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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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Main Author: Ahmad Farid, Fara Madehah
Format: Research Report
Language:English
Published: Kolej Universiti Islam Malaysia 2015
Online Access:http://ddms.usim.edu.my/handle/123456789/8151
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spelling my.usim-81512015-05-18T07:23:44Z Fiscal Transparency And Financial Integration In Islamic Economy Ahmad Farid, Fara Madehah 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. 2015-05-18T07:23:44Z 2015-05-18T07:23:44Z 2003-06 Research Report http://ddms.usim.edu.my/handle/123456789/8151 en Kolej Universiti Islam Malaysia
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
language English
description 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.
format Research Report
author Ahmad Farid, Fara Madehah
spellingShingle Ahmad Farid, Fara Madehah
Fiscal Transparency And Financial Integration In Islamic Economy
author_facet Ahmad Farid, Fara Madehah
author_sort Ahmad Farid, Fara Madehah
title Fiscal Transparency And Financial Integration In Islamic Economy
title_short Fiscal Transparency And Financial Integration In Islamic Economy
title_full Fiscal Transparency And Financial Integration In Islamic Economy
title_fullStr Fiscal Transparency And Financial Integration In Islamic Economy
title_full_unstemmed Fiscal Transparency And Financial Integration In Islamic Economy
title_sort fiscal transparency and financial integration in islamic economy
publisher Kolej Universiti Islam Malaysia
publishDate 2015
url http://ddms.usim.edu.my/handle/123456789/8151
_version_ 1645152350539612160
score 13.211869

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