This book argues that the financial impact of Islamic and conventional instruments has its origin in the way they are priced and structured. The authors examine what makes Islamic finance different and focuses on the differences that occur as a result of the adherence to Islamic law.
This book argues that the financial impact of Islamic and conventional instruments has its origin in the way they are priced and structured. The authors examine what makes Islamic finance different and focuses on the differences that occur as a result of the adherence to Islamic law.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Ayesha Bhatti is an Assistant Professor at the Lahore University of Management Sciences (LUMS), Lahore, Pakistan. She is a Fellow of the Institute of Chartered Accountants of England and Wales and completed her master's degree in Applied Statistics from the University of Oxford, UK. Ayesha has been associated with the LUMS Centre for Islamic Finance since its inception in 2015 and has served as the Director of Training and Chair of the Centre. She teaches in the area of Financial and Managerial Accounting at LUMS and has written and taught several case studies in this area as well as on Islamic finance. Saad Azmat is an Associate Professor of Finance at the Lahore University of Management Sciences (LUMS), Lahore, Pakistan. He completed his PhD in Accounting and Finance at Monash University, Australia and a master's degree in Economics from University of British Columbia, Canada. At LUMS he has served as the Associate Dean of Research, Director of PhD Program, and the Founding Chair of the Centre for Islamic Finance. He teaches courses in the area of Islamic Banking and Finance to undergraduate, master's and PhD students at LUMS.
Inhaltsangabe
Acknowledgments Preface Chapter 1: Introduction Chapter 2: The Paradox of Risk Sharing 2.1 Introduction 2.2 Islamic Instruments 2.3 The Dominance of Debt Based Contracts 2.4 Concluding Remarks Chapter 3: Freedom From Interest 3.1 Introduction 3.2 Islamic Instrument Structures 3.3 Convergence of Conventional and Islamic Banking Rates 3.4 Concluding Remarks Chapter 4: Financial Crisis and Islamic Finance 4.1 Introduction 4.2 Islamic Banking, Financial Intermediation, and Risk Sharing 4.3 Implications During Financial Crisis 4.4 Concluding Remarks Chapter 5: The Little Difference Between Sukuk and Bonds 5.1 Introduction 5.2 Sukuk Structures 5.3 Determinants of Credit Ratings of Islamic Bonds 5.4 Concluding Remarks Chapter 6: Issuer's Choice of Islamic Bond Type 6.1 Introduction 6.2 Islamic Bond Structures 6.3 Theories of Capital Structure 6.4 Implications for Islamic Financing Choices 6.5 Concluding Remarks Chapter 7: Risk in Risk Sharing Sukuk 7.1 Introduction 7.2 Credit Risk in Risk Sharing Bonds 7.3 Structural Credit Risk Models 7.4 Concluding Remarks Chapter 8: The Challenge of Shariah Compliance 8.1 Introduction 8.2 The Complexity of Shariah Compliant Structures 8.3 The Agency Problem in Islamic Banks 8.4 The Shariah Certification Dilemma 8.5 The Role of the Regulator and Shariah Conscious Investor 8.6 Concluding Remarks Chapter 9: Replicating Conventional Finance 9.1 Introduction 9.2 Instrument Structures 9.3 Behavioral Explanations 9.4 Implications for Investor Preferences 9.5 Concluding Remarks Chapter 10: Can Islamic Banks Have Their Own Benchmark? 10.1 Introduction 10.2 Islamic Interbank Benchmark Rate (IIBR) 10.3 IIBR-LIBOR Benchmark Rates and Convergence 10.4 Determinants of the 'Piety Premium' 10.5 Empirical Analysis 10.6 Conclusion Chapter 11: Islamic Versus Conventional Equities 11.1 Introduction 11.2 The Structure of Islamic Equities 11.3 Diversification Benefits 11.4 The Performance of Islamic Equities 11.5 A Theoretical and Empirical Perspective 11.6 Concluding Remarks Chapter 12: Charity in Islamic Banks - A Distinguishing Feature? 12.1 Introduction 12.2 Penalty Versus Charity 12.3 The Size of the Charity Pie 12.4 Charity Contribution Versus Asset Size 12.5 Social Distribution of Charity 12.6 Concluding Remarks Chapter 13: Rethinking Islamic Finance: The Limits of Our Understanding 13.1 Introduction 13.2 Pillars of Islamic Economics 13.3 Barriers to Understanding Islamic Finance 13.4 Concluding Remarks Chapter 14: Rethinking Islamic Finance: An Ethical Perspective 14.1 Introduction 14.2 Rethinking Islamic Finance - An Ethical Framework 14.3 Integrative Social Contract Theory 14.4 Rethinking Islamic Finance Through ISCT 14.5 Way Forward 14.6 Concluding Remarks Chapter 15: Conclusion Bibliography Index
