds or capital flows of the people and the country
and also the zakat collected. Several variables are studied and analysed to see this. |
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