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.

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Showing results 1 to 10 of 92
  • Phd_Using_reputation_fame_to_reduce_information_asymmetry_in_islamic_risk_sharing_crowdfunding_models_Omid_Torabi.pdf.jpg
  • PhD


  • Authors : Torabi, Omid (2017)

  • Crowdfunding as a part of sharing economy is a fast developing method of projects finance mobilization. From Islamic finance point of view, it is important to address the Islamic crowdfunding system to improve the new Fintech trends in Islamic communities. Moreover, risk sharing is the essence of Islamic finance and equity crowdfunding potentially is a proper Musharakah risk sharing scheme to be compliance with Shariah of Islam. However, the lack of trust and the problem of information asymmetry are the main challenges of any type of risk sharing deal as well as crowdfunding ... Available in downloadable format.

  • unsustainability_regime_interest_based_debt_financing_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas; Krichene, Noureddine; Shaukat, Mughees (2012)

  • Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that financial crises—despite the various labels assigned to them: exchange rate crisis or banking crisis—have been debt crises in essence. At present, data suggest that the debt-to-GDP ratio of the richest members of the G-20 is expected to reach the 120% mark by 2014. There is also evidence that, out of securities worth US$ 200 trillion in the global economy, no less than three-fourths represent interest-based debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This picture be...

  • understanding_development_Islamic_framework_hossein_zamir_noureddine_abbas.pdf.jpg
  • Journal Article


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2014)

  • In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur’ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure, which in turn, underpin the path of economic and social progress. The essential elements in the life of a Muslim—the unity of creation, freedom and freedom of choice, economic and human development, economic system and financial practice—are developed.

  • underminig_shared_prosperity_alaa_mansur_abbas.pdf.jpg
  • Academic Presentation


  • Authors : Alaabed, Alaa; Mohammed Masih, Abul Mansur; Mirakhor, Abbas (2015)

  • Automatically, risk shifting is absent in an ideal Islamic financial system (The Kuala Lumpur Declaration, 2012). Creating an opportunity for shared prosperity is a litmus test of the authenticity of Islamic banking. The present formation of Islamic finance has grown out of conventional finance and it uses its instruments.

  • item.jpg
  • PhD


  • Authors : Lajis, Siti Muawanah (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also a 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. If well designed, these tools will induce appropriate behavior that is consistent with the social objective of systemic stability and equitable economic prosperity ... Available in physical copy only (Call Number: t HD 61 S623)

  • theoretical_studies_in_islamic_banking_finance.pdf.jpg
  • Book


  • Authors : Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underslying the system.

  • starry_heavens_above_moral_law_within_flatness_economics_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas (2014)

  • Research in various fields has demonstrated the inadequacy of the Max U image of man. To the extent that the model is responsible for major problems humanity is facing today, it needs to be revised. This note argues that ideas of religions, such as human dignity, personhood, stewardship, and empathy can enrich economics. A number of ideas of Islam, such as property-right rules, risk sharing, and rule-based market behavior are mentioned

  • stability_islamic_finance_creating_resilient_financial_environment_secure_future_cover.jpg.jpg
  • Book


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2010)

  • The main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present...

  • item.jpg
  • Industry Article


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2011-04-25)

  • Financial instability has been a recurrent phenomenon in contemporary economic history, affecting countries with varying intensity and resulting in massive unemployment and lost economic output. The financial crisis that broke out in August 2007 crippled the financial system of many advanced countries, and claimed as victims long-established banking and investment banking institutions that were deemed “too big too fail.” Capital markets were frozen, leading to stock market crashes worldwide, wiping out trillions of dollars in share values and in retirement investment accounts, and resulting in massive and persistent unemployment.

  • recent_crisis_lessons_islamic_finance_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas; Krichene, Noureddine (2009-09-01)

  • The current view defines financial crisis as the collapse of the financial asset market. It is said to be triggered when asset markets no longer validate expectations of continuously rising returns on financial assets. Invariably, financial crises have involved the banking systems. Signs of the crisis are said to be: (a) large economic imbalances, particularly significant current account deficits; (b) asset price inflation; (c) rising leverage; and (d) slowing pace of economic growth. The consequences of financial crisis are considered to be: (a) a large reduction in income and employment; (b) a substantial rise in the growth of public debt; and (c) a prolonged period of recovery (Eic...

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 92
  • Phd_Using_reputation_fame_to_reduce_information_asymmetry_in_islamic_risk_sharing_crowdfunding_models_Omid_Torabi.pdf.jpg
  • PhD


  • Authors : Torabi, Omid (2017)

  • Crowdfunding as a part of sharing economy is a fast developing method of projects finance mobilization. From Islamic finance point of view, it is important to address the Islamic crowdfunding system to improve the new Fintech trends in Islamic communities. Moreover, risk sharing is the essence of Islamic finance and equity crowdfunding potentially is a proper Musharakah risk sharing scheme to be compliance with Shariah of Islam. However, the lack of trust and the problem of information asymmetry are the main challenges of any type of risk sharing deal as well as crowdfunding ... Available in downloadable format.

  • unsustainability_regime_interest_based_debt_financing_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas; Krichene, Noureddine; Shaukat, Mughees (2012)

  • Evidence has been mounting that the interest-based debt financing regime is under increasing distress. Evidence also suggests that financial crises—despite the various labels assigned to them: exchange rate crisis or banking crisis—have been debt crises in essence. At present, data suggest that the debt-to-GDP ratio of the richest members of the G-20 is expected to reach the 120% mark by 2014. There is also evidence that, out of securities worth US$ 200 trillion in the global economy, no less than three-fourths represent interest-based debt. It is difficult to see how this massive debt volume can be validated by the underlying productive capacity of the global economy. This picture be...

  • understanding_development_Islamic_framework_hossein_zamir_noureddine_abbas.pdf.jpg
  • Journal Article


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2014)

  • In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur’ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure, which in turn, underpin the path of economic and social progress. The essential elements in the life of a Muslim—the unity of creation, freedom and freedom of choice, economic and human development, economic system and financial practice—are developed.

  • underminig_shared_prosperity_alaa_mansur_abbas.pdf.jpg
  • Academic Presentation


  • Authors : Alaabed, Alaa; Mohammed Masih, Abul Mansur; Mirakhor, Abbas (2015)

  • Automatically, risk shifting is absent in an ideal Islamic financial system (The Kuala Lumpur Declaration, 2012). Creating an opportunity for shared prosperity is a litmus test of the authenticity of Islamic banking. The present formation of Islamic finance has grown out of conventional finance and it uses its instruments.

  • item.jpg
  • PhD


  • Authors : Lajis, Siti Muawanah (2016)

  • The role of regulation extends beyond ensuring stability and confidence in the financial system, as it is also a 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. If well designed, these tools will induce appropriate behavior that is consistent with the social objective of systemic stability and equitable economic prosperity ... Available in physical copy only (Call Number: t HD 61 S623)

  • theoretical_studies_in_islamic_banking_finance.pdf.jpg
  • Book


  • Authors : Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underslying the system.

  • starry_heavens_above_moral_law_within_flatness_economics_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas (2014)

  • Research in various fields has demonstrated the inadequacy of the Max U image of man. To the extent that the model is responsible for major problems humanity is facing today, it needs to be revised. This note argues that ideas of religions, such as human dignity, personhood, stewardship, and empathy can enrich economics. A number of ideas of Islam, such as property-right rules, risk sharing, and rule-based market behavior are mentioned

  • stability_islamic_finance_creating_resilient_financial_environment_secure_future_cover.jpg.jpg
  • Book


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2010)

  • The main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present...

  • item.jpg
  • Industry Article


  • Authors : Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2011-04-25)

  • Financial instability has been a recurrent phenomenon in contemporary economic history, affecting countries with varying intensity and resulting in massive unemployment and lost economic output. The financial crisis that broke out in August 2007 crippled the financial system of many advanced countries, and claimed as victims long-established banking and investment banking institutions that were deemed “too big too fail.” Capital markets were frozen, leading to stock market crashes worldwide, wiping out trillions of dollars in share values and in retirement investment accounts, and resulting in massive and persistent unemployment.

  • recent_crisis_lessons_islamic_finance_abbas.pdf.jpg
  • Journal Article


  • Authors : Mirakhor, Abbas; Krichene, Noureddine (2009-09-01)

  • The current view defines financial crisis as the collapse of the financial asset market. It is said to be triggered when asset markets no longer validate expectations of continuously rising returns on financial assets. Invariably, financial crises have involved the banking systems. Signs of the crisis are said to be: (a) large economic imbalances, particularly significant current account deficits; (b) asset price inflation; (c) rising leverage; and (d) slowing pace of economic growth. The consequences of financial crisis are considered to be: (a) a large reduction in income and employment; (b) a substantial rise in the growth of public debt; and (c) a prolonged period of recovery (Eic...