Financial System Transformation for Welfare and Sustainability

Pakistan as an Illustrative Case
1. Auflage 2027
ISBN: 978-3-11-225911-5
Verlag: De Gruyter

Buch, Englisch, 500 Seiten, Format (B × H): 170 mm x 240 mm

Reihe: ISSN

This volume responds to persistent financial instability, widening inequality, and recurrent sovereign debt crises associated with interest rate-centered monetary systems. It contends that these challenges are structural in nature and therefore necessitate comprehensive institutional redesign rather than incremental policy reform.

develops a systemic framework for restructuring finance beyond the conventional interest-based paradigm, employing Pakistan as an illustrative case study. It advances a critique of fractional-reserve banking and debt-based money creation, proposing instead a model centered on full-reserve deposit banking, distinct risk-based investment intermediation, and a benchmark anchored in an equity risk premium linked to real-sector returns. The analysis integrates reforms across monetary policy, banking architecture, capital markets, public finance, governance, and social finance, situating these within a unified ethical and institutional framework.

By combining normative foundations with operational design and a phased transition strategy, the study prioritizes financial stability, equitable development, and shared welfare, offering scholars, regulators, and policymakers a practical and transferable blueprint for a more resilient, just and welfare-oriented financial system.

Autoren/Hrsg.

Ayub, Muhammad

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein
• Geisteswissenschaften Islam & Islamische Studien Islam & Islamische Studien
• Wirtschaftswissenschaften Betriebswirtschaft Betriebswirtschaft: Theorie & Allgemeines

Über Autor(innen)

Dr. Muhammad Ayub is Professor of Islamic Economics and Finance at Riphah International University, Islamabad. His distinguished career spans central banking research, financial regulation, academia, executive training, and Shari?ah advisory. A former senior official of the State Bank of Pakistan (SBP), he has also served the AAOIFI as Founder Editor of the and as a member of its Education Board. In addition, he acted as juris-consult to the Federal Shariat Court and has advised various national and international institutions.