By Basheer A. Oshodi
Constructing economies akin to these in sub-Saharan Africa are searching for practical financial coverage prescriptions. regardless of fiscal progress in international locations like Nigeria, poverty and unemployment blight the lives of many, in the middle of lots. at the same time, a lot neo-classical fiscal concept is being wondered opposed to the backdrop of worldwide financial meltdown, giving upward push to inquiry approximately extra vital techniques to sustainable development.In An vital method of improvement Economics, Basheer Oshodi examines modernization theories, dependency theories, international approach theories and rising twenty first century financial theories and hyperlinks a neo-modern mixture of fiscal proposal with the practicalities of finance in elements of the realm the place poverty is rife. In a particularly African surroundings, over half the inhabitants are Muslims, Oshodi considers Islamic finance within the context of the triple historical past of indigenous tradition, Westernized Christianity, and Islam. He argues that the rules of Islamic banking and finance will be built-in with different parts of that history, targeting assembly the demanding situations of poverty and unemployment. Islamic finance is not only a religiously-oriented, Sharia-compliant, substitute monetary version. it might give a contribution to total socio-economic transformation and a much wider, people-centred method of fiscal improvement. overseas firms, monetary associations, reserve banks, coverage makers, donor corporations and scholars will locate resonance during this beneficial addition to Gower's Transformation and Innovation sequence.
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Additional resources for An Integral Approach to Development Economics: Islamic Finance in an African Context
26 A n I n t eg r a l A p p roa c h to D e v e lo p m e n t Eco n o m i c s In the heat of this situation, several face-to-face discussions with the people and comments on social websites were gathered as qualitative materials. 17). 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.
Whether borrowing from the West or the North or adopting state-led development through an Eastern approach, or through embracing the integral moral economic replica from the religious books, which come from the Middle East, or finally, perhaps through the new economic thoughts from Africans living in Africa or those that understand indigenous Africanism, the application must be appraised. This chapter analyses some relevant factors that affect the overall economic development through the perception of both the neo-liberal school and through the use of qualitative evidence which includes the researcher’s experience in order to give a clear portrait of Nigeria’s socio-political and economic situation while building a foundation from which the body of knowledge can be further developed.
Mazrui (1986) suggested an overall split in the African and Nigerian cultures – what he refers to as a ‘triple heritage’. Research Contributing to the body of knowledge in a typical African setting like Nigeria requires an entirely new research style based on the Integral Framework 4 A n I n t eg r a l A p p roa c h to D e v e lo p m e n t Eco n o m i c s (Lessem and Schieffer 2010b) with an emphasis on the Eastern path of Renewal (Lessem and Schieffer 2010b; Oshodi 2012a). Co‑operative inquiry, building on narrative method (origination), interpretive methodology (foundation) and also critical theory (emancipation) is the most transformative integral approach, where co-researchers share expertise and create knowledge in order to achieve a ‘becoming’ process (Heron 1971; Heron 1996).
An Integral Approach to Development Economics: Islamic Finance in an African Context by Basheer A. Oshodi