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Islamic finance: why it makes sense (for you)
No full textThis volume explains and updates how conventional finance products work-from mortgages and leases to trade finance and insurance-before delving into their Islamic versions. Three new topics are added in the second edition: microfinance, the ethical company and wealth succession
Stock market co-movements: Islamic versus conventional equity indices with multi-timescales analysis
No full textThis study examines market co-movements in Islamic and mainstream equity markets across different regions in order to discover contagion during 9 major crises and to measure integration between markets. Using wavelet decomposition to unveil the multi-horizon nature of co-movement, we find that the shocks were transmitted via excessive linkages, while the recent subprime crisis reveals fundamentals-based contagion. While Islamic markets show traces of reduced exposure to the recent crisis owing to low leverage effect, their less diversified portfolio nature increases vulnerability to other crises. We generally find incomplete market integration, with relatively higher fundamental integration for Islamic markets which may be attributable to their real sector allocation nature
A critical analysis of Shari'ah issues in intangible assets
No full textIntangible assets are becoming evident in a number of Islamic financial products. Their presence in the Islamic financial market is due to their ability to address and accommodate the pressing need to diversify the asset pool in the industry. Despite their increasing presence in a number of Islamic financial products, their nature and characteristics have not been the subject of the research they deserve. Hence this research is undertaken to examine the definition, concept and legality of this class of asset: intangible assets. This paper aims to achieve the following objectives: i. To explore the definition and concept of intangible assets from Shariah, legal and accounting perspectives; and ii. To examine pertinent Shar??ah issues on intangible assets, particularly with regard to recognition and measurement, financing and trading, and zakah obligation
Introduction - the Islamic finance handbook: a practitioner's guide to the global markets
No full textThe subprime crisis that peaked in 2008 has pushed the world economy into the deepest recession since the end of World War II. As doubts mount over the proper functioning of the conventional banking and finance industry during the crisis, growing attention is being given to Islamic banking and finance. Headed by Iran, Saudi Arabi, and Malaysia, Islamic finance has penetrated more than 65 countries around the globe. By the end of 2013, Islamic financial assets were estimated to be around US1.5 trillion. Although Islamic assets are roughly less than 1 percent of global financial assets, their rapid growth, especially in Southeast Asia and the Middle East, and their superior performance during the crisis have led many to believe that Islamic finance is a viable alternative. The rapid growth of the Islamic finance can be seen in various regions of the world. To provide perspective and an overview of the Islamic finance industry, key developments of the industry for various regions are highlighted in this introduction
Tripartite analysis across business cycles in Turkey: a multi-timescale inquiry of efficiency, volatility and integration
No full textIn the current era of globalization, deregulation and liberalization of markets have led to financial integration amongst developing and developed countries. The sudden massive inflow of capital into developing country's stock markets begs the question of whether or not the markets are sufficiently efficient to handle the increasing integration of markets. Furthermore, the relationship between the integration and efficiency of stock markets tends to be of greater importance during economic downturns. Taking Turkey as a case study owing to its economic growth and importance in two successful blocs, i.e. the EU and the OIC, we attempt to analyse the linkages between stock market efficiency and integration during the different phases of the economy. The findings of our study provide an interesting insight into the relative improvement in volatility, efficiency and integration across business cycles, in a multi time scale analysis
Pricing of range accrual swap in the quantum finance LIBOR market model
No full textWe study the range accrual swap in the quantum finance formulation of the LIBOR market model (LMM). It is shown that the formulation can exactly price the path dependent instrument. An approximate price is obtained as an expansion in the volatility of Libor. The Monte Carlo simulation method is used to study the nonlinear domain of the model and determine the range of validity of the approximate formula. The price of accrual swap is analyzed by generating daily sample values by simulating a two dimension Gaussian quantum field
Challenges in economic and financial policy formulation: an Islamic perspective
No full textThis book provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic syste
Shari'ah non-compliance risk management and legal documentations in Islamic finance
No full textThis book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics
The economic role of the state in Islam
No full textThe economic role of the state in Islam is a hot topic that has interested many Islamic economists. Their general approach has been to examine the verses of the Qur'an as well as the ahadith and the sunnah of the Prophet and then deduce from these how an ideal Islamic economy should function today. This approach can be summarized as 'what the economic role of the state in Islam should be'
Demographic transition and economic growth nexus: the case of Malaysia
No full textThe paper "Demographic transition and economic growth nexus: the case of Malaysia" presented at 6th International Borneo Business Conference (IBBC) 2014, Kuching, Sarawak, Malaysia