1st Edition
An Integral Approach to Development Economics Islamic Finance in an African Context
Developing economies such as those in sub-Saharan Africa are searching for realistic economic policy prescriptions. Despite economic growth in countries like Nigeria, poverty and unemployment blight the lives of many, in the midst of plenty. Simultaneously, much neo-classical economic thought is being questioned against the backdrop of global economic meltdown, giving rise to inquiry about more integral approaches to sustainable development. In An Integral Approach to Development Economics, Basheer Oshodi examines modernization theories, dependency theories, world system theories and emerging 21st century economic theories and links a neo-modern mix of economic thought with the practicalities of finance in parts of the World where poverty is rife. In a specifically African setting, over half of the population are Muslims, Oshodi considers Islamic finance in the context of the triple heritage of indigenous culture, Westernized Christianity, and Islam. He argues that the principles of Islamic banking and finance can be integrated with other elements of that heritage, focusing on meeting the challenges of poverty and unemployment. Islamic finance is not just a religiously-oriented, Sharia-compliant, alternative financial model. It can contribute to overall socio-economic transformation and a wider, people-centred approach to economic development. International organizations, financial institutions, reserve banks, policy makers, donor agencies and students will find resonance in this valuable addition to Gower’s Transformation and Innovation Series.
Biography
Basheer A. Oshodi has worked extensively in banking, management consultancy, real estate, Islamic finance and research. His experience of government, state-owned businesses and the organized private sector has greatly influenced his research interests. He has developed risk-asset products and sukuk propositions based on several Islamic finance contracts, which align with specific business requirements. He is engaged with the team designing the first Shariah-compliant short-term liquidity management instrument, comprising of several Islamic financial contracts. He became a member of the Nigerian Islamic Finance Working Group in 2009. Basheer was appointed, by Sterling Bank, as Group Head of its Non-Interest Banking Window in January 2013, where he drives the entire Islamic finance proposition. He is a pioneer of Islamic banking and finance in Nigeria; co-founder of the Centre for Islamic Socio-Economic Research (CISER) and co-founder of the Centre for Integral Social and Economic Research, where real transformational ideas are created and implemented via action research. Oshodi has recently been made a member of the Nigerian Securities & Exchange Commission (SEC) Alternative Capital Market Products Master Plan Committee.
'Dr Basheer Oshodi is one of those rare financial practitioners who not only has developed a new Islamic Banking unit, from scratch, at Stanbic IBTC Bank and Sterling Bank in Nigeria, but also, in the process, has co-evolved an approach to African Economic Development that serves to link such Islamic Banking with the wider social and economic needs of Africa's most populous country. To facilitate this process, Basheer has established CISER - the Centre for Integral Social and Economic Research - together with fellow bankers who are also pursuing community economic development as a key part of their reason for being. In that capacity Basheer's work has led, and is continuing to lead, to both practical and conceptual developments that are vital to the African continent. The book he has written starts such a seminal course in vivid detail.’ Ronnie Lessem, Co-Founder, Trans4m Center for Integral Development, Switzerland and Adjunct Professor, Da Vinci Management Institute, South Africa 'For Basheer, the only practical and institutionalized moral economic structure is Islamic banking and finance as embedded in the enlarged Islamic economic system. Hence, moral economics is built on the backdrop of Islamic business ethics, Islamic banking contracts, and Islamic banking value proposition within the realm of not just Shariah-compliance, but of poverty reduction. The book concludes by developing economic theories that are home-grown - from Africa. After reading Basheer’s book, I believe that it will be a valuable material and reference point for those engaged in academia, banking and finance, development matters, governance, and overall policy formulation. Basheer’s ability to capture the complexities of Southern economies is indeed intriguing. I strongly recommend this book which is undeniably an integral approach to economic development.’ Abubakar Suleiman, Chief Financial Officer, Sterling Bank plc, Nigeria ’In An Integral Approach to Development Economics, Dr
