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

Developing economies such as those in sub-Saharan Africa are searching for realistic economic policy prescriptions. Despite economic growth in countries like Nigeria, poverty and unemployment blight the lives of many, in the midst of plenty. Simultaneously, much neo-classical economic thought is being questioned against the backdrop of global economic meltdown, giving rise to inquiry about more integral approaches to sustainable development. In An Integral Approach to Development Economics, Basheer Oshodi examines modernization theories, dependency theories, world system theories and emerging 21st century economic theories and links a neo-modern mix of economic thought with the practicalities of finance in parts of the World where poverty is rife. In a specifically African setting, over half of the population are Muslims, Oshodi considers Islamic finance in the context of the triple heritage of indigenous culture, Westernized Christianity, and Islam. He argues that the principles of Islamic banking and finance can be integrated with other elements of that heritage, focusing on meeting the challenges of poverty and unemployment. Islamic finance is not just a religiously-oriented, Sharia-compliant, alternative financial model. It can contribute to overall socio-economic transformation and a wider, people-centred approach to economic development. International organizations, financial institutions, reserve banks, policy makers, donor agencies and students will find resonance in this valuable addition to Gower's Transformation and Innovation Series. Developing Economies Such As Those In Sub-saharan Africa Are Searching For Realistic Economic Policy Prescriptions. Despite Economic Growth In Countries Like Nigeria, Poverty And Unemployment Blight The Lives Of Many, In The Midst Of Plenty. Simultaneously, Much Neo-classical Economic Thought Is Being Questioned Against The Backdrop Of Global Economic Meltdown, Giving Rise To Inquiry About More Integral Approaches To Sustainable Development.in An Integral Approach To Development Economics, Basheer Oshodi Examines Modernization Theories, Dependency Theories, World System Theories And Emerging 21st Century Economic Theories And Links A Neo-modern Mix Of Economic Thought With The Practicalities Of Finance In Parts Of The World Where Poverty Is Rife. In A Specifically African Setting, Over Half Of The Population Are Muslims, Oshodi Considers Islamic Finance In The Context Of The Triple Heritage Of Indigenous Culture, Westernized Christianity, And Islam. He Argues That The Principles Of Islamic Banking And Finance Can Be Integrated With Other Elements Of That Heritage, Focusing On Meeting The Challenges Of Poverty And Unemployment. Islamic Finance Is Not Just A Religiously-oriented, Sharia-compliant, Alternative Financial Model. It Can Contribute To Overall Socio-economic Transformation And A Wider, People-centred Approach To Economic Development. International Organizations, Financial Institutions, Reserve Banks, Policy Makers, Donor Agencies And Students Will Find Resonance In This Valuable Addition To Gower's Transformation And Innovation Series. Machine Generated Contents Note: Ch. 1 Introduction -- The Story I Am -- Eureka -- My Personal Gene -- Gene In Research -- My Gene: A Practical Reflection Of The Integral Gene -- Burning Issues -- Conclusion -- Ch. 2 Economic Development In Nigeria -- Introduction -- The Narrative Of The Current Economic Context -- Integral Development Economics -- Good Governance -- The Good Enough Governance Agenda -- Development Indicators In Nigeria -- The Becans Model -- Poverty In Nigeria -- Unemployment In Nigeria -- Conclusion -- Ch. 3 The African Socio-economic World -- Introduction -- The Economic Theory Of Ibn Khaldun -- The Pre-colonial Political History Of Nigeria -- The Indigenous Informal African Financial System -- The African Triple Socio-economic Heritage -- Economic Development In Africa -- Conclusion -- Ch. 4 Moral Economics -- Introduction -- The Moral Economic Core -- Jewish Moral Economic Theory -- The Buddhist Moral Economic System -- Aristotle's Moral Economic Masterworks -- Biblical Moral Economics -- The Foundation Of The Islamic Moral Economic System -- Conclusion Ch. 5 Economic Thinking Leading To An African Context -- Introduction -- Modernization Theories -- Dependency Theories -- World Systems Theories -- Drawing From Twenty-first-century Economic Theories -- Conclusion -- Ch. 6 Islamic Economics And Finance -- Introduction -- Neo-classical Islamic Economic Thoughts -- Islam And Business Ethics -- Islamic Financial Instruments And Contracts -- Islamic Banking Assessment -- The Framework For Non-interest Banks In Nigeria -- The Emerging Value Proposition For Islamic Financial Institutions In Nigeria -- Solving The Poverty Challenge With Islamic Finance -- Conclusion -- Ch. 7 New Integral Economic Models -- Introduction -- Theory From The Co-operative Inquiry -- Developing The African Economic Theory -- The Integral African Development Economic Model -- Theory-to-action -- The Integral Economic Development Model As Applied -- The Centre For Integral Social And Economic Research -- The Path To Socio-economic Transformation In Nigeria And Africa -- Conclusion. Basheer A. Oshodi. Includes Bibliographical References And Index.