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Book Review: Economic Development and Islamic Finance

This is a valuable book edited by two eminent scholars, Drs. Zamir Iqbal and Abbas Mirakhor. Dr. Iqbal is Principal Financial Officer of the ‘Quantitative Strategies, Risk and Analytics Department’ in the Treasury of the World Bank in Washington, while Dr. Mirakhor is now the First Holder of the INCEIF chair of Islamic Finance in Malaysia after having served as Executive Director at the IMF for a long period. The other contributors are Professors Habib Ahmed, Hussein Askari, Obiyathulla Bacha, Wang Yong Bao, Murat Clzakca, S. Nuri Erbas, Azura Othman, Scheherzade Rehman, Kamaruddin Sharif, Andrew Sheng and Ajit Singh. The enviable credentials of both the editors as well as some of the eleven other contributors to the volume are themselves enough to lead the reader to believe that the book is a valuable addition to the literature available on the subject. This belief gets a further boost after a careful reading of the book’s contents.