An Islamic Model for Stabilization and Growth, 1st ed. 2020
Political Economy of Islam Series

This book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth ?inequalities. These facts ?underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of ?macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim ?countries.

Adama Dieye is former Director of Department of the Central Bank of West African States (BCEAO), Senegal.

Argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many countries have not been effective Underlines an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of ?macroeconomic and social adjustment policies Investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim and non-Muslim ?countries Designs a macroeconomic policy framework that recommends macroeconomic and social policies consistent with Islamic economic principles and simulates its relevance with Senegal as a case study