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Book: A Sharia-Based Economic and Financial Model

The book “A Sharia-Based Economic and Financial Model: An Islamic Approach to Efficient Government, Macroeconomic Stability, and Full-Employment” scrutinizes the efficiency of the statist model of “Big Government”.

The authors develop policy prescriptions based on Sharia rules of laissez-faire economics and perfect competition within labour and capital markets. Chapters argue that economic conditions have become increasingly unmanageable in both advanced and developing countries where “Big Government” has become a stumbling block to private enterprise. The discussion explores the idea that the elimination of interest-based debt could result in fully balanced budgets, steady external trade, risk-sharing banking, stable capital markets, and deflation. The authors propose Sharia-based policy regimes for discussion and adoption, and suggest that reforms to government size, together with the liberalisation of labour and capital markets, may present a successful and sustainable alternative mode of government.

The Book Discusses:     

  • Postulates that Sharia-based government may provide a positive alternative to statist government
  • Considers both public and private sector scenarios that a Sharia-based government might influence
  • Engages thoroughly with historic economic and economic theory to  evaluate the benefits of a Sharia-based government
  • Explores the ways in which Sharia-government might be a more efficient and equitable model

About the Author

Raja Almarzoqi, a former advisor at the International Monetary Fund, is an economics faculty member at the Institute of Diplomatic Studies, Kingdom of Saudi Arabia. He has also served as an Adjunct Professor at Thunderbird Global Business School and King Saud University. Raja was the Minister Plenipotentiary and the Head of the Monetary Union Unit for the Cooperation Council for the Arab States, a consultant to a number of financial institutions and government agencies, and a board member of several capital market funds.  He has been a conference speaker and writer on a wide range of topics in economics.

Noureddine Krichene, PhD, earned a doctorate in Economics from the University of California, Los Angeles, US. He served at the International Monetary Fund, 1986-2009. He was also previously an advisor at the Islamic Development Bank, Kingdom of Saudi Arabia, 2005-2007. His expertise covers international economics and finance, macroeconomic policies, and energy and water economics.

Walid Mansour is a Research Affiliate at the Islamic Economics Institute at King Abdulaziz University, Kingdom of Saudi Arabia. He was previously a research and teaching fellow at the University of Kansas, US, and has 10 years of teaching experience. He is the recipient of a Fulbright Scholarship and the Occasional Lecturing Fund (OLF) from the US State Department. He has published in such journals as, The North-American Journal of Economics and Finance, The Journal of Islamic Studies, and the International Journal of Business.

Bibliographic Information

Title: A Sharia-Based Economic and Financial Model: An Islamic Approach to Efficient Government, Macroeconomic Stability, and Full-Employment

Editors: Raja Almarzoqi, Noureddine Krichene, Walid Mansour

Publisher: Palgrave Macmillan

 Language: English

Length: 366 pages

ISBN: 978-3-319-41700-4

Pub. Date: 2017

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