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1
Tobin, Sarah A. "Islamic Neoliberalism for Jordan's Islamic Action Front in Islamic Banking and Finance." Politics and Religion 13, no. 4 (February 13, 2020): 768–95. http://dx.doi.org/10.1017/s1755048320000073.
Повний текст джерелаАнотація:
AbstractThere is a paradox: why are there so many political and economic Islamic actors in the Middle East but not a large willingness on their part to adopt and promote Islamic banking and finance methodologies? This paper argues that the more vague and ambivalent these actors are on economic policy, the wider their appeal; and, by extension, the more compatible Islamic ideas and ideologies are with neoliberalism. The case of the Islamic Action Front (IAF) in Jordan is given as it has adopted an emphasis on Islamic middle-class values and ethical concerns of neoliberalism in order to gain political support. The case of the IAF demonstrates that there are points of compatibility between the neoliberal economy and Islamist politics. In the calibrations of the relationship between the state and Islamist party politics in line with Islamic neoliberal tenets, this approach ensures enhanced appeal for neoliberal Islamism into the future.
2
Saputra, Dika, and Dewi Zaini Putri. "PENGARUH KEUANGAN ISLAM TERHADAP PERTUMBUHAN EKONOMI NEGARA BERPENDUDUK MAYORITAS ISLAM DI ASEAN." Jurnal Kajian Ekonomi dan Pembangunan 2, no. 1 (July 10, 2020): 129. http://dx.doi.org/10.24036/jkep.v2i1.8870.
Повний текст джерелаАнотація:
This study aims to look at the influence of Islamic finance on the economic growth of Muslim-majority countries in ASEAN. The data used is panel data over the 2004-2018 times period in the three Islamic Majority Country in ASEAN. The variable used are economic growth (Y), Islamic Financial Depth (X2), Islamic banking asset (X2), and Islamic Banking Activiti (X3). This research method uses panel data analysis. This study found that the Islamic Financial Depth variable had a signficant effect on economic growth, the variable Islamic banking asset and Islamic banking activities had a signficant effect on economics growth with alpha 0.05. Overall there is a signficant influence of Islamics financial variables on economic growth in Muslim-majority countries in ASEAN. Therefore, the government must support activity related to Islamic finance especially in Islamic banking so that the performance of Islamics banking can maximize and contribute to economic activity and encourage economic growth.
3
Saputra, Dika, and Dewi Zaini Putri. "Pengaruh Keuangan Islam Terhadap Pertumbuhan Ekonomi Negara Berpenduduk Mayoritas Islam di ASEAN." Jurnal Kajian Ekonomi dan Pembangunan 2, no. 2 (June 1, 2020): 13. http://dx.doi.org/10.24036/jkep.v2i2.12636.
Повний текст джерелаАнотація:
This study aims to look at the influence of Islamic finance on the economic growth of Muslim-majority countries in ASEAN. The data used is panel data over the 2004-2018 times period in the three Islamic Majority Country in ASEAN. The variable used are economic growth (Y), Islamic Financial Depth (X2), Islamic banking asset (X2), and Islamic Banking Activiti (X3). This research method uses panel data analysis. This study found that the Islamic Financial Depth variable had a signficant effect on economic growth, the variable Islamic banking asset and Islamic banking activities had a signficant effect on economics growth with alpha 0.05. Overall there is a signficant influence of Islamics financial variables on economic growth in Muslim-majority countries in ASEAN. Therefore, the government must support activity related to Islamic finance especially in Islamic banking so that the performance of Islamics banking can maximize and contribute to economic activity and encourage economic growth.
4
Bachruddin, Bachruddin. "KARAKTERISTIK PASAR MODAL DAN INSTRUMEN KEUANGAN NON RIBA." Journal Competency of Business 1, no. 1 (July 3, 2017): 13–28. http://dx.doi.org/10.47200/jcob.v1i1.642.
Повний текст джерелаАнотація:
This working paper slated to introduce capital market characteristic terminological conventional view and Islam view. Besides is sighted too various prevalent financial instrument is commercialized at capital market and another finance market. Its appearance is Islamic stock price index at capital markets as New York (Dow Jones Islamic is Index), at Malaysia (islamic’s Boogy confluence Index), and at Jakarta (Islamic’s Jakarta Index) mark progressively financial institutional amends Islamic. Method that is used is studi empirical ala compare about capital market practice at state already goes forward notably at United States Of America and at state thet follow Islam economic system.
A variety prevalent finance instrument is commercialized at capital market and Iainya’s finance market have gotten sharpness about criterion what is let or is prohibitted terminological islamic law in conection with lap elements and gharar, as issue of essential. But such still require more study because getting medley it financial instrument types thet ditransaksikan.
5
Kessler, Alfred R. "Islamic Finance." Chesterton Review 24, no. 1 (1998): 162–63. http://dx.doi.org/10.5840/chesterton1998241/230.
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Trammell, Susan. "Islamic Finance." CFA Institute Magazine 16, no. 2 (March 2005): 16–23. http://dx.doi.org/10.2469/cfm.v16.n2.2915.
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Dr. Sabbah Gueddoudj. "Islamic Finance." Islamic Banking and Finance Review 6 (December 31, 2019): 01–22. http://dx.doi.org/10.32350/ibfr/2019/06/546.
Повний текст джерелаАнотація:
The aim of this paper is twofold. The first aim is to demonstrate that Islamic finance is an alternative to conventional finance in the western world. Often viewed as a religious service in non-Muslim countries, Islamic finance has been excluded from economic funding, unfortunately. This exclusion is partly linked to a lack of knowledge about Islamic finance in Europe. Most of the time, Islamic finance is associated with Islamic religion without taking into account economic concerns. An exercise of comparison between Islamic principles and various monetary schools of thought demonstrates that there are similarities between them and that Islamic finance cannot be perceived without understanding core economic and financial rules. The second aim of this paper is to evaluate the position of Islamic finance as ethical finance in Luxembourg and its various perspectives. The main conclusions are 1) Islamic finance should be studied through an economic prism, 2) Islamic finance in Luxembourg has steadily increased but, 3) its share in financial instruments is still very low despite the openness towards non-conventional finance funding in Luxembourg.
8
Flume, Johannes W., and Nicolas Raschauer. "Islamic Finance." Zeitschrift für das gesamte Bank- und Börsenwesen 69, no. 3 (2021): 168. http://dx.doi.org/10.47782/oeba202103016801.
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Pervez, Imtiaz A. "Islamic Finance." Arab Law Quarterly 5, no. 4 (November 1990): 259. http://dx.doi.org/10.2307/3381929.
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10
Nizamov, Ramil', Guzaliya Klychova, and Albert Iskhakov. "ISLAMIC FINANCE." Vestnik of Kazan State Agrarian University 14, no. 4 (April 12, 2020): 122–27. http://dx.doi.org/10.12737/2073-0462-2020-14-4-122-127.
Повний текст джерелаАнотація:
Currently, an alternative to traditional finance is actively forming in the world - the Islamic financial system with its inherent financial products. In the Russian Federation, the topic of Islamic finance is being developed by the scientific and business environment at the regional level, precisely, with the involvement of working groups of international experts. In the course of the study, a analysis was made of the main provisions and characteristics of Islamic finance. Islamic finance includes financial products such as Musharaka, Mudaraba, Murabaha, Ijara, Salaam, Istisna ’and others. According to Musharak, participants in the transaction combine assets and share risks among themselves. Mudaraba, a trust management agreement, allows you to combine the entrepreneurial talent of the manager and the funds of the owner of capital. Murabaha, a resale agreement, provides an opportunity to purchase goods by installments to customers. Ijara serves as a replacement for operating leasing and is used more broadly as a lease. Salaam, an advance financing contract, is mainly used for transactions with standard property. Istisna’ contract, where the contractor, in addition to its services, uses its own material and raw materials, an investment tool for long-term projects. In order to unify the terms of Islamic financial contracts, international standards have been developed by the Organization of Accounting and Auditing of Islamic Financial Institutions (AAOIFI, Bahrain headquarters). Fiqh property relations, a section of Sharia science, is a methodological and theoretical basis for Islamic finance. The features of Islamic finance include asset-based, restrictions on funded activities and the principle of sharing risks between capital and the entrepreneur. The movement of cash flows according to Islamic economic doctrine must necessarily be supported by the movement of real goods and services. Islam prohibits financing activities harmful to society. The right to profit in Islam arises from the acceptance of risk. It was found that the constraining factors for the development of Russian Islamic financial institutions remain due to its regulation in national legislation. It is noted that Islamic finance has developed in Russia due to the presence of demand at the local and regional levels from business and the population who are actively practicing Islam. Monitoring of the Russian Islamic financial services market has shown that about ten companies offering Islamic financial services currently operate in Russia.
11
Arabi, Seyed Hadi. "Ignored Aspects of Islamic Banking and Finance." Management and Business Administration. Central Europe\ 22, no. 2 (June 15, 2014): 98–110. http://dx.doi.org/10.7206/mba.ce.2084-3356.101.
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Ahmad Lone, Fayaz, and Siraj Ahmad. "Islamic finance: more expectations and less disappointment." Investment Management and Financial Innovations 14, no. 1 (March 31, 2017): 134–41. http://dx.doi.org/10.21511/imfi.14(1).2017.14.
Повний текст джерелаАнотація:
Islamic finance has faced a two-fold criticism from scholars; viz. constructive criticism and destructive criticism. Majority of the scholars criticize it with the intention to improve its overall development, but some scholars are more negative in their criticism. This paper proposes that Islamic banks (a component of Islamic finance) are not charitable institutions, but are the intermediary institutions that take care of investors’ expectations to keep the time value and return to their investments intact with the market fluctuations. The purpose of this paper is to provide better insight about Islamic finance so as to further improve this industry to achieve its long term goals and serve the society better. The paper also attempts to answer some of the common allegations imposed by scholars towards Islamic finance.
13
Mohamad, Saadiah. "Is Islamic Finance, Social Finance?" Journal of Emerging Economies and Islamic Research 2, no. 2 (May 31, 2014): 1. http://dx.doi.org/10.24191/jeeir.v2i2.9619.
Повний текст джерелаАнотація:
Developments in Islamic Finance and Social Finance and illustrate an increasing interest globally to look at alternative ways of financing and creating value in the society. Islamic Finance and Social Finance are emerging disciplines that challenge and influence the global finance industry and both have similar mandates in terms of their emphasis in ethical business and investment. Islamic Finance is governed by the rules of the shariah that prohibits riba or interest and gharar (uncertainty), sinful business sectors such as pornography and alcohol and unethical practices such as exessive speculation and gambling. These forms of restrictions are similar to the negative screening methodology adopted by the socially responsible investment or SRI which is a rising component of Social Finance.
14
Alijon Qizi, Alijonova Zarnigor. "INTERNATIONAL ISLAMIC FINANCIAL MARKET." European International Journal of Multidisciplinary Research and Management Studies 02, no. 05 (May 1, 2022): 27–30. http://dx.doi.org/10.55640/eijmrms-02-05-07.
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Islamic finance is increasingly attrCovid-19 Impact on Islamic Financeacting attention among investors worldwide, especially in 2019 which saw a double-digit growth in assets. Despite the tumultuous year for global financial markets last year due to the COVID-19 pandemic, there is growing interest due to three reasons—greater appreciation around the role that Islamic finance plays in responsible investing; geographical interest in markets where Islamic finance is gaining prominence; as well as digital transformation, which makes Islamic investments more accessible.
15
Abdulla, Youmna. "Islamic Finance Industry." Journal of Islamic Financial Studies 2, no. 1 (June 1, 2016): 1–12. http://dx.doi.org/10.12785/jifs/020101.
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Saeedi, Ali, and Hossein Saeedi. "Islamic Finance Stability." International Journal of Excellence in Islamic Banking and Finance 5, no. 1 (September 2015): 1–10. http://dx.doi.org/10.12816/0024358.
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Hamid, Ahmad Munir. "ISLAMIC GOVERNANCE IN ISLAMIC SCHOOL FINANCE." CENDEKIA: Journal of Education and Teaching 12, no. 1 (March 21, 2018): 1. http://dx.doi.org/10.30957/cendekia.v12i1.432.
Повний текст джерелаАнотація:
The purpose of this study is to analyze the concept of Islamic finance governance which includes the principles among others; tauhid, taqwa and ridho, equilibrium (balance and justice), benefit, transparency, responsibility (responsibility) and independence. This research uses descriptive qualitative method using literature approach (literature), either in the form of books, notes, or research result report, from previous researcher. The literature used in this research is books, journals, theses, and articles related to Good Corporate Governance in Islamic perspective and its application to sharia banking in the world.Islam has a much more complete and more comprehensive concept and akhlaqulkarimah and ketaqwaan to Allah SWT is a solid wall not to get mired in illegal practices and dishonest in accepting the mandate. Principles of Islamic Governance (IG) after going through the process of analysis and data processing there are nine interrelated principles, the principles are derived kalamullah and rasulullah who can answer from some corruption crime to efforts in improving efficiency, competitiveness and product innovation and sharia banking services.
18
Hamid, Ahmad Munir. "ISLAMIC GOVERNANCE IN ISLAMIC SCHOOL FINANCE." CENDEKIA: Journal of Education and Teaching 12, no. 1 (March 21, 2018): 1–22. http://dx.doi.org/10.30957/cendekia.v12i1.435.
Повний текст джерелаАнотація:
The purpose of this study is to analyze the concept of Islamic finance governance which includes the principles among others; tauhid, taqwa and ridho, equilibrium (balance and justice), benefit, transparency, responsibility (responsibility) and independence. This research uses descriptive qualitative method using literature approach (literature), either in the form of books, notes, or research result report, from previous researcher. The literature used in this research is books, journals, theses, and articles related to Good Corporate Governance in Islamic perspective and its application to sharia banking in the world.Islam has a much more complete and more comprehensive concept and akhlaqulkarimah and ketaqwaan to Allah SWT is a solid wall not to get mired in illegal practices and dishonest in accepting the mandate. Principles of Islamic Governance (IG) after going through the process of analysis and data processing there are nine interrelated principles, the principles are derived kalamullah and rasulullah who can answer from some corruption crime to efforts in improving efficiency, competitiveness and product innovation and sharia banking services.
19
Minhas, Imran Hussain. "Classical Islamic Principles and the Current Model of Islamic Banking in Pakistan." Islamic Banking and Finance Review 8, no. 2 (February 24, 2022): 55–85. http://dx.doi.org/10.32350/ibfr.82.03.
Повний текст джерелаАнотація:
This paper is aimed to assess the overall perception of the users and stakeholders of Islamic banking towards Islamic banking and finance (IBF). It also intends to find out the crucial points which make the current practices of Islamic banking doubtful for the people and to suggest the appropriate remedial measures to bring about the practices of Islamic banking closer to the teachings of Islam and the Shari’ah. Direct survey method was used to assess and evaluate the perception of the users of Islamic banking and financé. However, the study was circumscribed by the opinions of the survey participants, who were limited in number and scattered across a few major cities of Pakistan. The findings revealed that a negative perception about Islamic banking persists due to the various similarities in the procedures, practices, products, and legal framework of Islamic and conventional banks. Moreover, the negative perception is also due to the fact that the same regulator regulates both the banking systems.
20
Soualhi, Younes. "Bridging Islamic Juristic Differences in Contemporary Islamic Finance." Arab Law Quarterly 26, no. 3 (2012): 313–37. http://dx.doi.org/10.1163/15730255-12341235.
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Abstract This article is an attempt to formulate a viable Sharīʿah framework for juristic differences in contemporary Islamic finance. While acknowledging the legitimacy of juristic differences as an inherent feature of Islamic law, such differences could jeopardize a nascent Islamic finance industry, leading to what has come to be arbitrarily termed ‘Sharīʿah risk’ in Islamic finance. Two blocks appear to represent the two disputing sides since the launch of this industry, i.e., the Middle Eastern and South East Asian markets. Thus, this article aims to bridge differences in Islamic finance by proposing a framework and set of parameters that can be applied to all Islamic banking, Islamic capital market and takāful products. Apart from the outlined framework that aims to circumvent juristic disputes, this article concludes that juristic dispute resolution in Islamic finance will not be attainable until one can appreciate the legal and regulatory differences in which Islamic finance operates worldwide.
21
Wani, Athar Shahbaz. "The genesis of Islamic finance system: Exploring the mainsprings and emerging markets." International Journal of Financial, Accounting, and Management 4, no. 1 (June 13, 2022): 31–47. http://dx.doi.org/10.35912/ijfam.v4i1.850.
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Abstract: Purpose: The present paper aims in-depth analysis of the Islamic Banking and Finance Industry (IBFI) in relation to its emergence, consolidation, and impact on the geo-economic scenario. With this, the Emerging Markets of Islamic Finance in several jurisdictions are highlighted to indicate the global influence of IBFI in the contemporary economic scenario. Research Methodology: The methodology in the research will be altogether qualitative, involving descriptive and analytical methods. Results: The analysis finds that unprecedented developments engulfing the Middle East post-1970s like, the pan-Islamism oil embargo of 1973-1974, played a pivotal role in materializing the emergence of Islamic Banking and Finance theory into a ‘viable corporate system. Limitations: The paper as such is not the statistical overview of IBFI in its sectors of intermediation like Islamic Banking. Islamic Insurance (Takaful), Islamic Capital Market, etc. The paper also doesn’t evaluate the internationalization and standardization aspects of IBFI. Contribution: The discussion in the manuscript will develop a coherent understanding of the emergence, growth, and development of IBFI in the contemporary geo-economic scenario. Moreover, the analysis in the paper establishes the emergence of IBFI as a global phenomenon, and thus explores the possibilities of further research in several aspects/sectors of IBFI Islamic Banking. Islamic Insurance (Takaful), Islamic Capital Market. Keywords: 1. Financial intermediation 2. PLS Scheme 3. Riba 4. Sharī‘ah 5. Standardization
22
Grassa, Rihab, and Kaouthar Gazdar. "Law and Islamic finance: How legal origins affect Islamic finance development?" Borsa Istanbul Review 14, no. 3 (September 2014): 158–66. http://dx.doi.org/10.1016/j.bir.2014.05.001.
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Ismail, Abdul Ghafar. "A MODEL OF ISLAMIC PUBLIC FINANCE IN MALAYSIA’S CONSTITUTION." Diponegoro Law Review 6, no. 1 (April 30, 2021): 33–50. http://dx.doi.org/10.14710/dilrev.6.1.2021.33-50.
Повний текст джерелаАнотація:
This study asks five questions. How does the Constitution define the framework for its governance and the principles under which it must operate? How do the provisions lay out the core public finance matters? How are Islamic religious defined? How could we interpret the provisions in the Constitution? How do Islamic religious revenues affect socioeconomic development? Based on the analysis of these questions, and the Federal Constitution of Malaysia, this study will try to explain the choice of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents (government). In particular, this study will prove that the Constitution results from both conventional and Islamic scholars' preferences. The constitutional rules lead to the introduction of Islamic religious revenues as the sources of government revenues. Furthermore, in Malaysia, constitutional economics also provides another view that treats Islamic religious revenues as socioeconomic development tools.
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Nienhaus, Volker. "The Future of Islamic Finance after the Corona Crisis." Bait Al Mashura Journal, no. 13 (July 28, 2020): 196–211. http://dx.doi.org/10.33001/m010820201373.
Повний текст джерелаАнотація:
There is much literature on the consequences of the corona crisis for the financial system, but usually without a distinction between conventional and Islamic finance. This research focusses on behavioral changes and market developments in the financial and real economy that will impact Islamic finance differently than conventional finance due to its conceptual peculiarities and prevailing practices. Particular attention is given to the real estate and construction sector, the universe of Sharīʿah compliant stocks, and the consumer finance of Islamic retail banks. Through these channels, “the world” will have an impact on the future of Islamic finance. But the corona crisis has also reinforced calls for more responsible finance, and promotors of Islamic finance emphasize the ideal of risk-sharing as well as the distinct instruments of Islamic social finance for poverty alleviation and social cohesion. Particular attention is given to innovations in equity-like financing, green and socially responsible ṣukūk, digital approaches for Islamic microfinance, and the broader usage for Islamic social finance instruments (zakāt, qarḍ Hasan, [cash] waqf, sadaqat). Through these channels, a revised future Islamic finance may have an impact on the world.
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Nagimova, A. "Islamic Fintech: Digitalization of Global Islamic Finance." World Economy and International Relations 66, no. 5 (2022): 50–58. http://dx.doi.org/10.20542/0131-2227-2022-66-5-50-58.
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Over the past decade, the development of the fintech sector has been becoming one of the characteristics of Islamic finance. What are the key markets? Who are the investors? What areas of business are Islamic fintech companies represented by? This paper considers above questions by investigating more than 240 Islamic fintech companies, the data on which gathered from IFN Fintech Landscape and Crunchbase. The results of our study show that, firstly, the geography of origin and coverage of Islamic fintech companies is not limited to the countries of the Middle East (79 companies) and Southeast Asia (71), but also includes the developed markets of Western Europe (58 companies) and America (20). Moreover, the most attractive jurisdiction for the incorporation of such companies is the UK (18% of all Islamic fintech companies were created here). In the Middle East, such a center of gravity is the UAE (13%). Two markets in Southeast Asia – Indonesia and Malaysia – form almost a quarter (24%) of the global Islamic fintech. In addition, Islamic fintech is expanding financial inclusion in Africa, where 11 Islamic fintech companies have been established; secondly, 91% of all Islamic fintech projects were created in the last 10 years, and 58% in the last 5 years. The peak of activity in this sector fell on the period of 2017 and 2018, when 37 and 39 companies were created, respectively; thirdly, we classify the Islamic fintech into seven broad categories namely, P2P financing (39 companies), neobanks (38), payment services (37), asset management (35), blockchain and cryptocurrency (20), charity (16), real estate (15), among which the most successful cases are considered. In addition, 44 business initiatives were initiated in the field of other near-financial services, including business consulting, analytical support, etc.; fourthly, based on the financial data for 72 Islamic fintech companies in Crunchbase, we estimate the total volume of investments in the Islamic fintech at more than $2.44 bln, almost half of which fell on neobanks ($1.2 bln). If we exclude three mega-investments of more than $300 mln, then the average investment into one Islamic fintech company is $19.9 mln, and if we exclude eight investments worth more than $100 mln – $9.1 mln. Investors of Islamic fintech companies are mainly venture capital funds that finance businesses on the risk-sharing principle. The geography of such funds is not limited to the countries of the Middle East and Southeast Asia, but also includes Western countries (USA, UK, Germany, and Switzerland). We note that at the initial stage, many Islamic fintech projects undergo business mentoring and acceleration programs in special accelerators, including the leading Y Combinator (USA); fifth, we identify five Islamic fintech companies from the CIS, besides, we find Russian-speaking founders of five Islamic fintech companies established in the UAE, Singapore and UK. In addition, we identify Russian venture fund that has invested in two Islamic fintech companies in Bahrain and UAE. Thus, the features of Islamic fintech that we have identified show that the complex and intertwined world of finance is not constrained by borders and prejudices, but the only investment efficiency criteria is the optimal risk-to-reward ratio.
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DOROFEEV, Mikhail L., and Mikhail K. GRIBAN'. "Controversies of Islamic finance." Digest Finance 26, no. 1 (March 30, 2021): 67–82. http://dx.doi.org/10.24891/df.26.1.67.
Повний текст джерелаАнотація:
Subject. The article focuses on discrepancies in Islamic finance, the construct of Islamic finance, its profit-generation mechanism, economic effects, unique nature and competition with traditional financial institutions. Objectives. We analyze the Islamic economic model and perform the comparative analysis of Islamic and traditional financial instruments. We also investigate conflicting issues of Islamic finance. Methods. The study involves methods of comparison, deduction, economic analysis and graphic interpretation. Results. We analyze the Islamic economic model to point out some fundamental principles of the Islamic economy, and its strengths. The article overviews types of Islamic financial instruments, compares them with traditional finance. The practical part of the study compares annual financial statements of the Abu Dhabi Islamic Bank and Russia’s Sberbank. We unfold the profit-generating mechanism of Islamic financial institutions and discover discrepancies in Islamic finance. Conclusions and Relevance. Having compared Islamic and traditional finance, we revealed some similar and different aspects. We discovered discrepancies in Islamic finance that translate into the overall nature of the Islamic economy and the performance of the Islamic financial institution above. The findings can be used for further studies into Islamic finance and outlining Islamic banking development strategies at the governmental level. Furthermore, the findings may come in handy to professional and non-professional market actors for making investment decisions.
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Dorofeev, M. L., and M. K. Griban'. "Discrepancies in Islamic finance." Finance and Credit 26, no. 11 (November 27, 2020): 2633–54. http://dx.doi.org/10.24891/fc.26.11.2633.
Повний текст джерелаАнотація:
Subject. The article focuses on discrepancies in Islamic finance, the construct of Islamic finance, its profit-generation mechanism, economic effects, unique nature and competition with traditional financial institutions. Objectives. We analyze the Islamic economic model and perform the comparative analysis of Islamic and traditional financial instruments. We also investigate conflicting issues of Islamic finance. Methods. The study involves methods of comparison, deduction, economic analysis and graphic interpretation. Results. We analyze the Islamic economic model to point out some fundamental principles of the Islamic economy, and its strengths. The article overviews types of Islamic financial instruments, compares them with traditional finance. The practical part of the study compares annual financial statements of the Abu Dhabi Islamic Bank and Russia’s Sberbank. We unfold the profit-generating mechanism of Islamic financial institutions and discover discrepancies in Islamic finance. Conclusions and Relevance. Having compared Islamic and traditional finance, we revealed some similar and different aspects. We discovered discrepancies in Islamic finance that translate into the overall nature of the Islamic economy and the performance of the Islamic financial institution above. The findings can be used for further studies into Islamic finance and outlining Islamic banking development strategies at the governmental level. Furthermore, the findings may come in handy to professional and non-professional market actors for making investment decisions.
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Nagimova, A. Z. "Islamic finance in Uzbekistan." Finance and Credit 26, no. 7 (July 30, 2020): 1555–70. http://dx.doi.org/10.24891/fc.26.7.1555.
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Subject. The article discusses all economic relations that emerge from cash flows invested under Islamic finance principles in the Republic of Uzbekistan. Objectives. The study is intended to determine the tendency and difficulties in the Islamic finance market of Uzbekistan. I examine the specifics of investment strategies Islamic investors choose to apply to the Republic of Uzbekistan. Methods. I collected and analyzed vast empirical data on Islamic finance deals closed within 1991 through 2020 in Uzbekistan. Primarily, I used ZEPHYR and ORBIS (Bureau van Dijk) databases, which were significantly enriched through the content analysis of publicly available mass media and corporate data (press releases, presentations, annual reports, management interviews, etc.) and related transactions. Results. I classified investors that put up their capital under the principles of Islamic finance. The article also describes distinctions of investment strategies Islamic investors follow in Uzbekistan. I determined the mix and specifics of Islamic investment in the republic. Conclusions and Relevance. I quantified and evaluated the supply of the Islamic finance in Uzbekistan by the number of completed deals. The article outlines the future of the Islamic finance market and difficulties impeding the influx of Islamic capital into Uzbekistan. The study considerably contributes to proceedings on the role of Islamic finance throughout the Post-Soviet area. The findings can be used by ministries and agencies to raise investment, managers of banks and development institutions, investment and lease companies, direct and venture investment foundations, and financial and industrial groups that seek to raise or deposit capital in accordance with the Islamic finance principles.
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Belabes, Abderrazak. "Islamic Finance in France." Journal of King Abdulaziz University-Islamic Economics 21, no. 2 (2008): 97–117. http://dx.doi.org/10.4197/islec.21-2.9.
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Darrat, Ali R. "Islamic Law and Finance." American Journal of Islam and Society 8, no. 3 (December 1, 1991): 549–51. http://dx.doi.org/10.35632/ajis.v8i3.2612.
Повний текст джерелаАнотація:
This book is a collection of essays presented at a conference held inApril 1988 and organized by the Center of Near and Middle Eastern Studiesand the Law Department, School of Oriental and African Studies, Universityof London.Since the mid-I970s, there has been a significant revival of fundamentalIslamic values in several Muslim countries throughout the world. Indeed,a number of Muslim (or perhaps, Islamic) countries like Iran, Pakistan, andthe Sudan have recently taken practical steps towards the total Islamizationof their economic and financial structures. Among the basic characteristicsof an Islamic financial (banking) system is the prohibition of the paymentor receipt of a predetermined (fixed) interest rate which is viewed as usuryand thus prohibited. As an alternative, the Islamic financial system operatesunder the general principle of profit-loss sharing, which effectively transformsbanks into equity-based (investment) firms.As Mallat correctly points out in his preface, the Western notion of profitmaximization does not control the Islamic system. Rather, it is the Shari'ahwhich primarily governs Islamic finance. However, some contributors to thebook, notably William Ballantyne in his introductory chapter, appear to doubtthe feasibility of the Islamic system and its ability to operate in contemporaryeconomies. He argues that "what is required in today's climate, is [amongother things] a restructuring of the Shari'a to fit Western economic concepts"(p. 9-emphasis added).Nevertheless it is my belief, and perhaps the belief of many Muslimscholars in the field, that such a view is unacceptable, for it seems to bein direct conflict with the core of Islam. A basic tenant of Islam is that theShari'ah cannot be changed or restructured to satisfy other lines of thought.Indeed, voluminous contemporary research now exists that demonstrates theviability and relevance of pure Islamic teachings to today's complex economicenvironment. Examples of such research include Chapra (1985, 1991); Khan(1986); Habibi (1987); Darrat (1988); Darrat and Suliman (1990); and Darrat,Suliman, and Bashir (1991).The view that the Islamic economic system is superior to the contemporaryWestern interest-based economic system is not totally unique withMuslim scholars. Western economic thinkers have also shared a similar view.For example, prominent American economists like Henry Simon (1948) and ...
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Islam, K. M. Anwarul. "Finance: An Islamic Perspective." International Journal of Islamic Banking and Finance Research 1, no. 1 (July 12, 2017): 1–5. http://dx.doi.org/10.46281/ijibfr.v1i1.32.
Повний текст джерелаАнотація:
Islamic finance was practiced predominantly in the Muslim world throughout the Middle Ages, fostering trade and business activities with the development of credit.In Spain and the Mediterranean and Baltic States, Islamic merchants became indispensable middlemen for trading activities.In fact, many concepts, techniques, and instruments of Islamic finance were later adopted by European financiers and businessmen. The aim of this research work is to examine the finance as an Islamic Perspective.
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Arapko, Vanessa. "Debt in Islamic finance." City 23, no. 6 (November 2, 2019): 798–802. http://dx.doi.org/10.1080/13604813.2020.1717220.
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Ghafar b. Ismail, Abdul, and Achmad Tohirin. "Islamic law and finance." Humanomics 26, no. 3 (August 31, 2010): 178–99. http://dx.doi.org/10.1108/08288661011074954.
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Daghles, Murad M., and Philipp Kynast. "Islamic Finance and Fintech." Yearbook of Islamic and Middle Eastern Law Online 20, no. 1 (December 10, 2018): 101–18. http://dx.doi.org/10.1163/22112987_02001006.
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Sacarcelik, Osman. "Sustainability in Islamic Finance." Yearbook of Islamic and Middle Eastern Law Online 20, no. 1 (December 10, 2018): 119–40. http://dx.doi.org/10.1163/22112987_02001007.
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Ibrahim, Mansor H., and Abbas Mirakhor. "Islamic finance: An overview." Pacific-Basin Finance Journal 28 (June 2014): 2–6. http://dx.doi.org/10.1016/j.pacfin.2014.02.002.
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Schoon, Natalie. "Islamic Finance — An Overview." European Business Organization Law Review 9, no. 4 (December 2008): 621–35. http://dx.doi.org/10.1017/s1566752908006216.
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Abdelsalam, Omneya, and Mohamed El-Komi. "Islamic Finance: An Introduction." Journal of Economic Behavior & Organization 103 (July 2014): S1—S3. http://dx.doi.org/10.1016/j.jebo.2014.03.019.
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Masih, Mansur. "Islamic Finance and Banking." Emerging Markets Finance and Trade 53, no. 7 (July 3, 2017): 1455–57. http://dx.doi.org/10.1080/1540496x.2017.1361650.
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Ahmed, Shaghil. "Islamic banking and finance." Journal of Monetary Economics 24, no. 1 (July 1989): 157–67. http://dx.doi.org/10.1016/0304-3932(89)90023-8.
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Schreiner, Martin. "Visser, H.: Islamic Finance." Journal of Economics 100, no. 1 (March 12, 2010): 91–93. http://dx.doi.org/10.1007/s00712-010-0125-4.
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Al Fathan, Ryanda, and Tika Arundina. "Finance-growth nexus: Islamic finance development in Indonesia." International Journal of Islamic and Middle Eastern Finance and Management 12, no. 5 (November 11, 2019): 698–711. http://dx.doi.org/10.1108/imefm-09-2018-0285.
Повний текст джерелаАнотація:
Purpose There are many studies related to finance-growth nexus, but existing empirical evidences still have not provided conclusive result of the nature and direction of this relationship. Moreover, there are only few studies about finance-growth nexus seen from Islamic finance perspective, especially in Indonesia. Therefore, this study aims to examine the nature of causal relationship between Islamic finance development and economic growth in Indonesia seen from the development of Islamic banking, sukuk market and Islamic stock market. Design/methodology/approach By using quarterly data from 2002Q3 to 2017Q4, this study uses vector autoregressive (VAR) model, then uses granger causality and impulse response function to analyze the causal relationship between Islamic finance development and economic growth and also among three main sub-sectors of Islamic finance. Findings This study found that Islamic banking development and Islamic stock market development support neutrality hypotheses view, while sukuk market development supports supply-leading hypotheses view. Moreover, this study also found that there are unidirectional causalities from sukuk market development to Islamic banking development and from sukuk market development to Islamic stock market development. Research limitations/implications This study focuses only on the development of Islamic finance viewed from a macro perspective and only looks at how the three main sub-sectors in Islamic finance develop. In addition, the results of research related to finance-growth nexus are also sensitive to the object of research, the method and the proxies of variables used. Originality/value To the best of the authors’ knowledge, there is no study that examines the causal relationship between Islamic finance development and economic growth in Indonesia based on its three main sub-sectors simultaneously. So, this study gives empirical evidence to contribute on finance-growth nexus discussion based on three main sub-sectors of Islamic finance development in Indonesia.
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Ramadhani, Herry. "Islamic Behavior Finance: Literature Review." AFEBI Islamic Finance and Economic Review 4, no. 02 (December 17, 2019): 132. http://dx.doi.org/10.47312/aifer.v4i02.460.
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<p>The purpose of this research to analyze the existing literature on Behavior Finance and Islamic Behavior Finance which can contribute to future studies in the field of Islamic Behavior Finance. This research is based on a critical review of Islamic Behavior Finance. Research findings that there are two different directions between Behavior Finance and Islamic Behavior Finance, further research is needed to develop and find new theories to advance knowledge in the field of Islamic Behavior Finance that can provide information for a Muslim to invest in accordance with sharia principles and provide a broader insight into investment in terms of psychology or behavior.</p><p><strong><em>Keywords: Investment, behavior Finance, Islamic Behavior Finance, Sharia and Psychology</em></strong></p>
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Malik Muhammadd, Dr. Atiquzzafar Khan, and Hafiz Abdur Rehman. "Islamic Finance and Economic Growth." Islamic Banking and Finance Review 6 (December 31, 2019): 23–38. http://dx.doi.org/10.32350/ibfr.2019.06.02.
Повний текст джерелаАнотація:
Due to the inherent instability of the conventional financial system, the demand for Islamic finance has increased. Islamic finance is more stable because it does not rely on debt-based financing. Currently, Islamic finance is one of the fastest growing sectors of economy in the Muslim world in general and in Pakistan in particular and it plays a vital role in the real sector development. This paper investigated the impact of Islamic viz a viz conventional finance on economic growth of Pakistan. For empirical analysis, quarterly data for the period 2006Q3–2017Q4 was utilized. For Islamic finance, the study used total financing (finance plus investment) by Islamic banks, whereas credit given to the private sector by conventional banks was used as the measure of conventional finance. Using GMM method of estimation, our findings revealed that Islamic finance enhances economic growth and also fulfills some specific needs of economic agents which otherwise would have remained unfulfilled by conventional finance. Further, the study also used government spending, investment, trade openness and inflation as control variables.
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Nagimova, A. "Islamic Capital in Kazakhstan." World Economy and International Relations 65, no. 2 (2021): 100–108. http://dx.doi.org/10.20542/0131-2227-2021-65-2-100-108.
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Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.
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Qonita, Nuha. "POSITIONING ISLAMIC LEGAL THEORY IN THE DEVELOPMENT OF ISLAMIC FINANCE." JURISDICTIE 10, no. 1 (July 11, 2019): 18. http://dx.doi.org/10.18860/j.v10i1.7034.
Повний текст джерелаАнотація:
<p>Islamic finance continues to grow over the world, the development of technology plays a crucial role to support Islamic finance. The great innovation of technology may come to dig up the potential of Islamic financing, yet digital system needs for sharia compliance, both are in similar needs for sharia overviews regardless different opinions of ijtihad in this modern time. Emphasizing case by case of Islamic finance has been done by the sharia scholars in producing the new product of Islamic banking and financing. The Islamic jurisprudence however should consider the substence and maqasid form of sharia. The objective of this paper is to enlight some vital parts of Islamic legal theory as part of Islamic law in implementing sharia compliance. Furthermore, provide the role of legal system which takes a crucial place in implementing the system, it should be harmonized in the existing condition of Islamic finance. This paper is qualitative methods with deep analysis on Islamic legal theory among muslim scholars.</p>
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Al-Bashir, Fadu. "Digital Finance Role in Islamic Finance Growth Reinforcement." Bait Al Mashura Journal, no. 09 (October 1, 2018): 27–79. http://dx.doi.org/10.33001/m300420180951.
Повний текст джерелаАнотація:
بدأت معالم الواقع الجديد الذي تعيشه البشرية تتشكل في ظل التقنيات الحديثة؛ وأصبحت الأفكار والمعلومات والمعارف أصولاً قابلةً للتداول؛ من خلال استخدام التقنيات الرقمية التي تستند على السرعة والمرونة. يهدف البحث إلى دراسة متغيرات التحول نحو الاقتصاد الرقمي، كإنترنت الأشياء، والذكاء الاصطناعي، والبيانات الكبيرة، والحوسبة السحابية؛ وبيان مزاياها وسلبياتها، وانعكاسها على الجوانب الاقتصادية، مع التركيز على دور المنصات الرقمية في تعزيز تنامي التمويل الإسلامي، وإحداث نقلة نوعية في أنشطته، باستخدام المنهج الوصفي التحليلي. ويتناول البحث مفهوم الاقتصاد الرقمي ومزاياه، والانتقادات الموجهة له،
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Djemaa, Haouam. "Islamic financing options for SMEs- role of Islamic banks." Global Journal of Business, Economics and Management: Current Issues 8, no. 3 (November 27, 2018): 109–20. http://dx.doi.org/10.18844/gjbem.v8i3.3625.
Повний текст джерелаАнотація:
Small Medium Enterprises (SMEs) have significant role in employment creation and growth of gross domestic products of developing country. In developing countries, they represent the majority of employment. SMEs constitute the overwhelming majority of firms. Globally, SMEs make up over 95% of all firms, account for approximately 50% of GDP and 60%–70% of total employment. However, in order to grow and contribute more significantly to the economy, SMEs face some constraints. One of the main constraints faced by SMEs is the lack of finance. Islamic bank financing products may help to solve this problem. The Islamic participatory schemes, such as mudarabah and musyarakah, integrate assets of lender and borrowers; therefore, they allow Islamic banks to lend on a longer-term basis to projects with higher risk-return profiles and, thus, to support economic growth.However, as Islamic banks try to avoid uncertainties, the mentioned schemes are not widely used. Therefore, support from government and academia needed to create innovation in the participatory financing scheme so that all related parties can share mutual benefits. The purpose of this paper is to investigate the main challenges to Islamic finance for SMEs. This paper will help to deepen understanding of the concepts of Islamic finance as well as SMEs. In addition to evaluate how Islamic financial institutions can support SMEs.
Keywords: Islamic Finance,Islamic Banks, Small and Medium Enterprises
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Ismail, Nurizal, and Siti Aisyah. "Islamic Social Finance: A Bibliometric Analysis." Global Review of Islamic Economics and Business 9, no. 2 (March 27, 2022): 019. http://dx.doi.org/10.14421/grieb.2021.092-02.
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Islamic social finance was discussed in 2013 by IRTI-IDB as a new spirit in solving the economic problem by allocating funds for humanitarian social works by using zakah, infaq, sadaqah, waqf, qardh al-hasan, and Islamic micro-insurance and Islamic microfinance. Islamic social finance has many imperatives to solve socio-economic problems. Therefore, it is needed to study the current state of Islamic social finance research to date. Thus, the study attempts to explore the status of Islamic social finance literature using bibliometric analysis by identifying statistics number of publications year by year, influential aspects, visualization of co-occurrence of keywords, and data texts related to the topic of Islamic social finance by using VOSviewer software. The finding of the study indicated that few articles discussed Islamic social finance. The most discussion of Islamic social finance was in 2019, which tried to handle the issues of the Covid-19 pandemic. Consequently, the journals that contributed the most to the study of Islamic social finance were al-Shajarah and the International Journal of Islamic and Middle Eastern Finance and Management. IIUM and INCEIF have contributed the most in the literature related to Islamic social finance from the author's affiliation. Malaysia is the most contributing country in writing Islamic social finance literature. Furthermore, the most selected keywords of Islamic finance research are Islamic social finance, maqasid syariah, value-based intermediation, sustainable development goals, and waqf. For the most co-occurrence text data, six clusters discussed the role of Islamic social finance in Covid-19, culture and country case on Islamic social finance, sustainable development goals, ecosystem, and maqashid syari’ah.
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Nafeel Mahboob, Mohamed. "Investing in Shares From an Islamic Point View." Bait Al Mashura Journal, no. 03 (October 1, 2015): 120–45. http://dx.doi.org/10.33001/m011020150313.
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Consecutive shortcomings and failures of financial markets along with the moral hazards have created a demand for an alternative system for financial markets in both the Muslims and non-Muslim secular societies in the West and East. The paper investigates possibility of applying Islamic finance principles on investment opportunities available to Muslim communities living in either Muslim or non-Muslim countries which are predominated by conventional secular systems economically and financially, it takes stock of the views of contemporary scholars regarding the consistency of Islamic finance principles for investing in shares of joint stock companies, it examines the roles that had been played by Islamic finance and Shari