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Islam and the challenges of Western capitalism
No full textThis unique book brings together some of the finest minds in comparative economic / financial history and modern Islamic finance to discuss the rise, the decline and the contemporary efforts to regenerate Islamic capitalism. The collection features articles on the contribution of classical Muslim scholars to the history of economic thought, the institutions that translated these ideas into everyday life and whether these thoughts and institutions constitute a clash or a symbiosis of civilizations. The efforts of contemporary Muslim thinkers to design a modern Islamic economy are also carefully scrutinized
Option volatility and the acceleration Lagrangian
No full textThis paper develops a volatility formula for option on an asset from an acceleration Lagrangian model and the formula is calibrated with market data. The Black-Scholes model is a simpler case that has a velocity dependent Lagrangian. The acceleration Lagrangian is defined, and the classical solution of the system in Euclidean time is solved by choosing proper boundary conditions. The conditional probability distribution of final position given the initial position is obtained from the transition amplitude. The volatility is the standard deviation of the conditional probability distribution. Using the conditional probability and the path integral method, the martingale condition is applied, and one of the parameters in the Lagrangian is fixed. The call option price is obtained using the conditional probability and the path integral method
Islamic venture capital in Malaysia: development, constraints and way forward
No full textThis study aims at examining the development of the Malaysian Islamic venture capital industry including government and regulatory policy initiatives for escalating the growth of the industry. It also highlights constraints and way forward for the industry. The paper employs qualitative approach focusing on secondary resources, documents, and field interview with practitioners and academia who are directly involved in the operations of Islamic venture capital in Malaysia. The study finds that policy-driven approach and liberalization facilitate the standardization of Shariah rulings of Shariah Advisory Council (SAC) and Shariah Committee (SC), which contribute to the effectiveness of regulatory framework and sustainable growth of the Islamic capital market in Malaysia. It also finds a number of constraints that dampen the progress of Islamic venture capital in Malaysia to be the following: i) apparent resistance of major Islamic banks to get involved in Islamic venture capital investment, ii) biasness against long-term investment; iii) underutilization of mushaarakah and mudaarabah mode of financing, iv) preference of expansion stage over seed capital by major venture capital institutions; v) lack of awareness on Islamic venture capital investment; vi) overreliance on government intervention. This paper holds significant implications for the venture capital industry players because it provides gap which needs to fill to make the industry a success
Achievements of venture capital and its potential in emerging markets with specific reference to Turkey
No full textVenture capital (VC) is a financial institution and a method of investment, which has become enormously popular in the United States particularly since the 1970s. One of the most remarkable characteristics of VC is the fact that it prefers to finance young entrepreneurs or start-ups that are usually rejected by the conventional institutions of finance
Shari'ah governance applicable to Islamic banks in Malaysia: effect of Islamic Financial Services Act 2013
No full textThis chapter aims to explore the Shari'ah governance rules applied in the Malaysian Islamic banking arena and the effect of Islamic Financial Services Act 2013 on it. This is a legal exploratory study primarily focused on library research. Shari'ah governance is a concept that have been developed and applied gradually in Malaysia and the new Islamic Financial Services Act 2013 has taken it to the next level. However, this does not mean that it has resolved the problems in Shari'ah governance that existed before the enactment of the act
Management disclosure and earnings management practices in reducing the implication risk
No full textThis paper examines two types of earnings management practices, the techniques employed, the motives behind the practices and the likely good, bad or ugly implications of each. The examination and analysis of this study indicates that earnings management practices based on manager's personal motives is the ugliest with the worst negative implication. However, the result of the analysis had provided insight that improved disclosure by both managers and management will reduce the risk of bad or ugly practices. It also provided an insight for future research on the implications of various motives behind earning management practices highlighted in the paper
Risk sharing and public finance
No full textDominant macroeconomic policy regimes are anchored on the interest based debt finance that has created a divergence between the real sector and the financial sector of the economy. Uncertainty has been growing regarding the adequacy of current policy regimes to provide sustainable solutions to contemporary economic problems and challenges, including improvement in the quality of life in addition to the traditional objective of achieving growth with price stability. Policy tools that provide an incentive structure for closing the gap between financial and real sectors of the economy and at the same time enhance social solidarity through the mutual sharing of risks and return could provide more effective means of addressing these challenges. This concept paper offers an alternative policy regime that proposes first, a monetary policy that is targeted directly at asset market activities and private sector portfolio adjustments. Secondly, it suggests mobilization of funds for financing fiscal operations based on risk sharing through sale of government low-denomination equity participation papers directly to the public tradable in secondary markets. The latter proposal is supplemented with a reform of the tax structure. The benefits include better return to savers, improved financial inclusion through broadened public participation, improved governance and positive distributional implications for current and future generations. The objective of these policy reforms is to achieve stability and growth of the real economy, without losing sight of the goal of achieving justice and equity among members of the society
Crime in the United States of America: testing the ‘Broken Window’ hypothesis
No full textThis study wishes to examine and validate the ‘broken window’ hypothesis among the fifty one states in the United States. The chosen method for this analysis is Johansen cointegration test to test for cointegration, and if any cointegrating vector is found, we proceed to test for Granger causality based on VECM. We test whether property crime (proxy for minor crime) leads to violent crime (proxy for major crime) in the fifty one states with respect to the period 1960 to 2007. Result of the study indicates that violent crime and property crime are cointegrated in forty eight states out of fifty one states. Further analysis to test for the validity of the broken window hypothesis provides stunning result whereby we found that the hypothesis is indeed valid in forty four out of forty eight states
Islam and sustainable economic development
No full textThere has been more concern with meeting immediate needs in the Islamic world than with longer-term issues of sustainability, as much of the region remains poor. Debate and writing on environmental issues in this region has therefore largely lagged behind elsewhere. It is worth noting that the 1.2 billion Muslims account for only 10 per cent of carbon dioxide emissions, while the United States, with less than a quarter of that population, is responsible for 20 per cent
Corporate waqf: from principle to practice: a new innovation for Islamic finance
No full textThe institution of waqf is a historical institution adopted and developed by Muslims to get closer to Allah (s.w.t.) by providing different services to their societies and communities. This institution provides many goods and services such as education, healthcare, national security, different kinds of agricultural and industrial products, transportation facilities and basic infrastructure without any cost to the government. However, the last century, namely at the end of the Ottoman Empire, witnessed the destruction of this institution and its role was replaced and carried out by the governments in the Muslim countries, a move that exhausted the government's budget.
Available in physical copy only (Call Number: BP 170.25 A1358