Inclusive Welfare On the Role of Islamic Social-Public Finance and Monetary Economics

This open access book serves to spur further development of Islamic economic and financial concepts and practices, particularly in terms of Islamic social-public finance and Islamic monetary policy support.  The book has a number of objectives across different aspects.  From an academic perspective, the book aims to foster frontier thinking and concepts that advance scientific ideas and teaching materials relating to the Islamic financial system, particularly the role of Islamic social-public finance and Islamic monetary economics.  From a policy perspective, the book explores and develops discussions that support public policy innovation, thereby providing comprehensive understanding of policy theories and practices in the Islamic financial system.  From a practical perspective, the book is expected to contribute by increasing knowledge and understanding concerning the application and scope of the Islamic economic system. This will confer various benefits to the readers.

1. Introduction.- 2. Islamic Economic and Financial System.- 3. Philosophical Foundation and Underlying Principles of Islamic Finance.- 4. Basic Theory of Islamic Social-Public Finance.- 5. Economic Implications of Islamic Social-Public Finance.- 6. Islamic Social-Public Finance Practices During Early Islam.- 7. Islamic Social-Public Finance Practices in Various Countries.- 8. Islamic Monetary Economic Thought.- 9. Basic Theory of Money In Islam- 10. Inflation, Exchange Rates and Interest Rates.- 11. Investment, Finance and Monetary Policy.- 12. Islamic Monetary Policy Practices.- 13. Realising Inclusive Welfare: Lessons Learned.

Solikin M. Juhro is an Assistant Governor who serves as the Head of Macroprudential Policy Department, Bank Indonesia. Prior to his current position, he headed the Economic and Monetary Policy Department and the Bank Indonesia Institute. In his distinguished career at Bank Indonesia spanning more than 25 years, he has been extensively involved with macro-monetary  economic  policy  research and  has  spoken on academic and central banking issues at various national and international fora.  His current research focuses on central bank policy mix, macroeconomic transformation and digital economy, and frontier issues in economic development, many of which have been published internationally in the form of books and journal articles. With Dr. Perry Warjiyo, he wrote central banking reference books, namely ”Central Bank Policy: Theory and Practice" ( 2019) and "Central Policy Mix: Issues, Challenges, and Policy Responses" (2022). He completed his Bachelor’s degree in Economics at the Airlangga University, Indonesia; a Master’s degree in Applied Economics at the University of Michigan, Ann Arbor, USA; a master’s degree in Economics at the University of Maryland, College Park, USA; and a doctoral degree in Economics (with cum laude) at the University of Indonesia, Indonesia.

Ferry Syarifuddin is a Research Specialist and Senior Deputy Director of the Islamic Economics and Finance Department of Bank Indonesia, the Central Bank of Indonesia. He has authored numerous articles and 20 books in monetary economics, financial system stability, foreign reserves management, and Islamic economics/finance. He holds a Bachelor's in Economics from Padjadjaran University, Indonesia; a Master's in Development Economics from Manchester University, England; and a Ph.D. in Financial Management from IPB University, Indonesia. Since joining Bank Indonesia, he has held various key roles in financial analysis, monetary policy, financial system architecture, payment systems, and central bank digital currency (CBDC) task forces. He served on the Managing Editor team of Bank Indonesia's Scopus-indexed journal, "Bulletin of Monetary Economics and Banking" (2017-2021). Currently, he is also an active postgraduate lecturer at IPB University and several universities in the country.

Ali Sakti is Senior Economist in Bank Indonesia. He is co-managing editor of Journal of Islamic Monetary, Economics and Finance, a Scopus indexed journal published by Bank Indonesia. He was a member of the Islamic Financial Services Board (IFSB) Working Group on Shari'ah Governance Systems and Conduct of Business for Institutions Offering Islamic Financial Services Standards. Experienced and passionate researcher with over twenty years of experience in the Islamic Economics and Finance, covering topics of Islamic Banking, Islamic Microfinance, Islamic Public Finance and Islamic Social Finance. He has written dozens of books and several journal articles published nationally and internationally. Striving to provide every research with innovation, quality, and commitment to develop excellent concept and practice of Islamic Economics and Finance. Working to uphold a commitment to Islamic Economics and Finance development and structuring simple practices for the people. He completed his Bachelor’s degree in Economics at the Padjadjaran University, Indonesia; a Master’s degree in Economics at the International Islamic University of Malaysia, Malaysia; and a Doctoral degree in Islamic Finance at the University of Indonesia, Indonesia.