INCEIF Knowledge Repository (INCEIF University)
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The Ottoman government and economic life: taxation, public finance and trade controls
No full textFrom the conquest of Constantinople (1453) to the treaty of Zitvatorok (1606), the Ottoman Empire was a world power, capable of directly challenging both the Austrian Habsburgs in central Europe and their Spanish relatives in the western Mediterranean. We will here use 1606 as our cut-off point because the end of the Long War with the Habsburgs of Vienna (1593-1606) had much greater financial and economic importance than the death of Mehmed III in 1603, which otherwise serves as a period limit for this volume
Findings of the sukuk market development project
No full textThough the Maldives is a 100% Muslim country, the financial system of the country is still based on conventional methods and laws. The formal initiative to develop an Islamic capital market in the country was initiated by the Capital Market Development Authority (CDMA) in 2011. But even before 2011, the IDB has been a key driving force behind establishing an Islamic bank in the Maldives
The role of Islamic legal institutions in transforming the structure of financial markets
No full textThis article aims to demonstrate the impact of legal institutions and Islamic principles on structure and performance of financial markets. The main impacts include the ban on asset creation based on debt and its prescription according to real value. As a result, money market is omitted from the structure of financial markets and usury including bonds and their derivatives are made forbidden. On the contrary, asset market and capital expand and financial institutions such as banks, stock market, and central bank manage the financial policies instead of creating money and implementing monetary policies
The theoretical foundations of quantum mechanics
No full textThis book addresses fundamental issues that are not discussed in most books on quantum mechanics. This book focuses on analyzing the underlying principles of quantum mechanics and explaining the conceptual and theoretical underpinning of quantum mechanics. In particular, the concepts of quantum indeterminacy, quantum measurement and quantum superposition are analyzed to clarify the concepts that are implicit in the formulation of quantum mechanics. The Schrodinger equation is never solved in the book. Rather, the discussion on the fundamentals of quantum mechanics is treated in a rigorous manner based on the mathematics of quantum mechanics. The new concept of the interplay of empirical and trans-empirical constructs in quantum mechanics is introduced to clarify the foundations of quantum mechanics and to explain the counter-intuitive construction of nature in quantum mechanics. The Theoretical Foundations of Quantum Mechanics is aimed at the advanced undergraduate and assumes introductory knowledge of quantum mechanics. Its objective is to provide a solid foundation for the reader to reach a deeper understanding of the principles of quantum mechanic
Financial modeling and quantum mathematics
No full textFinancial instruments have a random evolution and can be described by a stochastic process. It is shown that another approach for modeling financial instruments considered as a (classical) random system is by employing the mathematics that results from the formalism of quantum mechanics. Financial instruments are described by the elements of a linear vector state space and its evolution is determined by a Hamiltonian operator. It is further shown that interest rates can be described by a random function which is mathematically equivalent to a two dimensional Euclidean quantum field
Studies in Islamic finance
No full textThe basic five rules of Islamic finance are: no riba, superior clarity, backed by real assets, risk sharing propositions, and nor haram activities
Economics of waqf: its role in education
No full textIslam has encouraged the early Muslims to spend out of whatever they have for charity. When the verse 92 of Surah Ali Imran was revealed, there was not a single Muslim who did not part with whatever they have so as to belong to the category of "birr" or good. The fact that all wealth belongs to Allah means that whatever we give away in His cause is nothing compared to what He has given us. The most important implication is that waqf allows accumulation of capital infinitely as long as more and more capital are being made waqf
Finance and development in Islam: a historical perspective and a brief look forward
No full textIslamic finance is generally considered to be a new discioline which by implication also makes its impact on economic development a new phenomenon not yet fully understood. This way of thinking begs a huge unaswered question: if Islamic finance is, indeed, a relatively new discipline, how have Muslims managed their financial affairs from the time of the Prophet until the present
Session 1: global development in Islamic finance
No full textIslamic finance as an alternative. Islamic financial sector is in a unique position to promote financial innovation and bring stability to global finance, as long as it is correctly nurtured and developed internationally
Introduction of the single-tier corporate tax system: its effect on share price
No full textMalaysia and Singapore are the first countries to end their 45-year old imputation tax systems by replacing it with the simpler single-tier corporate tax system. Corporations have ceased to keep records of divident tax credits required under the imputation laws with the implementation of thee single-tier tax systems. We find evidence rom Malaysian and Singapore on how the share prices responded to the announcements in 2007 and 2002 respectively. The Singapore market reacted positively to the announcement; the Malaysan results were influenced by th global credit crunch. Also, we measured the ex-dividend days moved according to theory. In both countries, the average price drop ratio moved closer to 1.00 as predicted by theory. This is due to the absence of capital gains and zero personal tax under the single tax system. Given the world-wide interest in the single-tier tax regime for future corporate tax reforms, our finding is a first to identify a theory-consistent result on this new topi