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By Basheer A. Oshodi

Constructing economies comparable to these in sub-Saharan Africa are seeking life like fiscal coverage prescriptions. regardless of financial development in nations like Nigeria, poverty and unemployment blight the lives of many, in the course of lots. concurrently, a lot neo-classical financial concept is being puzzled opposed to the backdrop of worldwide financial meltdown, giving upward thrust to inquiry approximately extra indispensable methods to sustainable development.In An necessary method of improvement Economics, Basheer Oshodi examines modernization theories, dependency theories, international process theories and rising twenty first century financial theories and hyperlinks a neo-modern mixture of financial idea with the practicalities of finance in elements of the area the place poverty is rife. In a in particular African surroundings, over 1/2 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 foundations of Islamic banking and finance may be built-in with different parts of that historical past, concentrating on assembly the demanding situations of poverty and unemployment. Islamic finance is not only a religiously-oriented, Sharia-compliant, replacement monetary version. it could give a contribution to total socio-economic transformation and a much broader, people-centred method of fiscal improvement. overseas agencies, monetary associations, reserve banks, coverage makers, donor organizations and scholars will locate resonance during this helpful addition to Gower's Transformation and Innovation sequence.

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Extra info for An Integral Approach to Development Economics: Islamic Finance in an African Context

Sample text

This book is largely influenced by my personal life experience as a Nigerian living primarily in Nigeria with Western influences. The topic of this study developed gradually through the influence of my socio-cultural background from childhood through my educational experience, my work experience, the nature of the Nigerian state in my lifetime, the impact of colonialism, and external influences in development, predatory governance within the country, neo-liberal and Keynesian forces, and ethno-religious factors.

First, I set up an NGO called the Ade-Oshodi Foundation, intended to touch the lives of a tiny fraction of my immediate community in a small way. Second, I started a research programme in the UK, which contributed, to my Masters in Research (MRes) on the interplay of good governance indicators and development indicators, comparing Nigeria and India. While in the UK, I took a four-week holiday job at the Foreign and Commonwealth Office (FCO). While there, I learned that government services should come at zero cost to the people and that zero tolerance for corruption is a culture.

I never understood the meaning of poverty until I was at university and found that most students could barely afford one good meal a day, much less to buy books. Then federal universities became heavily subsidized and tuition fees and accommodation barely cost US$100 per session. My academic and work experiences further exposed me to people from several other socioeconomic backgrounds, and I realized for the first time that poverty for most Nigerians is a normal way of life. That was the most important part of my experience, until I lost my father.

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