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Strategic Management in Islamic Finance

Alexander von Pock develops a holistic conceptual framework for identifying and testing key success factors of Islamic financial institutions. The framework integrates insights into the current practices of Islamic finance, a variety of theories – namely the market-based view, the resource-based view, and, to some extent, New Institutional Economics approaches – as well as previous research from the fields of strategic management and economics. The author is testing the theoretical framework empirically in a survey of 36 major Islamic financial institutions based in the Gulf Cooperation Council area and in Malaysia.

Maintaining this strategy requires a continuous search for cost reductions in all aspects of the business. ... intention to better meet the needs of that target market by focusing the marketing efforts and tailoring the marketing mix.

Islamic Finance in Europe

Towards a Plural Financial System

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.

Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different ...

Strategies for Western Banks to Survive in Islamic Finance Environment

Research Paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , language: English, abstract: The current rapid growth rate of Islamic banking in the world market has made the banking approach a significant contributor to economic growth. However, few studies have been done to determine the extent to which conventional banks can survive in an Islamic banking environment. The purpose of this study was to assess the financial performance of financial institutions and relate it to their involvement in Islamic banking. The study took an explorative and a quantitative approach, whereby literature was acquired from online sources for use in assessing the current state of knowledge, and financial performance data for Citigroup, Deutsche Bank, HSBC, Morgan Stanley and Goldman Sachs were acquired from Bloomberg BusinessWeek. The literature was reviewed in the literature review section while financial performance records were assessed using Microsoft Excel 2011 software package. The study findings determined that conventional banks have varying degrees of success in their Islamic banking ventures, whereby high levels of fluctuations characterize the institutions’ financial records. According to the exponential growth of Goldman Sachs in 2012 upon the issuance of sukuks, it is relatively easy for conventional banks to achieve growth through offering of Islamic banking products. However, according to the study findings, Islamic banking is not suitable for banks that want to achieve consistency in exponential growth, but is highly relevant for institutions that want to remain stable in their financial performance despite changes in market conditions.

The literature was reviewed in the literature review section while financial performance records were assessed using Microsoft Excel 2011 software package.

Ethical Dimensions of Islamic Finance

Theory and Practice

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice.

Islamic Finance and Global Capitalism

An Alternative to the Market Economy

This book examines whether Islamic finance and Islamic economics is challenging the orthodoxy of the money markets. Can ethical finance combined with the prohibition on interest and speculation really work in the global economy? With a political economy approach, the book explores how the industry has grown in modern times - from a short-lived bank in an Egyptian city in the 1960s through to a global industry that is today valued at US$2.05 trillion. From the revelation as articulated by the Prophet Muhammed in the seventh century through to the gleaming 21st century skyscrapers of Dubai and Kuala Lumpur, the book covers the end of European colonialism, the controversial utterances of self-styled religious leaders, the impact of Islamophobia, and the efforts to end poverty through Islamic microfinance. The book uncovers an industry that is both profitable and changing the face of contemporary capitalism. James Simon Watkins is a Lecturer at Regent's University London, UK. He was the Political Adviser at the Embassy of Japan in London and he has worked in the UK Houses of Parliament. He was the Chief Executive of a business group and was a UK Labour Party candidate for the 2014 European Parliament election.

The book uncovers an industry that is both profitable and changing the face of contemporary capitalism. This book examines whether Islamic finance and Islamic economics is challenging the orthodoxy of the money markets.

Islamic Finance and Circular Economy

Connecting Impact and Value Creation

This book is the first of its kind to provide a critical overview and theoretical analysis of the Circular Economy from Shariah and Islamic Finance perspectives. The book is divided into three parts. The contributing authors pay close attention to Islamic Finance in light of sustainability and value creation. It also includes case studies on the Circular Economy application in Islamic Finance industry. The book is of interest to academics, students, and practitioners on Islamic Economics and Finance who have an interest in understanding the Circular Economy under the lens of Islamic Finance principles and applications.

This book is the first of its kind to provide a critical overview and theoretical analysis of the Circular Economy from Shariah and Islamic Finance perspectives. The book is divided into three parts.

Islamic Finance in the Global Economy

A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.

A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.

The Informal Economy and Islamic Finance

The Case of Organization of Islamic Cooperation Countries

"The characteristics, nature, determinants and size of the informal economy differ from country to country. While much research has been carried out in the context of advanced economies, less attention has been given to developing countries, especially those in Organization of Islamic Cooperation (OIC) nations. This is one of the first books to investigate Islamic finance's stance on the informal economy and to discuss it from an OIC perspective. It covers the various definitions, historical development, types and determining factors behind the shadow economy and the reasons for people's preference to join and stay in the informal economy. Similarly, different theories are discussed in detail, thus providing a deeper understanding of the subject matter. The book examines the indicators of the informal sector, such as unemployment, regulation and taxation etc., the effect of financial development and the role of financial inclusion in informal economy in the case of OIC countries compared to non-OIC countries. It defines the main features of the informal economy and discusses their implications for policy formation and implementation. Additionally, the author provides guidance on Islamic finance's role in the informal economy and offers policy recommendations in order to bring more people into the formal economy. The book presents deep and specialist knowledge on the shadow economy as well as facts and figures pertaining to OIC countries and as such, will open the door for future research in this important but understudied field, especially from an Islamic finance angle. It can be used as a comprehensive guide for students, academics and researchers of Islamic studies, development economics, political economy, public policy, law, sociology and anthropology"--

This is one of the first books to investigate Islamic finance's stance on the informal economy and to discuss it from an OIC perspective.

The Islamic Finance Handbook

A Practitioner's Guide to the Global Markets

Get up to speed quickly on the world's fastest growing financial sector The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is the definitive report for the Islamic finance industry. Written by the industry's leading practitioners, the book provides a country-by-country breakdown of the current state of the Islamic market, including league tables by region and by country. Relevant case studies are used throughout to illustrate the practical aspect of the information presented. Organized for easy navigation, each chapter features sub-sections that allow instant comparison between countries in a specific area of interest. The Islamic finance industry is the world's fastest growing sector, valued at over U.S. $1.3 trillion by the UK Islamic Finance secretariat, with an annual growth of 24% for the past five years. To compete globally, practitioners need a true understanding of key markets within the industry. The Islamic Finance Handbook paints a clear picture of where each country stands in its development and role within the market, and provides a straightforward comparison between markets. Features include: Current macroeconomic and microeconomic conditions Regulatory and political situations Recent transactions, key participants, and the investor climate Real-world cases, as opposed to speculative scenarios The book places a clear focus on current conditions versus past performance, and on practical applications versus theoretical speculation. Each chapter is authored by a leading practitioner from within each country, allowing a true glimpse inside the day-to-day workings of the Islamic markets. For finance professionals who need to get up to speed on this rapidly growing sector, The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is a clear, comprehensive guide.

This work will provide readers with an introduction to the sector in each country and serve as a starting point for further exploration and research.

Islamic Finance in the Light of Modern Economic Theory

This book provides researchers and students with an understanding of the basic legal tenets of the Islamic finance industry, studying the real economic effects of those tenets using the tools of the modern economic theory. Split into four parts, the book begins with an introduction to the history and a legal framework for Islamic banking, covering typical Islamic financial products such as Sukuk and Takaful and examining the structure of Islamic financial institutions. It then analyzes and discusses the Miller-Modigliani Theorem, which is of direct relevance to Islamic banks which are prohibited to charge interest and often have to rely of profit-loss sharing agreements. Part III of the book introduces the reader to modern mechanism design theory, paying particular attention to optimal contracting under hidden action and hidden information, and final part of the book applies the tools of economic theory to understand performance of Islamic financial institutions such as Islamic banks and Takaful operators. Islamic Finance in Light of Modern Economic Theory brings together all the necessary technical tools for analyzing the economic effects of Islamic frameworks and can be used as an advanced textbook for graduate students who wish to specialize in the area, as a reference for researchers and as a tool to help economists improve the design of Islamic financial institutions.

This book provides researchers and students with an understanding of the basic legal tenets of the Islamic finance industry, studying the real economic effects of those tenets using the tools of the modern economic theory.