Islamic Wealth Management
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Islamic Wealth Management

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.
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Chapter 7: Sovereign wealth funds and foreign exchange reserves as state wealth

John Farrar and Mohamed Ariff

Abstract

Wealth of people is now also found collected at the government level as SWF and Reserves. Truly these are wealth belonging to the peoples of the countries which have set up sovereign funds to manage the people’s wealth at the state level. Some 44 countries have a total of some US$ 5 trillion while the people’s foreign reserves managed by governments amount to some US$12 trillion. We note that these funds often give the countries some leverage in accessing investments in third countries disproportionate to the size of the countries having this SWF. The regulatory and management challenges of these funds are explored in this chapter.

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