Eddy Yusof, Ezry Fahmy and Kashoogie, Jhordy and Anwar Kamal, Asim (2009): Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari'ah.
Download (1654Kb) | Preview
A hot topic among Islamic economists is the debt versus equity debate. Which of the two are more in line with justice and equality? Which of them is more productive in fulfilling the greater objectives of the Shariah? This paper is divided into sections. After the introduction, it is followed by problem statement as well as objective of the study. After that, section 4 briefs the research questions for answering the analysis in this paper. Section 5 deals with discussion obtained from literature review whichhighlights important issues regarding Maqasid Al-Shari’ah in term of justice and equality vis-àvis the current practice as well as ideal model of Islamic banking and finance. Finally, this paper ends up with conclusion.
|Item Type:||MPRA Paper|
|Original Title:||Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari'ah|
|Keywords:||productivity, justice, Equality, Islamic finance, debt financing, equity financing, maqasid shariah|
|Subjects:||D - Microeconomics > D2 - Production and Organizations > D20 - General
D - Microeconomics > D4 - Market Structure and Pricing > D40 - General
|Depositing User:||Ezry Fahmy|
|Date Deposited:||16. Feb 2010 22:39|
|Last Modified:||11. Feb 2013 19:43|
Abdul Rahim Abdul Rahman. (2007). “Islamic Microfinance: A Missing Component in Islamic Banking”, Kyoto Bulletin of Islamic Area Studies, 1-2, p. 38-53.
Abozaid, Abdulazeem (2008), Contemporary Islamic Financing Modes between Contract Technicalities and Shari’ah Objectives, Accepted Paper in Islamic Finance Conference 2008 at Harvard University.
Ali, Syed Salman & Ahmad, Ausaf (2007), an Overview of Islamic Banking and Finance: Fundamentals and Contemporary Issues Journal, Journal of Islamic Banking and Finance: Fundamentals and Contemporary Issues. p. 6.
Ahmad Kameel Mydin Meera and Dzuljustri Abul Razak. (N.D). “Islamic Home Financing through Musharakah Mutanaqisah and al-Bay’ Bithaman Ajil Contracts: A Comparative Analysis”, retrieved 15 Jan, 2008 from: http://www.isra.my/index.php?option=com_content&view=article&id=224&Itemid=72
Asyraf Wajdi, and Nurdianawati Irwani Abdullah. (2006). The Ideal Of Islamic Banking: Chasing A Mirage? Retrieved January 16, 2009, from www.asyrafwajdi.com/download.php?f=0013(downloaded-from-asyrafwajdi.com).pdf
Asyraf Wajdi, and Abozaid, Abdulazeem (Forthcoming), Paper to be published in IIUM Journal of Economics and Management. p. 4.
Ataul Haq Pramanik.(2004). Fighting Poverty and Inequality. Malaysia: International Islamic University Malaysia.p. 7-10. Chapra, M. Umar (2008), The Islamic Vision of Development in light of Maqasid Al-Shari’ah, retrieved in www.muchapra.com. p. 3-4.
El-Qorchi, Mohammed (2005), Islamic Finance Gears Up, A Quarterly Magazine of the IMF Volume 42 No. 4.
Kahf, Monzer (2006), Maqasid Al-Shari’ah in the Prohibition of Rib and their Implications for Modern Islamic Finance, Presented Paper at IIUM International Conference on Maqasid Al-Shari’ah , August 8-10 2006.
Humayon A Dar and John R. Presley. (N.D). “Islamic Finance: A Western Perspective”, International Journal of Islamic Financial Services Vol. 1 No.1, p.1-2.
Mehmet Asutay. (2007). Conceptualisation of the second best solution in overcoming the social failure of Islamic finance: Examining the overpowering of homoislamicus by homoeconomicus. IIUM Journal of Economics and Management 2007, 15, 1-17.
Muhammad Omar Farooq. (2006). “Partnership, Equity-financing and Islamic finance: Whither Profit-Loss-Sharing?”, Unpublished doctoral dissertation, Upper Iowa University ,USA. p. 4.
Munawar Iqbal, and Molyneux, P. (2005). Thirty Years of Islamic Banking: History, Performance and Prospects. London: Palgrave Macmillan.
Mohammed Akacem, and Gilliam, Lynde. (2002). Principles Of Islamic Banking: Debt Versus Equity Financing, Middle East Policy, 9 (1), p124-138.
Muhammad Hashim Kamali. (2007). Priciples of Islamic Jurisprudence. Malaysia:Ilmiah Publishers Sdn Bhd p 395-399.
Muhammad Taqi Usmani. (2005). An Introduction to Islamic Finance. Pakistan: Maktaba Ma’ariful Quran p. 27-28.
Nazrol Kamil Mustaffa Kamil. (2007). Islamic banking and finance slides. Malaysia:International Islamic University Malaysia.
Rosly, Saiful Azhar (2005), Critical Issues on Islamic Banking and Financial Markets, Kuala Lumpur Malaysia: Dinamas Publication p. 53.
Shidiqi, Nejatullah (2004), Riba, Bank Interest, and the Rationale of Prohibition, Jeddah Saudi Arabia: IRTI p 21.
Shidiqi, Nejatullah (2006), Islamic Banking and Finance in Theory and Practice: A Survey of State of The Art, Journal of Islamic Economic Studies, Vol.13 No. 2, p. 6.
Soumik Majumdar. (2008). Islamic Banking in India- what is the future potential?Unpublished doctoral dissertation, Management Development Institute of Gurgaon, India p 6.
Wilson, Rodney. (1993). “Equity Finance of Economic Development: Feasibility and Ethical Desirability”, Managerial Finance Volume 19 Number 7 1993,p 75-79.
Zamir Iqbal. (1997). “Islamic Financial Systems”, World Bank Publications, May 1997 p 42-43.