Management of Islamic Finance

Principle, Practice, and Performance

M. Kabir Hassan|Mamunur Rashid

Emerald

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9781787564046

23 November 2018

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9781787564039

23 November 2018

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9781787564053

23 November 2018

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Islamic finance has emerged as an alternative to century-old conventional financial instruments to cater to cater to the needs of Muslims as well as non-Muslims. The industry has seen significant growth over the last two decades and has been facing omnidirectional challenges with respect to regulation, competition, and compatibility. These challenges have presented worthy debate on the principles, practices, and performance in Islamic finance globally. In this issue, we have presented issues relevant to the most recent debate on the performance, practices, and principles of the Islamic finance industry as a whole, covering eleven distinct issues. Authors have contributed to the existing body of knowledge on risk management in Islamic banks, diversification in Islamic equity markets, performance and acceptance of Islamic microcredit and Islamic banking services, long-term corporate finance using sukuk, and the social development agenda via the development of financial intuitions, SME financing, and financial inclusion. Selected topics cover the principles in relevant areas, focus on recent practices, and highlight performance on certain influential areas. The issue is aimed at academicians, researchers, and policymakers who are working in the Islamic finance industry and who would like to explore more.

1. Introduction; M. Kabir Hassan and Mamunur Rashid 2. Investigating International Portfolio Diversification Opportunities for the Asian Islamic Stock Market Investors; Ramazan Yildirim and Mansur Masih 3. Islamic Banks Resilience to Systemic Risks: Myth or Reality: Evidence from Bangladesh; Islam Abdeljawad and Shatha Qamhieh Hashem 4. Satisfaction with Islamic Microcredit Institutions: A Borrower-Centric Approach; Mamunur Rashid, How Shi Min and Abul Bashar Bhuiyan 5. Religious Preference and Financial Inclusion: The Case for Islamic Finance; M. Kabir Hassan, Shadiya Hossain and Omer Unsal 6. Post-Default Sukuk Restructuring: An Appraisal of Sharīʿah Issues; Abu Umar Faruq Ahmad, Aishat Muneeza, Mohammad Omar Farooq and Rashedul Hasan 7. Relevance of Development Financial Institutions in the Presence of Islamic Financial Institutions; Mamunur Rashid, How Shi Min, Andrew Saw Tek Wei, Shamshubaridah Ramlee and Ng Yuen Yein 8. Corporation's Threshold for Debt: Implications for Policy Reforms Towards Equity-Biased Corporate Tax System; Mariani Abdul-Majid and Syed Munawar Shah 9. "Reverse Mudarabah": An Alternative of Classical Mudarabah for Financing Small Businesses; Buerhan Saiti and Yusuf Dinç 10. Participating Mortgage: An Alternative to Housing Finance; Yusuf Varli 11. Determinants of Customers' Engagement with Islamic Banking; Mustapha Abubakar 12. Political Islam, Democracy and Islamic Finance Development; Rihab Grassa, M. Kabir Hassan and Arja H. Turunen-Red

Eleven papers analyze the difference in the systemic risk level between Islamic and conventional banks in Bangladesh, possible portfolio diversification opportunities between the Asian Islamic market and other regional Islamic markets, whether Islamic banking will increase financial inclusion in Muslim countries, and a corporation's threshold for debt in a debt-bias corporate tax system. The contributors propose a reverse mudarabah model for SME financing and Islamic microfinancing and possible solutions for post-default restructuring of Sukuk that comply with Shari'ah.
- Annotation ©2019

M. Kabir Hassan is Professor of Finance in the Department of Economics and Finance in the University of New Orleans. He currently holds two endowed Chairs-Hibernia Professor of Economics and Finance, and Bank One Professor in Business- in the University of New Orleans. Professor Hassan received his BA in Economics and Mathematics from Gustavus Adolphus College, Minnesota, USA, and his M.A. in Economics and Ph.D. in Finance from the University of Nebraska-Lincoln, USA.

Dr Mamunur Rashid holds a PhD in Finance from National University of Malaysia and PGCHE from University of Nottingham. He is also an Associate Editor of the International Journal of Islamic and Middle Eastern Finance and Management. Dr Mamunur is a fellow of the Higher Education Academy, UK. He publishes widely on Islamic finance, corporate finance, and social responsibility. Dr Mamunur can be reached at [email protected].