Islamic Economics Institute

Wednesday Academic Dialogue (09)

Islamic Finance in the Literature of International Economic

and Financial Organizations:

The Case of the IMF and the World Bank

Full Text

Ahmed Mahdi Belouafi

Associate Professor

Islamic Economics Institute

King Abdulaziz University, Jeddah, Saudi Arabia

Wednesday 28-09-2016 (27-12-1437H)

Abstract

This study explores and discusses the results and summaries of forty-eight studies conducted by the International Monetary Fund (IMF) and the World Bank (WB) relating to different aspects; theoretical and practical, of Islamic finance over a period of thirty-four years; 1982-2016. The discussion has covered four important topics. These are: Islamic finance (IF) and financial stability, the impact and role of morals on financial decisions and behavior, IF and money laundering and the financing of terrorism and cooperative banks and Islamic banks. The paper concludes with many important issues and recommendations. Among these are: most of the studies have been carried out in the aftermath of the American financial crisis of 2007-2008, the investigations were influenced by the stated objectives of the organizations, and finally practical and financial topics were dominant in the sample of the explored studies. Moreover, the results also show that the sample of the researches covered in the study look at Islamic finance as a complement component of the ‘Globalized’ financial system rather than as an alternative as some traits in the Islamic finance literature would look at it.

Keywords: Islamic finance, international economic and financial organizations, IMF, World Bank.

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