Browsing by Author Mirakhor, Abbas

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Showing results 1 to 20 of 95
  • risk_sharing_banking_model_obiyathulla_abbas.pdf.jpg
  • Academic Presentation


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2015)

  • Islamic banking has thus far mimicked conventional banking with the result that the same problems and outcomes have surfaced, even though it is operating within an interest free framework. This apparent "convergence" has led to disaffection both among consumers of Islamic banking services and policy makers. This paper proposes a risk sharing model for Islamic banks that can potentially pull Islamic banking away from this path dependency. Under the proposal an Islamic bank's assets would be securitized by the issuance of sukuk type instruments that have the same underlying contract and average "duration" as customer financing. Small assets may have to be pooled into tranches of similar...

  • an introduction to Islamic finance_1st edition.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2007)

  • This book explains the fundamental principles and functions of an economic, banking and financial operating under Shariah (Islamic law). Numerous tenets of Islamic - from social justice, equality, preservation of property rights, sanctity of contracts and the prohibition of riba (interest) - are discussed with relation to the economic behavior of individuals, society and state.

  • introduction_Islamic_finance_theory_practice_cover.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2011)

  • This book explains the fundamental principles and functions of an economic, banking and financial system based on principles derived from the basic sources of Islam. Rules constituting the institutional scaffolding of such a system—property rights principles, sanctity of contracts and the requirement of faithfulness to terms and conditions of contracts, trust and trustworthiness, risk sharing, and prohibition of interest-rate based debt contracts among others—are discussed with relation to the economic behavior of individuals, society and state.

  • an_Islamic_perspectives_in_economic_development.pdf.jpg
  • Chapter in Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2010)

  • Islam has provided a blueprint of how a society is to be organized, and how the affairs of its members are to be conducted in accordance with its prescriptions. The system itself has not been applied in its entirety, with the exception of a brief period at the inception of Islam. Only in recent decades have Muslims become interested in society-wide implementation of Islamic teachings, with all this implies for development.

  • item.jpg
  • PhD


  • Authors: Rafi, Umar (2015)

  • This research attempts to show that risk sharing, as defined under Islamic finance, makes financial systems antifragile. The recent financial crisis has given rise to discussions around a new term known as antifragility, used for evaluating the long-term stability of a financial system. Antifragility specifies conditions under which systems become resilient to shocks caused by Black Swans. These are highly unpredictable outlier events that have a major negative (or positive) consequence when they occur, with their occurence only being explained retrospectively. According to this concept, the long-term survivability of any system centers exclusively on its antifragile nature, that is, ...

  • by_the_rules_Islams_foundations_for_economy_and_finance_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2010)

  • The objective of these institutions is to achieve social justice. Important among their functions is reduction in uncertainty for members of society in order to allow them to overcome the obstacles to decision making caused by paucity of information. Rules specify what kind of conduct is most appropriate to achieving just results when individuals face alternative choices and must take action. They impose restrictions on what society's members can do without upsetting the social order on whose existence all members count in deciding on their own actions and forming their expectations of others' responses and actions.

  • capitalism_morality_and_business_ethics_abbas.JPG.jpg
  • Chapter in Book


  • Authors: 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? Available in physical copy only (Call Number: HF 5387 M179)

  • item.jpg
  • PhD


  • Authors: Mohamed Iqbal, Mohamed Ashraf (2016)

  • The rapid growth in Islamic banking has been accompanied by a considerable amount of research on Islamic banks, however all of the research has been at the bank level. To the best of knowledge, no branch level studies of Islamic banks has been published to date despite the recognition that branch level analysis is more critical than bank level studies (Berger & Humphrey, 1997). An often ... Available in physical copy only (Call Number: t HG 3368 A6 M697D)

  • do_conventional_islamic_finance_share_common_epistemology_mirakhor_smolo.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas; Smolo, Edib (2011)

  • Simply stated, epistemology deals with the question of what we know about a phenomenon and how do we know it. The practitioners use the term Islamic finance industry (IFI) to refer to their activities in designing and trading “Shari’ah-compliant” ways and means of financing. Taxonomically, industries in an economy belong to a sector and sectors belong to subsystems which in turn belong to a larger system. For example, a bank belongs to a banking industry which belongs to the financial sector which belongs to the financial subsystem which belongs to the larger economic system which, finally, belongs to an overall socio-political-economic system. Before the current inception of IFI, the...

  • Does trust contribute to stock market development_Adam.pdf.jpg
  • Journal Article


  • Authors: 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 wea...

  • economic_development_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2013)

  • Islamic finance has been practiced in some form since the inception of Islam, its practice in modern financial markets became recognized only in the 1980s, and began to represent a meaningful share of global financial activity only around the beginning of this century. 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. The organizing principle of Islamic finance in an Islamic economy is transaction based on exchange, where real asset is exchanged for real asset. By focusing on tr...

  • item.jpg
  • PhD


  • Authors: Seho, Mirzet (2018)

  • The issue of whether banks should diversify or focus their portfolios is theoretically and empirically open to debate. Traditional wisdom in banking argues that diversification can reduce risk and improve retums. The theory of corporate finance, however, contends that diversification increases earnings volatility, write-downs and write-offs, agency problems and inefficiency. While the former suggests that banks should be as diversified as possible, the latter recommends that banks should focus their activities. In an attempt to test these arguments, numerous empirical studies have been conducted - primarily on conventional banks in single-banking systems from developed economies and l...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • epistemology_finance_misreading_smith_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2011-11-29)

  • Before the inception of the Islamic finance industry, there was what could be called a “market failure” in the conventional financial system. There was substantial unmet demand for Shari’a-compliant financial products. Islamic finance grew out of conventional finance to meet this demand. Muslim scholars writing mostly since the 1970s about Islamic finance focused on development of an Islamic finance system; they not only emphasised elimination of riba contracts but urged their replacement with risk-sharing contracts. The practitioners, most of whom had been operating in the conventional finance space, were however interested in developing ways and means of finance that, while Shari’a ...

  • essays_on_iqtisad_islamic_approach.pdf.jpg
  • Book


  • Authors: Hasani, Baqir; Mirakhor, Abbas (2003)

  • This book is a collection of essays on the concept of iqtisad, inspired by the path-breaking contribution of the late Imam As-Sayid Muhammad Baqir As-Sadr. It outlines the characteristics of the Islamic economic system, and presents an in-depth theoretical analysis of how a sound banking system can perfectly operate without utilizing interest as mechanism for allocating financial resources. Muslim contributions to economics, which have been ignored throughout the past centuries, are explained.

  • item.jpg
  • PhD


  • Authors: Hamzah, Siti Raihana (2015)

  • Economists and scholars have identified that risk shifting is the root cause of global financial crisis. Unfortunately, the danger of this debt-financing feature has been neglected. One piece of evidence is that global debt continues to grow at record level post crisis. Recognizing the relationship between risk shifting and the global financial crisis, this study encourages the need to curb this feature by defining types of securities that may induce firms to engage in risk shifting ... Available in physical copy only (Call Number: t HG 187.4 S623)

  • Ethical_behavior_trustworthiness_stock_market_growth_nexus_adam_mansor_abbas.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2015)

  • While formal institutional quality has been used to explain the finance-growth nexus, the role of social capital has not been fully addressed. The proposition of “better finance, more growth” is important amidst concerns over the erosion of ethics and trust in finance in the aftermath of the 2007/2008 global financial crisis. Using threshold estimation technique, this study examines whether the growth effect of stock market development differs according to the distinct levels of ethical behavior and trustworthiness in a cross-section of 73 jurisdictions during the post-crisis period. The results demonstrate that the impact of stock market liquidity on gross domestic product (GDP) and ...

  • PhD_Fair_and_equitable_risk_sharing_in_Islamic_finance_Saad_Bakkali.pdf.jpg
  • PhD


  • Authors: Bakkali, Saad (2017)

  • This dissertation begins the discussion by referring to Verse 278 of Surat al-Baqarah to distinguish it from the ribawi system. Allah swt said: "Allah has permitted al-bay' and prohibited al-riba." The findings suggest that al-bay' in this verse refers to a system. Al-bay' as a mutual exchange in which one bundle of property rights is exchanged for another allows both parties to share production and transportation. Al-bay' or exchange has surrounding rules that construct the system. The outcome of this system can claim that it is through its rules which govern just exchange, distribution ... Available in physical copy and downloadable format (Call Number: t HG 187.4 B168)

  • financial_inclusion_islamic_finance_perspective_abbas.pdf.jpg
  • Journal Article


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2012)

  • Enhancing financial inclusion or access to finance can make critical contributions to the economic development. Conventional mechanisms such as micro-finance, small-medium-enterprises (SME), and micro-insurance to enhance financial inclusion have been partially successful in enhancing the access and are not without challenges. Islamic finance, based on the concept of risk-sharing offers set of financial instruments promoting risk-sharing rather than risk-transfer in the financial system. In addition, Islam advocates redistributive risk-sharing instruments such as Zakah, Sadaqat, Qard-al-hassan, etc, through which the economically more able segment of the society shares the risks facin...

Browsing by Author Mirakhor, Abbas

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 20 of 95
  • risk_sharing_banking_model_obiyathulla_abbas.pdf.jpg
  • Academic Presentation


  • Authors: Bacha, Obiyathulla Ismath; Mirakhor, Abbas (2015)

  • Islamic banking has thus far mimicked conventional banking with the result that the same problems and outcomes have surfaced, even though it is operating within an interest free framework. This apparent "convergence" has led to disaffection both among consumers of Islamic banking services and policy makers. This paper proposes a risk sharing model for Islamic banks that can potentially pull Islamic banking away from this path dependency. Under the proposal an Islamic bank's assets would be securitized by the issuance of sukuk type instruments that have the same underlying contract and average "duration" as customer financing. Small assets may have to be pooled into tranches of similar...

  • an introduction to Islamic finance_1st edition.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2007)

  • This book explains the fundamental principles and functions of an economic, banking and financial operating under Shariah (Islamic law). Numerous tenets of Islamic - from social justice, equality, preservation of property rights, sanctity of contracts and the prohibition of riba (interest) - are discussed with relation to the economic behavior of individuals, society and state.

  • introduction_Islamic_finance_theory_practice_cover.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2011)

  • This book explains the fundamental principles and functions of an economic, banking and financial system based on principles derived from the basic sources of Islam. Rules constituting the institutional scaffolding of such a system—property rights principles, sanctity of contracts and the requirement of faithfulness to terms and conditions of contracts, trust and trustworthiness, risk sharing, and prohibition of interest-rate based debt contracts among others—are discussed with relation to the economic behavior of individuals, society and state.

  • an_Islamic_perspectives_in_economic_development.pdf.jpg
  • Chapter in Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2010)

  • Islam has provided a blueprint of how a society is to be organized, and how the affairs of its members are to be conducted in accordance with its prescriptions. The system itself has not been applied in its entirety, with the exception of a brief period at the inception of Islam. Only in recent decades have Muslims become interested in society-wide implementation of Islamic teachings, with all this implies for development.

  • item.jpg
  • PhD


  • Authors: Rafi, Umar (2015)

  • This research attempts to show that risk sharing, as defined under Islamic finance, makes financial systems antifragile. The recent financial crisis has given rise to discussions around a new term known as antifragility, used for evaluating the long-term stability of a financial system. Antifragility specifies conditions under which systems become resilient to shocks caused by Black Swans. These are highly unpredictable outlier events that have a major negative (or positive) consequence when they occur, with their occurence only being explained retrospectively. According to this concept, the long-term survivability of any system centers exclusively on its antifragile nature, that is, ...

  • by_the_rules_Islams_foundations_for_economy_and_finance_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2010)

  • The objective of these institutions is to achieve social justice. Important among their functions is reduction in uncertainty for members of society in order to allow them to overcome the obstacles to decision making caused by paucity of information. Rules specify what kind of conduct is most appropriate to achieving just results when individuals face alternative choices and must take action. They impose restrictions on what society's members can do without upsetting the social order on whose existence all members count in deciding on their own actions and forming their expectations of others' responses and actions.

  • capitalism_morality_and_business_ethics_abbas.JPG.jpg
  • Chapter in Book


  • Authors: 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? Available in physical copy only (Call Number: HF 5387 M179)

  • item.jpg
  • PhD


  • Authors: Mohamed Iqbal, Mohamed Ashraf (2016)

  • The rapid growth in Islamic banking has been accompanied by a considerable amount of research on Islamic banks, however all of the research has been at the bank level. To the best of knowledge, no branch level studies of Islamic banks has been published to date despite the recognition that branch level analysis is more critical than bank level studies (Berger & Humphrey, 1997). An often ... Available in physical copy only (Call Number: t HG 3368 A6 M697D)

  • do_conventional_islamic_finance_share_common_epistemology_mirakhor_smolo.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas; Smolo, Edib (2011)

  • Simply stated, epistemology deals with the question of what we know about a phenomenon and how do we know it. The practitioners use the term Islamic finance industry (IFI) to refer to their activities in designing and trading “Shari’ah-compliant” ways and means of financing. Taxonomically, industries in an economy belong to a sector and sectors belong to subsystems which in turn belong to a larger system. For example, a bank belongs to a banking industry which belongs to the financial sector which belongs to the financial subsystem which belongs to the larger economic system which, finally, belongs to an overall socio-political-economic system. Before the current inception of IFI, the...

  • Does trust contribute to stock market development_Adam.pdf.jpg
  • Journal Article


  • Authors: 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 wea...

  • economic_development_islamic_finance_cover.jpg.jpg
  • Book


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2013)

  • Islamic finance has been practiced in some form since the inception of Islam, its practice in modern financial markets became recognized only in the 1980s, and began to represent a meaningful share of global financial activity only around the beginning of this century. 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. The organizing principle of Islamic finance in an Islamic economy is transaction based on exchange, where real asset is exchanged for real asset. By focusing on tr...

  • item.jpg
  • PhD


  • Authors: Seho, Mirzet (2018)

  • The issue of whether banks should diversify or focus their portfolios is theoretically and empirically open to debate. Traditional wisdom in banking argues that diversification can reduce risk and improve retums. The theory of corporate finance, however, contends that diversification increases earnings volatility, write-downs and write-offs, agency problems and inefficiency. While the former suggests that banks should be as diversified as possible, the latter recommends that banks should focus their activities. In an attempt to test these arguments, numerous empirical studies have been conducted - primarily on conventional banks in single-banking systems from developed economies and l...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • epistemology_finance_misreading_smith_abbas.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2011-11-29)

  • Before the inception of the Islamic finance industry, there was what could be called a “market failure” in the conventional financial system. There was substantial unmet demand for Shari’a-compliant financial products. Islamic finance grew out of conventional finance to meet this demand. Muslim scholars writing mostly since the 1970s about Islamic finance focused on development of an Islamic finance system; they not only emphasised elimination of riba contracts but urged their replacement with risk-sharing contracts. The practitioners, most of whom had been operating in the conventional finance space, were however interested in developing ways and means of finance that, while Shari’a ...

  • essays_on_iqtisad_islamic_approach.pdf.jpg
  • Book


  • Authors: Hasani, Baqir; Mirakhor, Abbas (2003)

  • This book is a collection of essays on the concept of iqtisad, inspired by the path-breaking contribution of the late Imam As-Sayid Muhammad Baqir As-Sadr. It outlines the characteristics of the Islamic economic system, and presents an in-depth theoretical analysis of how a sound banking system can perfectly operate without utilizing interest as mechanism for allocating financial resources. Muslim contributions to economics, which have been ignored throughout the past centuries, are explained.

  • item.jpg
  • PhD


  • Authors: Hamzah, Siti Raihana (2015)

  • Economists and scholars have identified that risk shifting is the root cause of global financial crisis. Unfortunately, the danger of this debt-financing feature has been neglected. One piece of evidence is that global debt continues to grow at record level post crisis. Recognizing the relationship between risk shifting and the global financial crisis, this study encourages the need to curb this feature by defining types of securities that may induce firms to engage in risk shifting ... Available in physical copy only (Call Number: t HG 187.4 S623)

  • Ethical_behavior_trustworthiness_stock_market_growth_nexus_adam_mansor_abbas.pdf.jpg
  • Journal Article


  • Authors: Ng, Adam Boon Ka; Ibrahim, Mansor H.; Mirakhor, Abbas (2015)

  • While formal institutional quality has been used to explain the finance-growth nexus, the role of social capital has not been fully addressed. The proposition of “better finance, more growth” is important amidst concerns over the erosion of ethics and trust in finance in the aftermath of the 2007/2008 global financial crisis. Using threshold estimation technique, this study examines whether the growth effect of stock market development differs according to the distinct levels of ethical behavior and trustworthiness in a cross-section of 73 jurisdictions during the post-crisis period. The results demonstrate that the impact of stock market liquidity on gross domestic product (GDP) and ...

  • PhD_Fair_and_equitable_risk_sharing_in_Islamic_finance_Saad_Bakkali.pdf.jpg
  • PhD


  • Authors: Bakkali, Saad (2017)

  • This dissertation begins the discussion by referring to Verse 278 of Surat al-Baqarah to distinguish it from the ribawi system. Allah swt said: "Allah has permitted al-bay' and prohibited al-riba." The findings suggest that al-bay' in this verse refers to a system. Al-bay' as a mutual exchange in which one bundle of property rights is exchanged for another allows both parties to share production and transportation. Al-bay' or exchange has surrounding rules that construct the system. The outcome of this system can claim that it is through its rules which govern just exchange, distribution ... Available in physical copy and downloadable format (Call Number: t HG 187.4 B168)

  • financial_inclusion_islamic_finance_perspective_abbas.pdf.jpg
  • Journal Article


  • Authors: Iqbal, Zamir; Mirakhor, Abbas (2012)

  • Enhancing financial inclusion or access to finance can make critical contributions to the economic development. Conventional mechanisms such as micro-finance, small-medium-enterprises (SME), and micro-insurance to enhance financial inclusion have been partially successful in enhancing the access and are not without challenges. Islamic finance, based on the concept of risk-sharing offers set of financial instruments promoting risk-sharing rather than risk-transfer in the financial system. In addition, Islam advocates redistributive risk-sharing instruments such as Zakah, Sadaqat, Qard-al-hassan, etc, through which the economically more able segment of the society shares the risks facin...