MACMILLAN Sustainable Development and Infrastructure: An Islamic Finance Perspective (Palgrave Studies in Islamic Banking, Finance, and Economics)

Most books on Islamic finance and development issues are written from an academic perspective. Although academic reflection is key for future direction, dissatisfaction with previous development efforts, as evidenced by their lack of sustainability, suggests the need for a different type of review. Development work is complex and requires a detailed and transparent approach in order to ensure a cogent resolution for potential long-term issues. Each intervention area requires specific elaboration for meaningful impact. The perfect solution for one sector might be detrimental for another. Islamic finance, with its strict Riba restrictions, rules, and other checks and balances, is a good fit for infrastructure development in pursuit of sustainable development. When it comes to sustainable development, this book argues, Islamic finance has the tools to intervene for maximum impact. However, the issue of sustainability is not only related to Islamic finance; more policy discourse is needed. This requires guidance from the principles of Islamic economics, as well. This book discusses infrastructure development vis-à-vis sustainable development, drawn from decades of real-life development banking experience, and proposes impactful intervention methods based on wisdom from Islamic economics and finance. From the Back Cover Most books on Islamic finance and development issues are written from an academic perspective. Although academic reflection is key for future direction, dissatisfaction with previous development efforts, as evidenced by their lack of sustainability, suggests the need for a different type of review. Development work is complex and requires a detailed and transparent approach in order to ensure a cogent resolution for potential long-term issues. Each intervention area requires specific elaboration for meaningful impact. The perfect solution for one sector might be detrimental for another. Islamic finance, with its strict Riba restrictions, rules, and other checks and balances, is a good fit for infrastructure development in pursuit of sustainable development. When it comes to sustainable development, this book argues, Islamic finance has the tools to intervene for maximum impact. However, the issue of sustainability is not only related to Islamic finance; more policy discourse is needed. This requires guidance from the principles of Islamic economics, as well. This book discusses infrastructure development vis-à-vis sustainable development, drawn from decades of real-life development banking experience, and proposes impactful intervention methods based on wisdom from Islamic economics and finance. About the Author Amadou Thierno Diallo is the Acting Director General of Global Practices and Director of the Economic and Social Infrastructure Department at the Islamic Development Bank where he has been employed since 2011. He supervises the Bank's activities to support the socio-economic development efforts of its 57-member countries through the identification and prioritization of investment projects and programs as well as the development and implementation of policies and strategies. His previous roles at the IsDB have been Acting Director of the Agriculture and Rural Development Department and Director of the Office of the Vice President Operations at the IsDB. Ahmet Suayb Gundogdu is the Senior Technical Specialist for Director General of Global Practices and Chief Economist at the Islamic Development Bank where he has been employed since 2008. Before joining the bank, he was pursuing his PhD in Economics at Virginia Tech, USA. He holds a BA in International Trade from Bogazici University and an MA in International Development from the International University of Japan. He completed his PhD in Islamic Finance at Durham University, UK.