Prof. Dr. Abbas Mirakhor
Qualification: PhD in Economics, Kansas State University, U.S.A (1969)
Fields/Area of Specialization: Economics
Born in Iran, Prof. Dr. Abbas Mirakhor received his PhD from Kansas State University in the USA. From 1968-1984 he taught in various universities after which he joined the International Monetary Fund (IMF) where he remained until retirement in 2008 serving as staff, an Executive Director and the Dean of the Board of that institution. In 2010, he joined INCEIF as Distinguished Scholar and the First Holder of INCEIF’s Chair in Islamic Finance. His research interests include conventional and Islamic economics and finance.

Content Distribution

Abstracts Views

1882

Views & Downloads

190

Top Country : Malaysia

Showing results 1 to 10 of 70
  • replacing_the_interest_rate_mechanism_in_monetary_policy_norhanim_abbas_khairul.pdf.jpg
  • Academic Proceeding


  • Mat Sari, Norhanim; Mirakhor, Abbas; Mohd Subky, Khairul Hafidzi (2017)

  • The current macroeconomic policies in Malaysia follow conventional model based on the risk-transfer and/or risk-shifting paradigm, as opposed to risk-sharing principles proposed in Islamic finance. Malaysia’s monetary policy relies and operates through short-term interest rates which is currently called the overnight policy rate (OPR) to achieve price stability. In order to become a global leader and an indisputable global hub for Islamic finance, there is a need to develop an alternative monetary policy framework for Malaysia that is Shariahbased. One of the key elements in doing so is to come up with an alternative Islamic Pricing Benchmark (IPB) that is free from interest rates. Here, we consider using equity risk premium, which is an important concept in promoting risk-sharing throu...

  • is_the_regime_of_risk_transfer_sustainable_abbas_adam_ginanjar_baharom.pdf.jpg
  • Journal Article


  • Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • In a risk transfer and shifting financial systems, an interest rate based debt contract is an "impossible contract," since, under the axioms of conventional economics, the borrower has an incentive not to repay the loan. Such impossible contract is made possible by creating a virtual world of certainty through mechanisms such as collateral requirements and an edifice of legal, administrative, policy incentive mechanisms that include positive and negative enforcements that protect the creditor. The society has to bear huge costs to make them possible. Risk sharing has the potential to enhance efficiency as each party to contracts has "skin-in-the-game", thus eliminating or minimizing the principal-agent problem. Participants in a contract of an economic undertaking ca...

  • IF_Hub_Issue_1_Risk_sharing_in_age_of_crises_Abbas.pdf.jpg
  • Newsletter & Bulletin


  • Mirakhor, Abbas (2017)

  • In her book, Payback, 2008, Margaret Atwood claimed: "In Heaven, there are no debts, all have been paid, one way or another; but in Hell there's nothing but debts, and a great deal of payment is exacted, though you can't ever get all paid up. You have to pay, and pay, and keep on paying. So Hell is like an infernal maxed-out credit card that multiplies the charges endlessly." Publication of this book coincided with the Crisis of 2007/2008. Since then, there has been a proliferation of books on the subject of debt, beginning with a book by Reinhart and Rogoff, This Time Is Different. In the book, the authors argued that "though labeled as banking or currency, or even balance of payment crises--all financial crises are at root debt crises. Massive accumulation of pr...

  • mirakhor_pic1.jpg.jpg
  • Interview


  • Mirakhor, Abbas (2016-02-25)

  • Risk sharing, shift or transfer, for example would can be seen at insurance company. Person transfers risk to bank then bank to borrower. Recently function switched or shift risk to someone else knowingly or unknowingly.

  • does_trust_contribute_stock_market_development_adam.pdf.jpg
  • Journal Article


  • Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2016)

  • In view of the increasing contributions of social capital in financial development, we examine the relevance of social capital in stock market development by applying Bayesian model averaging on 37 variables across 60 countries from 2000 to 2006. The results demonstrate that trust is a robust and positive determinant of stock market depth and liquidity, and that trust is the most relevant component of social capital in market development. Macroeconomic instability in the form of inflationary changes has a dampening effect on trust in the trading of stock. Further, social capital and its components, particularly trust, are more relevant to stock market development in countries with weak rule of law, non-Organization for Economic Co-operation and Development (non-OECD) and Organization of...

  • implications_of_risk_sharing_economy_on_development_abbas.pdf.jpg
  • Academic Presentation


  • Mirakhor, Abbas (2016)

  • The slides "Implications of risk sharing economy on development" presented by Professor Dr. Abbas Mirakhor at the 11th International Conference on Islamic Economics and Finance 2016 (11th ICIEF), Kuala Lumpur, Malaysia.

  • Intermediate Islamic finance.pdf.jpg
  • Book


  • Maghrebi, Nabil; Mirakhor, Abbas; Iqbal, Zamir (2016)

  • The principal objective of this work is to foster a better understanding of the essence of Islamic finance. For perhaps the first time - economists, practitioners, regulators, and students have an in-depth guide to the advanced concepts of Islamic finance, which has deep historical roots and a promising role in rethinking economics in the future. This book articulates an authoritative analytical approach to the theory and practice of Islamic finance. Available in physical copy and ebook (Call Number: HG 187.4 M193)

  • regulatory_framework_for_Islamic_finance.PDF.jpg
  • Chapter in Book


  • Lajis, Siti Muawanah; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing risk sharing as the underlying principle for their financial instruments. The findings of this paper ca...

  • capitalism_morality_and_business_ethics.PDF.jpg
  • Chapter in Book


  • Mirakhor, Abbas (2016)

  • In 2012, PM Cameron called for "moral capitalism"; a system based on two pillars: (i) social responsibility of individuals and business; and (ii) inclusion and sharing of the fruits of the economy. Sceptics such as William Bowles termed the call "hypocritical", "empty", "rubbish", and "hot air", as he asked what does moral capitalism really mean? The rich sharing their wealth with the poor?

Prof. Dr. Abbas Mirakhor
author picture
Qualification: PhD in Economics, Kansas State University, U.S.A (1969)
Fields/Area of Specialization: Economics
Born in Iran, Prof. Dr. Abbas Mirakhor received his PhD from Kansas State University in the USA. From 1968-1984 he taught in various universities after which he joined the International Monetary Fund (IMF) where he remained until retirement in 2008 serving as staff, an Executive Director and the Dean of the Board of that institution. In 2010, he joined INCEIF as Distinguished Scholar and the First Holder of INCEIF’s Chair in Islamic Finance. His research interests include conventional and Islamic economics and finance.
Showing results 1 to 10 of 70
  • replacing_the_interest_rate_mechanism_in_monetary_policy_norhanim_abbas_khairul.pdf.jpg
  • Academic Proceeding


  • Mat Sari, Norhanim; Mirakhor, Abbas; Mohd Subky, Khairul Hafidzi (2017)

  • The current macroeconomic policies in Malaysia follow conventional model based on the risk-transfer and/or risk-shifting paradigm, as opposed to risk-sharing principles proposed in Islamic finance. Malaysia’s monetary policy relies and operates through short-term interest rates which is currently called the overnight policy rate (OPR) to achieve price stability. In order to become a global leader and an indisputable global hub for Islamic finance, there is a need to develop an alternative monetary policy framework for Malaysia that is Shariahbased. One of the key elements in doing so is to come up with an alternative Islamic Pricing Benchmark (IPB) that is free from interest rates. Here, we consider using equity risk premium, which is an important concept in promoting risk-sharing throu...

  • is_the_regime_of_risk_transfer_sustainable_abbas_adam_ginanjar_baharom.pdf.jpg
  • Journal Article


  • Mirakhor, Abbas; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Abdul Hamid, Baharom (2017)

  • In a risk transfer and shifting financial systems, an interest rate based debt contract is an "impossible contract," since, under the axioms of conventional economics, the borrower has an incentive not to repay the loan. Such impossible contract is made possible by creating a virtual world of certainty through mechanisms such as collateral requirements and an edifice of legal, administrative, policy incentive mechanisms that include positive and negative enforcements that protect the creditor. The society has to bear huge costs to make them possible. Risk sharing has the potential to enhance efficiency as each party to contracts has "skin-in-the-game", thus eliminating or minimizing the principal-agent problem. Participants in a contract of an economic undertaking ca...

  • IF_Hub_Issue_1_Risk_sharing_in_age_of_crises_Abbas.pdf.jpg
  • Newsletter & Bulletin


  • Mirakhor, Abbas (2017)

  • In her book, Payback, 2008, Margaret Atwood claimed: "In Heaven, there are no debts, all have been paid, one way or another; but in Hell there's nothing but debts, and a great deal of payment is exacted, though you can't ever get all paid up. You have to pay, and pay, and keep on paying. So Hell is like an infernal maxed-out credit card that multiplies the charges endlessly." Publication of this book coincided with the Crisis of 2007/2008. Since then, there has been a proliferation of books on the subject of debt, beginning with a book by Reinhart and Rogoff, This Time Is Different. In the book, the authors argued that "though labeled as banking or currency, or even balance of payment crises--all financial crises are at root debt crises. Massive accumulation of pr...

  • mirakhor_pic1.jpg.jpg
  • Interview


  • Mirakhor, Abbas (2016-02-25)

  • Risk sharing, shift or transfer, for example would can be seen at insurance company. Person transfers risk to bank then bank to borrower. Recently function switched or shift risk to someone else knowingly or unknowingly.

  • does_trust_contribute_stock_market_development_adam.pdf.jpg
  • Journal Article


  • Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2016)

  • In view of the increasing contributions of social capital in financial development, we examine the relevance of social capital in stock market development by applying Bayesian model averaging on 37 variables across 60 countries from 2000 to 2006. The results demonstrate that trust is a robust and positive determinant of stock market depth and liquidity, and that trust is the most relevant component of social capital in market development. Macroeconomic instability in the form of inflationary changes has a dampening effect on trust in the trading of stock. Further, social capital and its components, particularly trust, are more relevant to stock market development in countries with weak rule of law, non-Organization for Economic Co-operation and Development (non-OECD) and Organization of...

  • implications_of_risk_sharing_economy_on_development_abbas.pdf.jpg
  • Academic Presentation


  • Mirakhor, Abbas (2016)

  • The slides "Implications of risk sharing economy on development" presented by Professor Dr. Abbas Mirakhor at the 11th International Conference on Islamic Economics and Finance 2016 (11th ICIEF), Kuala Lumpur, Malaysia.

  • Intermediate Islamic finance.pdf.jpg
  • Book


  • Maghrebi, Nabil; Mirakhor, Abbas; Iqbal, Zamir (2016)

  • The principal objective of this work is to foster a better understanding of the essence of Islamic finance. For perhaps the first time - economists, practitioners, regulators, and students have an in-depth guide to the advanced concepts of Islamic finance, which has deep historical roots and a promising role in rethinking economics in the future. This book articulates an authoritative analytical approach to the theory and practice of Islamic finance. Available in physical copy and ebook (Call Number: HG 187.4 M193)

  • regulatory_framework_for_Islamic_finance.PDF.jpg
  • Chapter in Book


  • Lajis, Siti Muawanah; Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also behavioral shaper of market players. The laws, standards, and guidelines issued are instrumental in creating an incentive structure for market players to behave in certain ways. Using incentive audit approach, this paper attempts to examine the efficacy of the evolving Malaysian regulatory and supervisory framework for Islamic banking, in preserving financial stability as well as supporting the growth of the financial system and real economy. The findings suggest that the present framework unintentionally misaligns incentives and discourages Islamic banks from fully embracing risk sharing as the underlying principle for their financial instruments. The findings of this paper ca...

  • capitalism_morality_and_business_ethics.PDF.jpg
  • Chapter in Book


  • Mirakhor, Abbas (2016)

  • In 2012, PM Cameron called for "moral capitalism"; a system based on two pillars: (i) social responsibility of individuals and business; and (ii) inclusion and sharing of the fruits of the economy. Sceptics such as William Bowles termed the call "hypocritical", "empty", "rubbish", and "hot air", as he asked what does moral capitalism really mean? The rich sharing their wealth with the poor?