Browsing by Author Krichene, Noureddine

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  • introductory_mathematics_statistics_islamic finance_cover.jpg.jpg
  • Book


  • Authors: Mirakhor, Abbas; Krichene, Noureddine (2014)

  • This book is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance.

  • on_stability_Islamic_financial_system_askari_krichene_mirakhor.pdf.jpg
  • Journal Article


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

  • In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.

  • risk_sharing_finance_islamic_finance_alternative_cover.jpg.jpg
  • Book


  • Authors: Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2012)

  • In this volume, the authors make an important attempt to develop the building blocks of an Islamic financial system and elaborate on its implementation as a comprehensive system. They make a convincing case for the world to shed its reliance on debt, interest and leveraging, and revamp the global financial system to rely more heavily on equity financing, genuine asset securitization linking the payoffs of financial securities to the underlying assets. This would ensure promoting wider risk sharing and a more stable financial environment.

  • strong_structure_islamic_financial_system_lesson_recent_crisis_mirakhor_bi_jan_2010.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas; Krichene, Noureddine (2010)

  • Over the past few decades, a consensus has emerged that expansion of credit and debt is detrimental to the stability of developing economies. For example, the IMF has advised its developing country members that in order to mitigate the risk of instability, such as occurred in the emerging markets in 1997, they should: Avoid debt-creating flows. 2. Rely mostly on foreign direct investment as external financing. 3. If they must borrow, ensure that their external debt is never larger than 25% of GDP and that their debt obligations are not bunched toward the short end of maturities. 4. Ensure that their economy is producing large enough primary surpluses to meet their debt obligations. 5....

  • Islamic_financial_system_alternative_hossein_zamir_nourreddine_abbas.PDF.jpg
  • Industry Article


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

  • Islamic finance provides financial products, which comply with Islamic law (Shariah), largerly to Muslim investors and some Islamic products have even attracted conventional investors and borrowers. Despite growing interest in Islamic finance, a full-fledged Islamic financial system has yet to be established and demonstrated as the viable financial system in even a single country ...

  • recent crisis_lessons for Islamic finance_Abbas.pdf.jpg
  • Journal Article


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

  • Two alternative explanations of the financial crisis have emerged. One relies on deviations from the efficient capital market hypothesis - emergence of bubbles and informational problems - to explain the causes of the crisis. An alternative explanation views financial crises as internally generated instability episodes that inevitably arise from the basic debt-credit interest rate relations. Based on a number of assumptions, theory has demonstrated the inherent stability of Islamic financial system. However, in practice the assumptions of theory are not met and, therefore, such stability cannot be taken for granted. For one thing, theory, inter alia, assumes a 100 percent reserve bank...

  • 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.

  • 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...

  • 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.

  • 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...

Browsing by Author Krichene, Noureddine

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 1 to 10 of 10
  • introductory_mathematics_statistics_islamic finance_cover.jpg.jpg
  • Book


  • Authors: Mirakhor, Abbas; Krichene, Noureddine (2014)

  • This book is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance.

  • on_stability_Islamic_financial_system_askari_krichene_mirakhor.pdf.jpg
  • Journal Article


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

  • In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional general equilibrium theory, there is a price system comprised of a real rate of return to capital and a price level of commodities that simultaneously clears asset and commodity markets. An Islamic financial system is shown to be stable, namely the economy evolves from short-term equilibrium to a stable long-term equilibrium.

  • risk_sharing_finance_islamic_finance_alternative_cover.jpg.jpg
  • Book


  • Authors: Askari, Hossein; Iqbal, Zamir; Krichene, Noureddine; Mirakhor, Abbas (2012)

  • In this volume, the authors make an important attempt to develop the building blocks of an Islamic financial system and elaborate on its implementation as a comprehensive system. They make a convincing case for the world to shed its reliance on debt, interest and leveraging, and revamp the global financial system to rely more heavily on equity financing, genuine asset securitization linking the payoffs of financial securities to the underlying assets. This would ensure promoting wider risk sharing and a more stable financial environment.

  • strong_structure_islamic_financial_system_lesson_recent_crisis_mirakhor_bi_jan_2010.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas; Krichene, Noureddine (2010)

  • Over the past few decades, a consensus has emerged that expansion of credit and debt is detrimental to the stability of developing economies. For example, the IMF has advised its developing country members that in order to mitigate the risk of instability, such as occurred in the emerging markets in 1997, they should: Avoid debt-creating flows. 2. Rely mostly on foreign direct investment as external financing. 3. If they must borrow, ensure that their external debt is never larger than 25% of GDP and that their debt obligations are not bunched toward the short end of maturities. 4. Ensure that their economy is producing large enough primary surpluses to meet their debt obligations. 5....

  • Islamic_financial_system_alternative_hossein_zamir_nourreddine_abbas.PDF.jpg
  • Industry Article


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

  • Islamic finance provides financial products, which comply with Islamic law (Shariah), largerly to Muslim investors and some Islamic products have even attracted conventional investors and borrowers. Despite growing interest in Islamic finance, a full-fledged Islamic financial system has yet to be established and demonstrated as the viable financial system in even a single country ...

  • recent crisis_lessons for Islamic finance_Abbas.pdf.jpg
  • Journal Article


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

  • Two alternative explanations of the financial crisis have emerged. One relies on deviations from the efficient capital market hypothesis - emergence of bubbles and informational problems - to explain the causes of the crisis. An alternative explanation views financial crises as internally generated instability episodes that inevitably arise from the basic debt-credit interest rate relations. Based on a number of assumptions, theory has demonstrated the inherent stability of Islamic financial system. However, in practice the assumptions of theory are not met and, therefore, such stability cannot be taken for granted. For one thing, theory, inter alia, assumes a 100 percent reserve bank...

  • 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.

  • 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...

  • 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.

  • 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...