INCEIF Knowledge Repository (INCEIF University)
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Islamic home finance in the social mirror
No full textShelter is one of the basic needs for human beings. Its availability for the people is an Islamic imperative. In view of the appalling living conditions of a substantial proportion of the population in most countries around the world, especially Muslim, Islamic banks have entered the field with various schemes for home financing. In this infant industry, this effort is understandably guided by the profit motive, but a social dimension has to surface in the course of time. Unfortunately, the models banks currently use for home financing remain under the juridical gaze, more so as the practice is not always found to be transparent. This paper looks at Islamic home financing models in a broader societal context. It evaluates the efficacy of the current financing structures practised and suggests a new approach. The proposed model is shown as superior to the existing ones. It meets the norms of equity, fair play and openness and does not, presumably, violate any other Islamic norm. Finally, the paper makes some policy suggestions to integrate Islamic home financing into the broader social goals of an Islamic economy
Comment on "Politics of Association of Southeast Asian Nations Economic Cooperation"
No full textThe attempt by Severino (2011) to cover the width and depth of the intriguing integration process in Southeast Asia over four decades merits serious attention. One can hardly disagree with the comprehensive description and crispy analysis by Severino, a former Secretary General of the Association of Southeast Asian Nations (ASEAN). Nevertheless, it will be useful to revisit some of the highlights and issues
Islamic capitalism and finance: origins, evolution and the future
No full textThis book explores key issues within Islamic capitalism and finance, shedding light on whether the Islamic system can indeed be called 'capitalist', the principles on which the system was built, the institutions that were consequently developed, how they function and have evolved, and, perhaps, most importantly, whether they can be modernized to meet today's needs. Against the backdrop of rapid change in the Middle East, this book gives a solid background to the economic systems that will emerge in the world of Islam
Islamic deposit insurance for Islamic financial institutions
No full textBanks keep only the required reserves and lend out or invest the rest of the deposits made by the depositors. In a fractional-reserve banking system, the loan of one bank becomes the deposit of another bank. This will allow the second bank to lend out all the deposits less the required reserves. In this way, the total money created is the reverse of the reserve ratio. If the reserve requirement is 10%, then the total money created will be 10 times the deposit
Islamic banking and finance in North Africa: past development and future potential
No full textThe aim of this report is to assess the state of Islamic banking in North Africa, examine why it has failed to take-off and consider its future potential and how it can contribute to the economic development
The dynamics of Thailand’s real exchange rate
No full textThis study examines the fundamental determinants of the real exchange rate in Thailand during the period of 1976-2006, using the Bounds testing approach suggested by Pesaran et al. (2001). Three main fundamentals are used to identify the RER, namely, the productivity differentials (proxied by GDP per capita), the net foreign assets position (proxied by the current account balance, CAB), and the real interest rate differential (RIR). The empirical results demonstrate stable long run relationship between the real exchange rate (RER) and GDP per capita (GDPPC), real interest rate (RIR) and current account balance (CAB)
Possible legal framework to pioneer Islamic banking in the Maldives: lessons to learn from Malaysia
No full textThe Maldives has been striving to pioneer Islamic banking for the past few years. For a starter, guidance from the emperor of Islamic banking would be indispensable. Malaysia is the emperor of it. Starting from 1983, it has been practicing Islamic banking up until now. Today, by gradually correcting the mistakes that has been made over the years, Malaysia has become the leading nation for Islamic banking. Malaysia is a multi-religious society, distinct from the Maldives. The point that should be noted here is that when Malaysia started Islamic banking, the only piece of banking legislation available in the country was one that supported the conventional banks. Hence it had to pave away the legal impossibility of introducing Islamic banking to the country by enacting a unique legislation for it. With this new legislation, the first Islamic bank of the country was established. When the government felt that Islamic banking can only be developed by creating more players in the market, it amended the existing conventional banking legislation to allow Islamic banking windows to be operated within conventional banks. The banks began to work in a competitive atmosphere; it gradually developed and the industry has now flourished. The Maldives is a 100% a Muslim nation. However, the existing legal framework is only the operation of conventional banks. Like Malaysia, the Maldives needs to introduce a separate legislation to surface the way to start the Islamic banking. It needs to innovate products according to the need of its society. It also needs to find ways in which it can offer Islamic banking services in a competitive ambiance. If a single bank monopolises the whole industry, the growth of Islamic banking in the Maldives might be jeopardised. Like Malaysia, the Maldives may amend its conventional banking legislations and allow foreign banks like the HSBC Bank to open Islammic banking windows in the country. This would indeed create antagonism in the industry. The citizens would be given an option to choose from and this would create room for the innovation of new products. In this paper, the main focus would be on discussing the possible ways in which to set up and expand Islamic banking in the Maldives with special reference to the expansion of Islamic banking in Malaysia. The development of Islamic banking and the lessons which could be learnt from Malaysia would be highlighted. It is argued here that although Malaysia has a multi-religious society in which Islamic banking was introduced in the 20th CEntury, the Maldives, on the other hand, which is a hundred percent a Muslim nation, is trying to pioneer Islamic banking in the 21st Century and may have lessons to learn from Malaysia's experience
Historical development of Islamic venture capital: an appraisal
No full textVenture capital is commonly defined as medium to long-term equity investment provided for unlisted companies to finance their start up, expansion, survival and change of ownership. The origin of which was traced back to mudharabah; which is commonly translated to Islamic limited partnership. The application of venture capital seems to be abandoned in Muslim world for long, while Western communities get steady development of it. Since the inception of Islamic banks for almost two decades, Islamic banks are also turning a blind eye to venture capital. In spite that venture capital is akin to Islamic bank's principle of profit and loss sharing. The first Islamic bank which was introduced 1963 at Mit Ghamr by Dr. El-Naggar, was primarily built on mudharabah contract which constitutes a tiny portion in day-to-day operations of Islamic banking and financial institutions to date due to risks associated with this area of investment. However, venture capital considered as a formidable tool for economic and technological development in the West. This study aims at studying historical development of mudharabah and musharakah that constitute the root of the modern venture capital. The study covers both classical and modern Islamic venture capital. The study finds that modern Islamic venture capital operates in form of banking and financial institution at the outset. This is could be imagined with the establishment of the first Islamic bank at Mit Ghamr Egypt 1963, Tabung Hajj at 1960s. On the contrary, Mudharabah Companies established in Pakistan in1984 operates in form of fund management company. Nevertheless, the first fund carries the tittle of Islamic venture is Injazah funds established in 2004. The first fund and management corporation dedicated for Islamic venture capital is musharaka venture tech and management established in Malaysia 2008. The first banking institution dedicated for Islamic venture capital and private equity investment is Venture Capital Bank established in Bahrain 2006. The common Shari'ah applicable principles are musharakah, mudharabah, and wakaalah. Although muzara'ah and musuqat are seldom applied in the agricultural sector. In a nutshell, the study provides Shari'ah framework for Islamic venture capital and proposes solutions for pressing issues
An economic study of pepper production in Malaysia: challenges and prospects of the industry
No full textLa curva di Kuznets esiste? Un’applicazione LRSM al caso dell’Arabia
No full textThere is an increasing move by developing and emerging economies to address their environmental issues. In the last few decades, we have witnessed an unprecedented state of global warming. Many scientists have argued that increasing carbon dioxide (CO2) emissions produce a massive build-up of greenhouse gas, which significantly contributes to warming global temperatures and associated climatic instability (IPCC, 1996). Some countries have signed to the Kyoto protocol in a bid to follow guidelines in reducing their emission levels by investing in infrastructure under the Clean Development Mechanism (CDM)