Islamic Finance: A Catalyst for Shared Prosperity?

by Azmi Omar, Zamir Iqbal, Dawood Ashraf et al.
The World Bank and Islamic Development Bank Group (IDBG), 2016

251 pp. 6.7 MB
https://openknowledge.worldbank.org/bitstream/handle/10986/25738/9781464809262.
pdf?sequence=2&isAllowed=y

The main aim of the report is to exhibit, how Islamic finance can promote inclusive growth and reduce income inequality. The report provides a commentary on the state of Islamic finance and desired policy interventions to get the full benefit of Islamic finance to achieve sustainable development and shared prosperity. The key findings of the report include a need for sound regulatory framework for Islamic financial institutions due to the obvious differences from the conventional banks, harmonizing of Shariah standards and more discourse related to the underlying mechanism of Islamic financial products.

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