Islam and Wealth: The Balanced Approach to Wealth Creation, Accumulation and Distribution

Abstract

According to the International Monetary Fund (IMF), global debt has reached USD$184 trillion, or 225 percent of GDP in 2017. The top three global borrowers are the United States, China and Japan. These three economies represented more than half of the global debt. Global public debt has changed its profile since mid-1970s, with advanced economies leading, followed by emerging and low-income developing countries. Another recent development is related to the London Interbank Offered Rate (LIBOR). LIBOR is the benchmark for over USD$300 trillions of financial instruments such as loans and derivatives. It was introduced in the 1960s and at present is quoted in different currencies and maturities. Due to perceived malpractices in 2012-2013, LIBOR will be replaced by 2021.