Making the Tunisian resurgence

Abstract EN

The economies of the Arab countries are generally projected to have shown not much inclusive economic growth, especially since the second half of the twentieth century.

Keeping in view the state of underdevelopment in their economies, several Arab countries had embarked on economic and financial reforms in collaboration with international financial institutions, such as the IMF and the World Bank, in order to overcome their economic difficulties.

This book review article sheds light on how the Arab Spring of 2011 resulted in income and wealth inequalities, weak investments, and growing unemployment in Tunisia.

The book under review, Making the Tunisian Resurgence, by Mahmoud Sami Nabi, raises theoretical as well as practical debate on the possibility of applying Islamic modes of financing in the present-day Tunisian economy.

While highlighting the economic ideas of Ibn Khaldun, the author presents a new alternative to the capitalistic economic model at the practical front and defends at a good length the application of equity finance, Islamic bonds, ṣukūk, crowdfunding, and trade finance, with special focus on the role of participatory banks (Islamic banks), zakāh and waqf so as to access the potential of coupling cooperatives and microfinance in generating jobs for youth in the country.