Islamonomics: Islamic Finance, Trade and the Global Muslim MarketAvailable
Author: Akhtar Ismail Mohammed
Pick-up location: Tampines MRT
The Islamic Finance industry is valued at US$3 trillion and finances deals in London, New York, Singapore, Shanghai, Dubai, Geneva, and Kuala Lumpur. Yet where does Islamic Finance come from? What has it accomplished? Why did it disappear? And why has it returned to prominence once again?
In answering these questions, Mohammed illuminates the history of Islamic trade, from the shores of the Mediterranean to the strategic maritime choke points of South East Asia, spanning the 7th century to the present. Along the way, he demonstrates how the Islamic principles of interest-free lending, the use of commodity-based currencies, and investment into tangible economic activity have always been adapted to each societys circumstances.
As we enter the Asian Century, how do the principles of Islamic Finance apply to a globalized financial system formed by three centuries of British American dominance? Can the Islamic Finance industry attempt to remain competitive in an Eastern-shifting global economy without losing its soul?
Mohammed argues that, if its principles are adhered to, Islamic Finance can make a lasting impact on the world by addressing systemic challenges from income inequality to climate change.
Akhtar Mohammed was born in Vancouver, Canada, to Fijian Muslim parents of Indian/Pashtun descent. He obtained a BA in Political Science and History from the University of British Columbia and an LLB at the School of Oriental and African Studies, University of London. He received his LLM in Toronto, at York Universitys Osgoode Hall Law School, specializing in Capital Markets. His maternal grandfather was a veteran of the Second World War, serving with the Fijian Regiment.