By Hossein Askari, Zamir Iqbal, Abbas Mirakhor
"The authors argue that the longer term luck of Islamic finance depends on a few advancements, together with: fiscal and monetary reform in Islamic international locations, institutional reform and liberalization (leading to the advance of obvious and effective institutions), governance and regulatory oversight of Islamic monetary associations and items (affecting the popularity of Islamic associations and products), learn into the improvement of Shari'ah-compatible monetary items, the velocity of financial development in Islamic nations (determining the call for for Shari'ah-compatible monetary products), and at the course and extra advancements in monetary globalization."--Jacket. �Read more...
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Additional resources for New issues in Islamic finance and economics : progress and challenges
Hassan and Girard (2005) looked at Dow Islamic indices for the period of 1992 to 2005 and did not ﬁnd any noticeable performance differences between Islamic and non-Islamic indices from January 1996 to December 2005. The Dow Islamic indices outperformed their conventional counterparts from 1996 to 2000 and underperformed them from 2001 to 2005. They suggest that the period-speciﬁc performance of Islamic indices could be attributed to style differences between the two types of series because they observed that Islamic indices are growth and small-cap oriented and conventional indices are relatively more value and mid-cap focused.
For example, the Islamic Proﬁt Rate Swap (IPRS) was introduced to assist in the management of proﬁt rate risks. A proﬁt rate swap is a mechanism structured to allow bilateral exchange of proﬁt streams using two parallel and back-to-back Islamic markedup sale (murabahah) transactions. In simple IPRS, a series of murabahah sale and purchases are conducted, allowing parties to swap or exchange proﬁt rates from ﬁxed to ﬂoating rates or vice versa. In another version, called Islamic Cross-Currency Swap (ICCS), the same mechanism is applied for the purpose of cross-currency swaps.
The allocation mechanism is driven by predeﬁned trigger rules (to switch between risky and non-risky assets) based on the difference between the value of the basket of Islamic underlyings and the value of the cash assets. 24 The Development and Progress of Islamic Finance • • 29 Standard Chartered Bank, Malaysia has introduced several hedging instruments that are Shari’ah-compliant. For example, the Islamic Proﬁt Rate Swap (IPRS) was introduced to assist in the management of proﬁt rate risks. A proﬁt rate swap is a mechanism structured to allow bilateral exchange of proﬁt streams using two parallel and back-to-back Islamic markedup sale (murabahah) transactions.