1,737 research outputs found
Perspective on Islamic finance: what is risk sharing?
No full textInterview session with Prof. Dr. Abbas Mirakhor, First Holder of INCEIF's Chair in Islamic Finance on "Perspective on Islamic finance: what is risk sharing"
Implications of risk sharing economy on development
No full textThe slides "Implications of risk sharing economy on development" presented by Professor Dr. Abbas Mirakhor at the 11th International Conference on Islamic Economics and Finance 2016 (11th ICIEF), Kuala Lumpur, Malaysia
Issues in Islamic finance: financial crises caused by a lack of risk sharing
No full textInterview session with Prof. Dr. Abbas Mirakhor, First Holder of INCEIF's Chair in Islamic Finance on "Issues in Islamic finance: financial crises caused by a lack of risk sharing"
Economic Development and Islamic Finance
Get PDFIslamic finance has been practiced in
some form since the inception of Islam, its practice in
modern financial markets became recognized only in the
1980s, and began to represent a meaningful share of global
financial activity only around the beginning of this
century. In recent years, significant interest in Islamic
finance has emerged in the world's leading conventional
financial centers, including London, New York, and Hong
Kong, and Western investors are increasingly considering
investment in Islamic financial products. The organizing
principle of Islamic finance in an Islamic economy is
transaction based on exchange, where real asset is exchanged
for real asset. By focusing on trade and exchange in
commodities and assets, Islam encourages risk sharing, which
promotes social solidarity. The features of an Islamic
economy will change the behavior of society. There will be
greater consultation; hence there will be no
impulsive-compulsive reaction in financial dealings. At the
same time, the labor force in an Islamic economy will work
under a rule of trust and full understanding of contracts
and obligations. Workers also share in the gains achieved
through the risk, based on productive efforts, which is a
better incentive system than a fixed wage. Workers will be
treated with respect, which reflects the importance of human
dignity in Islam. This paper is organized as follows:
chapter one discusses the epistemological roots of
conventional and Islamic finance. Chapter two provide a
perspective of conventional modern economists. Chapter three
provides a brief taxonomy of the foundational Islamic market
principles and evaluates them in the context of
institutional and behavioral economics in the context of
Knightian uncertainty. Chapter four accounts for finance and
development in Islam from a historical perspective. Chapter
five discusses the evolution of the concept of economic
development. Chapter six provide an Islamic perspective on
financial inclusion and argue that the core principles of
Islam place great emphasis on social justice, inclusion, and
sharing of resources between the haves and the have-nots.
Chapter seven addresses financial inclusion. Chapter eight
provide insight into Islam's perspective on social
safety sets and social insurance. Chapter nine examines
Islamic capital markets in a global context. Chapters ten
examines the problems of primary and secondary aspects of
the conventional stock markets and their critiques of
corporate governance. Chapter eleven give a realistic view
of the current state of affairs in Organization of Islamic
Conference (OIC) countries. Chapter twelve addresses key
economic policy challenges in the context of the Islamic
economic and financial system
Mirakhor on uncertainty and Islamic finance: Comment
Get PDFThis note summarizes the formulations of Abbas Mirakhor on purported uncertainty contextual to Islamic finance in a World Bank (2013) publication and shows its in-efficacious character
The Realism of Islamic Economics: Abbas Mirakhor's Methodological Structure of Islamic Economics
Get PDFThis study aims to explore and elaborate the structure of the Islamic economic methodology of Abbas Mirakhor. For this, the study applies an inter-textual approach to Abbas Mirakhor's works which are closely related to the methodology of Islamic economics. In addition, pairwise comparisons with texts that elaborate on the methodology of economics were also carried out, to see the genealogical structure of the methodology offered by Abbas Mirakhor. In essence, this study is able to identify the unique structure of the Islamic economic methodology introduced by Abbas Mirakhor which lies in two aspects. First is the intensification of the use of hermeneutics to produce substantive postulates of Islamic economics from sources of Islamic meta-framework (Quran, Hadith and Turats); while second, making substantive postulates as the foundation in verifying or falsifying economic experience. In conclusion, Abbas Mirakhor is considered as the bearer of Islamic economic realism
Crowdfunding with enhanced reputation monitoring mechanism (fame)/ Omid Torabi, Abbas Mirakhor.
No full textIn English.1 online resourc
The next financial crisis and how to save capitalism
No full textThe financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system
RETHINKING THE EPISTEMOLOGY OF ISLAMIC ECONOMY: ABBAS MIRAKHOR’S CONTRIBUTION TO THE CURRENT DEBATE
No full textIn the last three decades, Islamic economics and finance have experienced significant developments. At the same time, several problems arise, not only technical but also epistemological. On that basis, the author is interested in studying Abbas Mirakhor’s epistemological thought, in the hope of providing answers to these problems while providing direction for the next steps. As a qualitative study, the primary data source of this research is the work of Abbas Mirakhor. This study uses philosophical, sociological and historical approaches in addition to the literature review approach. The results of the study show that in the view of Abbas Mirakhor, the source of the formulation of the Islamic economic concept is the Qur’an, Sunnah, and Islamic jurisprudence. The reading of the Qur’an and Sunnah is done through the perspective of the NIE (New Institutional Economics). Through this approach, where Islam is placed as a rule-based system, the Islamic economic scaffolding formulation consists of rules about property, markets, distribution and redistribution, risk sharing, contracts, and trusts. Adherence to institutional scaffolding correlates with economic growth. This institutional scaffolding is supported by an incentive structure through the concept of barakah
Marzieh Abbas: Cook Prize 2025, Silver Medal Acceptance Speech
No full textAuthor Marzieh Abbas gives an acceptance speech for Yasmeen Lari, Green Architect: The True Story of Pakistan’s First Woman Architect (Clarion)https://educate.bankstreet.edu/cook/1014/thumbnail.jp
- …
