Articles

With an exploration for a new application of Awqaf in a modern banking environment, Cash

An empirical study on the robustness of the Alpha factor in the selected GCC Islamic banks. Alpha factor is a value determined by using the formula proposed by the Islamic Financial Services Board (IFSB) as an alternative for Capital Adequacy Ratio for Islamic banks, where Profit Sharing Investment Accounts (PSIA) are treated as semi-deposits with a part of or entire risk on the PSIAs being borne by the shareholders. Furthermore, it is demonstrated that the regulatory practice in this regards needs improvement on credibility.

An argument is made that instead of mitigating risks as claimed, switching from classical and real structured Islamic financial products to a cash-based instruments (Tawarruq) by Islamic Financial Institutions (IFIs) has exposed them to a serious complexity of risks.

Provides detailed definition of Islamic finance, and compares it with conventional finance on theoretical and empirical grounds based on practice in the Middle East and Southeast Asia

In this paper authors provide comprehensive discussion of realism principle from Shari’ah perspective and its application in Islamic finance. Furthermore, authors explain the implication of the principle with regards to Islamic finance instruments and strategies, and deliver screening of some widely-used Islamic financial products from the realism perspective.

In this paper the authors introduce a new Islamic Financial instrument, namely inventory certificates based on inventory of big corporations to be financed and owned by investors. The proposed instrument, as the authors indicate, is intended to resolve the problems of Islamic business institutions with the working capital finance in general, as well as liquidity management of Islamic banks in particular.

This paper is an attempt to provide comprehensive comparison between Ethical Finance and Islamic Finance. Authors undertake an analysis of the content of balance sheet disclosures of two banks, namely Islmai Bank Bangladesh Limited (IBBL) as an ideal Islamic Bankd and Triodos Bank as an ideal Ethical Bank. Furthermore, authors evaluate the similarities and divergences of business principles and practices of these banks, and provide policy recommendations.

إنّ المنتجات المالية كثيرة ومتنوعة, قد تناول بعضها علماء الإسلام في مؤلفاتهم قديماً وحديثاً وجَلّوْا فيها أحكامها صحةً وفساداً, وعلّلوا لذلك بعلل مقنعة، سهّلت التمييز بين المنتجات الإسلامية وبين المنتجات التقليدية.

إنّ المنتجات المالية كثيرة ومتنوعة, قد تناول بعضها علماء الإسلام في مؤلفاتهم قديماً وحديثاً وجَلّوْا فيها أحكامها صحةً وفساداً, وعلّلوا لذلك بعلل مقنعة، سهّلت التمييز بين المنتجات الإسلامية وبين المنتجات التقليدية.