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Performance of Islamic banks and conventional banks
No full textIn this chapter an attempt is made for the first time to assess the financial performance of Islamic banks and conventional banks by choosing a matched sample of banks to assess their financial performance across the world over a lenghty period. Islamic banking is based on replacing the pre-fixed-interest-based bank deposit-cum-lending activities with risk-sharing and profit-sharing principles advocated by Islam, which in turn appears to be consistent with the social norms of pre-modern societies prior to the rise of interest-based-fractioning banking in the last 200 years, which refers to the fractional-reserve banking from the close of the 18th century
Legal obstacles in Shari'ah corporate governance of Islamic financial institutions in Malaysia
No full textThis paper was sent to be published in the Journal of King Abdulaziz University for Islamic Economics. Also, it was presented in different title in the Asia Pacific Business Research Conference in Malaysia, February 2011. The researchers highlighted the significant role of the Shari'ah corporate governance in the effectiveness and stability of Islamic financial Institutions in Malaysia. They outline the roles of corporate governance (in both conventional and Islamic corporations) through which it can be directed, administered and controlled. However, they argue that Shari'ah corporate governance has different perspective and methodology. The Shari'ah corporate governance
primary is based on the tenets of Islam as the primary law and then on other positive laws, such as laws regulating the interest of the directors and the stakeholders. They described the structure of shari'ah corporate governance in Malaysia in order to emphasize and underscore some legal obstacles in the Shari'ah corporate governance and suggest some practical solutions to reform absence in the law
Economy: the root of the uprising
No full textThe events of the Arab Spring have not only profound political implications but also have significance for the economies of the Middle East and their trading partners. In the short run the political uncertainty and lack of law and order has damaged economic activity, but in the long term the Arab Spring could prove beneficial for the region which has seriously underperformed other emerging markets. How can partners such as the United Kingdom help ensure a positive economic outcome from the Arab Spring rather than continuing economic meltdown if domestic turbulence continues
Fostering India Maldives relations through Islamic finance
No full textIndia and Maldives have enjoyed warm and friendly affairs since Maldives became independent in 1965. Disputes between the two countries have been negligible. In November 1988, at the behest of the Maldivian government, Indian paratroopers and naval forces crushed a coup attempt by mercenaries. This was known at the time as Operation Cactus. India's action, viewed by some critics as an indication of Indian ambitions to be a regional police officer, were regarded by countries such as the United States, the Soviet Union, Britain, Nepal, and Bangladesh as legitimate assistance to a friendly government and in keeping with India's strategic role in South Asia. In the 1980s and 1990s, Indian and Maldivian leaders maintained regular consultations at the highest levels
An introduction to Islamic finance: theory and practice
No full textThis book explains the fundamental principles and functions of an economic, banking and financial system based on principles derived from the basic sources of Islam. Rules constituting the institutional scaffolding of such a system—property rights principles, sanctity of contracts and the requirement of faithfulness to terms and conditions of contracts, trust and trustworthiness, risk sharing, and prohibition of interest-rate based debt contracts among others—are discussed with relation to the economic behavior of individuals, society and state
Defense spending - economic growth nexus in selected OIC countries: a long-run causality analysis
No full textThis paper investigates the long run Granger causality between defense spending and economic growth for 20 selected Organization of Islamic Countries (OIC) by employing the Error-Correction Model (ECM) framework using annual data for the period 1960 to 2005. defense spending (milex) is measured using the ratio of defense spending to gross domestic product (GDP); while economic growth (rgdpc) is proxy by the real GDP per capita. The results of our study indicated that one way long run Granger causality was found running from economic growth to defense spending for Burkina Faso, Indonesia, Kuwait, Saudi Arabia, Sudan, Togo and Turkey. On the other hand, one way long run Granger causality was found running from defense spending to economic growth was found for Iran, Mauritania and Nigeria. However for the rest of the OIC countries, the results suggested no relationship between defense spending and economic growth