The Theory of Wealth Circulation and the Risk Sharing in Islamic Finance: Towards a Design Thinking of Creating a Sustainable Financial System

by MOHD DAUD BAKAR

Publisher - Penerbit USIM

Category - Finance & Investments

This book offers a new perspective on the theory of wealth circulation or wealth distribution. It unlocks the very meaning and essence of wealth circulation, as inspired by Shariah, to effectively circulate wealth in the society in one way or another. Wealth circulation should not be confined to one structure of financing (or policy), to the exclusion of all other structures. Anything that helps to circulate wealth in the society should be construed as part of the grand design of wealth circulation.

All in all, this book attempts to reconsider the prevailing theory of wealth circulation, as well as the imposition of maqasid Shariah on wealth circulation and risk sharing. Instead of being a religious imposition, it has been articulated throughout the book that risk sharing is just human phenomenon.

Ultimately, this book opens up opportunities for further work to be undertaken on the complete theory of risk in Islamic jurisprudence. The current bandwidth of risk discourse in both Islamic jurisprudence and Islamic economics literature is lacking on many fronts. A valid and solid theory of risk would open a new way of looking at contemporary Islamic finance and Islamic economics alike.

 

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