An Integral Approach to Development Economics: Islamic by Basheer A. Oshodi

By Basheer A. Oshodi

Constructing economies similar to these in sub-Saharan Africa are looking for practical fiscal coverage prescriptions. regardless of fiscal development in international locations like Nigeria, poverty and unemployment blight the lives of many, in the course of lots. at the same time, a lot neo-classical fiscal proposal is being puzzled opposed to the backdrop of worldwide financial meltdown, giving upward push to inquiry approximately extra essential ways to sustainable improvement. In An indispensable method of improvement Economics, Basheer Oshodi examines modernization theories, dependency theories, global approach theories and rising twenty first century financial theories and hyperlinks a neo-modern mixture of financial suggestion with the practicalities of finance in elements of the area the place poverty is rife. In a in particular African surroundings, over half the inhabitants are Muslims, Oshodi considers Islamic finance within the context of the triple historical past of indigenous tradition, Westernized Christianity, and Islam. He argues that the foundations of Islamic banking and finance may be built-in with different components of that background, concentrating on assembly the demanding situations of poverty and unemployment. Islamic finance is not only a religiously-oriented, Sharia-compliant, replacement monetary version. it may possibly give a contribution to total socio-economic transformation and a much wider, people-centred method of monetary improvement. overseas agencies, monetary associations, reserve banks, coverage makers, donor enterprises and scholars will locate resonance during this important addition to Gower’s Transformation and Innovation sequence.

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Extra info for An Integral Approach to Development Economics: Islamic Finance in an African Context (Transformation and Innovation)

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Power supplies fluctuate in many areas, and are unavailable in most parts, where homes are built on the water with rough wood and without any real sanitation. Families manage to have one square meal a day even though they are dependent on fishing, their schools are substandard, they lack primary healthcare, and mosquitoes breed freely, causing frequent malaria among several other diseases. For years, they have lived this way. 2). Umunwaloka Village – Imo State (South-east) Nigerian president Umaru Musa Yar’Adua died on 4 May 2010.

However, Muslims are also the least educated, the most unemployed, and suffer the worst health challenges. Nigeria is one of the least developed states, whose unskilled labour force, which is mainly Muslim, also has a very small manufacturing industry. Out of the 46 million financially excluded Nigerian adults, over 30 million are Muslims (EFInA 2008). On one hand, at least in theory, we have morally infused Islamic economics and finance, and on the other hand, we have rampant poverty and dereliction among practising Muslims.

It is in this regard that this book sets forth a different kind of proposition grounded in the ‘story of self, others and immediate social context’. The book acknowledges the pressures posed by the external forces of Islam I n t ro d u c t i o n 19 and Western Christianity together with the indigenous background. A very important aspect of this book is the moral core which illuminates the whole study. More specifically, moral elements influence the co-operative inquiry and the three sets of development economic models that emerged.

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