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Mario, Mattia <1988>. "La finanza etica islamica." Master's Degree Thesis, Università Ca' Foscari Venezia, 2013. http://hdl.handle.net/10579/3806.
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L'elaborato presenta i principi etico religiosi dell'economia e della finanza islamica e si propone di descrivere le caratteristiche dell'attività bancaria e dei prodotti finanziari utilizzati. Inoltre viene presentato un case study che ha lo scopo di confrontare gli indici di borsa islamici con quelli occidentali sotto molteplici aspetti.
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Cervino, Erica <1993>. "La Finanza islamica: profili di compatibilità in Italia." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/12680.
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A partire dagli anni ’70 si può parlare della nascita di un sistema bancario e finanziario islamico. Ma quali sono le peculiarità di tale sistema? Qual è la ratio sottostante? E come influisce sul settore bancario e sui mercati finanziari? In questo elaborato proviamo a rispondere a queste domande, partendo da un’analisi delle fonti del diritto islamico, tutte riconducibili a precetti religiosi, e arrivando a definire le principali regole e divieti dell’economia islamica: divieto di riba (interesse/usura), divieto di gharar(incertezza/speculazione), pagamento della zakat (tassa religiosa sui beni improduttivi). Per rispettare questi obblighi si è dovuto sviluppare un sistema alternativo che funziona diversamente rispetto a quello convenzionale (occidentale). Anche gli strumenti finanziari islamici hanno caratteristiche e funzionamenti molto diversi. Dopo aver analizzato i principali, ci soffermiamo sui possibili punti di incontro tra la finanza islamica e quella convenzionale, in particolar modo in Italia. Viene anche eseguito un confronto con l’esperienza della Gran Bretagna, sicuramente il paese più all’avanguardia in Europa nell’apertura agli strumenti e ai mercati islamici.
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Ouahbi, Mostafa <1978>. "LA FINANZA ISLAMICA E LE SUE PROSPETTIVE IN ITALIA." Master's Degree Thesis, Università Ca' Foscari Venezia, 2014. http://hdl.handle.net/10579/4789.
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Giordani, Francesca <1993>. "LA FINANZA ISLAMICA. Teorie e implicazioni del modello islamico quale potenziale strumento di integrazione socioeconomica." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15165.
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La finanza islamica non costituisce un modello a sé. Esso è, piuttosto, parte integrante della dimensione religiosa, ne condivide norme e valori armonizzandosi con essa. È facile intuire, dunque, come la bellezza e l’equilibrio di tale sistema, risiedano proprio nella sua capacità di creare connessioni tra ambiti diversi, spesso incompatibili nella visione occidentale. L’obiettivo primario di questa indagine è fornire una panoramica quanto più completa del funzionamento del modello finanziario islamico evidenziandone le caratteristiche che lo rendono uno strumento privilegiato in termini di una ridefinizione di nuove politiche di integrazione, serie ed efficienti. è plausibile che l’offerta di prodotti finanziari islamici in contesto non islamico agevoli il processo di integrazione? Attraverso questa ricerca, in particolare nella fase conclusiva, cercherò di dimostrare come l’esportazione del modello islamico in diverse realtà europee si sia dimostrata una strategia utile e vincente nel promuovere una maggiore inclusione socioeconomica.
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Lucchetta, Chiara <1994>. "Finanza islamica e finanza sostenibile a confronto: un'analisi qualitativa e quantitativa di alcuni indici azionari." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13340.
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Attualmente si individuano due modelli di finanza alternativi rispetto a quello tradizionale, rappresentati dalla finanza islamica, di stampo religioso e basata sui precetti della Sharia’h, e dalla finanza sostenibile, strettamente connessa con l’ambiente e la società. Scopo dell'elaborato è quello di analizzare da un punto di vista quantitativo e qualitativo queste due forme di finanza, illustrandone i principi, l’evoluzione storica e gli strumenti ammessi. Nel terzo capitolo vengono introdotti gli investimenti islamici e sostenibili (SRI), descrivendone lo sviluppo e l’orientamento in letteratura, nonché le diverse strategie e criteri adottati. Mentre il quarto capitolo è dedicato all’analisi empirica, che analizza la performance degli indici di borsa in un intervallo temporale molto ampio (2002-2018), con lo scopo di esaminare i trend assunti dalla finanza islamica e sostenibile rispetto al settore tradizionale e di verificare l’impatto che gli screening possono avere sulle prestazioni degli indici.
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Di, Maria Francesca <1990>. "Lingua araba e finanza islamica: sviluppi recenti di un linguaggio settoriale." Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6201.
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Ho ritenuto fondamentale presentare il rendiconto finanziario ufficiale relativo all’anno 2012 redatto dalla Banca Islamica degli Emirati Arabi il cui scopo primario è quello di informare il Consiglio Generale degli Azionisti della banca, perchè mi sembra il più rappresentativo della nuova tendenza della lingua araba che sta cambiando sempre di più per rispondere alle esigenze di internazionalizzazione della finanza e del commercio. Si tratta, infatti, di un testo formale ricco di lessico economico finanziario e con alcuni elementi dicontabilità. Esso presenta, in modo ricorrente, una costruzione della frase semplice, incisiva ed essenziale,un ripetuto utilizzo di parole chiave ossia un largo uso di termini tecnici . L’uso di frasi essenziali rende il
documento univoco e chiaro a tutti coloro che lo consultano. Il registro usato è ovviamente impersonale. Viene fatto largo uso della frase verbale ( come spesso accade negli articoli giornalistici). Un particolare aspetto che si nota, trattandosi di un linguaggio prettamente economico, sono i cosiddetti phrasal verbs o verbi frasali , che in questo contesto assumono connotazioni linguistiche assolutamente differenti rispetto all’uso che spesso se ne fa nel linguaggio giornalistico o in un testo di tipo informale. Naturalmente, testi di questo genere sono indirizzati a riceventi che possiedono competenze di contabilità e finanza nella lingua di arrivo (L1), e che dunque possono comprendere appieno il loro significato. Si tratta dunque di un linguaggio altamente specializzato e moderno che rappresenta i nuovi concetti economici e finanziari.
Considerato che il mondo economico finanziario si avvale quasi esclusivamente della lingua inglese, i vocaboli dell’Arabo standard che sono legati a questo settore ne avvertono l’influenzae come per esempio: الادارة التنفيذية executive management , الادارة المباشرة frontline management ed infine المتابعة followup, che in questo contesto può essere tradotto come sollecito di pagamento.
Questo è sicuramente l’aspetto più interessante di questo fenomeno linguistico, poichè esso dimostra come la lingua sia legata in modo inequivocabile al bisogno di comunicare. Le nuove esigenze di comunicazione devono tenere conto di nuove realtà, la lingua, inuovi vocaboli e le diverse accezioni linguistiche la rendono viva e in continua evoluzione. Ciò naturalmente influenza oltre che il vocabolario anche la sintassi che deve adeguarsi alle nuove esigenze rendendo la lingua araba standard molto più
flessibile sia a livello linguistico che sintattico.
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Mancuso, Federica Anna <1987>. "LA FINANZA ISLAMICA: L'INTERESSE DEL MERCATO INTERNAZIONALE VERSO UNA DIMENSIONE ECONOMICA ALTERNATIVA. PROSPETTIVE E NUOVE FRONTIERE." Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/7191.
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Negli ultimi anni l’attenzione dell’Occidente verso il mondo musulmano è accresciuta per diversi motivi legati alla religione, alla cultura, alla politica ma soprattutto all’economia. E’ sorta, per i paesi islamici, la necessità di adeguarsi e di correggere il modo di agire in diversi campi, per continuare ad interagire con i paesi occidentali; in particolare, negli ultimi trent’anni, si è formata una nuova dimensione in cui sono state definite, seguendo principalmente le fonti sciaraitiche, il complesso di pratiche, come transazioni, contratti e servizi finanziari, che prendono il nome di finanza islamica.
Il presente lavoro di tesi è articolato su quattro punti principali:
1)Nella prima fase verrà presentata in linea generale la finanza islamica, con una breve proiezione storica sulla nascita e i contesti di sviluppo storico. Punteremo l'attenzione sulle fonti principali definendo i principi generali religiosi, giuridici ed economici. Verrà analizzato, inoltre, il compito dello SHARI’A SUPERVISORY BOARD, organo caratteristico delle istituzioni finanziarie islamiche.
2)Nella seconda fase, verranno trattati gli aspetti più tecnici. Saranno quindi presentati i contratti e gli strumenti finanziari più utilizzati della finanza islamica.
3)Nella terza fase, verrà affrontata la nascita del sistema bancario islamico, il ruolo e i problemi delle banche islamiche in un contesto non islamico, prendendo come esempio l’islam banking in Gran Bretagna.
4)La mia ricerca verrà esposta nell'ultimo capitolo, in cui analizzerò la crescita dinamica della finanza islamica nell’economia moderna e la sua rilevanza; le opportunità della finanza islamica; le differenze tra il modello inglese e quello italiano; di quali accorgimenti abbisogna l'Italia per raggiungere i livelli britannici, ad oggi polo di maggiore attrazione a livello europeo; delle opportunità concrete che potrebbero esserci per il Bel Paese.
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Martina, Carlotta <1997>. ""Scenari attuali ed orizzonti futuri della Finanza islamica e degli investimenti SRI. Il caso di Dubai."." Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21024.
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Il filo rosso conduttore che accompagna questa tesi di laurea porta l’attenzione agli sviluppi della Finanza islamica a livello globale, in relazione all’interesse crescente per investimenti etici e soprattutto socialmente e ambientalmente sostenibili sul lungo periodo. Ciò che questo elaborato vuole dimostrare sono le innumerevoli similitudini e lo stretto legame che accomunano la Finanza islamica, basata su un radicato sistema valoriale etico e sui dettami shariatici, e un tipo di finanza mondiale, sempre più proiettata alla sostenibilità e alla salvaguardia del tessuto sociale. A tal proposito, avendo recentemente svolto un periodo di tirocinio a Dubai, ho potuto fare ricerca sul campo attraverso interviste e indagini al fine di presentare alcuni esempi che mostrino i tentativi embrionali della città di investire in progetti che presentino standard elevati in termini ambientali, sociali e di buona governance. Prima di arrivare a queste conclusioni ho ripercorso le origini e la diffusione del sistema bancario e finanziario islamico, analizzandone le fonti religiose e giuridiche. In tal senso, mi sono successivamente focalizzata sul funzionamento del sistema bancario islamico e sui principali strumenti e prodotti Šarī‛a compliant, mettendo in luce i punti di forza di questo tipo di finanza etica, ma anche le sue criticità, dettate soprattutto dall’incontro-scontro con la modernità. Infine, ho trattato nello specifico gli scenari attuali e gli orizzonti futuri della Finanza islamica, che sta adottando un approccio sempre più “eco-friendly” e “socially responsible” nei suoi progetti di investimento, come risulta evidente nel caso del Parco Solare commissionato dall’attuale governatore di Dubai. Il progetto ha difatti attirato negli ultimi anni numerosi investimenti SRI (“socially responsible investing”), ha portato ad una crescita economica sostenibile evidente ed ha diversificato la catena di approvvigionamento locale. Esso dunque rappresenta il perfetto connubio tra i principi etici alla base della Finanza islamica e gli sforzi intrapresi dalla città verso scelte sostenibili, soprattutto nel settore economico-finanziario.
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Salleh, Murizah Osman. "Essays in Islamic finance." Thesis, Bangor University, 2013. https://research.bangor.ac.uk/portal/en/theses/essays-in-islamic-finance(75b5d16d-79e9-4510-b2e6-740cd10d2458).html.
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Kaakeh, Abdulkader. "Behavioural finance in islamic finance, a new approach." Doctoral thesis, Universitat Autònoma de Barcelona, 2018. http://hdl.handle.net/10803/650338.
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Esta tesis evalúa los factores que afectan a la actitud y a la intención de los consumidores respecto a las finanzas islámicas en dos países diferentes. Asimismo, evalúa los factores que afectan a la autoeficacia y al rendimiento de los vendedores en los bancos islámicos, entre los que se incluye la exigencia del cliente. El primer capítulo resume la literatura de las finanzas conductuales y las finanzas conductuales islámicas, e identifica las lagunas de investigación y los objetivos de la tesis. El segundo capítulo usa un modelo teórico, basado en la teoría de la acción razonada para investigar los efectos de la actitud, la motivación religiosa, la concienciación, así como el servicio y la fijación de precios en la intención a la hora de utilizar la banca islámica entre la minoría musulmana en Barcelona, España. También determina el perfil de un potencial cliente bancario islámico dentro de esta minoría. La parte empírica se sirve de preguntas basadas en una encuesta, análisis de factores y regresión logística para analizar los datos. Los resultados revelan que la actitud, la motivación religiosa y la concienciación son factores importantes que influyen a la hora de decantarse por la banca islámica. El estudio también destaca el perfil del potencial cliente bancario islámico. La investigación muestra el potencial de los bancos islámicos en el mercado español, y la posibilidad de aumentar la concienciación en lo que respecta a la banca islámica. Asimismo, muestra que la banca islámica en España podría ayudar a la minoría musulmana a participar de manera efectiva en las actividades financieras, al mismo tiempo que resalta la importancia de beneficiar a las mujeres dentro de esta minoría y a ayudar a la sociedad estimulando a que el dinero no bancario fluya por el sector financiero. El estudio también destaca la importancia de las finanzas islámicas para las minorías musulmanas como método para apoyar su identidad religiosa. El tercer capítulo investiga los efectos de los siguientes factores: imagen, concienciación, cumplimiento de la ley islámica e individualismo, sobre la actitud e intención de los clientes a la hora de usar la banca islámica entre los usuarios de banca en los Emiratos Árabes Unidos, así como el papel mediador de la actitud en ese modelo, usando para ello un modelo teórico basado en el de Actitudes de Atributos Múltiples, la teoría de las acciones razonadas y la teoría del comportamiento razonado. La investigación se centrará en la encuesta de los clientes bancarios que viven en los Emiratos Árabes Unidos (EAU). Se utiliza el modelo de ecuaciones estructurales para analizar los datos. Los resultados muestran que la actitud y la concienciación afectan de una manera directa a la intención, mientras que la imagen, la concienciación, el cumplimiento de la Sharía y el individualismo afectan a la actitud directamente y a la intención, indirectamente, mediada por la actitud. El capítulo muestra, como resultado, la importancia del cumplimiento de la Sharía de los bancos, el individualismo de los clientes y la imagen del banco sobre la actitud y la intención, y ofrece sugerencias para que los bancos se beneficien de estos aspectos con el fin de ampliar su base de clientes. El estudio proporciona una idea sobre la toma de decisiones de los individuos y la importancia de un enfoque social por parte de los bancos cuando se anuncian. El último capítulo investigará la relación entre estos factores: imagen de la organización, esfuerzo de la concienciación, exigencia del cliente, autoeficacia y autoevaluación entre los vendedores de productos bancarios islámicos en los EAU, así como el papel mediador del esfuerzo de concienciación y autoeficacia en el modelo, usando para ello un modelo teórico basado en la teoría social cognitiva. El capítulo se centra en la encuesta realizada a los vendedores de productos bancarios islámicos en un banco mixto (un banco convencional con un departamento islámico) en los EAU. El investigador usa mínimos cuadrados parciales para analizar los datos, y los resultados muestran que la exigencia del cliente tiene un efecto positivo en el esfuerzo de concienciación a nivel de ventas, el esfuerzo de concienciación tiene un efecto positivo en la autoeficacia, la autoeficacia tiene un efecto positivo en el rendimiento, y la imagen afecta de forma positiva a la autoeficacia y al rendimiento de los vendedores. Asimismo, en este capítulo se destaca el papel mediador del esfuerzo de concienciación y autoeficacia en el modelo. El estudio muestra la importancia del esfuerzo de concienciación para lograr un rendimiento mejor, así como la importancia de abordar los requisitos del cliente en el entorno y el papel de la imagen de la organización en la aplicación de la autoeficacia y rendimiento de los vendedores.This Dissertation tests the factors affecting the attitude and intention of consumers toward Islamic finance in two different countries, it also tests the factors affecting the self-efficacy and performance of Salespersons in Islamic banks including customer demandingness. The first chapter summarises the literature of behavioural finance and Islamic Behavioural finance and identifies the gaps and aims of the thesis. The second chapter uses a theoretical model based on the theory of reasoned actions to investigate the effects of attitude, religious motivation, awareness, and service and pricing, on the intention to use Islamic banking among the Muslim minority in Barcelona - Spain. It also determines the profile of a potential Islamic banking customer among this minority. The empirical part uses survey-based questions, factor analysis and logit regression to analyse the data. The results show that attitude, religious motivation and awareness are all important factors affecting the intention to use Islamic banking. The study also highlights that the profile of a potential Islamic banking customer. The research shows the potential for Islamic banks in the Spanish market, and the possibility of raising awareness about Islamic banking. It also shows that Islamic banking in Spain could help the Muslim minority to participate effectively in financial activities and highlights the importance of empowering the women in this minority and help society by encouraging off-banking money to flow into the financial sector. The study also highlights the importance of Islamic finance for Muslim minorities as a method to support their religious identity. The third chapter investigates the effects of the following factors: image; awareness; Shariah compliance and individualism, on the attitude and intention of customers to use Islamic banking among Bank customers in UAE, and the mediating role of attitude in that model, using a theoretical model based on the Multi-Attribute Attitude Model, the theory of reasoned actions and the theory of planned behaviour. The research will focus on surveying bank customers living in UAE. Structural equation modelling will be used to analyse the data. Results show that attitude and awareness affect intention directly, while image, awareness, Shariah compliance and individualism affect attitude directly and affect intention indirectly mediated by attitude. The chapter resulted in showing the importance of Shariah compliance of banks, the individualism of customers and image of the bank on attitude and intention and provides suggestions for banks to benefit from these aspects to widen their customer base. The study provides an insight into individuals’ decision-making and the importance of a social approach by banks when advertising. The final chapter will investigate the relationship between the factors: organisation image, awareness effort, customer demandingness, self-efficacy and self-rated performance among salespersons of Islamic banking products in the UAE and the mediating role of awareness effort and self-efficacy in the model, using a theoretical model based on the social cognitive theory. The chapter focuses on surveying salespersons of Islamic banking products in a mixed bank (a conventional bank that has an Islamic department) in the UAE. The researcher uses partial least squares to analyse the data. The results show that customer demandingness positively affects awareness effort at the sales level, awareness effort positively affects self-efficacy, self-efficacy positively affects performance and image positively affects salespersons’ self-efficacy and performance. Furthermore, the chapter highlights the mediating role of awareness effort and self-efficacy in the model. The study shows the importance of awareness effort to achieve better performance as well as the importance of addressing the customer requirements in the environment and the role of the organisation image in enforcing salespersons’ self-efficacy and performance.
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Pock, Alexander von. "Strategic management in islamic finance /." Wiesbaden : Deutscher Universitäts-Verlag, 2007. http://catalogue.bnf.fr/ark:/12148/cb41324124s.
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Chuk, Tabina Sophie. "Islamic Finance for Poverty Alleviation." Thesis, The University of Arizona, 2012. http://hdl.handle.net/10150/273058.
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There is a direct relation between religion and economics. Islamic Finance links the pillars of Islamic faith with financial instruments to produce an ethics based approach to finance. The increasing occurrence of Islamic Financial Institutions worldwide lays the groundwork for Islamic Finance to become a viable ethics based alternative to conventional finance. This thesis outlines the modern origins of Islamic Finance, its distinguishing characteristics and approaches to poverty alleviation in the Middle East and North Africa using the instruments of Islamic Finance to conclude that development approaches under the scope of Islamic Finance are viable.
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Lall, Rabia D. "Islamic finance versus conventional finance and the taxation consequences." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/5905.
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Includes abstract.Includes bibliographical references.
The focus of this research paper is to discuss the underlying principles of Islamic finance and its tax implications for investors and financial institutions. The nature of Islamic financial products is compared to its conventional financial counterpart to identify whether differences exist between Islamic and conventional finance from a tax perspective. The proposed changes to the South African Income Tax Act No. 58 of 1962 relating to Islamic finance contain deeming provisions to provide tax neutrality between Islamic and conventional finance. It appears that certain international tax issues for Islamic finance have not yet been addressed by the proposed changes and will have to be considered for the tax neutrality to be achieved.
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Abduni, Leila Mohamad. "The emergence of Islamic finance: an exploratory study of Brazil." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/23913.
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Islamic finance has been a trendy topic globally, gaining the attention of Muslims and non-Muslims. It stands for a financial system that follows the sharia (Islamic law), which is guided by ethical principles and social justice. The main prohibition usually linked to Islamic finance is of interest, but there is much more to it. It offers a portfolio of products and services which compete with the ones present in the conventional system, however these preserve the Islamic principles. Despite the global reach, Islamic finance did not set foot in Brazil or Latin America overall as it did in Europe and Asia especially. Therefore, this paper tries do unveil what’s behind this financial system and try to find ways to make it’s introduction in Brazil possible. In order to reach this, a qualitative research guided by the presentation of countries that have introduced Islamic finance, and interviews conducted with main players in Brazil linked to Islamic finance. The results of the research reflected partially the perspective of the academia, the expert, the Brazilian market and the Islamic finance industry, given that each interviewee represented one or more of these categories. This was completed with the overall conclusions drawn from the case studies presented, taking the main lessons form their experience. A coding system was developed to filter and organize the results. In terms of the opportunities Islamic finance has in Brazil, what stands out the most is the strong relation between Brazil and the Arab countries (adopters of Islamic finance), especially in exports, which represent situations in which Islamic finance could be adopted to intermediate the financing. The obstacles preventing this from happening are many, and are mainly linked to the unfamiliarity of the subject in the market and the delicate environment Brazil finds itself in, which is not favorable for new projects or investments. The Islamic finance procedures themselves are complicated and difficult, which makes the introduction process more complex. Given all that, there are many measures that can be taken already in order to incentive the introduction of Islamic finance in Brazil or even conduct some isolated Islamic finance operations. Murabahah is an example of a cost plus contract that can be used by exporters to sell their commodity abroad and sukuk is an alternative method for raising money with certificates backed by assets. These two operations can be adopted by Brazilian companies, however need to be conducted abroad due to regulatory complications. For the long term, having experts and professionals interested in Islamic finance ‘spreading the word’ and digging deeper into the subject in their workplace will open opportunities for the companies they work for and be an incentive for future adoption of Islamic finance by others. Entities also working towards the promotion of the halal (sharia-compliant) industries, which can be considered a fuel for Islamic finance, and tightening the relations between Brazil and the Arab countries, will help close the gap and familiarize both sides with the opportunities available.
As finanças islâmicas têm sido um tema recorrente a nível mundial, chamando a atenção dos muçulmanos e não-muçulmanos. Defende um sistema financeiro que segue a sharia (lei islâmica), que é orientada por princípios éticos e justiça social. A principal proibição geralmente ligada às finanças islâmicas é a dos juros, mas há muito mais para isso. Oferece um portfólio de produtos e serviços que competem com os existentes no sistema convencional, no entanto estes preservam os princípios islâmicos. Apesar do alcance global, as finanças islâmicas não entrar no Brasil nem na América Latina como aconteceu na Europa e na Ásia especialmente. Portanto, este artigo tenta revelar o que está por trás desse sistema financeiro e tentar encontrar maneiras de tornar possível a sua introdução no Brasil. Para alcançar isso, realizou-se uma pesquisa qualitativa orientada pelo estudo de países que introduziram as finanças islâmicas, e entrevistas feitas com os principais atores do Brasil ligados às finanças islâmicas. Os resultados da pesquisa refletiram parcialmente a perspectiva da academia, do ‘expert’ do mercado brasileiro e do setor financeiro islâmico, dado que cada entrevistado representava uma ou mais dessas categorias. Isso foi aprimorado com a junção das conclusões gerais extraídas dos estudos de caso apresentados, tirando as principais lições de suas experiências. Um sistema de codificação foi desenvolvido para filtrar e organizar os resultados. Em termos de oportunidades que as finanças islâmicas têm no Brasil, o que mais se destaca é a forte relação entre o Brasil e os países árabes (praticantes das finanças islâmicas), especialmente nas exportações, que representam situações em que as finanças islâmicas poderiam ser adotadas para intermediar no financiamento. Os obstáculos que impedem que isso aconteça são muitos e estão principalmente ligados à falta de familiaridade com o assunto no mercado e ao ambiente delicado que o Brasil se encontra, o que não é favorável a novos projetos ou investimentos. Os próprios procedimentos das finanças islâmicas são complicados e difíceis, o que torna o processo de introdução mais complexo. Diante disso, há muitas medidas que podem ser tomadas já para incentivar a introdução das finanças islâmicas no Brasil ou mesmo realizar algumas operações financeiras islâmicas isoladas. Murabahah é um exemplo de um contrato de ‘cost plus’ que pode ser usado pelos exportadores para vender suas commodities no exterior e o sukuk é um método alternativo para arrecadar dinheiro com certificados respaldados por ativos. Essas duas operações podem ser adotadas por empresas brasileiras, porém precisam ser conduzidas no exterior devido à complicações regulatórias. Para o longo prazo, ter especialistas e profissionais interessados nas finanças islâmicas, compartilhando seus conhecimentos sobre assunto e explorando mais profundamente o assunto em seu local de trabalho abrirá oportunidades para as empresas para as quais trabalham e será um incentivo para a futura adoção das finanças islâmicas por parte de outros. As entidades que também trabalham para a promoção das indústrias halal (compatíveis com a sharia) – que podem ser consideradas um combustível para as finanças islâmicas – e aprimorando as relações entre o Brasil e os países árabes, ajudarão à reduzir a lacuna e na familiarização dos dois lados com as oportunidades disponíveis.
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Gad, Samar. "Essays on Islamic finance and banking." Thesis, De Montfort University, 2017. http://hdl.handle.net/2086/17602.
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Islamic banking and finance have received a considerable attention from academics and practitioners after the global financial crisis. Drawing insights from the theoretical and empirical studies about the resilience and the relative stability of Islamic financing alternatives - compared to their conventional peers- during turbulent economic and market conditions, I found that Islamic alternatives are not as less risky and stable as previously presented. This thesis makes a contribution to the asset management literature by examining whether Shari'ah compliant exchange traded funds (ETFs) have potential diversification benefits to a volatile portfolio of investments in emerging markets. The portfolio consists of three asset classes: conventional and fixed-income securities in emerging markets and Shari'ah compliant equity. I utilise a dynamic optimisation strategy to capture the time-variability in correlations between Islamic ETFs and other ETFs and find the optimal portfolios accord-ingly. I back test the results by using a static optimisation strategy and estimating optimal portfolios over two sample periods. The results are new to the literature, since previous empirical evidence is either comparing Islamic and conventional equity or Islamic and conventional bonds using static asset allocation strategies. Furthermore, this thesis contributes to the literature by taking a holistic approach and analyses the role of Islamic banks on both the micro and macro levels. I examine the effect of Islamic banks' financial distress on other financial institutions and the financial system in 10 Muslim majority countries. The research sample comprises 352 conventional and Islamic financial institutions. I do not consider only Islamic banks' specific characteristics and macroeconomic variables, but I also take in consideration the financial linkages and the spillover effects of financial institutions' distress. This research is pivotal, because it fills a research gap when it comes to identifying the systemic relevance and role of Islamic banks in financial systems. Previous research has adopted a top down approach and has identified the effect of the system on Islamic banks. Given the liter-ature about increasing business risks in the Islamic banking sector, I hypothesise that Islamic banks contribute to systemic risk. In addition, I identify whether the effect of Islamic banks' distress on the system is due to the change in their business risks over time. The findings of this thesis are new to the literature and provide implications of great importance. Institutional investors should consider the religion effect when they manage their assets, given the evidence regarding the outperformance of Shari'ah compliant equity relative to their conventional peers. They should also be cautious when using dynamic strategies, because they can be more costly to apply specially in volatile markets such as emerging markets and during crisis periods. For central banks and regulator, they should consider Islamic banks as genetically modified conventional banks). If Islamic banks and financial authorities did not address the routes of inefficiency, insolvency risk, and withdrawal risk in Islamic banks, they will continue to contribute to financial systems' distress.
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Merdad, Hesham J. "Two Essays in Islamic Finance and Investment." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/td/1467.
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The main purpose of this dissertation is to lessen the gap in the Islamic finance and investment literature by providing new answers to the most vital question raised in that literature: Is the adherence to the Shariah law associated with at any cost?
The first chapter provides a primer on Islamic finance. It discusses several restrictions and necessary adaptations that must be made to have a Shariah-compliant product. The takeaway is that Shariah law mandates is related to fundamentals and, thus has a direct effect on the risk-return profile of all sorts of different products. This is referred to as the “Islamic-effect.”
The second chapter investigates that Islamic-effect in a cross-sectional stock return context. This is done in two steps. First, looking at differences in stock returns between Islamic and conventional firms in Saudi Arabia during the period from January 2003 to April 2011. Results indicate that there is a negative relationship between Saudi Islamic firms and average returns. This is referred to as the “negative Islamic-effect.” Second, examine whether that negative Islamic-effect is considered a common, systematic, and undiversified risk factor that affects cross-sectional expected stock returns. Time-series regressions results indicate that the Islamic risk factor (CMI) does indeed capture strong common variation in Saudi stock returns regardless what is included in the model. Also, findings suggest that using a four-factor model that controls for the Islamic-effect is more appropriate than using a single- or a three-factor model in Islamic finance applications that require estimates of expected stock returns.
The third chapter investigates the Islamic-effect in a mutual fund context. A unique sample of 143 Saudi mutual funds (96-Islamic and 47-conventional) is used to assess the performance and riskiness of Saudi Islamic funds relative to Saudi conventional funds and relative to different Islamic and conventional indices for the period from July 2004 to January 2010. Findings suggest that there is a benefit (cost) from adhering to the Shariah law when locally-focused (internationally-focused) fund portfolios are investigated. When Arab-focused fund portfolios are investigated, findings suggest that there is neither a cost nor a benefit from adhering to the Shariah law.
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Galadima, Waziri Mohammed. "Islamic home finance in the United Kingdom." Thesis, University of Newcastle upon Tyne, 2015. http://hdl.handle.net/10443/2919.
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Following the recent financial crisis that has affected some major economies around the world, and its attendant consequences, there have been calls for ways of practicing finance more responsibly especially here in the UK. One such candidate that has been identified and promoted as a viable alternative to the way finance is being practiced is Islamic finance. Although tiny in its present size compared to conventional finance, its rate of growth, moral underpinnings and relative stability has been pointed out as a reason why it should be taken seriously. Even before the financial crisis, the UK government had identified the Muslim community in the UK as being financially excluded in terms of financial choices and had taken steps to correct this perceived anomaly. The UK government’s stated objective in Islamic finance were twofold, first financial inclusion for UK Muslims that were not participating in the financial markets due to reasons of faith, and the promotion of continued dominance of the UK especially London, as a global financial city by making it a global hub for Islamic finance. This thesis investigates the UK government’s discourse on Islamic finance around the use of Islamic home purchase plans, the first Islamic finance product licensed in the UK. It traces the motives of the protagonists in establishing this market, and the various steps that have been taken to actualise it. In doing so, the thesis contrasts this with the views of those that have embraced this new market by collecting empirical data at various levels and in the process reveals those that have not embraced this new subjectivity especially those that have subverted the growth of the market. This thesis argues that the introduction of Islamic finance and the financial subjectification of Muslims can be traced to a drive for financialisation which is anchored in the belief of ideologically-driven discourses that privilege financial markets as the medium for individuals and households‘ socioeconomic reproduction, which removes the responsibility of government for the economic and social development of its citizens, and at the same time enables more integration of different kinds of groups into the broader circuits of capital and financial accumulation. For the majority of the UK Muslims, this process has not meant more financial inclusion. As exemplified in the thesis, embracing this new subjectivity is beyond the reach of most UK Muslims and has only highlighted, and in some cases exacerbated these differences.
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Fleifel, Bilal A. "Risk management in Islamic banking and finance the Arab Finance House example /." View electronic thesis (PDF), 2009. http://dl.uncw.edu/etd/2009-3/fleifelb/bilalfleifel.pdf.
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Ebrahim, Bint Nur. "Islamic finance: a low risk, value-adding alternative." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/31344.
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In this thesis conventional indices were compared to Shariah compliant indices within the respective regions and asset classes. Within the equity asset class, on the global side, the MSCI World Index was compared to the Dow Jones Islamic Index, within the United States the S&P 500 Index was compared to the S&P Shariah Index and for South Africa the FSTE All Share Index was compared to the FTSE Shariah All Share Index. Within the fixed income asset class, the Barclays Global Aggregate Bond Index and the Merrill Lynch Global Bond Index were compared to the Dow Jones Sukuk Index. In respect of the global and South African equity and the global fixed income, a sample set of Shariah compliant funds were compared to the respective conventional indices. What was found was that overall for the global equity and the United States comparisons, the Dow Jones Islamic Index and the S&P Shariah Index created higher value than the MSCI World Index and the S&P 500 Index respectively and at a much lower level of debt and therefore risk, over the timeframe analysed. Within the South African equity market, the FTSE All Share Index added more value than the FTSE Shariah All Share Index over the time period reviewed, however these are highly concentrated indices, with the FTSE Shariah All Share Index having an over-exposure to commodities. On the fixed income side, the Barclays Global Aggregate Bond Index and the Merrill Lynch Global Bond Index created more value than the Dow Jones Sukuk Index over the years investigated, however the data and time horizon analysed were limited. When looking at the funds, definitive conclusions regarding the relative performance between the conventional index and the Shariah compliant fund proxy could not be drawn, however there were certain funds that outperformed the conventional index during specific time periods.
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Balala, Hanaan. "A study of islamic law and english common law on aspects of islamic finance securitisations." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.530014.
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Ullah, Karim. "Adaptable service-system design : an analysis of Shariah finance in Pakistan." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/8281.
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An adaptable service system adjusts to the operational-level environments of organisations to enable heterogeneous services. This adaptation is important for sustainability and contextual-value (benefit) creation in a service system. Academics, such as those related to the current service-ecosystem concept, acknowledge the significance of this adaptation. However, little is known about a comprehensive adaptation process and how that integrates within a design for a service system. Also, practitioners are inclined towards this development, as the financial regulator in Pakistan has established an “evolutionary framework”. This framework encourages financial institutions to design Shariah finance services (SFS) which respond and evolve to the emergent market environments. The existing SFS models take benefit from Islamic jurisprudence and economics literatures to provide designs for transactions of financial and physical assets. However, the SFS models de-emphasis the intangible service-elements, where the adaptation is more likely to occur. Currently there is a great need for models that could explain the detailed adaptation process and its placement in an SFS design. The aim of this research is to develop, evaluate and theorise a model for conceptualising a holistic adaptable service-system design. The research aim is achieved through the proposal of a novel deferred service-system design (DSD) model. The DSD conceptualises a service-system design that adapts to the operational-level environments of SFS organisations in Pakistan. The DSD has seven constructs: (i) the service creators apply centrally-planned designs to create a service ii) they adapt these designs to meet the requirements of emergent contexts (iii) the service personnel, customers and aiding parties co-create a service by integrating their (iv) roles and actions, (v) resources and usufructs, (vi) rules and control to generate (vii) value. DSD is based on service-system design (SSD) literature, SFS literature and theory of deferred action (TODA) a theory of system and organisation design. A multiple case study strategy is employed to evaluate, extend and theorise the DSD developed in phase I. Qualitative data are collected in four SFS organisations: Islamic commercial bank, Islamic life Takaful, Islamic mutual fund, and Islamic leasing organisation. Thirty-two in-depth narrative interviews of SFS personnel are conducted and analysed using a narrative discourse analysis method. The findings are triangulated by adding focus-group discussions, visualisations and service offering documents. The empirical findings are synthesised with the extant literature to develop a novel and comprehensive DSD in phase II. The findings show that the service co-creators apply a centrally-developed planned design typology (PDT). PDT includes different blends of SFS models (e.g., partnerships, sales, leases, agency and endowment), expected varieties (list, range and negative) and addable-deductible modules. The service co-creators and their inclusive systems (e.g., families, societies, markets, regulators and other government agencies) affect the planned service-system design to adapt or migrate. The service co-creators follow a novel six-step deferred adaptation process (DAP): emergence locale, information diffusion, knowledge diffusion, indexation, specifics evaluation and adaptation/migration. The empirical findings advance our understanding of a service-system design by showing how a planned design enables adaptation through PDT. More importantly, how the service co-creators follow a systematic process, DAP, to attain the desired adaptation or migrate off the scene. The findings also broaden the conceptualisation of SFS by showing how it is co-created by the financial institutions, customers and aiding parties. This is due to the SFS being perceived as a product of financial institution alone. This research also makes a contribution to service visualisation method by extending and using the service blueprint as an additional data-collection and analysis tool. This study provided fourteen implications for the practitioners.
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Jaffer, Imad, and Samir Nabil. "Islamic Banking i Sverige : En studie om hur en islamisk bank skulle kunna marknadsföras och finansieras på den svenska marknaden." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-16742.
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Idag finns det många muslimer i Sverige som inte har ett alternativ vad gäller val av banker som agerar i linje med deras tro där det råder ett förbud mot ränta. Studien ämnar undersöka hur man kan marknadsföra och finansiera en islamisk bank i Sverige, vilka nyckelfaktorer som finns samt vilka som går att använda för en lyckad positionering i den svenska bankmarknaden. Vi har använt oss utav kvantitativa och kvalitativa ansatser genom primär data i form av intervjuer och en enkätstudie. Vi har kombinerat marknadsföringsteorin Value Innovation med finansieringsteorin Bootstrapping i syfte att få en undersökning som är övergripande för hela uppsatsen. Resultaten tyder på att marknadsföringen av en nyetablerad islamisk bank i Sverige bör göras med fokus på att den är i linje med islamiska principer, men även att den följer vissa etiska principer, för att bredda målgruppen till andra än muslimer. Grundfinansieringen bör skötas av utländska investerare på ett sätt som undgår de restriktioner som finns gällande inflöde av utländskt kapital.There is currently a lack of financial alternatives for the muslim-community in Sweden regarding banks that act according to Islam and it´s rules, especially concerning the prohibition of interest. This thesis aims to find out which key factors an Islamic bank can use in order establish itself in the Swedish market through analyzing how one can finance and market an Islamic bank in Sweden. We have used quantitative and qualitative methods in gathering information that serves this study, this in terms of interviews and a survey. We have combined two different theories, the marketing theory Value innovation and a financing theory called Bootstrapping in a way that they are both implemented in order to provide the study with objectivity and clarity. The result of the thesis indicates that the marketing of an Islamic bank in Sweden should focus on the fact that it acts according to Islamic principles and rules, but at the same time contains certain ethical values so that other target groups do not get neglected. The marketing could therefore benefit from not excluding other social groups that also share the same ethical values as the muslim-community. The basic foundation of financing/ funding an Islamic bank should come from foreign investors, but in a way that it avoids or escapes the restrictions that prohibits foreign capital from entering the country.
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Abalkhil, Waleed Abdulaziz Abdullah. "Islamic finance in Saudi Arabia : developing the regulatory framework." Thesis, University of Exeter, 2018. http://hdl.handle.net/10871/33596.
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Saudi Arabia and Islam have had a very close relationship since the establishment of Saudi Arabia. Thus, Saudi Arabia chose Islam to govern all its laws. Since 1952, with the discovery of oil, the country has witnessed a huge development including the establishment of the Saudi Arabian Monetary Authority (SAMA) as a Central Bank. SAMA was expected to only allow financial activities that did not conflict with the teachings of Islamic law, as stated in its Charter. However, since its existence, SAMA has supervised and licensed conventional banks that charge Riba (interest or usury) and all the regulations made by SAMA have been designed to deal with conventional banks. Consequently, there is a difference between the law, Islamic law, and the practice. Over the years a dramatic improvement in Islamic finance has been realised. Many countries and international organisations that specialised in Islamic finance have set especial regulations that suit such finance. Nonetheless, Saudi Arabia as a regulatory body preferred not to join this trend and continued adopting and practising the same regulations that were made for conventional finance. This thesis seeks to develop the regulatory framework towards Islamic finance by sheding light on the legal challenges and difficulties that may encounter Islamic finance in Saudi Arabia, which may prevent the Kingdom of Saudi Arabia from being the leading country for developing Islamic finance. To help in identifying these challenges, an Islamic financial product Sukuk (Islamic bonds) is chosen to be a case study to show some of the challenges in practice. The thesis firstly discusses Islamic principles toward finance, then the legal environment of Saudi Arabia and how Islamic finance is practised in the Kingdom. It then introduces the new development in the legal environment in response to the Saudi Vision 2030 which can be a tool to help solving the obsricales that Saudi Arabia is encountering. Then the thesis discusses some challenges related to sharia boards in financial institutions, such as not having sharia governance as part of the corporate governance of financial institutions that market their products as being compliant with sharia law; in addition, the absence of a Central Sharia Board that should help in ensuring the conformity of financial products to sharia law. The thesis proposes that the regulators should develop and adopt especial regulations framework that could help the development of Islamic finance. The thesis defines Sukuk and shows how it differs from other financial instruments in conventional finance. Then, it identifies some of the challenges that face Sukuk and its development in the country. Moreover, it looks at a very recent development in the Saudi legal system, which is in response to the Saudi Vision 2030 and the recent interest that was shown by decision-makers, such as the Chairman of the CMA, the Minister of Commerce and Industry, the Deputy Minister for Internal Trade, and also both the Governor and Vice-Governor of the SAMA, in response to the Vision 2030 which could contribute to the development of Islamic finance. As far as the researcher is aware, hardly any studies have addressed this issue with respect to the new development that Saudi Arabia is currently witnessing in response to the Saudi Vision 2030 and the recent developments taking place in neighbouring countries which broadly share similar cultural and religious values. Finally, the thesis proposes some recommendations to develop Islamic finance including some guidelines for establishing a Central Sharia Board, and also, a sharia supervisory governance for Islamic financial institutions which should have a positive effect on Islamic finance in the country.
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Hamed, Mai Mohamed Awad. "Constructing justice : a practice-dependence approach to Islamic finance." Thesis, University of Birmingham, 2017. http://etheses.bham.ac.uk//id/eprint/7414/.
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This thesis seeks to better understand and evaluate the practice of Islamic finance. In order to do this, the thesis employs a practice-dependent, or constructivist, approach with the aim of identifying the principle or principles that inform, constrain and guide Islamic finance practices. The thesis proceeds by arguing that Islamic finance is a salient site of justice, with a clearly identifiable set of participants and shared set of aims. Having established this, the thesis goes on to demonstrate, through an analysis of the rules and operation of Islamic finance, that a distinct conception of justice can be identified as informing the practice. The central claim of the thesis is that the practice of Islamic finance is guided by a sufficiency-constrained luck egalitarian principle. This principle, it is argued, not only helps us to better understand Islamic finance, but can also help us to evaluate existing Islamic finance practices and, where they are found wanting, offer guidance on how best to reform those practices.
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Tahir, Muhammad Rehan. "A new approach to product development in Islamic finance." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/47878.
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Thesis (S.M.)--Massachusetts Institute of Technology, System Design and Management Program, June 2009."September 2008." Title page has the copyright date of 1994.
Includes bibliographical references.
Islamic Finance is a banking sector which caters to the Muslim population's banking needs by complying with the Islamic financial law. In this research some of the most prevalent financial products in Islamic Finance are surveyed and various forms of Islamic asset securitizations (Sukuks) are studied. Two issues of Islamic asset securitizations (Sukuks) are analyzed in detail. This analysis involves determining how well Sukuks serve the needs of Islamic Finance customers and also their shortcomings. In order to develop more customer-need centric financial products in Islamic Finance a new product development template is proposed. This template is a step-by-step process of developing Islamic financial products and is derived from the best practices of product development in the engineering domain. This methodology aims to formalize and improve the product development process in Islamic Finance. As an illustration of the proposed template, a new product is developed for Islamic Finance using this template. This example illustrates how religious restrictions in Islamic Finance dictate the form and substance of financial products during their development.
by Muhammad Rehan Tahir.
S.M.
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Abdul, Samad Eleena Masnee. "The perception of Malaysian Muslims concerning Islamic housing finance." Thesis, Durham University, 2007. http://etheses.dur.ac.uk/1842/.
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Khoshroo, Sajjad. "Islamic finance : the convergence of faith, capital, and power." Thesis, University of Oxford, 2018. http://ora.ox.ac.uk/objects/uuid:0ab321e8-0d54-40d6-a1ef-3a37a0a5ffe6.
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This dissertation assesses how Islamic finance fares as an example of 'civil compromise' in Islamic law. By focusing on the Islamic project finance sector, my research examines how the industry's main stakeholders (representing faith, capital, and power) cooperate and compete to bring about this compromise through the 'Game of Islamic Bank Bargains'. The Islamic finance industry is a work in progress, and while it has made some significant strides, it is still a niche in the global conventional financial order rather than an alternative to it. It has fallen short of fulfilling its originally-stated social justice aspirations, but has provided a previously unavailable form of banking and finance for Muslims to transact, at least formalistically, in accordance with widely-believed tenets of their faith. Thus, those who hold up Islamic finance as a universal panacea or dismiss it outright as a fraud have both got it wrong. It is neither. It is, rather, a complex myriad of incentives and aspirations of a multitude of stakeholders muddled together across numerous geographies and evolving incrementally and constantly. The state of the industry is the result of how the stakeholders (the shariah scholars, lawyers, bankers, government officials, and customers) have pursued their self-interest in the Game of Islamic Bank Bargains. My research examines who are the 'winners' and 'losers' of this game, and what religious, commercial, and political factors have influenced this outcome. I assess what may incentivise the incumbent 'winners' to guide the Islamic finance industry away from a formal and legalistic approach towards one that also incorporates principles from Islamic economics. I explore how the 'losers' - whose interests are not accounted for due to their lack of sufficient financial and political clout - can sway the outcome of the game in their favour.
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Kapetanovic, Harun. "Islamic finance and economic development : the case of Dubai." Thesis, King's College London (University of London), 2017. https://kclpure.kcl.ac.uk/portal/en/theses/islamic-finance-and-economic-development(08c39f10-b3a1-40c6-a645-43909422073a).html.
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Emerging in the early 1970s, the Islamic financial industry has recorded impressive growth, in excess of 15 per cent per annum, and has spread across more than 70 countries. However, the widening dichotomy between the theory and practice of the Islamic economic paradigm seriously undermines the promise it holds as a potentially alternative system for greater social and economic justice. One of the key obstacles to achieve this is its inability to steer away from the path-dependence and straightjacket of the neoliberal economic doctrine. A case in point is that of Dubai, a city-state that has experienced impressive economic growth in the last two decades, pursuing an unconventional development strategy, while capitalizing on the economic and financial opportunities offered by the global economic system. Given this background, this research considers the extent to which Dubai’s economic development model may represent a useful framework to provide the new impetus sought for a more authentic development of Islamic finance. In that respect, we have addressed three research questions: Is the Islamic economic and finance paradigm worth operationalizing? Does Dubai have ingredients for a more substantial development of the industry? If so, is Dubai ready to implement the Islamic system more substantively? Given that the ideal Islamic economic system does not exist yet in practice, we first assess whether the Islamic economic paradigm and the Islamic financial system can constitute a viable alternative system to the conventional one. We then conduct a thorough analysis of Dubai’s development path, prospects, policies and institutions from the perspective of Islamic economics and finance. This has led us to put forward a novel interpretation and model of Dubai’s economic development. Lastly, we conduct semi-structured interviews with some of Dubai’s key protagonists of the business and financial industry to probe the direction of the industry’s development and Dubai’s readiness to implement the Islamic paradigm more substantively. We conclude that the paradigm indeed holds the promise for more sustainable and stable economic development. Moreover, we show that Dubai’s non-orthodox development approach has indeed significant ingredients to serve as catalyst for a more genuine development of the industry. However, our empirical research on Dubai’s readiness to capitalize on such ingredients to implement the Islamic economic framework more comprehensively has yielded rather mixed findings.
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Kazimov, Magsud. "Implication ways of Islamic Finance in the modern context." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-206017.
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Thesis will be dedicated to analysis of background, environment and opportunities for the application of Islamic finance. The thesis will compare the structures of both conventional and religious banking. I will explain the core Islamic principles, financial instruments available and will describe key regulatory institutions. Description will include practical implementation examples from customer-bank perspective. After defining framework, I will discuss the practical implementation of Islamic finance in different environments. Legal factors concerned with application will be discoursed. The opportunities for Islamic finance towards following the current trends in not only Muslim countries will be analyzed. Moreover, criticism against Islamic finance will be answered by comparison of performance of both conventional and Islamic banks during the financial crisis of 2008.
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Ahmad, Abu Umar Faruq. "Law and practice of modern Islamic finance in Australia." View thesis, 2007. http://handle.uws.edu.au:8081/1959.7/38404.
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Thesis (Ph.D.)--University of Western Sydney, 2007.A thesis presented to the University of Western Sydney, College of Business, School of Law, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.
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Zougari, Laghrari Mohammed. "La finance islamique entre pérennité et fragilité." Thesis, Perpignan, 2014. http://www.theses.fr/2014PERP1204.
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La finance islamique a enregistré une croissance à deux chiffres en termes de volume et d’expansion malgré un contexte marqué par la crise mondiale de 2008, d’où l’intérêt qu’elle suscite. Cette industrie a réalisé cette croissance sur un modèle de financement qui respecte des principes éthiques, ces derniers ont été à l’origine de sa résilience et de sa pérennité pendant la crise, ils ont constitué un socle étanche vis-à-vis des risques financiers conventionnels.Cependant, la finance islamique n’est pas une industrie sans risques. Tel est l’objet de la présente thèse à travers la présentation des risques inhérents à l’activité financière islamique notamment les risques communs que l’on retrouve également dans la finance conventionnelle et les risques spécifiques liés à la structure du bilan des institutions financières islamiques. Grâce à l'analyse des contrats de la finance islamique et des risques associés, cette thèse met en évidence les faiblesses de la finance islamique.Cette faiblesse est confirmée à travers les révélations apportées par cette thèse sur l’origine des résultats des banques islamiques en Malaisie. Un exemple concret prouve que les résultats positifs réalisés par les banques entre 2001 et 2011 seraient liés à la combinaison de deux facteurs à savoir la structure du bilan (majoritairement composé au niveau de l’actif de financement accordé à marges fixes et au niveau du passif de dettes à marges variables) et la tendance à la baisse des taux d’intérêt. Ainsi, dans un environnement de taux d'intérêt élevé, comme par exemple lors de la crise financière asiatique de 1997, ces banques devraient enregistrer une baisse de leurs résultatsIslamic finance has been registering double-digit growth in volume and scope, even in the face of the 2008 worldwide crisis, attracting significant attention. This industry has achieved this growth on a model of finance that complies with ethical principles which constituted its strength during the crisis and which allow them to avoid conventional finance risks.However, the unique features of Islamic finance do not insulate it from risk. The discussions in this thesis will focus on the types of risks Islamic financial institutions face in common with conventional financial institutions and also the new and unique risks that Islamic financial institutions face as a result of their unique asset and liability structures. Through the analysis of Islamic finance contracts and inherent risks, this thesis highlights the weakness of Islamic finance.In this thesis, we also analyzed the gains made by Islamic banks in Malaysia from 2001 to 2011 and we demonstrated that this gain is due to the combination of two parameters inter alia the structure of balance sheet (which includes predominantly fixed rate financing in the asset side and variable rate resources in the liability side) and the low interest-rate environment. Indeed, in high interest-rate environment, like in the Asian financing crisis in 1997, these banks could record a drop in its results
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Adamsson, Hampus. "Essays on Islamic equity investing." Thesis, University of St Andrews, 2015. http://hdl.handle.net/10023/7800.
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Islamic finance is rapidly gaining momentum around the world. Interpretations of Shari'ah, or Islamic law, state that investments must be free from elements of riba (interest), gharar (uncertainty), maysir (speculation) and haram (unethical) business activities. Islamic equity investing, therefore, utilizes a set of business activity screens and accounting-based screens to exclude firms considered non-permissible under Shari'ah. Despite increased academic interest, there is still much uncertainty surrounding the financial implications of these investment principles. This Ph.D. thesis, comprised of three empirical essays, aims to contribute to this debate. The first essay offers a comprehensive examination of Islamic equity index performance. The findings show that Islamic equity indices have exhibited abnormal returns on a global and developed market level, primarily due to their exclusion of stocks in the financial services sector. The second essay attempts to study the determinants of Islamic investments' financial performance, with a particular focus on the role of country-level factors. The third essay studies performance related issues associated with the accounting-based screening process. A significant proportion of these screens are documented to contribute positively to risk-adjusted performance, most notably in periods of financial market turmoil.
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Nejat, Omid. "Kapitalandelslån och islamisk finans : möjligheter och utmaningar." Thesis, Stockholms universitet, Juridiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-129825.
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Salem, Rami Ibrahim A. "The relationship between earnings management and volunary disclosure quality in Islamic and non-Islamic banks : the case of Mena Region." Thesis, University of Central Lancashire, 2018. http://clok.uclan.ac.uk/25455/.
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The aim of the current study is to investigate the relationship between earnings management (EM) and voluntary disclosure quality (VDQ) on Islamic and non-Islamic banks (IBs and NIBs) listed in Middle East and North African (MENA) countries during the period from 2006 to 2015. In accordance with the empirical work of Kanagaretnam et al., (2004) and Yasuda et al., (2004), the two-stage and modified Jones models were employed as major and alternative models respectively to measure EM practices. The multidimensional method of Beretta & Bozzolan (2008) was developed in order to measure VDQ. The panel regression analysis was utilised for the regression model used in the current study. The findings show that the VDQ has a negative and significant impact on EM in both IBs and NIBs, which are in line with the perspectives of both signalling and agency theories. In addition, this result remains unchanged after robustness and several additional tests. Furthermore, the findings of the multivariate analysis show that IBs and NIBs behave differently in terms of both EM practices and VDQ. This result was supported by several alternative tests. Overall, the methodological contribution of this study is the further development of the multidimensional framework of Beretta & Bozzolan, (2008) in order to measure VDQ. It is also the first empirical research, to the best of the researcher's knowledge, on the relationship between EM and VDQ in the banking industry, especially in Islamic banking. Additionally, it provides empirical evidence on the differences between IBs and NIBs that are listed in MENA countries in terms of EM and VDQ.
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Zul, Kepli Mohd Yazid Bin. "Islamic finance & maritime trade: economic, legal and regulatory challenges." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50534038.
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Rapid development and commercialization within the emerging field of Islamic finance are strong evidence of its sustainability. The Islamic finance industry has experienced remarkable growth, more than US$1 trillion in just 40 years.This consistent growth and the industry’s proven ability to safely navigate global recession and financial crisis while still coming up with innovative products indicate its resilience and competitive edge. Its gradual adoption into the financial portfolios of important financial centres including London, Singapore and Hong Kong is further evidence of its promising future. While numerous studies on Islamic banking, finance and insurance are now available, there has been very little systematic research on this industry’s actual and possible implicationsin maritime trade and commerce. This research aims to fill those gaps.
The feasibility of applying Islamic principles to maritime trade is the main theme of this research, which argues that the reduction or removal of unnecessary uncertainties and harmful risks as required under Islamis necessary to strengthen global maritime trade. Islamic principles, as seen in various Islamic financial products applicable to modern maritime trade, will be relevant in strengthening global trade. This is due to, among other things, Islam’s prohibition from dealing with transactions tainted by excessive speculations in addition to the fairer allocation of risks that it required. However, to truly benefit global trade it is proposed here that Islamic financial products must consist of more than merely cosmetic changes to conventional products;their essence must also be different.
Global trade can be very volatile, particularly in periods of recession and financial crisis. Instead of wealth with real trade based on productivity, partnership and risk sharing, an increasing number of people are simply conducting speculative activities based on zero-sum risk-transfer and the speculative activities of others. Rather than reducing risk, interested parties are making profits by increasing risk through a variety of speculative and risky transactions. This unprecedented increase in speculative activities in maritime trade, from derivative products to shipbuilding, is a dangerous scenario if left unmonitored. This research proposes that the legal and regulatory framework governing maritime trade could be improved by incorporating some Islamic principles. The legal and regulatory framework governing Islamic finance is also analyzed here.
The development of Islamic finance in Southeast Asia is also covered, together with a comparative study of the maritime trade sector in Malaysia, Singapore and Hong Kong as background to show potential. This thesis proposes that a conducive legal and economic environment is fundamental for maritime nations.published_or_final_version
Law
Doctoral
Doctor of Philosophy
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Alsheikh, Abdulaziz Abdulrahman A. "The regulation of systemic risk in conventional and Islamic finance." Thesis, University of Kent, 2017. https://kar.kent.ac.uk/66379/.
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The thesis's main contribution is in the comparative analysis drawn between conventional and Islamic finance, which comprises the examination of different post-crisis regulations and policies that have been established to address four possible sources of systemic risk: bank runs, real estate bubbles, Systemically Important Financial Institutions (SIFIs) and shadow banking. The central objectives of this research are to identify the gaps in current Islamic regulatory approaches to address the possible systemic risk sources and, accordingly, to suggest improvements to Islamic regulations and policymaking in relation to how best to address these sources. The research findings show that the Islamic financial system, similar to the situation in conventional finance, is prone to systemic risk insofar as they are both susceptible to three of the four proposed possible sources of systemic risk. This raises questions in regard to whether conventional approaches would be of any benefit to addressing this susceptibility in the Islamic system. Nonetheless, the Islamic system faces a further challenge that needs attention. The issue of Shari'ah non-compliance risk is an exclusive issue that could cause disruptions to the system if not addressed effectively. Hence, when addressing bank runs, real estate bubbles and SIFIs, Islamic regulators should ensure that their proposed regulations and policies are Shari'ah-compliant in the first place. If the regulatory responses to the possible sources of systemic risk are not Shari'ah-compliant, as some of the conventional post-crisis approaches have already proved to be, the Islamic system would remain exposed to systemic risk. Accordingly, this thesis intends to produce a list of recommendations for Islamic regulators to best attend to those possible sources of systemic risk, without violating Shari'ah law.
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Ismail, Badroen. "Potential use of Islamic finance among Muslims in Port Elizabeth." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/17526.
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The resurgence of Islam across the globe combined with the resilience that Islamic financial assets have shown against the onslaught of the current financial crisis, make Islamic finance an attractive alternative financial system. Over the past decade, the Islamic finance sector have shown double digit growth rates beyond the traditional areas of the Gulf Cooperation Council (GCC) regions of Asia as well as other parts of the Middle-East and North Africa (MENA) regions. Research suggests that the future of Islamic finance in Africa depends on business opportunities in South Africa, Kenya, Nigeria and Senegal. The South African government, in conjunction with the national finance authorities, have made their intention clear to position the country as the Islamic finance hub for the rest of the African continent. Despite various marketing campaigns over the past decade to convince the public that Islamic banking and finance is for everyone, non-Muslims generally view Islamic banking as being for Muslims alone. Scepticism towards Islamic finance has resulted in a mere 15 per cent of the estimated 1.5 million South African Muslims currently making use of the sector’s banking and retail instruments. This lack of interest is impacting negatively on the country’s aspirations to establish itself as the gateway of Islamic finance to the rest of Africa. Generally, people’s attitudes toward utilising Islamic finance are regarded as a key obstacle to the development of the Islamic banking and finance system in Muslim minority countries. A Kuwait Finance House research report (2012) highlighted a lack of awareness and knowledge of Islamic finance products and services as key factors stifling the growth of the Islamic finance sector in South Africa. In this context, it was deemed necessary to analyse how knowledge, awareness, expectations, beliefs, perceptions and ancillary external factors impact on potential users’ attitude and decision to adopt or reject Islamic finance.By means of adapting Fishbein’s (2000; 2008) Integrative Model of Behavioural Prediction, a universally-acceptable behavioural-change model, this research explains in a holistic manner how cognitive, affective and environmental measures impact on a Port Elizabethan Muslim’s attitude and eventual decision to accept (or reject) Islamic finance. This study has found that knowledge was the most important variable influencing attitude and intention to use (or reject) Islamic finance. Consequently, this thesis proposed that Islamic institutions should focus their efforts on promoting knowledge and awareness of their products among the South African Muslim and non- Muslim population. As the global Shari’ah finance industry continues its positive growth trajectory, it is imperative that Islamic finance stakeholders in South Africa ensure that they exploit the benefits derived from online learning platforms and assist, by means of cross-border collaborations, more students to have greater access to Islamic finance courses. Furthermore, universities and training institutions are encouraged to offer courses and qualifications in Islamic finance to close the talent gap that currently exist in this particular field of study.
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Almajed, Muath Abdulaziz M. "Islamic project finance in Saudi Arabia : regulatory and legal challenges." Thesis, University of Leeds, 2017. http://etheses.whiterose.ac.uk/16361/.
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The study set out to explore the concept of Islamic Project Finance (IPF) and to examine its main legal and regulatory challenges in Saudi Arabia (KSA). Having as a primary objective the development and improvement of IPF in the project finance market in KSA, the thesis consists of a theoretical, conceptual study of Islamic project finance, before examining the current performance of IFIs in project finance, and eventually identifying the most prominent legal and regulatory challenges of IPF. The theoretical part, which spreads in the first three chapters, examines the concept of conventional project finance and how close it is to the principle and philosophy of Islamic finance. It is argued that the project finance mechanism is the most suitable financial tool for the objectives of Islamic finance. It is established that not only both mechanisms share similar underlying philosophies in different aspects, for instance the risk-sharing and profit generation methods, but also, in terms of principle, none of the rules of Islamic finance would be breached or violated by project finance, and most of its rules could be easily adapted. In the examination of the current performance of IPF and its regulatory and legal challenges in KSA, this study argues that the absence of sound regulation and standardisation for the Islamic finance industry has been having a detrimental impact on the efficiency and productivity of Islamic finance in the project finance market. The legal limbo the industry has found itself into not only creates a number of serious challenges, including sharia-compliance, inconsistency among SSBs, and sharia governance over IFI products in the event of dispute, but also hinders any ambition to operate in the highest level, while holding its principles and philosophy. From the analysis emerges the conclusion that three essential strategies will allow the IPF industry to develop and thrive in the project finance market: the increase of equity finance investments, the reconsideration of the traditional project finance structure, and the standardisation and regulation of the Islamic finance industry.
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Abdullrahim, Najat. "Service quality of English Islamic banks." Thesis, Bournemouth University, 2010. http://eprints.bournemouth.ac.uk/15833/.
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Britain has the most active and developed Islamic banking sector in the European Union. This sector is set to grow with both Islamic and non-Islamic banks now offering a range of Sharia compliant products. However, are these banks meeting the service quality needs of their customers? Previous studies on service quality within Islamic banks have been restricted to Muslim-based countries and whilst English Muslims will have the same religious beliefs, their values may have been altered by the western society in which they live and work. Hence existing service quality tools are likely to be unsuitable for this market. Using mixed methods, this research developed a modified SERVQUAL model for measuring service quality in English Islamic banks. The resulting instrument is intended to help the managers of Islamic banks based in England to measure their service quality and focus their attention on the service quality dimensions that matter most to Muslim customers Items for the new service quality instrument were taken from the original SERVQUAL model, previous studies that modified SERVQUAL and eight focus groups conducted with members ofthe English Muslim community. The resulting instrument was tested via a questionnaire with more than 300 Muslims in England resulting in the EIBSQ, an English Islamic Banking Service Quality tool. This measures service quality as perceived by English Muslims. Using factor analysis, the instrument includes thirty-four items, which are grouped into five dimensions. The five dimensions are: responsiveness, credibility, Islamic tangibles, accessibility, and bank image. One of the key contributions ofthis thesis is the proposed EIBSQ. Previous studies using SERVQUAL reveal that the use of this original scale in an international context raises a legitimate concern about validity across borders and the scale construct as items can be affected by different contexts. To the researcher's knowledge, very few service quality models have been developed for the Islamic banking industry and none exists to measure the quality of service and customer satisfaction for the English Islamic banking industry.
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Dusuki, Asyraf Wajdi. "Corporate social responsibility of Islamic banks in Malaysia : a synthesis of Islamic and stakeholders' perspectives." Thesis, Loughborough University, 2005. https://dspace.lboro.ac.uk/2134/7725.
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The doctrine of Corporate Social Responsibility (CSR) has emerged and developed rapidly as a field of study. It is a framework for the role of business in society, setting standards of behaviour to which a company must subscribe to impact society in a positive and a productive manner at the same time as abiding by values which exclude profit seeking at any cost. The emergence of ethical investment, social enterprise, business ethics, environmental practices, a human rights approach to recruitment and employment conditions, and investment in the community are examples of such impacts. This research examines the Islamic perspectives of CSR, and argues that, CSR is not a subject alien to Islam, as it is deeply inscribed in Shari'ah. In particular, the thesis has showed the relevance of CSR as a globally accepted practice to Islamic banks. The Islamic banking system has an in-built dimension that promotes social responsibility, as it resides within a financial trajectory underpinned by the forces of Shari'ah injunctions. These Shari'ah injunctions interweave Islamic financial transactions with genuine concern for ethically and socially responsible activities at the same time as prohibiting involvement in illegal activities or those which are detrimental to social and environmental well-being. To further investigate whether the stakeholders of Islamic banks truly subscribe to the idea of CSR, this study provides empirical evidence based on a survey which was conducted on seven stakeholder groups (customers, depositors, local communities, managers, employees, regulators and Shari'ah advisors) of Islamic banks in Malaysia. The findings of this study reveal that stakeholders of Islamic banks in Malaysia have generally positive views of CSR. One of the most important reflections of their positive attitude is that CSR factors are evidenced as one of the important criteria in their banking selection decisions. Overall the study provides a clear justification and indication from a theoretical point of view and empirical evidence from stakeholder perspectives about the relevance and significance of CSR to Islamic banks in Malaysia.
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Bayramli, Fargana <1995>. "The Place of Islamic Banking in Turkish Banking System and Comparative Performance Analysis." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19645.
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The fact that today's banking system is based on interest has become inevitable to develop a banking system in line with Islamic principles. Muslims constitute approximately 30 percent of the world population and the need to utilize the increasing oil revenues in the Middle East made it necessary to create a new banking concept. In this direction, after the first trials, the Islamic Development Bank was established in 1975 with the initiative of 7 countries, which constituted the first example of Islamic banking. After that, despite a 45-year history, the Islamic banking system spread rapidly and more than 300 institutions providing interest-free banking services were established around the world, and their total asset size reached 1.2 trillion dollars. Over time, Turkey has adapted to the rapidly developing interest-free banking system in the world. As a matter of fact, the share of four participation banks serving in Turkey in the total banking sector has reached 5.1 percent as of today. With this study, it has been tried to explain that Islamic banking is growing day by day in the world and in Turkey, and the interest-free banking system has increased its share by showing a steady development despite having a small share in the total banking sector. In this study, the performance of participation banks was determined with the analysis made in the R program and compared with commercial banks.
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Mohd, Dali Nuradli Ridzwan. "Islamic credit card users' satisfaction : a comparative study." Thesis, Cardiff University, 2014. http://orca.cf.ac.uk/61777/.
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Customer satisfaction (CS) is critical to success in banking. However, there is little agreement on which antecedents can be employed to achieve it. Moreover, in the context of Islamic banking, religiosity plays a major role in affecting customers’ choice of bank and banking satisfaction. In response, this thesis developed an Islamic religiosity scale measurement and an integrated model of customer satisfaction for Islamic credit-card users. In particular, this thesis sought to investigate the role of religiosity and antecedents of Islamic credit-card users’ satisfaction. Furthermore, it presented and discussed empirical findings from mixed methods approach employing semi-structured interviews of seven respondents and an online survey of 560 credit-card users in Malaysia. The study used confirmatory and structural equation modelling to examine the survey data. The findings of this thesis largely support the hypothesised relationships proposed in the theoretical model. Specifically, the results revealed that the functional service quality (FSQ), technical service quality (TSQ) and the religious and ethical service quality (RESQ) are crucial and differ in affecting customer satisfaction. The results also provide strong evidence that religiosity moderates between the antecedents and customer satisfaction. Most importantly, Shari’ah compliance and ethical dimensions (constructs in RESQ) are necessary determinants of Islamic credit-card users’ satisfaction. This thesis contributes to the existing theoretical and practical knowledge by providing, for the first time, an Islamic religiosity scale measurement. Secondly, evidence is presented that religiosity plays a significant contribution towards the customer satisfaction model. Thirdly, the integration of FSQ, TSQ and RESQ creates a comprehensive Islamic customer satisfaction model. Fourthly, since the integrated model involves religious factors (i.e. Shari’ah compliance), religiosity contributes to the variation of customer satisfaction. The inclusion of Shari’ah compliance, ethical dimensions, technology and communication as first order constructs and FSQ, TSQ and RESQ as second order constructs contribute to the body of customer satisfaction and Islamic banking literature. The findings imply the need for the banks to lever on the key antecedents of customer satisfaction, which include Shari’ah compliance and ethical dimensions.
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Jan, Shafiullah. "A critique of Islamic finance in conceptualising a development model of Islam : an attempt in Islamic moral economy." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/8503/.
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As part of Islamic identity development, in the postcolonial era Islamic economists, while dissatisfied with the western approach toward economic and institutional development, initiated a project of developing an economic system. Since, Muslim countries were faced with socio-political problems such as inequality, lack of political rights as well developmentalist failures, such cruel realities on the ground led to call for the revival of Islamic Moral Economy (IME). This socio-religiously constructed economic system understanding places the wellbeing of society at the centre and achieve human development through fair distribution and establishment of social justice and equity as proposed by maqasid al-Shari’ah or the objective of Shari’ah. While the IME project was being conceptualised, the emergence of OPEC in 1960’s and increases in wealth in the Middle East countries due to petrol price shocks added to such demand for Islamically permissible financial products and eventually led to the creation of Islamic Banking and Finance (IBF) resulting in a paradigm shift from ‘searching an authentic development strategy’ to ‘financialisation of economy’. IBF was hailed as first step toward a unique and comprehensive IME, growing with more than 15% annually, which would allow Muslims to create a society based on justice and equity. However, development of debt like instruments and utilizing of such controversial instruments in majority for financing on the balance sheets of IBF clearly shows that IME discourse is only limited to the contractual aspects of these instruments. Such preference of economic incentives over religion has shifted IBF to become an integral part of international financial system. Thus, IBF, an operational tool of IME, failed to produce the economic development based on justice and equity in Muslim world as envisaged by IME, as majority of Muslim countries are still faced with basic issues such as health, education and overall wellbeing and are lagging behind on various development indices. The aim of this study, hence, is to explore IME within alternative system approach in an attempt to propose an Islamic development model, while integrating both worldly developments from Islamic perspective with the spiritual development representing a search for an Islamic authenticity in economic development. In an attempt for doing so, this research located the economic development issues in the Muslim world through an extensive analysis and also extensively analysed the aspects of Islamic banks to identify the ‘social failures of IBF’ with the objective of developing ground for the development of an authentic model. The theoretical model proposed in this study is, by definition, value laden in the sense of being determined by Islamic ontology and epistemology, integrating both qualitative and quantitative aspect of human life proposed by maqasid al-Shari’ah that not only helps to formulate policies related to economic aspect of human life but also broad enough to cover all aspects of human life in order to achieve falah in akhirah. In the model, axioms of IME and maqasid al-Shari’ah, serve as higher-order generalisations from which specific statements of lower order generality are deduced about the moral imperative which motivates individuals to work for social good. Furthermore, theoretical model of Islamic development is compared with the Sen’s capability Approach to establish parallelism in terms of processes and outcomes with the objective of identifying articulation and also the essentialisation of justice as the main crux of IME in the development process within the tawhidi knowledge universe.
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Kok, Seng Kiong. "Islamic finance and the global economy : an exploration of risk management and governance within Shariah finance." Thesis, University of Liverpool, 2014. http://livrepository.liverpool.ac.uk/18815/.
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Islamic finance has grown in prominence and is now widely regarded as a viable alternative to conventional, mainstream finance. However, this rapid growth has been accompanied by a number of pertinent issues relating to the alleged unfavourable performance of Shariah-compliant indexes, the limited availability of risk management tools and the framework of governance and regulatory standards with the Islamic banking and financial system. This thesis seeks to assess the state of both performance and development of risk management within the Islamic financial system. It investigates these issues through a variety of methods such as quantitative portfolio creation and econometric modelling of diversification benefits, theoretical development of a financial risk management tool and qualitative analysis of semi-structured interviews on the perceptions of how governance and regulatory standards affect both the performance and financial innovation within Islamic finance. The results presented in this study provide robust arguments for the inclusion of Islamic indices within conventional portfolios both from a performance and diversification standpoint thus vindicating the viability of Islamic finance not only as an investment option but also a risk management option. Moreover, the research puts forward a new structure for an Islamic call-option, based upon risk-sharing rather than risk-transfer, which highlights the benefits of constructing financial risk management products through Shariah-compliant rules. Finally, the research also underlines the consensus of market participants behind central regulatory standards to enhance stable and continual growth and development of the Islamic financial system.
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Ahmed, Eltegani Abdelgader. "Islamic banking : distribution of profit (case study)." Thesis, University of Hull, 1990. http://hydra.hull.ac.uk/resources/hull:3752.
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An economic system based on the principles of the Islamic law is proclaimed feasible. Interest as an equivalent to Riba should be substituted. Profit-sharing financial institutions have been established. The research attempts to show how these institutions work, and what alternatives they rely on to substitute interest as a motivation for mobilising savings. The technique of investment of various deposits which are held in one pool, as practised by some Islamic banks, and the methods of determining each depositor's share in investment and in profit, are discussed. Profit generated from the investment is the alternative proposed to substitute interest. Risks surrounding investment environment and the difficulties embodied in the technique used to distribute profit are the major topics discussed. The research centres on a field study, following the case study approach, whereby methods for the distribution of profit used in three Islamic banks in the Sudan are explained in detail with illustrating numerical examples. A comparison between the various methods is made. The historical background to the establishment of Islamic banks is given as an introduction to the research. Furthermore, models of investment used in Islamic banking are explained and the difference between Islamic and conventional banks is shown. By way of introduction the concept of Riba in Islam is also discussed. Moreover, accounting postulates are scrutinised and verified from an Islamic perspective. A case study is made of FIBS and the models of finance used along with an empirical examination of its performance as the first and a leading Islamic financial institution in the Sudan, and as an example of Islamic banks. Other problems which arise as a result of introducing a profit-sharing technique are also assessed, classified and discussed. Among the recommendations drawn are investment in Limited Mudarabah, using different periods and values for Mudarabah certificates. Islamic banks should also concentrate on profit-sharing models of finance; the credit finance models used, although permitted, should gradually be abandoned.
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Alaydan, Sultan. "Islamic finance, Sharia non-compliance and the standardisation of Sharia governance." Thesis, University of Westminster, 2016. https://westminsterresearch.westminster.ac.uk/item/q2w26/islamic-finance-sharia-non-compliance-and-the-standardisation-of-sharia-governance.
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The research presented in this thesis examines the questions of (i) why the prevailing form of Islamic finance has tended to only textually comply with Sharia law while breaching principles underlying; and (ii) how Sharia governance could be standardised in order to ensure that Islamic finance reliably provides a genuinely Islamic alternative to conventional finance so as to engender market trust in the Islamic finance industry. The primary methodologies applied in this thesis are a text-based analysis and a qualitative interview study. A thorough text-based analysis of the religious and academic thinking around Islamic finance serves as a useful starting point for the design of the qualitative semi-structured interviews of a sample of 20 academics with experience of Islamic finance in practice across three culturally distinct jurisdictions (namely, the UK, the Kingdom of Saudi Arabia, and Malaysia). This paper finds that the existing models of Sharia governance across and within jurisdictions allow for a variety of interpretations, leading, in turn, to the inconsistent issuance of fatwas, thereby undermining the credibility of Islamic finance as genuinely compliant with Sharia principles. A lack of standardisation permits the coexistence of Sharia boards operating at different levels of Sharia supervision. This provides banks with the opportunity to seek to obtain a competitive financial advantage by utilising a less rigorous standard of Sharia governance. In order to counter the logics of neoliberal capitalism which result in banks ‘shopping around’ for favourable interpretations, this thesis concludes that Sharia governance should be part of an integrated and standardised system of Islamic corporate governance.
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Kügler, Daniel. "Islamic finance : neue Ansätze bei Immobilientransaktionen und deren Finanzierung in Deutschland /." Berlin : Weissensee-Verl, 2009. http://d-nb.info/99374575X/04.
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Zyp, Victoria Lynn. "Islamic finance in the United States product development and regulatory adoption /." Connect to Electronic Thesis (CONTENTdm), 2009. http://worldcat.org/oclc/457045392/viewonline.
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Jabr, Muhammad Hisham Mustafa. "The marketing of the Islamic banks' services in Jordan." Thesis, University of Glasgow, 1989. http://theses.gla.ac.uk/30781/.
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The purpose of this empirical study was to explore the extent to which the marketing concept had been accepted and implemented by the Islamic banks in Jordan. To achieve this, a survey of the Islamic banks' managers and customers was carried out. The survey questioned the managers, at both senior and branch levels, concerning their opinions about the understanding, acceptance and implementation of the marketing concept. Customers' opinions were also explored with particular regard to the factors considered to be important in choosing to bank with Islamic banks; services used; personal characteristics; the importance of promotional media; and the banks' role in informing customers about the Islamic banking concept. The findings of the study were that Islamic banks in Jordan have a narrow understanding of the marketing concept. These banks were found to be value - rather than profit-orientated. They accepted many of the facets of the marketing concept such as customer orientation, profit orientation and social orientation, while they downgraded the status of marketing activities. It was found that while some customers were gained from the nonbanking segment of the market, the banks won approximately two thirds of their customers from conventional banks. However, some customers were not impressed by the Islamic banks to the extent that they continued their patronage of other banks. This study is important in the light of the increasing growth of Islamic banks. It provides empirical data about the marketing orientation of the Islamic banks in Jordan which cannot be found elsewhere. It contributes to a better understanding of the ways in which the banks could increase their effectiveness by providing guidelines and the implications for marketing strategies. The research methodology and instruments used will help researchers to conduct studies in the field of financial services marketing in the Arab-Muslem countries.
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Al-Mannai, Muna Ahmed. "Investors' rights, transparency and information in equity based Islamic finance : an exploration into Islamic private equity in the GCC." Thesis, Durham University, 2017. http://etheses.dur.ac.uk/12437/.
Full textAbstract:
Islamic principles encourage the use of risk-sharing modes of financing and private equity is one of the organizational formats that uses these instruments. However, there has been no in-depth study on Islamic private equity (IPE) that examines the issues arising in implementing equity-based financing. IPE involves an investment where Islamic Financial Institutions (IFIs) and investors are bound together by a contractual relationship that is greatly influenced by trust. Private equity relationships involve investments in different projects and ventures on a risk-sharing basis with not much known, especially about the post-investment period. Furthermore, private equity is considered to be one-sided agreements since there is no room to negotiate pre-investment, little or no voting power post-investment, a process to resolve conflict of interest matters is lacking and accounting is off the balance sheet. All of the above gives rise to a potential conflict of interest and makes the availability of market information essential to the investors. Thus, enhancing the transparency and flow of information can be the strategic factor in developing the Islamic private equity market (IPE). Moreover, in IPE investors depend highly on the Shari’ah Supervisory Board (SSB) supervision and oversight for ensuring Shari’ah compliance, yet the independence of SSB is questioned. Given the above, the aim of the study is to explore the relationship between the investors and IFI investing in IPE across the GCC, reflecting on investors’ rights and compliance with the principles and goals of Shari’ah. The study followed an inductive approach, using athe mixed model, combining qualitative and quantitative data collection and analysis techniques. Participants: investors (Islamic and conventional), IFIs and Shari’ah scholars, were selected using sampling and judgmental techniques. The results were analysed using descriptive and inferential statistical methods. The findings indicate that transparency and investor communication is lacking and IFIs need to improve on the disclosure mechanism towards their investors. The governance of the investment structure and of the IFI management, the ability to negotiate, and the independence of Shari’ah supervision and review are some of the key issues that would need to be addressed/strengthened to enhance the investors’ confidence. Regulations are to be navigated towards enhancing transparency, publicity and accountability. The desire is not only for regulations on the availability of information, but also to ensure they are enforced and consequences may result from non-compliance. In addition, in introducing an independent set-up, SSB independence can be enhanced. Furthermore, with the concept of IPE investment being a contractual agreement, an effective supervision, contract enforcement and legal system is required.