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Introduction to Islamic Economics: Theory and Application by Abbas Mirakhor, Zamir Iqbal, Hossein Askari

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Chapter 10Fiscal Policy

  1. The goals and objectives of fiscal policy in the conventional and the Islamic systems.
  2. The role and importance of societal welfare in Islam.
  3. The instruments of fiscal policy in the conventional system.
  4. The instruments of fiscal policy in the Islamic system.
  5. The financing (taxation and borrowing) of government expenditures in the conventional and in the Islamic system.
  6. The workings of the multiplier.
  7. The difficulty of achieving full employment and stable prices.
  8. The implications of deficit financing and national debt.
  9. The workings and limitations of fiscal policy in the longer run.
  10. Waqf as a complementary fiscal instrument in Islamic finance.
  11. The role of built-in stabilizers.
  12. The arguments for and against different forms of taxation.
  13. The concept of public-private partnerships.
  14. National participation papers as a financial instrument.

The state plays a key role in every economic system. Only the extent of the state's involvement differs, depending on the common values and belief system shared by the individuals who make up the particular society. The role of the state in an Islamic economy is to ensure that everyone has equal access to resources and a means of livelihood; that there are rewarding employment opportunities for all those who can work; that market rules, regulations, and supervision minimize business uncertainties so that justice is attained and transfers take place from the more able to the less able; and that distributive ...

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