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The ongoing digital transformation is shaping the Islamic mode of
financial intermediation and the impact on the faith-based
financial mode has been multifaceted. This has raised a host of
interesting questions: what is the degree of penetration of Islamic
finance in the fintech industry? Are Islamic financial institutions
(IFIs) or banks ready to embrace fintech? Is fintech an enabler or
barrier to achieve the intended purpose of Islamic finance? Will
technology narrow the division between Islamic and conventional
finance in the future? These are existential questions for Islamic
finance and the book endeavors to examine the impact of financial
technology on the industry. The book assesses various fintech
business models and how they could be a threat or an opportunity.
It also examines whether fintech provides IFIs an edge to serve
clients following the Shariah norms and how the adoption of fintech
in the Islamic mode is required for meeting the maqasid Al Shariah.
The book discusses applicability of fintech like blockchain,
digital currency, big data, and AI to different branches of Islamic
finance. This book will interest students, analysts, policymakers,
and regulators who are working on Islamic finance, financial
economics, Islamic economics, and development finance.
Indonesia is the most populous Muslim country in the world. Taking
into account also its endowment and potential economic resources,
the Islamic banking industry in Indonesia was expected to take on
an important role in facilitating more financial resources and to
contribute to the internationalization of the Islamic mode of
financing particularly in the Asia-Pacific region. However, the
reality is far from the expectation. This book aims to clarify the
causes and fundamental constraints leading to the extraordinarily
low level of Indonesia's Islamic financial deepening. The authors
draw on the traditions of Institutional Economics which are
concerned with the rules or mechanisms of creating the 'incentive'
and 'threat' for economic players because the rules (institutions)
would matter as the determinant for economic development and
economic efficiency. This book offers a fairly new analytical lens
by hypothesizing that Islamic banks must earn additional profit-
the authors coined as 'Islamic bank rent' - to maintain their
franchise value as prudent Shari'ah-compliant lenders when compared
to conventional banks. The authors argued that insufficient
provision of the Islamic bank rent opportunity may have caused the
Indonesia's Islamic banks the opportunity to learn and improve
their skill and capacity for the credit risk management. The book
also offers evidence in support of implementing economic and
affirmative policy necessary for incubating and developing the
Islamic banking industry in Indonesia and making Indonesia an
international Islamic financial hub in the Asia-Pacific region.
This book will be a useful resource for policy makers and
researchers interested in Islamic banking in Indonesia.
The phenomenal growth of Islamic finance in the last few decades
has been accompanied by a host of interesting questions and
challenges. One of the critical challenges is how Islamic financial
institutions can be motivated to participate in the 'equity-like'
profit-and-loss sharing (PLS) contracts. It is observed that
Islamic banks are reluctant to participate in the pure PLS scheme
which is manifested by the rising concentration of investment on
murabaha or mark-up financing. This phenomenon has been the hotbed
of academic criticism on the contemporary practice of Islamic
banking. This book explains the 'murabaha syndrome' in light of the
incentive provided by the current institutional framework and what
are the changes required in the governance structure to mend this
anomaly.
The ongoing digital transformation is shaping the Islamic mode of
financial intermediation and the impact on the faith-based
financial mode has been multifaceted. This has raised a host of
interesting questions: what is the degree of penetration of Islamic
finance in the fintech industry? Are Islamic financial institutions
(IFIs) or banks ready to embrace fintech? Is fintech an enabler or
barrier to achieve the intended purpose of Islamic finance? Will
technology narrow the division between Islamic and conventional
finance in the future? These are existential questions for Islamic
finance and the book endeavors to examine the impact of financial
technology on the industry. The book assesses various fintech
business models and how they could be a threat or an opportunity.
It also examines whether fintech provides IFIs an edge to serve
clients following the Shariah norms and how the adoption of fintech
in the Islamic mode is required for meeting the maqasid Al Shariah.
The book discusses applicability of fintech like blockchain,
digital currency, big data, and AI to different branches of Islamic
finance. This book will interest students, analysts, policymakers,
and regulators who are working on Islamic finance, financial
economics, Islamic economics, and development finance.
A stable and sound financial system plays a critical role in
mediating funds from surplus units to investors, making it a
prerequisite for economic development. Financial intermediaries
have been vulnerable to adverse changes in the local and global
economy and experienced frequent bubble-and-bust episodes
historically. Analyses of financial crises reveal that the
incentive created by neo-liberal financial principles is
inconsistent with stable financial systems, and viable solutions
require structuring institutions in a way that incentives are well
aligned with the fundamental principles of financial systems. By
drawing on the theoretical framework of the financial restraint
model, this book analyses financial sectors' rents or bank rents
and their effects on banks' performance and stability, and presents
evidence on the relationship between rent and incentive through
case studies of both developed and developing countries.
This book analyzes the impact of Basel Accord in Bangladesh. More
specifically, it focuses on the credit risk homogenization under
standardized approach of Basel Accord where External Credit Rating
Agencies (ECAIs) are allowed to rate the exposures, the potential
risk of allowing sub-ordinated debt (Sub-debt) as Tier 2 capital,
and multiple bank distress cases as a real-world scenarios. In
doing so, the book explores why the ECAIs rating fail to capture
the real credit risk of exposure and to what extent sub-debt is
reliable as regulatory capital. With that, the book's scope is
categorized into three tracts (i) analyzes the ECAIs incentive and
sanction issues from institutional economics perspective (ii)
discusses the ill-impact of Naive adoption of sub-ordinated debt as
regulatory capital and its associated risk on financial system, and
(iii) providing readers an empirical illustrations of bank distress
when an economy tapped into institutional failures in the
above-mentioned tracts (i) and (ii).
This book analyzes the impact of Basel Accord in Bangladesh. More
specifically, it focuses on the credit risk homogenization under
standardized approach of Basel Accord where External Credit Rating
Agencies (ECAIs) are allowed to rate the exposures, the potential
risk of allowing sub-ordinated debt (Sub-debt) as Tier 2 capital,
and multiple bank distress cases as a real-world scenarios. In
doing so, the book explores why the ECAIs rating fail to capture
the real credit risk of exposure and to what extent sub-debt is
reliable as regulatory capital. With that, the book's scope is
categorized into three tracts (i) analyzes the ECAIs incentive and
sanction issues from institutional economics perspective (ii)
discusses the ill-impact of Naive adoption of sub-ordinated debt as
regulatory capital and its associated risk on financial system, and
(iii) providing readers an empirical illustrations of bank distress
when an economy tapped into institutional failures in the
above-mentioned tracts (i) and (ii).
Indonesia is the most populous Muslim country in the world. Taking
into account also its endowment and potential economic resources,
the Islamic banking industry in Indonesia was expected to take on
an important role in facilitating more financial resources and to
contribute to the internationalization of the Islamic mode of
financing particularly in the Asia-Pacific region. However, the
reality is far from the expectation. This book aims to clarify the
causes and fundamental constraints leading to the extraordinarily
low level of Indonesia's Islamic financial deepening. The authors
draw on the traditions of Institutional Economics which are
concerned with the rules or mechanisms of creating the 'incentive'
and 'threat' for economic players because the rules (institutions)
would matter as the determinant for economic development and
economic efficiency. This book offers a fairly new analytical lens
by hypothesizing that Islamic banks must earn additional profit-
the authors coined as 'Islamic bank rent' - to maintain their
franchise value as prudent Shari'ah-compliant lenders when compared
to conventional banks. The authors argued that insufficient
provision of the Islamic bank rent opportunity may have caused the
Indonesia's Islamic banks the opportunity to learn and improve
their skill and capacity for the credit risk management. The book
also offers evidence in support of implementing economic and
affirmative policy necessary for incubating and developing the
Islamic banking industry in Indonesia and making Indonesia an
international Islamic financial hub in the Asia-Pacific region.
This book will be a useful resource for policy makers and
researchers interested in Islamic banking in Indonesia.
This book presents a critical reassessment of theories of property
rights, in response to conflicts and competition between different
groups, and the state. It does so by taking an institutional
political perspective to analyse the structures of property rights,
with a focus on a series of case studies from Bangladesh. In doing
so, the book highlights the importance of property rights for
economic growth, why developing countries often fail to design
property rights conducive for economic development, and the
strategies required for designing an efficient structure of rights.
Since property rights falls within the domain of Law and Economics,
the book ventures to explain legal issues from an economic
perspective, resulting in empirical analysis that comprises both
legal and non-legal cases.
This book presents a critical reassessment of theories of property
rights, in response to conflicts and competition between different
groups, and the state. It does so by taking an institutional
political perspective to analyse the structures of property rights,
with a focus on a series of case studies from Bangladesh. In doing
so, the book highlights the importance of property rights for
economic growth, why developing countries often fail to design
property rights conducive for economic development, and the
strategies required for designing an efficient structure of rights.
Since property rights falls within the domain of Law and Economics,
the book ventures to explain legal issues from an economic
perspective, resulting in empirical analysis that comprises both
legal and non-legal cases.
This book evaluates the salient features of Japanese relation-based
banking, particularly in the post war period, and Anglo-American
mode of banking to explain the nature and extent of transition
failure that caused prolonged financial and economic slump in
Japan.
The phenomenal growth of Islamic finance in the last few decades
has been accompanied by a host of interesting questions and
challenges. One of the critical challenges is how Islamic financial
institutions can be motivated to participate in the 'equity-like'
profit-and-loss sharing (PLS) contracts. It is observed that
Islamic banks are reluctant to participate in the pure PLS scheme
which is manifested by the rising concentration of investment on
murabaha or mark-up financing. This phenomenon has been the hotbed
of academic criticism on the contemporary practice of Islamic
banking. This book explains the 'murabaha syndrome' in light of the
incentive provided by the current institutional framework and what
are the changes required in the governance structure to mend this
anomaly.
A stable and sound financial system plays a critical role in
mediating funds from surplus units to investors, making it a
prerequisite for economic development. Financial intermediaries
have been vulnerable to adverse changes in the local and global
economy and experienced frequent bubble-and-bust episodes
historically. Analyses of financial crises reveal that the
incentive created by neo-liberal financial principles is
inconsistent with stable financial systems, and viable solutions
require structuring institutions in a way that incentives are well
aligned with the fundamental principles of financial systems. By
drawing on the theoretical framework of the financial restraint
model, this book analyses financial sectors' rents or bank rents
and their effects on banks' performance and stability, and presents
evidence on the relationship between rent and incentive through
case studies of both developed and developing countries.
This book focuses on the tremendous shift in both economic growth
and development progress taking place towards the Asia-Pacific
Region. Each of the countries in the region has various concerns
and challenges for its sustainable development, a common goal most
of them are trying to achieve at the moment. Interestingly,
sustainable development in the region may be critical for achieving
sustainable development at the global level as well. With a limited
mandate, the book covers some specific developmental issues of 'the
hot spots' of APR that are regarded to be contributing to their
sustainable development. The book also looks at the formation and
strengthening of some economic and financial initiatives with the
potentials to affect growth and influence economic cooperation and
integration of the countries in the region.
This book focuses on the tremendous shift in both economic growth
and development progress taking place towards the Asia-Pacific
Region. Each of the countries in the region has various concerns
and challenges for its sustainable development, a common goal most
of them are trying to achieve at the moment. Interestingly,
sustainable development in the region may be critical for achieving
sustainable development at the global level as well. With a limited
mandate, the book covers some specific developmental issues of 'the
hot spots' of APR that are regarded to be contributing to their
sustainable development. The book also looks at the formation and
strengthening of some economic and financial initiatives with the
potentials to affect growth and influence economic cooperation and
integration of the countries in the region.
This book evaluates the salient features of Japanese relation-based
banking, particularly in the post war period, and Anglo-American
mode of banking to explain the nature and extent of transition
failure that caused prolonged financial and economic slump in
Japan.
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