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Diminishing balance model for Islamic home finance
No full textThis brief note supplements the argument of an earlier paper Islamic Home Financing: Current Models and a Proposal from Social Perspective”; it explains that the Diminishing Balance Model for Islamic home financing is operable in a Shari’ah compliant way even without the Islamic Banking laws accommodating the notion of constructive ownership as envisaged earlier. It further clarifies how the new model scores over the models currently being used for the purpose
Stock market development and macroeconomic performance in Thailand
No full textRapid development of financial markets particularly stock markets has been a main feature of many emerging markets. The conventionally held view, which has a basis in the seminal work of Schumpeter (1911), is that the stock market development is beneficial to the economy since it provides liquidity and an avenue for risk sharing and diversification, allows efficient allocation of resources to productive investment, reduces information and transaction costs and, consequently allows firms to undertake profitable investments. This view has been supported by various early empirical studies noting a positive relation between stock market development and economic growth. It has also been supported by recent studies utilizing advanced time series econometrics and finding the causal influences of stock market development on economic performance. Still, against this view and empirical evidence, some have also noted potential detrimental effects of stock market development through saving reduction, facilitation of counterproductive corporate takeovers, attraction of speculative inflows and reversal of financial capitals
Book reviews 'Timur Kuran. The long divergence: how Islamic law held back the Middle East'
No full textTimur Kuran is an avid reader of Islamic economic and legal history and an immensely well informed scholar. This latest work not only combines his earlier arguments but also provides some new perspectives. The gist of Kuran's arguments is the following (p. 281) - 1. In its early centuries Islam developed a law of contracts that was sophisticated for the time; 2. This law allowed passive investors to shield their personal assets while … however, active partners carried full liability; 3. The death of a partner terminated the partnership automatically; 4. Due to the Islamic inheritance law and polygamy the numbers of heirs could be large; 5. The partnership termination rule, like the lack of entity shielding, discouraged the formation of large and long-lived partnerships. Successful businesses quickly disappeared and rarely survived the death of their founders; 6. The evolution from simple partnerships to the corporation never took place; 7. Thus several self-enforcing elements of Islamic law — contracts, inheritance system, marriage regulations — jointly contributed to the stagnation of the Middle East
Money creation and control from Islamic perspective
No full textThis paper deals with familiar facts in monetary economics from an unfamiliar angle. It argues that it is not factual to regard the legal tender money and bank credit as of different genus: they work in tandem to the same ends in an economy, conventional or Islamic. Also, it does not matter what serves as money - solid gold or flimsy paper - for keeping its value stable; only the blind would argue that staff is indispensable for walking. Money is just an instrument: it was never nor can ever be classified into Islamic and non-Islamic. What it does - good or bad - depends on how we use it. Money does not generate crises; its mismanagement does. It follows that the refuge the world is searching today from recurring financial crises does not lie in money substance: history testifies that national economies could not remain turmoil-free during the centuries of the yellow metal sway over the monetary scene. The paper concludes that it is the human factor that has been the source of good or evil for mankind including money matters. And the quality of human factor true religion can alone improve: morality without faith is rudderless
Organizational form and efficiency: the coexistence of takaful and conventional insurers
No full textThis study analyzes the coexistence of two different organizational forms of insurance, namely Takaful and conventional insurance. We analyze the efficiency of different organizational forms in 13 countries for the period 2007-2011. Technical, allocative, cost, and revenue frontiers are estimated using data envelopment analysis. We test the expense preference hypothesis and efficient structure hypothesis. We find evidence for the efficient structure hypothesis and expense preference hypothesis in selected market segments. The results provide insight into the competitiveness of conventional and Takaful insurers from different countries
Inflation hedging effectiveness of an emerging Asian market: the case of Malaysia
No full textThis paper empirically examines the inflation-hedging property of an emerging stock market, Malaysia, for full sample (1988–2008), pre-crisis sample (1988–1996) and post-crisis sample (1999–2008) by means of asymmetric cointegration and asymmetric error-correction modelling. The focus is on the long-run relation between stock prices and consumer prices, the adjustment speed of the stock market to restore the long-run relation and their short run interactions. From the analyses, we uncover evidence supporting the long-run inflation-hedging ability of the Malaysian stock market only during the pre-crisis period. Its hedging ability, however, weakens for the full sample and is absent post-crisis. In the short run, we note that rising inflation tends to be followed by stock market decline
IB 1006: Islamic capital market
No full textThis guide provides an overview of capital markets. It describes the many roles played by the capital market in modern economies. A description of the main components and instruments traded within are described
Reconciling the dual banking system: application model for salam contracts in Malaysia
No full textThe Islamic financial system in Malaysia has emerged as a viable and vibrant component of the overall financial system. Nevertheless, salam based Islamic Banking products are anything but popular in the context of the Malaysian banking industry, despite boasting more than 40 Islamic financial products available, ranging from retail based products to project financing. This is partially due to the misconstructions over the viability of salam contracts. These misconceptions largely discount the social value for such contracts overlooking the fact that salam based contracts bridge the gap between the financers and recipients fostering platforms for substantial economic trust, providing for a price hedge for the buyer and cost hedge for the recipient. These benefits are not only available under the principles guiding Islamic banking and its ancillary products, but rather, offers a relatively large optimistic outlook for conventional banking as well, owing primarily but not limited to, its social value
Fundamentals of microeconomics
No full textThis book is cover numerous topics such as demand and supply, market equilibrium, elasticity, consumer choice theory, cost theory, theory of production and many others including one chapter that deals with environmental issues
Sciences of punishment: introduction to comparative penology
No full textPunishment is the universal response to crime and deviance in all regions of the world where its particular form and purpose is linked to detailed features of the structure of these societies at any given point in time. Designed to identify and examine the sources of similarity and differences in type of physical, ande economic punishments, incapacitation devices and designs, and lethal and non-lethal forms of corporall punishment over time and place through a comparative chronological analysis of punishment