By Alexander Pock
During the final a long time, Islamic finance has advanced to turn into some of the most dynamic and quickly constructing enterprise components within the worldwide monetary undefined. even supposing nonetheless a distinct segment marketplace, the section is experiencing ever expanding festival and, in particular lately, has left its domestic turf with Islamic monetary items being provided in significant markets outdoor the Muslim international, equivalent to the U.S. and nice Britain.
Alexander von Pock develops a holistic conceptual framework for deciding upon and trying out key good fortune components of Islamic monetary associations. The framework integrates insights into the present practices of Islamic finance, numerous theories – specifically the market-based view, the resource-based view, and, to a point, New Institutional Economics techniques – in addition to earlier study from the fields of strategic administration and economics. the writer is checking out the theoretical framework empirically in a survey of 36 significant Islamic monetary associations dependent within the Gulf Cooperation Council zone and in Malaysia.
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Additional info for Strategic Management in Islamic Finance
Ibrahim and Vijaykumar (1998) compare musharaka with conventional partnership modes of finance and find no major differences. 130 Islamic Finance in Theory and Practice 33 In a study of Aggarwal and Yousef, equity-like profit-and-loss-sharing schemes (mudaraba and musharaka), combined only approx. 3 Derivative-like Instruments A derivative is commonly defined as a financial instrument that derives its value from the price or rate of some underlying item and is usually settled at a future date. Conventional derivative financial instruments include forward contracts, futures and options, whose pricing and underlying item can imply issues of riba and gharar.
46. Cf. Kuran (1995), p. 205. 104 Vogel and Hayes, III (1998), p. 62. Riba is also mentioned in the following verses: 3:129-30, 4:161 and 30:39. 105 At-Tabari (Reprint 1954), p. 90. 106 See van Schaik (2001), p. 47-48. For a detailed exposition see Vogel and Hayes, III (1998), p. 7477, Lewis and Algaoud (2001), p. 35. Among riba goods are certain foodstuffs, precious metals and money. 107 El-Gamal (2000), p. 3. 108 Vogel and Hayes, III (1998), p. 77. The authenticity of the hadith is disputed. 109 The issue therefore remains controversial.
There are, however, minority deviations to this opinion based on two grounds: First, the taking of interest is acknowledged due to the requirements of the modern economy – or the principles of darura and maslaha. Second, there are 102 van Schaik (2001), p. 46. Cf. Kuran (1995), p. 205. 104 Vogel and Hayes, III (1998), p. 62. Riba is also mentioned in the following verses: 3:129-30, 4:161 and 30:39. 105 At-Tabari (Reprint 1954), p. 90. 106 See van Schaik (2001), p. 47-48. For a detailed exposition see Vogel and Hayes, III (1998), p.
Strategic Management in Islamic Finance by Alexander Pock