By Basheer A. Oshodi
Constructing economies equivalent to these in sub-Saharan Africa are searching for practical monetary coverage prescriptions. regardless of monetary 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 suggestion is being wondered opposed to the backdrop of worldwide fiscal meltdown, giving upward push to inquiry approximately extra imperative ways to sustainable improvement. In An vital method of improvement Economics, Basheer Oshodi examines modernization theories, dependency theories, global approach theories and rising twenty first century fiscal theories and hyperlinks a neo-modern mixture of fiscal concept with the practicalities of finance in elements of the realm the place poverty is rife. In a particularly African environment, over 1/2 the inhabitants are Muslims, Oshodi considers Islamic finance within the context of the triple history of indigenous tradition, Westernized Christianity, and Islam. He argues that the rules of Islamic banking and finance might be built-in with different parts of that background, concentrating on assembly the demanding situations of poverty and unemployment. Islamic finance isn't just a religiously-oriented, Sharia-compliant, replacement monetary version. it could give a contribution to total socio-economic transformation and a much wider, people-centred method of financial improvement. overseas corporations, monetary associations, reserve banks, coverage makers, donor corporations and scholars will locate resonance during this precious addition to Gower’s Transformation and Innovation sequence.
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Extra resources for An Integral Approach to Development Economics: Islamic Finance in an African Context (Transformation and Innovation)
When a Nigerian has to buy a generator and buy petrol and diesel because electricity generation is worse off, he is subsidizing the incompetence in Government. When a Nigerian has to drill a borehole, buy pure water or bottled water rather than get public portable tap water, he is subsidizing the inefficiency of Government. When a Nigerian has to maintain 3 phone-lines or 3 different internet subscriptions just because of call-quality or crippled bandwidth, he is subsidizing the failures of government regulation.
Do we need 36 ministers? 6 million USD) on food while close to eighty percent live on less than a dollar a day? Why should he budget a billion for generators and diesel when he is urging us to believe in his power sector reform? Why does our President need six private jets? Why do our governors move around with twenty-vehicle convoys while David Cameron has just two vehicles and one outrider? Why should our politicians keep their salaries when Obama slashed his? Why should we continue to be wasteful when the handwriting on the wall says ‘danger’?
However, could it solve the complicated socio-economic challenges in Nigeria? I did not think this system alone could solve the problems of inadequate capital and its cost, unemployment, poverty and the huge income inequalities in the Nigerian state, characterized by ethno-religious diversity. I was then motivated to seek a Masters in Research (MRes), Business and Management at London Metropolitan University in order to examine the workings of private equity and venture capital companies, since this is the closest concept to Islamic finance.