Islamic economic system: from principles to microeconomics and macroeconomics fields (70)

Continuation

One of the crucial factors in economic development is the:

§  saving;

§  or investment

process.

In conventional economic systems, the interest rate mechanism is at the heart of that process.

However an Islamic financial system cannot rely on that mechanism (Iqbal et. al., 2005).

With this fact considered, more research about explores the role and significance of Islamic financial system:

§  instruments;

§  and institutions

in economic growth and development, both:

·       theoretically;

·       and empirically.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad