The Islamic Financial System - Tamer, Sami
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This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the…mehr

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Produktbeschreibung
This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the position of conventional finance. An improvement of efficiency may not be possible without taking a fresh look at Islamic injunctions while considering at the same time contemporary financial realities and needs such as investment opportunities, risk diversification and regulatory issues.
Autorenporträt
The Author: Sami Tamer has held professional positions with IT-companies and financial institutions in addition to working on the research project Information Systems in Polish Banks. He has received numerous research grants and obtained his doctorate in social and economic sciences from the University of Vienna in 2003. At the time of this writing he is working as a lecturer in finance at the Queen¿s University of Belfast.