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Explore Islamic finance at a deeper level Intermediate Islamic
Finance: Theory and Practice fills the gap for students and
professionals who are already familiar with the fundamentals of
Islamic finance, but would like to gain an enhanced understanding
of Islamic finance theories and practices. This comprehensive text
provides you with coverage of global developments and describes the
role of Islamic finance within the global finance community to
guide you in your understanding of this important aspect of the
international financial landscape. The book references advance
concepts and specific problems in the practice of Islamic finance,
provides suggested further readings for each chapter, offers
details of advanced analysis, and presents key data in visual form
via graphs, figures, and tables. Profound changes have taken place
in the financial landscape over the past few decades, including
major innovations in financial instruments and substantial changes
in regulation. With global financial markets becoming increasingly
important players in the industry, it is critical that today's
financial professionals understand the essence and implications of
key Islamic finance theories and practices. * Build upon your
fundamental understanding of Islamic finance * Explore some areas
of convergence and conflict between Islamic finance and
conventional finance * Strengthen the harmony between Islamic and
conventional finance theories and their applications * Prepare for
a well-rounded career in finance by better understanding how
Islamic finance principles apply Intermediate Islamic Finance:
Theory and Practice is an essential text for graduate and
post-graduate finance students, economists, researchers, bankers,
financial regulators, policymakers, and members of the business
community who want to develop a deeper understanding of Islamic
finance theories and practices.
This book examines the application of risk-sharing finance as a
national economic policy in history and how it stimulated economic
recovery during a short period in Germany between 1933 and 1935.
Economic history indicates that risk-sharing instruments have
promoted socio-economic development in many parts of the world
while risk-shifting methods have imposed huge socio-economic costs
on many nations, leading to debt slavery on individual members.
This book highlights lessons to be learned from history and argues
that risk-sharing is a powerful tool for generating rapid economic
recovery and resumption of growth.
This book explains a perspective on the system of justice that
emerges in Islam if rules are followed and how the Islamic system
is differentiated from the conventional thinking on justice. It
examines conceptions of justice from the Enlightenment to Bentham
to Rawls to contemporary philosophers including Sen, Cohen,
Nussbaum, and Pogge. The authors present the views of twentieth
century Muslim thinkers on justice who see Muslims upholding
rituals but not living according to Qur'anic rules. It provides
empirical surveys of the current state of justice in Muslim
countries analyzing the economic, social, and political state of
affairs. The authors conclude by assessing the state of
justice-injustice in Muslim countries and highlighting areas in
need of attention for justice to prevail.
This book provides an introductory theoretical foundation of the
ethics embedded in Islamic economics and finance, and it shows how
this ethical framework could pave the way to economic and social
justice. It demonstrates how Islamic finance-a risk-sharing and
asset-backed finance-has embedded universal values, ethical rules,
and virtues, and how these qualities may be applied to a supposedly
value-neutral social science to influence policy-making. This book
argues that ethical and responsible finance, such as Islamic
finance, could lead the efforts to achieve sustainable economic
development. Iqbal and Mirakhor then conduct a comparative analysis
of Islamic and conventional financial systems and present Islamic
finance as an alternative that can address today's growing problems
of inequality, social injustice, financial repression, unethical
leadership, and lack of opportunity to share prosperity.
This book offers an alternative framework for macroeconomic policy
in Malaysia, derived from the universal principles of social
justice espoused in the objectives of the Shariah. It attempts to
holistically analyze issues related to public finance, which has
been criticized for lack of transparency and justice in wealth
distribution. This book explores these criticisms and discusses the
principles of Islamic finance that may be applied to macroeconomic
policymaking to create a better economy overall. It presents a case
for a flat tax system, to make the economy more resilient to
shocks, and financing methods that limit interest-rate-based debt
contracts and allow greater risk sharing among the market
participants on a broad scale. Using both qualitative and
quantitative methods, this book models the Malaysian economy based
on policies that apply the fundamental Islamic finance principle of
risk sharing to demonstrate its benefits in spurring growth,
promoting distributive justice, rendering the economy more stable,
strengthening the potency of monetary policy, enhancing fiscal
governance, and improving financial inclusion. The book will be of
interest to students, policymakers, financial institutions,
researchers, ministries of finance, central banks, securities
commissions, and anyone interested in alternative economic
paradigms.
This book provides an introduction to the vision of an economic
system based completely on the Holy Qur'an-a system defined as a
collection of institutions, representing rules of behavior,
prescribed by Allah for humans, and the traditions of the
Messenger. The authors argue that the main reason for the economic
underperformance of Muslim countries and their economies has been
non-compliance with the prescribed rules of behavior. Rule
non-compliance has been chiefly due to the failure of Muslims to
comprehend the Metaframework of the Qur'an and the Archetype Model
of the Prophet Mohammad and interpret them in ways compatible with
their own generation and time. Askari and Mirakhor believe these
rules (institutions), properly adapted to prevailing conditions
present what they consider as an ideal economic system.
This book addresses the financing of government budgets with
non-debt-creating flows through risk-sharing capital market
instruments. It offers a comparative analysis with conventional
finance to demonstrate the ability of Islamic capital market
instruments to create an impetus for economic stability and growth.
Rizvi, Bacha, and Mirakhor guide readers chronologically through
the unfolding effects of macroeconomic policy implemented to reduce
crippling sovereign debt, increase government financing, and guide
governments to the path of economic progress.
This exciting new addition to Palgrave Studies in Islamic Banking,
Finance, and Economics argues that social capital can facilitate
rule-compliance and co-operation in the sharing of risk in
financial and economic activities.
The contemporary finance deals mainly with multilateral and
multi-counterparty transactions. Islamic Jurisprudence (Fiqh) has
yet to develop its conceptualization of this modality of financing.
Thus far, it has become a norm for large financing projects to rely
on a complex structure of interconnected bilateral contracts that
in totality becomes opaque, complex and costly. An unfortunate
result of the unavailability of an efficient Fiqhi model applicable
to modern multilateral and multi-counterparty contracts has been
the fact that the present Islamic finance has been forced to
replicate conventional risk-transfer (interest rate based) debt
contracts thus drawing severe criticisms of duplicating
conventional finance. In 2012, a gathering of some of the Muslim
world's most prominent experts in Jurisprudence (Fuqaha) and
economists issued the Kuala Lumpur Declaration (Fatwa) in which
they identified risk sharing as the essence of Islamic finance. The
Declaration opened the door for a new Fiqh approach to take the
lead in developing the jurisprudence of multilateral and
multi-counterparty transactions. This Declaration (Fatwa) provides
a prime motivation to search for a comprehensive model of risk
sharing that can serve as an archetypal contract encompassing all
potential contemporary financial transactions. From the perspective
of Islamic Jurisprudence (Fiqh), the technicalities of the concept
of risk sharing in contemporary finance have yet to be defined in
Islamic literature. This book attempts to clarify and shed light on
these technicalities from the perspective of Fiqh. It is a
comprehensive study that relies on the fundamental Islamic sources
to establish a theoretical and practical perspective of Fiqh
encompassing risk-sharing Islamic finance as envisioned in the
Kuala Lumpur Declaration of 2012. This new paradigm should lead to
a more efficient approach to multilateral and multi-counterparty
Islamic contracts which, here-to-fore has been lacking in the
current configuration of Islamic finance.
This handbook offers a unique and original collection of analytical
studies in Islamic economics and finance, and constitutes a humble
addition to the literature on new economic thinking and global
finance. The growing risks stemming from higher debt, slower
growth, and limited room for policy maneuver raise concerns about
the ability and propensity of modern economies to find effective
solutions to chronic problems. It is important to understand the
structural roots of inherent imbalance, persistence-in-error
patterns, policy and governance failures, as well as moral and
ethical failures. Admittedly, finance and economics have their own
failures, with abstract theory bearing little relation with the
real economy, uncertainties and vicissitudes of economic life.
Economic research has certainly become more empirical despite, or
perhaps because of, the lack of guidance from theory. The analytics
of Islamic economics and finance may not differ from standard
frameworks, methods, and techniques used in conventional economics,
but may offer new perspectives on the making of financial crises,
nature of credit cycles, roots of financial system instability, and
determinants of income disparities. The focus is placed on the
logical coherence of Islamic economics and finance, properties of
Islamic capital markets, workings of Islamic banking, pricing of
Islamic financial instruments, and limits of debt financing, fiscal
stimulus and conventional monetary policies, inter alia. Readers
with investment, regulatory, and academic interests will find the
body of analytical evidence to span many areas of economic inquiry,
refuting thereby the false argument that given its religious
tenets, Islamic economics is intrinsically narrative, descriptive
and not amenable to testable implications. Thus, the handbook may
contribute toward a redefinition of a dismal science in search for
an elusive balance between rationality, ethics and morality, and
toward a remodeling of economies based on risk sharing and
prosperity for all humanity
Despite noticeable growth in Islamic banking and finance literature
in recent years, very few published books in this area deal with
supervisory and regulatory issues in Islamic banking -
theoretically or empirically - and none with the critical issue of
risks involved in liquidity management of Islamic banks. This
unique book is the first of its kind in dealing with challenges
these financial institutions face in the absence of interest rate
mechanism and debt-based financial instruments. The book examines
critically issues involve in managing the risk of liquidity
management for these types of institutions, including those
stemming from Basel requirements. It then offers an alternative
regulatory framework more appropriately suited for such banks
without compromising safety and security. The book's unique
features and innovative dimensions diagnostically differentiate
between Islamic banks and conventional banks as related to
liquidity management risks. It proposes a risk-sharing regulatory
framework that, once implemented, would mitigate risks posed by
balance-sheet mismatches. The book aims to assist regulators,
supervisors, Islamic finance practitioners, academicians and other
relevant stakeholders.
This book discusses the need for a paradigm shift from Islamic
economics universe of discourse to IqtisÄd, a socio-economic
system that is entirely independent from other economic doctrines
and systems of thought. It provides an overview of critiques of the
science and dogma of mainstream, orthodox, neoclassical, or simply
Economics, with its axioms of rationality, scarcity, and unlimited
wants. There is also a critical analysis of Islamic economics, and
its failures to set its own policy agenda and development
objectives. Our contention in this book is that IqtisÄd--the
Qur’an’s vision of how the economy is to be arranged—provides
such a paradigm with a radically different philosophical foundation
from that of Economics to the point that makes grafting one onto
the other Impossible. IqtisÄd offers a genuine and
authentic Islamic paradigm with unique etymological and
philosophical foundations. It is a unique system that derives
its organizing principles from the principal source
of the Quran, rather than Economics. The
logical coherence of its immutable system of rules compliance,
institutional structures, and risk-sharing relations provides the
foundations for economic dynamism, financial stability, and
shared prosperity. It ensures that resources are efficiently
managed, poverty is eradicated, income and wealth mal-distributions
are corrected, and the internal sources of economic injustices
gripping human societies are eliminated. The Impossibility
Theorem proposed in this book implies that, metaphysically,
ontologically, epistemologically, axiologically, and
teleologically, the two polar cases of IqtisÄd and
Economics are so radically different to rule out any grafting of
one onto the other in order to present an intermediate paradigm
with a synthetic discipline called Islamic economics. Given its
multidisciplinary contents, this book will be of interest to
a wide audience, including economists, policymakers, philosophers,
theologians, and jurists, and can guide also free-thinking readers
to a clarity of understanding about the conditions of humanity and
the imperative of change with a sincerity of purpose and coherence
in knowledge. Â
This book examines the application of risk-sharing finance as a
national economic policy in history and how it stimulated economic
recovery during a short period in Germany between 1933 and 1935.
Economic history indicates that risk-sharing instruments have
promoted socio-economic development in many parts of the world
while risk-shifting methods have imposed huge socio-economic costs
on many nations, leading to debt slavery on individual members.
This book highlights lessons to be learned from history and argues
that risk-sharing is a powerful tool for generating rapid economic
recovery and resumption of growth.
Income inequality is a serious problem confronting not only the
developed world but also developing countries. Recently,
financialization has been one of the culprits identified in
literature as one of the cause of income inequality. This book
offers the only detailed presentation of the how financialization
aided the spread of income inequality in Organization of Islamic
Cooperation, OIC countries. Finance has taking a center stage in
the affairs of most developing economies, surpassing the real
sector of the economy. The result is the creation of an indebted
society in which people are comfortable with financing their
financial needs through credit. This creates a debt laden society
that is trapped in the cycle of debt. This book represents a
comprehensive and indispensable source for students, practitioners
and the general public at large. It presents data which shows the
buildup of debt and the rising income inequality in Muslim
countries. It includes discussion of the rise in rentier income,
financialization of everyday life, decline in physical capital
accumulation and deregulation of the financial sector. The book
therefore, proffers solutions on how Muslim countries can come out
of the present economic problem facing them. The promotion and
adoption of Islamic principles, which promotes risk sharing based
contracts as against debt based transaction is the way to go. When
financial contracts are based on the principles of risk sharing,
any gains from economic activities get to be shared equitably.
Hence, not only capital owners get to enjoy the benefit from the
income derived from investments, but rather, all parties that
partake in the contract. Distinguished by its clarity and
readability as it is written in a very easy to understand language,
it is an important reference work for any concerned individual
interested on the recent causes of income inequality in Muslim
World.
This book examines the conceptions of justice from Zarathustra to
Islam. The text explores the conceptions of justice by Zarathustra,
Ancient Egypt, India, Mesopotamia, Noah, Abraham, and Moses. During
the Axial Age (800-200BCE), the focus of justice is in India,
China, and Greece. In the post-Axial age, the focus is on
Christianity. The authors then turn to Islam, where justice is
conceived as a system, which emerges if the Qur'anic rules are
followed. This work concludes with the views of early Muslim
thinkers and on how these societies deteriorated after the death of
the Prophet. The monograph is ideal for those interested in the
conception of justice through the ages, Islamic studies, political
Islam, and issues of peace and justice.
Wealth inequality has been not only rising at unsustainable pace
but also dissociated from income inequality because of the fact
that wealth is increasing without concomitant increase in savings
and productive capital. Compelling evidence indicates that capital
gains and other economic rents are mainly responsible for wealth
inequality and its divergence from income inequality. The main
argument of the book is that interest-based debt contracts are one
of the drivers of wealth inequality through creating
disproportional economic rents for the asset-rich. The book also
introduces the idea of risk-sharing asset-based redistribution,
which is a novel and viable policy proposal, as an effective
redistribution tool to address the wealth inequality problem.
Furthermore, a large-scale stock-flow consistent macroeconomic
model, which is step by step constructed in the book, sheds light
on the formation of wealth inequality in a debt-based economy and
on the prospective benefits of implementing risk-sharing
asset-based redistribution policy tools compared to traditional
redistribution policy options. The research presented in this book
is novel in many respects and first of its kind in the Islamic
economics and finance literature.
This book provides an introductory theoretical foundation of the
ethics embedded in Islamic economics and finance, and it shows how
this ethical framework could pave the way to economic and social
justice. It demonstrates how Islamic finance-a risk-sharing and
asset-backed finance-has embedded universal values, ethical rules,
and virtues, and how these qualities may be applied to a supposedly
value-neutral social science to influence policy-making. This book
argues that ethical and responsible finance, such as Islamic
finance, could lead the efforts to achieve sustainable economic
development. Iqbal and Mirakhor then conduct a comparative analysis
of Islamic and conventional financial systems and present Islamic
finance as an alternative that can address today's growing problems
of inequality, social injustice, financial repression, unethical
leadership, and lack of opportunity to share prosperity.
Since the financial crisis of 2007/2008, a renewed discussion on
the ethics and finance is being examined from different dimensions
- finance for good society, responsible finance, ethical finance,
financial crimes, and financial repression. The principal objective
of this Handbook on Ethics of Islamic Economics and Finance is to
provide a deeper understanding of the ethical underpinning of
Islamic economics and finance. The reader will notice that the
Handbook reflects a diversity of views on the subject of economic
and business ethics in Islam across the intellectual spectrum of
Muslim thought over the globe. Handbook attempts to find answers to
some questions concerning the definition and characteristics of the
ethical system in Islam. What is its goal and how do its rules and
practices ensure welfare for individuals and society? Are the moral
principles universal and invariable or do they change and adapt
with the social changes of communities and progress in science and
technology? Is the present generation accountable for the welfare
of future generations? Where is the boundary between law and ethics
and who guarantees their adoption and implementation?
Crowdfunding is increasingly becoming a method of mobilizing
project finance ventures, particularly in a sharing economy.
Moreover, the element of risk sharing which is found in equity
crowdfunding makes up the essence of Islamic finance. However, as
with any type of risk-sharing contract, Islamic crowdfunding faces
the problem of lack of trust and information asymmetry. The author
employs a game theory approach to Islamic crowdfunding as a means
to tackle the issue of information asymmetry through a "reputation
mechanism" which is touted as one of the latest means of solving
information asymmetry in web-based social networks. The primary
objective of the reputation mechanism is to enable more efficient
transactions in communities where cooperation is compromised by
post-contractual opportunism or information asymmetry. The game
theory approach in this study involves two different games:
"without Fame" and "with Fame", and it is proposed that a "with
Fame" crowdfunding game produces better results. The reputational
mechanism in this research was also designed specifically to
eliminate any potential moral hazards and minimize information
asymmetry. In this study, "Fame" refers to the credibility of every
individual within the crowdfunding system. Fame is a form of
systematic, measurable and computable (implicit and explicit)
reputation, which allows other members of the crowdfunding social
network to better learn about the individual and their credibility.
Belief and Rule Compliance: An Experimental Comparison of Muslim
and Non-Muslim Economic Behavior uses modern behavioral science and
game theory to examine the behavior and compliance of Muslim
populations to Islamic Finance laws and norms. The work identifies
behaviors characterized by unexpected complexity and profound
divergence, including expectations for sharing, cooperation and
entrepreneurship gleaned from studies. Adopting a unique set of
recent empirical observations, the work provides a reliable
behavioral foundation for practitioners seeking to evaluate, create
and market Islamic financial products.
Over the last three decades, the concepts of Islamic finance and
Islamic economics have captured the attention of researchers. The
growing market for transactions compatible with Islamic law
(Shari-ah) is further evidence of growing interest in this mode of
finance. By some estimates, the total volume of Islamic financial
assets has grown by 15 to 20 percent a year since 1990 and now
exceeds $1.3 trillion. The growth of the Islamic financial sector
in 2006 10 period surpassed the growth of conventional financial
sector in all segments of the market, ranging from commercial
banking, investment banking, and fund management to insurance in
several Muslim-majority countries. The growth of this market has
been driven by the high demand for Shari-ah-compliant products, as
well as the increasing liquidity in Gulf region due to high oil
revenues. Following on from the significant developments that have
occurred in what is viewed as the core area for this market the
predominantly Muslim countries we are now witnessing the
globalization of Islamic finance. In recent years, significant
interest in Islamic finance has emerged in the world s leading
conventional financial centers, including London, New York, and
Hong Kong, and Western investors are increasingly considering
investment in Islamic financial products. Although Islamic finance
is one of the fastest growing segments of emerging global financial
markets, it is often stated that the market is far below its true
potential. At the same time, the concepts of Islamic finance are
not fully explained and exploited especially in the areas of
economic development, inclusion, access to finance, and public
policy. This volume attempts to highlight some of the key features
of Islamic finance relevant to economic development. The objective
of the volume is to improve understanding of the perspective of
Islamic finance on economic development, social and economic
justice, human welfare, and economic growth."
Islamic Capital Markets: A Comparative Approach (2nd Edition) looks
at the similarities and differences between Islamic capital markets
and conventional capital markets. The book explains each topic from
both the conventional and the Islamic perspective, offering a full
understanding of Islamic capital markets, processes, and
instruments. In addition to a full explanation of Islamic products,
the book also ensures a holistic understanding of the dual markets
within which Islamic capital markets operate.Ideal for both
students and current practitioners, the second edition of the
highly successful Islamic Capital Markets: A Comparative Approach
fills a large gap in the current literature on the subject,
featuring case studies from Malaysia, Indonesia, Europe, and the
Middle East. One of the few comprehensive, dedicated guides to the
subject available, the book offers comprehensive and in-depth
insights on the topic of Islamic finance for students and
professionals alike.
Islamic Capital Markets: A Comparative Approach (2nd Edition) looks
at the similarities and differences between Islamic capital markets
and conventional capital markets. The book explains each topic from
both the conventional and the Islamic perspective, offering a full
understanding of Islamic capital markets, processes, and
instruments. In addition to a full explanation of Islamic products,
the book also ensures a holistic understanding of the dual markets
within which Islamic capital markets operate.Ideal for both
students and current practitioners, the second edition of the
highly successful Islamic Capital Markets: A Comparative Approach
fills a large gap in the current literature on the subject,
featuring case studies from Malaysia, Indonesia, Europe, and the
Middle East. One of the few comprehensive, dedicated guides to the
subject available, the book offers comprehensive and in-depth
insights on the topic of Islamic finance for students and
professionals alike.
Resource Rich Muslim Countries and Islamic Institutional Reforms
explores the "resource curse," a condition in which a country's
abundance of natural resources is negatively linked with the
country's development and economic growth, in resource rich Muslim
countries. The resource curse puzzle has been studied for over
twenty years, with prior researchers looking to prove its existence
and explore its causes. Recent studies have begun to indicate
institutional failure as a likely cause of the curse, as wealth of
resources tends to cause counterproductive behaviors such as
rent-seeking, patronage and corruption. The subpar economic
performance of resource rich Muslim countries in the Organization
of the Islamic Cooperation (OIC) could be attributed to the
manifestation of a resource curse. Collectively, the member
countries of the OIC contribute over 9% of the world's total GDP
with 22.8% of the world's population. Saudi Arabia and the United
Arab Emirates alone contribute about 17% of world oil production.
Resource rich Muslim countries should be at the forefront of
economic performance and growth, yet we see the opposite when we
compare the performance of these countries to countries that are
not resource rich (such as Spain, France, Hong Kong and Japan).
Through an analysis of sample countries, the authors have
discovered that natural resources exert a drag on the countries'
economic growth, thereby indicating the presence of the resource
curse. Their research also found weaknesses in the quality of
institutions as the cause of the curse. To counteract the negative
effects of the resource curse in resource rich Muslim countries,
the authors provide a number of Islamic institutional reforms.
Antifragility of Islamic Finance: The Risk-Sharing Alternative
explains how risk-sharing, as defined under Islamic finance, makes
financial systems antifragile. It highlights the benefits of 100%
equity-based finance over debt-based finance. The recent financial
crisis has given rise to discussions on a new approach to risk
management called antifragility. This concept specifies conditions
under which systems become resilient to shocks caused by Black
Swans-highly unpredictable outlier events that have a major
negative (or positive) consequence when they occur, with their
occurrence only explained retrospectively. Per this concept, the
long-term survivability of any system centers exclusively on its
antifragile nature, that is, its ability to absorb and even benefit
from Black Swan-type shocks. This book aims to investigate
risk-sharing Islamic finance as an antifragile system. As a
by-product of the Great Recession, the problems of debt-based
financial systems are starting to be highlighted by industry and by
academia. The antifragile solution for avoiding future financial
crises is primarily centered on moving the existing financial
system towards more equity and less debt, thereby introducing
skin-in-the-game into financial transactions. This book introduces
a model of a 100% equity-based financial system, centered on risk
sharing, as a possible alternative to the contemporary debt-based,
conventional financial system, which is based on risk transfer and
on risk shifting. In essence, this book attempts to provide a
practical model for an antifragile financial system by evaluating
the characteristics of Islamic finance under the criteria of
antifragility.
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