An Analysis of Derivatives Instruments in Commodity Markets
This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined. The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation. The study proposes "khiyar al-shart" and "bay al-arbun" as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.
of a litigation system to enforce contracts by counterparty increase the legal risks associated with Islamic financial agreements.1 Thus, risk is an ever-present factor, especially in business, but industrialization brought risks ...
An Analysis of Shareholders Value Creation and Premium Paid to Integrate with Megabanks
This study focused on factors that have positively influenced the model of economic success for commercial and thrift megabanks involved in merger and acquisition activities for the period 1990 - 1997, a period characterized by an unprecedented flurry of merger and acquisition activities among megabanks in the United States. This study identified and measured key independent variables for identifiable mergers and acquisitions among megabanks and tested the extent to which, such independent variables influenced abnormal returns for underlying equities traded in capital markets. This study also tested the hypothesis that megabanks are attracting significantly higher acquisition premiums than the relatively smaller banks. The data collected and the conclusions drawn were based on the logic of a hypothetico-deductive paradigm, which essentially utilized the techniques of the standard event study methodology, and included parameters of the conventional Capital Asset Pricing Model. This study was based on a scientifically determined sample of over 200 banks in the small bank category and between 68 and 86 banks grouped under the megabank category. The findings revealed that megebank acquirers realized negative abnormal returns and that megabank acquirees did not realize economic value significantly greater than acquirers for those banks that integrated on a merger-of-equals basis. The findings also showed that megabanks seemed more willing to pay higher premiums for the right to integrate with other megabanks vis-a-vis the right to integrate with small banks.
Banking without boundaries: How the banking industry is transforming itself for the digital age. In D. Tapscott, A. Lowy, & D. Ticoll (Eds.), Blueprint to the digital economy: Creating wealth in the era of e- business (pp. 1 13 - 138).
A number of innovative hermeneutical approaches emerged in Muslim exegetical discourse in the second half of the 20th century. Among these developments is a trend of systematic reform theology that emphasises a humanistic approach, whereby revelation is understood to be dependent not only upon its initiator, God, but also upon its recipient, Prophet Muhammad, who takes an active role in the process. Ali Akbar examines the works of four noted scholars of Islam: Fazlur Rahman (Pakistan), Abdolkarim Soroush (Iran), Muhammad Mujtahed Shabestari (Iran) and Nasr Hamid Abu Zayd (Egypt). His study shows that the consequences of taking a humanistic approach to understanding revelation are not confined to the realm of speculation about God-human relations, but also to interpreting Qur'?nic socio-political precepts. And the four scholars emerge as a distinctive group of Muslim thinkers who open up a new horizon in contemporary Islamic discourse.
Ali Akbar examines the works of four noted scholars of Islam: Fazlur Rahman (Pakistan), Abdolkarim Soroush (Iran), Muhammad Mujtahed Shabestari (Iran) and Nasr Hamid Abu Zayd (Egypt).
The Muslim perception of Christianity and Christians is an issue of longstanding debate among scholars of both Islam and Christianity. In this book, Jane McAuliffe analyzes a series of passages from the Qur'^D=an that make ostensibly positive remarks about Christians. She conducts this analysis through a close examination of Muslim exegesis of the Qur'^D=an, spanning ten centuries of commentary. In this effort to trace various interpretations of these passages, the author attempts to determine whether these positive passages can justifiably serve as proof-texts of Muslim tolerance of Christianity.
Studies in Arabic Literary Papyri. Vol. 2: Qufanic Commentary and Tiradition.
Chicago: University of Chicago Press, 1967. 'Abd al-'Al, Isma'il Salim. Ibn Kathir
wa-manhajuhu fi al-tafsir Cairo: Maktabat al-Malik Faysal al-Islamiyah, 1404/
1984.
Text Linguistics of Qur'anic Discourse is an in-depth investigation of the fabric of Qur'anic Discourse. It unravels the texture of the macro Qur'anic text; its cohesion and coherence systems; the notions of intertextuality, semantic relatedness, and thematic sequentiality; the macro textual features of ellipsis, repetition, and argumentation structure; and the contextual, co-textual, grammatical, and semantic factors involved in the macro Qur'anic text. This book is a valuable and methodologically consistent learning and teaching academic resource for universities worldwide in this intriguing new discipline. Through its methodologically coherent discussion and in-depth analysis that is hinged upon modern European text linguistics, Text Linguistics of Qur'anic Discourse provides an insight into the newly established discipline of text linguistics, and explores the different layers of the macro Qur'anic text as an academic requirement.
This book is a valuable and methodologically consistent learning and teaching academic resource for universities worldwide in this intriguing new discipline.
