Browsing by Topic Islamic finance::Fundamentals of Islamic finance

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  • how_to_achieve_further_progress_in_islamic_finance_mirakhor_IIFS_june_2014.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2014-12-01)

  • Islamic finance is a fairly young industry. It is only 30 years old. When I first began looking into the industry back in the late 1970s, the asset size was about US$50 million. The industry has now grown to reach US$1 trillion. This growth is a good sign; however, in order to progress further the industry and policy makers need to consider the lessons of the most recent financial crisis and explore the path that would take the industry forward without experiencing similar crises.

  • islamic_finance_structure_objective_mismatch_consequences_zubair.pdf.jpg
  • Journal Article


  • Authors: Hasan, Zubair (2010)

  • This paper raises the issue of an initial structure-objective mismatch in the launching of Islamic finance. The abolition of interest and promotion of growth with equity were goals of the conceived system. These goals expressed a long run vision to improve the condition of the Muslim communities across the world. However, the organizational form adopted for Islamic finance was of the existing commercial banks which provided essentially short-term loans on interest to trade industry and commerce. The choice thus involved an intrinsic mismatch between the structure and objectives of Islamic finance. The mismatch did carry some advantages, but on a more important side it exposed Islamic ...

  • limited_purpose_banking_Islamic_finance_could_LPB_model_applied_Islamic_finance_edib_abbas.pdf.jpg
  • Journal Article


  • Authors: Smolo, Edib; Mirakhor, Abbas (2014)

  • This paper primarily aims to review and analyze a new model for Islamic finance based on Laurence J. Kotlikoff's idea of limited purpose banking (LPB). In addition, this paper aims to highlight, explain and discuss various aspects of LPB and how it suits the original aspirations of pioneer writers in Islamic finance. Based on an extensive literature review, this paper aims to highlight, explain and discuss the reform of the Islamic finance industry based on Kotlikoff's model of LPB. Based on a modified LPB model, Islamic financial institutions could be established to provide specific services with clear aims and objectives. These LPB Islamic financial institutions would operate in a s...

  • 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...

Browsing by Topic Islamic finance::Fundamentals of Islamic finance

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 2 to 5 of 5
  • how_to_achieve_further_progress_in_islamic_finance_mirakhor_IIFS_june_2014.pdf.jpg
  • Industry Article


  • Authors: Mirakhor, Abbas (2014-12-01)

  • Islamic finance is a fairly young industry. It is only 30 years old. When I first began looking into the industry back in the late 1970s, the asset size was about US$50 million. The industry has now grown to reach US$1 trillion. This growth is a good sign; however, in order to progress further the industry and policy makers need to consider the lessons of the most recent financial crisis and explore the path that would take the industry forward without experiencing similar crises.

  • islamic_finance_structure_objective_mismatch_consequences_zubair.pdf.jpg
  • Journal Article


  • Authors: Hasan, Zubair (2010)

  • This paper raises the issue of an initial structure-objective mismatch in the launching of Islamic finance. The abolition of interest and promotion of growth with equity were goals of the conceived system. These goals expressed a long run vision to improve the condition of the Muslim communities across the world. However, the organizational form adopted for Islamic finance was of the existing commercial banks which provided essentially short-term loans on interest to trade industry and commerce. The choice thus involved an intrinsic mismatch between the structure and objectives of Islamic finance. The mismatch did carry some advantages, but on a more important side it exposed Islamic ...

  • limited_purpose_banking_Islamic_finance_could_LPB_model_applied_Islamic_finance_edib_abbas.pdf.jpg
  • Journal Article


  • Authors: Smolo, Edib; Mirakhor, Abbas (2014)

  • This paper primarily aims to review and analyze a new model for Islamic finance based on Laurence J. Kotlikoff's idea of limited purpose banking (LPB). In addition, this paper aims to highlight, explain and discuss various aspects of LPB and how it suits the original aspirations of pioneer writers in Islamic finance. Based on an extensive literature review, this paper aims to highlight, explain and discuss the reform of the Islamic finance industry based on Kotlikoff's model of LPB. Based on a modified LPB model, Islamic financial institutions could be established to provide specific services with clear aims and objectives. These LPB Islamic financial institutions would operate in a s...

  • 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...