This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic financea risk-sharing and asset-backed financehas embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today's growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

Highlights the significance of ethics in economics and finance for betterment of society Presents perspective from Islam, including the principles of virtues of justice and risk-sharing Raises growing concerns of a debt-dominated and leveraged economy and the social and economic cost of ignoring responsible finance

Autorentext

Nabil El Maghrebi is Vice President at Wakayama University, and Visiting Professor at the Center for Mathematical Modeling and Data Science, Osaka University, Japan. Abbas Mirakhor is a retired Professor of Economics and the Former Executive Director of the International Monetary Fund (IMF). Tar k Ak n is Head of the Department of Participation Finance at the Finance Office of the Presidency of the Republic of Türkiye. Zamir Iqbal is the VP Finance and Chief Financial Officer (CFO) of the Islamic Development Bank. Prior to that he served at senior positions at the World Bank.

Inhalt

1. Ethics and Finance.- 2. Moral Sense and Ethics in Economics and Finance.- 3. Key Virtues of Business Ethics in Islam.- 4. Business Ethics in Islam.- 5. Ethical Dimensions of Islamic Economics and Finance.- 6. Sacralising Finance: Risk-Sharing Islamic Finance.- 7. Ethical and Responsible Finance for Development.