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Handbook of Empirical Research on Islam and Economic Life
In Islamic jurisprudence, a comprehensive ethic has been formulated governing how business and commerce should be run, how accountability to God and the community is to be achieved, and how banking and finance is to be arranged. This Handbook examines how well these values are translated into actual performance. It explores whether those holding true to the system are hindered and put at a disadvantage or whether the Islamic institutions have been able to demonstrate that faith-based activities can be rewarding, both economically and spiritually.
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Critical Acclaim
Contributors
Contents
More Information
Islamic economics and finance (IEF) has recently enjoyed a spike in interest and a rise in status from theology-tinged discussion fodder for Muslim intellectuals to a fully fledged academic discipline knocking on the doors of university social science departments. The Handbook of Empirical Research on Islam and Economic Life provides a solid background and overview of current empirical research, evaluating how well Islamic institutions have performed in pursuing their objectives.
With contributions from leading scholars, this unique Handbook provides chapters examining a range of phenomena in Islamic finance, focusing on five main research areas: religion and growth, Islamic social finance, Islamic banking and finance, the Islamic capital market and sukuk (Islamic bonds). This selection of research literature provides:
• a socio-economic profile of Muslim countries
• an outline of Islamic systems of accounting and governance
• an analysis of the religion–development link
• a consideration of the role of the state under Islam.
Scholars of finance and Islam in Muslim and in Western universities, students in graduate and post-graduate courses in Islamic studies, and Islamic research institutes and libraries in Western, Middle Eastern and Asian universities will all find great value in this vital resource and its exploration of a compelling approach to finance.
With contributions from leading scholars, this unique Handbook provides chapters examining a range of phenomena in Islamic finance, focusing on five main research areas: religion and growth, Islamic social finance, Islamic banking and finance, the Islamic capital market and sukuk (Islamic bonds). This selection of research literature provides:
• a socio-economic profile of Muslim countries
• an outline of Islamic systems of accounting and governance
• an analysis of the religion–development link
• a consideration of the role of the state under Islam.
Scholars of finance and Islam in Muslim and in Western universities, students in graduate and post-graduate courses in Islamic studies, and Islamic research institutes and libraries in Western, Middle Eastern and Asian universities will all find great value in this vital resource and its exploration of a compelling approach to finance.
Critical Acclaim
‘M. Kabir Hassan presents an impressive collection of 30 empirical studies on a wide spectrum of Islamic finance issues. The authors apply state-of-the-art methods of quantitative research and produce a wealth of fresh and often surprising results. Finance practitioners, policy makers and regulators can benefit from the findings, and Islamic as well as conventional researchers can gain references and inspiration for further studies.’
– Volker Nienhaus, University of Bochum, Germany
‘The Handbook of Empirical Research on Islam and Economic Life presents the reader with the fruits of research in a new area in RF (Riba-Free) Islamic economics, banking and finance. This book is a great addition to the library of the field. I enjoyed reading many of the empirical findings contributed by the book. The research papers included in the book are masterfully assembled by Professor M. Kabir Hassan: a recognized pioneering and prolific author, teacher and researcher in economics in general and in RF (Riba-Free) Islamic economics, banking and finance. Most published books in the field focus on the theory and/or application of Islamic life, economics and finance. The reader of this great new book will enjoy being introduced to a new dimension of research dealing with empirical findings. These findings can be used by theoreticians to ponder on and by practitioners to apply in their business.’
– Yahia Abdul Rahman, founder of the LARIBA System – LARIBA Finance and LARIBA Bank of Whittier
‘This book offers a solid contextual basis and outlines up-to-date empirical research, appraising the effectiveness and utility of Islamic institutions in achieving their objectives. With contributions from eminent researchers, this excellent handbook presents a range of achievements in Islamic finance, concentrating on five key research ranges: growth and religion, Islamic ethical and social finance, Islamic banks and financing institutions, sukuk and the Islamic capital market. Indeed, booklovers will be delighted with these new elements of research, containing findings in the area of Islamic economics, along with contributions from the Islamic financial service industry.''
– The Muslim World Book Review
– Volker Nienhaus, University of Bochum, Germany
‘The Handbook of Empirical Research on Islam and Economic Life presents the reader with the fruits of research in a new area in RF (Riba-Free) Islamic economics, banking and finance. This book is a great addition to the library of the field. I enjoyed reading many of the empirical findings contributed by the book. The research papers included in the book are masterfully assembled by Professor M. Kabir Hassan: a recognized pioneering and prolific author, teacher and researcher in economics in general and in RF (Riba-Free) Islamic economics, banking and finance. Most published books in the field focus on the theory and/or application of Islamic life, economics and finance. The reader of this great new book will enjoy being introduced to a new dimension of research dealing with empirical findings. These findings can be used by theoreticians to ponder on and by practitioners to apply in their business.’
– Yahia Abdul Rahman, founder of the LARIBA System – LARIBA Finance and LARIBA Bank of Whittier
‘This book offers a solid contextual basis and outlines up-to-date empirical research, appraising the effectiveness and utility of Islamic institutions in achieving their objectives. With contributions from eminent researchers, this excellent handbook presents a range of achievements in Islamic finance, concentrating on five key research ranges: growth and religion, Islamic ethical and social finance, Islamic banks and financing institutions, sukuk and the Islamic capital market. Indeed, booklovers will be delighted with these new elements of research, containing findings in the area of Islamic economics, along with contributions from the Islamic financial service industry.''
– The Muslim World Book Review
Contributors
Contributors: A.U.F. Ahmad, S. Akhtar, E. Aksak, M.A.M. Al Janabi,N. Alam , A.O. el Alaoui, S.O. Alhabshi, C. Aloui, F. Alqahtani, D. Ashraf, M. Asutay, A.F. Aysan, O. Bacha, A. Barajas, M. Bekri, H. Ben Hamida, S. Ben Naceur, C. de Anca, G. Dewandaru, M. Disli, M. Farooq, K. Gazdar, R. Grassa, R. Hayat, C. Henry, J.C.Y. How, M.H. Ibrahim, I. Isik, M. Jahromi, K. Jouaber- Snoussi , F. Kamarudin, H. Khan, K. Khan, M. Khawaja, O. Krasicka, M.T. Majeed, N.A.K. Malim, M. Masih, A. Massara, D.G. Mayes, A.K.M. Meera, M. Mehri, C. Mertzanis, M. Ashraful, Y.A. Nainggolan, M. Naseri, A.M. Nassir, A. Ng, S. Nowak, M.S. Nurzaman, M. Omran, H. Ozturk, M. Rashid, M.E.S.M. Rasid, R.M. Shafi, A. Shah, N. Shah Shirazi, H. Shi Min, F. Sufian, P. Verhoeven, G.M. Wali Ullah, L. Weill, S. Zaheer, S.R.S.M. Zain, M.A. Zarka
Contents
Contents:
1. Introduction
Part I: Religion and Growth:
1. Social Preferences and Values: An Experimental Analysis for Religiosity
Anwar Shah, Karim Khan and Hayat Khan
2. Openness, Culture, Legal Environment and Islamic Finance
Kaouthar Gazdar, Rihab Grassa and M. Kabir Hassan
3. Islamic Finance in Movement: Public Opinion in the Arab Region
Clement Henry
Part II: Islamic Social Finance:
4. Evaluating The Impact of Zakat by Indicator of Disaggregated Human Development Index: An Empirical Finding
Mohamad Soleh Nurzaman
5. Poverty, Finance and Institutions: Evidence from OIC Countries
Muhammad Tariq Majeed
6. The Social and Cultural Impact on Firms’ Access to Finance in an Islamic Environment
Charilaos Mertzanis
7. Reporting of Zakat and Charitable Activities in Islamic Banks: Theory and Practice in a Multi-cultural Setting
Mamunur Rashid, M. Kabir Hassan, How Shi Min and G.M. Wali Ullah
8. Achieving Sustainable Economic Development through Islamic Microfinance and Potential of proposed Two Tier Mudarabah Waqf Business Model
Mohammad Ashraf Mobin and Abu Umar Faruq Ahmad
9. Can Islamic Banking Increase Financial Inclusion?
Sami Ben Naceur, Adolfo Barajas and Alexander Massara
10. Social tax and transfers for poverty alleviation: A case for low and middle income countries
Nasim Shah Shirazi and Anas Zarka
Part III: Islamic Banking and finance
11. The Impact of the Global Financial Crisis on Islamic Banking
Faisal Alqahtani and David G. Mayes
12. Country Governance and the Performance of Islamic and Conventional Banks: International Evidence
Fadzlan Sufian, M. Kabir Hassan, Fakarudin Kamarudin and Annuar Md. Nassir
13. How Institutions Shape the Gap in Efficiency between Islamic and Conventional Banks
Laurent Weill
14. Differences between Islamic and Conventional Finance in Malaysia
Olga Krasicka and Sylwia Nowak
15. On the Co-existence of Conventional and Islamic Banks: Do These Banks Differ in Business Structure
Sajjad Zaheer and Moazzam Farooq
16. Macroeconomic Shocks and Islamic Bank Behavior in Turkey
Ahmet Faruk Aysan, Mustafa Disli, Adam Ng and Huseyin Ozturk
17. Explaining Intermediation Costs of Islamic Banks in OIC Countries
Nurhafiza Abdul Kader Malim, Mansor H. Ibrahim and Mohamed Eskandar Shah Mohd Rasid
18. Liquidity Risk Management in Emerging and Islamic Markets in Post Financial Crisis in Gulf Cooperation Council
Mazin A.M. Al Janabi
19. How Efficient are the Commercial, Investment and Islamic Bank Managers in Jordan
Ihsan Isik, Mohammed Omran and M. Kabir Hassan
Part IV: Islamic Capital Market
20. Does Islamic investment accrue hedging benefits?
Dawood Ashraf and Mohsin Khawaja
21. Volatility forecasting, value-at-risk and expected shortfall estimations under Basel II accord in GCC Sharia stocks
Chaker Aloui, M. Kabir Hassan and Hela ben Hamida,
22. Do stock returns react to an Islamic label
Raphie Hayat and Celia de Anca
23. Taking a Leap of Faith: Are Investors Left Short Changed?
Yunieta A. Nainggolan, Janice C.Y. How and Peter Verhoeven
24. Quantitative Studies of Islamic and Conventional Assets
Shumi Akhtar and Maria Jahromi
25. Profit-Sharing Ratio as a Screening Device in Venture Capital
Meryem Mehri, Kaouther Jouaber-Snoussi and M. Kabir Hassan
26. On the dependency structure of Islamic assets
Mahmoud Bekri, M. Kabir Hassan and Nafis Alam
27. Malaysian Investors’ perspectives on the integration and Co-movement of Islamic Stock Markets in Developed and Developing Countries
Marjan Naseri, Syed Othman Alhabshi and Mansur Masih
28. A Wavelet approach to time-scale relationships among the Islamic and conventional stock markets and LIBOR
AbdelKader O. el Alaoui, Ginanjar Dewandaru, Obiyathulla Bacha and Mansur Masih
Part V: Sukuk (Islamic Bonds)
29. Testing the Financial Distress Prediction Model for Sukuk-Issuing Companies In Malaysia
Roslina Mohamad Shafi, Sharifah Raihan Syed Mohd Zain, Mohamed Eskandar Shah Mohd Rasid and Ahamed Kameel Mydin Meera
30. The Economic and Political Determinants of Depth and Strength in Sukuk Markets
Mehmet Asutay and Ercument Aksak
Index
1. Introduction
Part I: Religion and Growth:
1. Social Preferences and Values: An Experimental Analysis for Religiosity
Anwar Shah, Karim Khan and Hayat Khan
2. Openness, Culture, Legal Environment and Islamic Finance
Kaouthar Gazdar, Rihab Grassa and M. Kabir Hassan
3. Islamic Finance in Movement: Public Opinion in the Arab Region
Clement Henry
Part II: Islamic Social Finance:
4. Evaluating The Impact of Zakat by Indicator of Disaggregated Human Development Index: An Empirical Finding
Mohamad Soleh Nurzaman
5. Poverty, Finance and Institutions: Evidence from OIC Countries
Muhammad Tariq Majeed
6. The Social and Cultural Impact on Firms’ Access to Finance in an Islamic Environment
Charilaos Mertzanis
7. Reporting of Zakat and Charitable Activities in Islamic Banks: Theory and Practice in a Multi-cultural Setting
Mamunur Rashid, M. Kabir Hassan, How Shi Min and G.M. Wali Ullah
8. Achieving Sustainable Economic Development through Islamic Microfinance and Potential of proposed Two Tier Mudarabah Waqf Business Model
Mohammad Ashraf Mobin and Abu Umar Faruq Ahmad
9. Can Islamic Banking Increase Financial Inclusion?
Sami Ben Naceur, Adolfo Barajas and Alexander Massara
10. Social tax and transfers for poverty alleviation: A case for low and middle income countries
Nasim Shah Shirazi and Anas Zarka
Part III: Islamic Banking and finance
11. The Impact of the Global Financial Crisis on Islamic Banking
Faisal Alqahtani and David G. Mayes
12. Country Governance and the Performance of Islamic and Conventional Banks: International Evidence
Fadzlan Sufian, M. Kabir Hassan, Fakarudin Kamarudin and Annuar Md. Nassir
13. How Institutions Shape the Gap in Efficiency between Islamic and Conventional Banks
Laurent Weill
14. Differences between Islamic and Conventional Finance in Malaysia
Olga Krasicka and Sylwia Nowak
15. On the Co-existence of Conventional and Islamic Banks: Do These Banks Differ in Business Structure
Sajjad Zaheer and Moazzam Farooq
16. Macroeconomic Shocks and Islamic Bank Behavior in Turkey
Ahmet Faruk Aysan, Mustafa Disli, Adam Ng and Huseyin Ozturk
17. Explaining Intermediation Costs of Islamic Banks in OIC Countries
Nurhafiza Abdul Kader Malim, Mansor H. Ibrahim and Mohamed Eskandar Shah Mohd Rasid
18. Liquidity Risk Management in Emerging and Islamic Markets in Post Financial Crisis in Gulf Cooperation Council
Mazin A.M. Al Janabi
19. How Efficient are the Commercial, Investment and Islamic Bank Managers in Jordan
Ihsan Isik, Mohammed Omran and M. Kabir Hassan
Part IV: Islamic Capital Market
20. Does Islamic investment accrue hedging benefits?
Dawood Ashraf and Mohsin Khawaja
21. Volatility forecasting, value-at-risk and expected shortfall estimations under Basel II accord in GCC Sharia stocks
Chaker Aloui, M. Kabir Hassan and Hela ben Hamida,
22. Do stock returns react to an Islamic label
Raphie Hayat and Celia de Anca
23. Taking a Leap of Faith: Are Investors Left Short Changed?
Yunieta A. Nainggolan, Janice C.Y. How and Peter Verhoeven
24. Quantitative Studies of Islamic and Conventional Assets
Shumi Akhtar and Maria Jahromi
25. Profit-Sharing Ratio as a Screening Device in Venture Capital
Meryem Mehri, Kaouther Jouaber-Snoussi and M. Kabir Hassan
26. On the dependency structure of Islamic assets
Mahmoud Bekri, M. Kabir Hassan and Nafis Alam
27. Malaysian Investors’ perspectives on the integration and Co-movement of Islamic Stock Markets in Developed and Developing Countries
Marjan Naseri, Syed Othman Alhabshi and Mansur Masih
28. A Wavelet approach to time-scale relationships among the Islamic and conventional stock markets and LIBOR
AbdelKader O. el Alaoui, Ginanjar Dewandaru, Obiyathulla Bacha and Mansur Masih
Part V: Sukuk (Islamic Bonds)
29. Testing the Financial Distress Prediction Model for Sukuk-Issuing Companies In Malaysia
Roslina Mohamad Shafi, Sharifah Raihan Syed Mohd Zain, Mohamed Eskandar Shah Mohd Rasid and Ahamed Kameel Mydin Meera
30. The Economic and Political Determinants of Depth and Strength in Sukuk Markets
Mehmet Asutay and Ercument Aksak
Index
