Economic Transformation: Navigating Challenges And Embracing Opportunities In Islamic Economics And Finance Across Southeast Asia
Abstract
The research aims to comprehensively understand challenges impeding the growth of Islamic economic systems in Southeast Asia and explore opportunities for sustainable development. It contextualizes the economic transformation in the region, emphasizing the unique role of Islamic economics and finance. Challenges like regulatory complexities, market uncertainties, and global economic shifts are analyzed, providing insights into impediments faced by the Islamic finance sector. The article explores strategies employed by Southeast Asian countries to promote Islamic economics and finance, assessing policy effectiveness and collaborative efforts. It highlights the role of financial inclusion, education, and technology in overcoming hurdles. On a positive note, the study identifies growth opportunities in regional cooperation, innovative financial instruments, and Islamic finance's potential contribution to sustainable development goals. Emphasizing the importance of embracing these opportunities, the research contributes to the discourse on economic transformation in Southeast Asia. The findings aim to inform policymakers, financial institutions, and scholars, fostering understanding for a more inclusive, sustainable, and prosperous economic future in the region.
Downloads
References
Abduh, M., & Omar, M.A. (2012). Islamic Banking and Economic Growth: The Indonesian Experience.
International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 35-47.
Abduh, M., & Omar, M.A. (2019). Fintech, Islamic Finance, and Financial Inclusion. In Handbook of
Blockchain, Digital Finance, and Inclusion, Volume 2 (pp. 183-198). Elsevier.
Ahmad, AUF, & Hassouneh, I. (2017). Islamic Finance: Performance and Efficiency. World Scientific
Publishing.
Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid al-Shari’ah. Islamic Research
and Training Institute.
International Journal of Science, Technology & Management ISSN: 2722 - 4015
Cihak, M., & Hesse, H. (2008). Islamic Banks and Financial Stability: An Empirical Analysis. International
Monetary Fund Working Paper, 08(16).
Demirgüç-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2015). The Global Findex Database 2014:
Measuring Financial Inclusion around the World. World Bank Policy Research Working Paper, 7255.
El-Gamal, M.A. (2006). Islamic Finance: Law, Economics, and Practice. Cambridge University Press.
El-Gamal, M.A. (2020). Islamic Fintech: Opportunities, Challenges, and Future Directions. Journal of Islamic
Accounting and Business Research, 11(1), 2-19.
El-Zoghbi, M. (2016). Building a Skilled and Inclusive Workforce for Islamic Finance. CGAP (Consultative
Group to Assist the Poor).
Ghazali, AH, & Zain, MNM (2017). The Influence of Islamic Values on Knowledge Sharing Behavior among
Academicians. Procedia Computer Science, 124, 57-64.
Haneef, M.A. (2009). Challenges in Islamic Finance Education and Research. Kyoto Bulletin of Islamic Area
Studies, 3(2), 3-17.
Hasan, Z. (2014). Challenges of Implementing Islamic Finance: An Exploratory Study. Journal of Islamic
Economics, Banking and Finance, 10(3), 11-33.
Hasan, Z., & Dridi, J. (2010). The Effects of the Global Crises on Islamic and Conventional Banks: A
Comparative Study. IMF Working Paper, 10(201).
Hassouneh, I., & Al-Jarrah, I.M. (2017). Islamic Finance: Performance and Efficiency. World Scientific
Publishing.
Iqbal, Z., & Mirakhor, A. (2012). An Introduction to Islamic Finance: Theory and Practice. John Wiley & Sons.
Karim, RAA, & Tarazi, W. (2018). Islamic Banking and Financial Inclusion: The Role of Religious
Permissibility. World Development, 110, 12-28.
Khan, F., & Bhatti, M. I. (2019). Islamic finance in Southeast Asia: Opportunities and challenges. Springer.
Khan, T. (2016). Introduction to Islamic Economics: Theory and Application. International Islamic University
Malaysia.
Mirakhor, A., & Iqbal, Z. (2007). Globalization and Islamic Finance: Convergence, Prospects, and Challenges.
International Monetary Fund.
Mohd Daud, N., & Abdullah, NI (2016). Islamic finance: Opportunities and challenges in Southeast Asia.
WorldScientific. See also Chapra, M.U. (2008). The Islamic Vision of Development in the Light of Maqasid alShari’ah. Islamic Research and Training Institute.
Mokhtar, HS, & Abdullah, NI (2019). The Role of Government in Promoting the Development of Islamic
Banking and Finance: A Cross-Country Analysis. Emerging Markets Finance and Trade, 55(3), 635-650.
Mokhtar, HS, & Abidin, IS (2014). Islamic Finance: Recent Developments in Malaysia. Springer.
Oseni, U.A., & Zulkhibri, M. (2018). A Comprehensive Review of the Sukuk and Islamic Capital Markets.
Journal of Economic Surveys, 32(2), 596-615.
Sarea, A.M. (2016). The Islamic Banking System and Economic Growth: Empirical Evidence from the GCC
Countries. International Journal of Economics, Commerce, and Management, 4(5), 29-44.
Sarker, MAA, & Rahman, MM (2018). Islamic Microfinance and Poverty Alleviation: A Review. In Handbook
of Research on Social and Economic Development in the Globalized World (pp. 57-78). IGI Global.
Siddiqui, M. N. (2016). Islamic Banking and Finance in South-East Asia: Its Development and Future. Palgrave
Macmillan.
Usmani, M.T. (2002). An Introduction to Islamic Finance. Kazi Publications.
Wilson, R. (2008). Islamic Finance in the Global Economy. Edinburgh University Press.
Wilson, R. (2018). Islamic Ethics of Life: Aborted Life and Surrogacy in the Age of Assisted Reproductive
Technologies. Journal of Islamic Ethics, 2(3), 221-246.
Copyright (c) 2024 International Journal of Science, Technology & Management
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
