INCEIF Knowledge Repository (INCEIF University)
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Islamic finance: future trends and challenges with special reference to the role of regulators
No full textEvolution of Islamic finance in the last decade. This decade has seen the rapid evolution of Islamic Finance resulting in the dramatic transformation of the industry. From being focused on retail financing to providing an extensive spectrum of financial products and services. From being focused on Muslim community to having an extended reach that serves the non-Muslim community
An overview of Islamic finance from a regulator perspective
No full textThe slides "An overview of Islamic finance from a regulator perspective" presented by Prof. Datuk Dr. Syed Othman Alhabshi at a Special Presentation to Board of Directors & Top Management of Qatar Financial Centre Regulatory Authority, Doha, Qatar
Estimation of long-run demand for money: an application of long-run structural modelling to Saudi Arabia
No full textUsing a portfolio balance approach, this paper makes an initial attempt to examine the importance of international factors, such as foreign interest rate and nominal effective exchange rate, on the stability of long-run money demand function in an open developing economy with free capital movement. Saudi Arabia is taken as a case study over the period (1986-2004). The method applied is the "Long Run Structural Modelling" (LRSM) (Pesaran and Shin, Econometric Reviews, 2002) which has tried to address the atheoretical nature of a lot of conventional cointegrating estimates. The stability of the functions has also been tested by CUSUM and CUSUMSQ. Our findings tend to suggest that the foreign interest rate and the nominal effective exchange rate (on top of the real income and domestic interest rate) have significant effects on the stability of the long-run money demand function of M3 and M2, respectively. The results are indicative of the significant effects of capital mobility and/or currency substitution in the broad money demand functions. A clear policy implication is that a failure to incorporate these two international factors in the money demand function may result in the function being unstable and the monetary policy being far less effective
Fundamentals in Islamic finance
No full textThis content of this book are cover on nine chapters, covering topics: Introduction Islamic economic & Islamic banking principles; Riba in Islam; Islamic law of contracts; Islamic banking techiques: mudaraba; Murabaha-cost plus financing; Musharaka; Ijara, ijara-wa iktina, ijara muntahia bit tamleek; Salam & parallel salam; and Istisna & parallel istisna
Markets and the role of government in an economy from Islamic perspective
No full textThis paper explains the notion of market in historical perspective and the role markets play in free enterprise economies. It lists the major market failures and the role governments are expected to play in regulating and supplementing markets including the promotion of CSR from Islamic perspective. The discussion is limited to product and factor markets
The question of methodology in the science of maqasid al-Shari'ah (objectives of Islamic law)
No full textThis research addresses two methodological problems that seem to hinder the development of the concept of human welfare (public interest) in Islamic jurisprudence (Shari'ah). The first problem refers to the debate on whether maqasid is a philosophy or a method. The research tries to argue that maqasid moved from philosophy to method in order to revitalize the methods of inference in Islamic jurisprudence. However, as the paper argues, the new position of maqasid as a method had little effect on the dynamicity of Islamic jurisprudence during the time of Shatibi (d.14 century A.D) onwards. The latter's legal acumen is widely accredited with propounding a full-fledged theory on maqasid. In the second part of the research, we addressed the second problem which is the inadequacy featuring recent attempts by modern Muslim scholars and writers to formulate new concepts and present them as universal objectives of Islamic jurisprudence. The research dealt critically with these new concepts, concluding that they have not been methodologically confirmed or proven as they are simply attributes of Islamic law but not necessarily the ultimate ends of it
Islamic finance education at the graduate level current state and challenges
No full textOver the past three decades, Islamic finance has been the fastest growing segment of the global financial system. Though it may be expected that education and training have kept pace with this fast growing market, this paper finds that the current state of Islamic finance education at the graduate level is in a very unsatisfactory state. Using Malaysia as an illustrative case, the paper looks at the range, sufficiency and quality of Islamic finance education. It evaluates the current state of Islamic finance education at the graduate level in the context of the overall graduate education in Malaysia and suggests policy measures to meet the future challenges of the Islamic finance education, particularly at the graduate level
Ottoman merchants and the jurisprudential shift hypothesis
No full textMerchants in every civilization operate within specific institutional frameworks, which determine their relative efficiency and their transaction costs. It can be argued that a more advanced and efficient institutional framework leads to lower transaction costs and lower transaction costs, in turn, lead to higher competitiveness. Merchant privileged to operate within an institutional environment allowing lower transaction costs simply can compete better and drive their competitors, operating at higher transaction costs, out of international markets
Commodity murabaha: does it violate Islamic norms? Note
No full textRecently commodity murabaha has run into disrepute due to court decisions going against the use of this instrument in Islamic banks. This brief note argues that at fault has been the structure of contracts and the excessive use of the instrument. In principle, commodity murabaha is doubtless rooted deep in the Islamic Shari'ah
Pre and post crisis analysis of stock price and exchange rate: evidence from Malaysia
No full textThe furore and chaos created by the Asian financial crisis have ignited many studies on numerous subjects, and it is believed that the crisis has changed the way nations being administered and policies formed and implemented especially those regarding monetary and fiscal policies. In this study Johansen (1991) cointegration method was used and the period was divided into two sub periods, albeit pre crisis and post crisis. The results obtained are similar with a number of past literatures pointing to no long run relationship between stock price and exchange rate for both periods