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Financial markets have the obligation to support the real economy has become the development and sustainable economic growth. Capital is an indispensable tool for economic growth and prosperity, which is accelerated through the financial markets, and Islamic finance tools have developed significantly in Islamic countries in recent years. Promoting macroeconomic objectives such as sustainability and achieving endogenous and viable economic growth are the purposes of all economic systems. Increasing growth of financial methods and development of these systems drives from this reality that the sustainable development of the financial system is an integral part of economic system development. Islamic financing has emerged in the world financial literature, intending to provide a new model for replacing conventional financial plans and providing financial, commercial and investment facilities and opportunities by the principles of Sharia. This system has been able to identify its various dimensions. Due to the particular benefits and advantages of Islamic financing, the issue of Islamic financing has become critical in the international arena. By assuming Islamic financial systems, it can be concluded that they do not permit the use of current financial methods since usury is forbidden in Islam. So, they attempt to create Islamic financial instruments. As an Islamic and non-usury financial instrument, Sukuk has found a suitable position among Islamic governments and companies. Islamic financing has emerged in the world financial literature to provide a new model for replacing traditional and conventional financial systems and providing financial, commercial and investment facilities and opportunities under the principles of Sharia. The purpose of the present study is to investigate the role of Islamic financing of Sukuk on the economic growth of Malaysia, Iran, Pakistan, Qatar, Bahrain, Turkey, Indonesia, UAE and Saudi Arabia; applying the panel data, will be analysed the variables affecting economic growth (government spending, gross capital formation, labour force, exports and Sukuk).

This book explores the volatility, efficiency and integration of stock markets in Islamic countries. It presents recent trends, growth and performance, before moving on to explore how patterns change during different business cycles for short-term and long-term investors, and ranks the efficiency of the various markets. It addresses how the level of market integration has been affected during different economic periods, and concludes by summarising the performance of the stock markets, suggesting potential future directions for these markets. Chapter 1: An Introduction to Islamic Stock Markets: Trends, Growth and Performance -- Chapter 2: Islamic Stock Market Volatility, An Empirical Analysis -- Chapter 3: Islamic Stock Market Efficiency, An Empirical Analysis -- Chapter 4: Islamic Stock Market Integration -- Chapter 5: Conclusion

We thought "isms" were dead after our disillusionment with socialist utopian thinking in practice. But in the last two decades, new "isms," Islamism, feminism and postmodernism, each very distinct, have changed our lives as much as our conceptions of ourselves and our societies. Feminism redefined woman's identity and, by the same token, changed the relations between man and woman; Islamism brought Muslim actors to modern politics, in which the veiling of women blurs habitual distinctions between public and private, traditional and modern; and post-modernism-by pursuing the critique initiated by new social movements for egalitarian, progressive, emancipatory values of enlightened modernity-challenged the central and hierarchical place occupied by the West as standard-bearer of modernity. Despite their differences, each movement—feminism as a social movement, Islamism as an anti-systemic movement, and postmodernism as a movement of ideas—changed definitions and perceptions of woman, Islam and modernity.

The article deals with the analogue forms of civil society in the Islamic countries of the South. The author analyzes the formation and development of the civil society in this region of the world, its specifics and peculiarities. The author also shows that burgeoning civil society models of non-western area have their own specific features, which are determined by a unique way of civilizational development and by significant impact of the religious factor. The present research brings up a methodological novation – an analogous civil society. According to this novation, the developing political system (which takes part in civilizational competition with other systems and tries to use their historical experience and accumulated resources explicitly, for example, by attracting ideas, technologies, investments, or implicitly – by creating the same resources through modernization and social mobilization) does not imply an organic link between ideologically reflected meaning of this system's existence, the forms of such existence, and the main institutions' functionality. Moreover, this smoothness is not very important and desirable for the analogue system or its components. The meaning of such system's existence is using the forms, principles, mechanisms, elaborated through historical development of social and political systems for their own specific purposes, for the sake of diametrically opposed goals that sometimes are not very detailed.

Organization of Islamic Conference is the only International governmental agency that has all Muslim countries as its members. Hence, this organization represents both the member states and Islam at the international level. The organization operates based on the charter approved by members come in 1972. It is a NGO and international mechanisms for Islamic countries to achieve Islamic solidarity. Original and divine sources of Islam encompass all Islamic principles and values. International relations inspired by the original Islamic sources has been developed and implemented among Muslim countries with the efforts of Muslim scholars and jurists. Some of the most recognized principles are equality, justice, respect, fulfillment of the covenant, cooperation, development, peace and security, respect for the right of self-determination, as well as preventing aggression, corruption, tyranny, and ultimately jihad. Statute of the Organization of Islamic Conference reflects and embodies the values and principles of Islam. The introduction to the Statute emphasizes on member states' commitment to preserve Islamic, spiritual, religious, social and economic values and principles; foreign targets of Muslim countries should be evidently the very embodiment of these principles. This research aims to examine the organization's capacity to enter legal disputes among member countries of this major political organization in the Muslim world. DOI:10.5901/mjss.2016.v7n4p682

As one of the members of the Organisation of Islamic Corporation (OIC), Indonesia has excellent trade prospects. Therefore, this study has a purpose to examine the impact of macroeconomics factors on trade between Indonesia and intra-OIC countries. The variables of macroeconomics in this study consist of country risks, inflation, exchange rate, oil price, and economic growth. Quantitative is the right method for this study, applying Ordinary Least Square (OLS) regression with the help of EViews. The data used for the analysis is a time horizon with annual frequency from 1986 to 2016. Furthermore, finding shows that almost all variables of macroeconomics play an insignificant role in determining the trade between Indonesia and Islamic countries. However, the oil price is the only variable to show its contribution towards trade between Indonesia and intra-OIC countries. The results indicate that macroeconomic variables do not contribute to the key decisions for conducting trade internationally. Political factors and bilateral treaties become better variables to explain Indonesia's trade with other Islamic countries. Keywords: Country Risk, International Trade, Macroeconomic, Organisation of Islamic Corporation, Indonesia.

AbstractThis paper is primarily concerned with the empirical relationship between the stock market and banking developments and economic growth in a panel of 10 Asian Islamic countries over the period 1990–2009. In order to explore whether there is a positive relationship between the financial development and growth, this study employs the dynamic panel pooled mean‐group techniques. Having controlled the simultaneity bias, the obtained results prove that the development of both banks and stock markets exerts a significant effect on the economic growth. Furthermore, the results also indicated that in the long run, the bank credit, the turnover ratio, as well as the government consumption variables would be significant while positively contributing to the economic growth. Nonetheless, it was observed that not always the sign of the relationship was identical among diverse specifications and proxies. More specifically when controlling the Asian financial crisis, the stock market development exerts a negative effect on the growth, although it is negative for the banking development. It needs to be asserted that the findings obtained in this research are in accordance with the theories which lay emphasis on the significant and positive role of the financial development in the process of economic growth.