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"Mirakhor, Abbas"
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Introductory Mathematics and Statistics for Islamic Finance
A unique primer on quantitative methods as applied to Islamic finance
Introductory Mathematics and Statistics for Islamic Finance + Website is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance.
The in-depth study of finance requires a strong foundation in quantitative methods. Without a good grasp of math, probability, and statistics, published theoretical and applied works in Islamic finance remain out of reach. Unlike a typical math text, this book guides students through only the methods that directly apply to Islamic finance, without wasting time on irrelevant techniques. Each chapter contains a detailed explanation of the topic at hand, followed by an example based on real situations encountered in Islamic finance. Topics include:
* Algebra and matrices
* Calculus and differential equations
* Probability theory
* Statistics
Written by leading experts on the subject, the book serves as a useful primer on the analysis methods and techniques students will encounter in published research, as well as day-to-day operations in finance. Anyone aspiring to be successful in Islamic finance needs these skills, and Introductory Mathematics and Statistics for Islamic Finance + Website is a clear, concise, and highly relevant guide.
eBook
The global financial crisis and its implications for the Islamic financial industry
Purpose - The purpose of this paper is to review the evolution of the global financial crisis, draw lessons from it, and analyse its effect(s) on the Islamic financial industry (IFI).Design methodology approach - Based on an extensive literature review, this paper aims to highlight, explain, and discuss the implications of the global financial crisis for IFI and suggest necessary steps for the future development of the industry.Findings - The findings show that although the crisis had limited impact on IFI the major flaws of the capitalist financial system are relevant to the development of IFI. Without learning and applying the lessons from the crisis, IFI runs a risk of committing the same mistakes. Finally, greater attention should be given to the fundamental principles of Islamic finance in order to ensure the future development of industry.Research limitation implications - The effects of the global financial crisis are still being felt all over the world, and its implications on IFI have yet to be fully understood. Owing to unavailability of relevant data, an empirical study is needed to show the real effects of the crisis on IFI.Originality value - The lessons drawn in this paper will raise awareness among both academicians and practitioners about the inherent weaknesses of current financial practices. Furthermore, the paper highlights the major areas that need to be improved for the future development and success of IFI.
Journal Article
Islamic capital markets : a comparative approach
A comprehensive examination of Islamic capital markets Taking a comparative approach to the subject, this text looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each particular topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, this approach also ensures a holistic understanding of the dual markets within which Islamic capital markets operate. Ideal for both students and current practitioners, The New Islamic Capital Markets fills a large gap in the current literature on the subject. Whereas most books in this field cover the topic only superficially, this book offers the depth of coverage and academic rigor needed by professionals and serious students. Fills a gap in the current literature on the subject with comprehensive coverage and in-depth explanations Takes a comparative and holistic approach to the subject and features case studies from Malaysia, Indonesia, the Middle East, and Europe Written by a professor of finance at the International Centre for Education in Islamic Finance (INCEIF) One of the few comprehensive, dedicated guides to the subject available, The New Islamic Capital Markets offers a full understanding of the subject for students and professionals alike.
eBook
Ethical dimensions of Islamic finance : theory and practice
\"This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance--a risk-sharing and asset-backed finance--has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today's growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.\"-- Provided by publisher.
Book
Radical uncertainty, non-predictability, antifragility and risk-sharing Islamic finance
Under conditions of radical uncertainty, risk sharing renders financial systems antifragile. The goal in this introductory paper is to show that risk-sharing Islamic finance shares the characteristics of an antifragile system by mapping some characteristics of antifragility onto those of risk-sharing Islamic finance. We compare the benefits of a risk-sharing financial system to those of the dominant risk-transfer/risk-shifting conventional system of finance, basing ourselves on the criteria of antifragility. We focus on the argument that the antifragility principle of “skin-in-the-game” is equivalent to risk-sharing Islamic finance requirement of “no gain without risk.” Keywords: risk sharing, antifragility, skin-in-the-game, no gain without risk, Islamic finance
Journal Article
The moral foundation of collective action against economic crimes
In recent years, economic and financial crimes have been increasing at a fast pace. No country, society, culture or community has been immune from its ravages, yet the international community has failed to cooperate in finding a solution. The main reason for failure may be the lack of a clearly articulated moral foundation. A universal moral principle that could serve as the foundation must be concerned with \"harm\" and its prevention, and attract universal \"consent.\" We argue that the Golden Rule satisfies these requirements. The golden rule of \"no harm\" buttressed by the specificity of the four categories of \"generic rights\" and \"basic good,\" i.e. human dignity, trust, contract, and property, could emerge as a consensual global moral principle and allow the development of legislations, laws, standards, codes and conventions that would be accepted and respected by the entire international community in the fight against economic crimes.
Journal Article