Journal of King Abdulaziz University, Islamic Economics最新文献

{"title":"Estimating Damages in Securities Fraud Cases in Saudi Capital Market: The Fiqh, Legal Basis and Econometric Methods تقدير التعويض في قضايا التضليل بسوق الأسهم السعودية: الأسس الفقهية والقانونية والطرق القياسية","authors":"Nader Naifar, M. Alsuhaibani","doi":"10.4197/ISLEC.30-3.2","DOIUrl":"https://doi.org/10.4197/ISLEC.30-3.2","url":null,"abstract":"The paper examines the applicable econometric methods to estimate financial damages in securities fraud cases filed with the Committee for the Resolution of Securities Disputes (CRSD) in Saudi capital market. The paper starts with a primer highlighting the key fiqh and legal concepts related to securities fraud cases and the two widely adopted econometric methods to estimate the damage awards. Using real data from Saudi Stock Market (Tadawul), the paper applied the two econometric methods to estimate the damages in three securities fraud cases already filed with CRSD. The paper demonstrates the viability of applying these methods in Saudi legal environment and opens the door for future research on the economic analysis of Saudi laws and the role of econometrics in court rulings. يهدف البحث إلى دراسة قضايا التعويض بسبب التضليل الذي مصدره الشركات المدرجة في السوق المالية السعودية، فيستعرض في البداية أبرز المفاهيم الفقهية والقانونية ذات العلاقة بالتعويض عن الضرر في قضايا التضليل في السوق المالية، ثم يقدم طريقتين تمثلان أبرز الأساليب القياسية المعتمدة في الأسواق العالمية المتقدمة لتقدير مبلغ التعويض عن الضرر في هذه القضايا. ويطبق البحث لغرض المقارنة الطريقتين على ثلاث حالات تضليل وقعت في سوق الأسهم السعودية. ومن أهم نتائج البحث اقتراح تطبيق أساليب قياسية جديدة لتقدير التعويض بسبب التضليل بما يتلاءم مع بيئة المملكة العربية السعودية. ويؤمل أن يفتح البحث المجال لمزيد من الدراسات المتخصصة بالتحليل الاقتصادي للأنظمة السعودية، وربط الأحكام القضائية بالطرق القياسية.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"30 1","pages":"47-83"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86860834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Measuring Shariah Risk: Proposal for a New Shariah Risk Rating Model for Islamic Banks and Allocation of Capital for Shariah Risk Under Basel III","authors":"Muhammad Adeel Ashraf, Ahcene Lahsasna","doi":"10.4197/ISLEC.30-SI.5","DOIUrl":"https://doi.org/10.4197/ISLEC.30-SI.5","url":null,"abstract":"Customers interested in the Islamic banking Industry continue to put a question that whether the bank they wish to do business with is practically implementing Shariah rules and guidelines despite being registered as an Islamic bank and having fatwa from the competent authority. This paper proposes a set of 14 rating factors that measure the risk of Shariah non-compliance at an Islamic bank. These factors are used as an input to develop Shariah Risk Rating Model, which can be used by the customers of the Islamic banking industry, the management of an Islamic bank, and the central banks to measure the degree of Shariah compliance at an Islamic bank. The paper also suggests a methodology towards allocating capital charge against the risk of Shariah non-compliance under Pillar 2 of Basel III accords. The main strengths of this model are simplicity and relevance towards assessing the Shariah non-compliance risk because input factors are based on the information derived from published financial statements only. Another key strength is that the end rating can be used on a standalone basis or as an extension to the conventional rating models provided by external agencies such as Fitch, Moody’s, S&P etc. Development of this model is aimed at motivating the banking customers, management of Islamic banks, and central banks to improve the implementation of Shariah guidelines and hence contribute towards accelerated growth of the Islamic finance industry. The model was applied on three selected banks on unsolicited basis and results reflect discriminating power of the input factors in order to gauge the Shariah risk. هناك تساؤلا من قبل العملاء الراغبين في التعامل مع المؤسسات المالية الإسلامية، مفاده ما إذا كانت البنوك الإسلامية ملتزمة فعلا بتطبيق قواعد الشريعة، بغض النظر عن رخصتها الرسمية كبنك إسلامي وعن الفتاوى الصادرة عن هيئاتها الشرعية. بناء على ذلك يقترح هذا البحث 14 معيارا لقياس مخاطر عدم الالتزام بالشريعة، وتعتبر هذه المعايير مهمة في تطوير نموذج تصنيفي يوضح مستوى مخاطر عدم الالتزام بالشريعة في بنك إسلامي ما، والذي يمكن استخدامه من قبل عملاء المؤسسات المالية الإسلامية والبنوك المركزية. كما يقترح البحث منهجية لوضع مخصصات مالية تتعلق بمخاطر عدم الالتزام بالشريعة الإسلامية حسب متطلبات بازل 3. وتكمن قوة هذا النموذج المقترح في سهولة الحصول على المعلومات اللازمة والتي تستعمل كمداخل لقياس مخاطر عدم الالتزام بقواعد الشريعة الإسلامية، والتي تعتمد في أساسها على التقارير السنوية التي تصدرها البنوك الإسلامية. هناك ميزة أخرى لهذا النموذج، وهو أنه يمكن أن يستخدم كمنهج مستقل أو يمكن أن يكون امتدادا للمناهج التقليدية الأخرى المستخدمة من قبل وكالات التصنيف الرئيسية الثلاث المختصة مثل فيتش، موديز، وستاندرد آند بورز. إن هدف تطوير هذا النموذج هو تشجيع العملاء وإدارة البنوك الإسلامية والبنوك المركزية في تحسين أداء البنوك الإسلامية في التزامها الكامل بقواعد الشريعة الإسلامية مما يساهم في تطوير الصناعة المالية الإسلامية. وقد تم تطبيق النموذج على البنوك الثلاثة المختارة في الورقة على أساس غير ملتمس وتعكس النتائج قوة تمييزية لمدخلات النموذج المقترح .","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77060683","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Book Review of “Between Debt and the Devil: Money, Credit, and Fixing Global Finance. Adair Turner (2016). Princeton University Press.","authors":"Ahmed Belouafi","doi":"10.4197/islec.30-3.14","DOIUrl":"https://doi.org/10.4197/islec.30-3.14","url":null,"abstract":"","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87961157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Investigating the Opinions of Islamic Scholars about the al-Murabaha Upon the Purchaser’s Order Transaction","authors":"Ayman Saleh","doi":"10.4197/ISLEC.30-3.1","DOIUrl":"https://doi.org/10.4197/ISLEC.30-3.1","url":null,"abstract":"","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"59 5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79839172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Money, Conventional Monetary System and Possibility of Monetary Reform النقود والنظام النقدي التقليدي وإمكانية الإصلاح النقدي","authors":"Hisham Handal Abdelbaki","doi":"10.4197/islec.30-3.9","DOIUrl":"https://doi.org/10.4197/islec.30-3.9","url":null,"abstract":"This paper examines the various causes of the financial and economic crises experienced by the world’s countries and shows that the dilemma is not in the money used, whatever its name is or value, but that the dilemma and the resulting problems and financial and economic crises lies in the issuers, controllers and users of money. The paper also states that the completion of Islamic financial market and achieving rationality and efficiency from the perspective of Islam is the effective solution that leads to maximizing the social welfare on one hand and avoids financial markets and then the national economy from falling into the clutches of financial and economic crises on the other hand. يستعرض البحث الأسباب المختلفة للأزمات المالية والاقتصادية التي تعرضت لها دول العالم، ويبين أن المعضلة ليست في النقود المستخدمة أيا كان تسميتها أو تقدير قيمتها وإنما المعضلة - ومن ثم المشكلات الناجمة والأزمات المالية والاقتصادية - تكمن في القائمين على إصدار النقود وفي المتعاملين بها. ويؤكد البحث أن اكتمال السوق المالي الإسلامي وتوافر مبدأي الرشادة والكفاءة الإسلامية هو الحل الناجع الذي يؤدي إلى تعظيم رفاهة المجتمع من ناحية ويجنب الأسواق المالية ومن ثم الاقتصاد القومي من الوقوع في براثن الأزمات المالية والاقتصادية من ناحية أخرى.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"33 1","pages":"223-247"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75555743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Economic Reading in the Book “Al-Mabsoot” by Imam Sarakhsi","authors":"Saad Hamdan Al-Lehyani","doi":"10.4197/ISLEC.30-3.3","DOIUrl":"https://doi.org/10.4197/ISLEC.30-3.3","url":null,"abstract":"This paper presents an is an analytical economic reading of texts extracted from the Book titled \"Al-Mabsoot\" by prominent Hanafi scholar Imam Sarakhsi. These texts are related to economic matters; conceptual, causal analysis, and eventual (i.e. describing actions and behaviors with economic goals). The paper covers also texts relating disciplines close to economics such as accounting and management. The aim of such an exercise is twofold-besides the reading in itself-: to demonstrate the intellectual and scientific breadth of Muslim Scholars, and contribute to the wealth of knowledge in the history of Islamic economic thought. Finally, the paper stressed that, the economic behavior contemplation, despite the fact that – mostly- has not been a specific and independent study by Muslim Scholars, was present in their thought, and in the wealth of knowledge and writing that they have produced. هذه الورقة هي قراءة اقتصادية تحليلية للنصوص من كتاب \"المبسوط\" للإمام السرخسي، والتي تتعلق بقضايا اقتصادية، إما من حيث المفاهيم، أو التحليل السببي، أو وصف التصرفات والسلوكيات ذات الأهداف الاقتصادية. والورقة تتسع إلى جانب ذلك للنصوص ذات الصلة بعلوم أخرى متصلة بعلم الاقتصاد كالمحاسبة والإدارة. وتهدف الورقة من تلك القراءة الاقتصادية – إلى جانب ذات القراءة - إلى الإسهام في بيان الاتساع الفكري والعلمي لعلماء المسلمين، والإسهام في تكوين مادة علمية في تاريخ الفكر الاقتصادي الإسلامي. وقد أكدت الورقة أن النظر في السلوك الاقتصادي، وإن لم يوله علماء المسلمين - في الغالب - دراسة خاصة مستقلة، كان حاضرا لديهم، مدركا بالنظر والتأمل، مستخدما في الربط بعلومهم عند الحاجة.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"45 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72591420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Feasibility Study and its Impact on the Financing Decision: An Applied Study to the Jordan Islamic Banks","authors":"A. Belabes","doi":"10.4197/ISLEC.30-3.13","DOIUrl":"https://doi.org/10.4197/ISLEC.30-3.13","url":null,"abstract":"","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90437740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impacts of Governance and Institution on Financial Inclusion: Evidence from Muslim Countries and Developing Economies","authors":"Muhamed Zulkhibri, R. Ghazal","doi":"10.4197/islec.30-si.3","DOIUrl":"https://doi.org/10.4197/islec.30-si.3","url":null,"abstract":"Using the data of more than 100,000 individuals’ characteristics in the Global Findex database, this paper examines the links between financial inclusion, institutions, and governance using panel data analysis from Muslim and developing countries. This paper argues that strong economic governance and institutions are important elements in improving financial inclusion especially for the poor segment of the society because markets, economic activity, and transactions more generally, cannot function well in their absence. The results suggest that governance positively influences financial inclusion by increasing the number of bank accounts and saving in formal financial institutions, but negatively impacts on borrowing behavior. There are also significant differences across countries and regions in explaining financial inclusion. The study suggests that removing corruption, increasing transparent legal framework, fair judicial proceedings and good administration are essential for development and raising financial inclusiveness prospects. باستخدام ما يزيد عن 100 ألف من البيانات المتعلقة بخصائص المستجيبين في قاعدة بيانات (فيندكس) العالمية، تدرس هذه الورقة بهدف استنطاق العلاقة التي تربط بين الشمول المالي والعمل المؤسسي والحوكمة في البلدان الإسلامية والنامية، وذلك باستخدام منهج تحليل البيانات اللوحي. وتناقش هذه الورقة أهمية الحوكمة الاقتصادية القوية والعمل المؤسسي المتين في تعزيز الشمول المالي، وخاصة بالنسبة للفئات الفقيرة من المجتمع. ذلك لأن الأسواق والنشاط الاقتصادي والمعاملات عامة لا يمكن أن تعمل بشكل جيد في غيابهما. وتشير نتائج الدراسة إلى أن الحوكمة تؤثر بشكل إيجابي على الشمول المالي من حيث زيادة عدد الحسابات المصرفية والادخار في المؤسسات المالية الرسمية، بينما تؤثر بشكل سلبي على سلوك الاقتراض. كما تشير هذه النتائج أيضا إلى وجود اختلافات كبيرة بين البلدان والأقاليم في تفسيرها للشمول المالي. وفي الأخير تعتبر هذه الدراسة أن إزالة الفساد، وتعزيز شفافية الإطار القانوني، والإجراءات القضائية العادلة، والإدارة الجيدة من العناصر الأساسية التي تساهم في تعزيز التنمية ورفع آفاق الشمول المالي.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88481129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Risk-Sharing: The Sole Basis of Islamic Finance? Time for a Serious Rethink","authors":"Z. Hasan","doi":"10.4197/ISLEC.29-2.2","DOIUrl":"https://doi.org/10.4197/ISLEC.29-2.2","url":null,"abstract":"There has been a misleading revival of an old precept in Islamic finance - ‘no risk, no gain’- in the wake of the global financial crisis that started with the 2007 sub-prime debacle in the US. The recent proponents of the precept argue that the basic reason for the recurrence of such crises is the interest based conventional system of financing because it subsists solely on the transference of risks to counterparties. In contrast, Islam shuns interest and promotes only the sharing of risks, not their transfer. The distinction is used to make a case for replacing the conventional system with the Islamic; for that alone is thought of as the way to ensuring the establishment of a just and stable crisis free economic system. Empirics contending that Islamic banks have faced the current crisis better than the conventional are cited as the supporting evidence. The present paper refutes this line of argumentation and questions its basis and contentions. هناك عودة مضللة لمبدأ قديم في التمويل الإسلامي – لا ربح إلا بالمخاطرة – إحياء في أعقاب الأزمة المالية العالمية التي بدأت مع انهيار سوق الرهن العقاري الثانوي عام 2007م في الولايات المتحدة. ويقول الأنصار الجدد لهذا المبدأ أن السبب الأساسي لتكرار مثل هذه الأزمات هو نظام التمويل التقليدي الربوي لأن استمراره مرهون بنقل المخاطر بين الأطراف المتعاقدة. وفي المقابل، يحرم الإسلام الفائدة ويعزز - على حد قولهم- فقط تقاسم المخاطر بدلا من نقلها. ويستخدم هذا التمييز كحجة لرفع قضية حول استبدال النظام التقليدي بالإسلامي. ويعتقد أن هذا المسار هو السبيل الوحيد لضمان إقامة نظام اقتصادي عادل مستقر وخال من الأزمات. في هذا السياق يستشهد بالدراسات التجريبية التي تؤكد أن المصارف الإسلامية قد واجهت الأزمة الراهنة أفضل من مثيلتها التقليدية. تدحض هذه الورقة هذا المسار الجدلي وترفض أساسه وادعاءاته.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79844342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Risk and Returns of Shar??ah Compliant Stocks on the Karachi Stock Exchange: A CAPM and SCAPM Approach","authors":"Muhammad Hanif, Abdullah Iqbal, Z. Shah","doi":"10.4197/ISLEC.29-2.3","DOIUrl":"https://doi.org/10.4197/ISLEC.29-2.3","url":null,"abstract":"This study documents the asset pricing mechanism of Shar??ah compliant securities listed on the the Karachi Stock Exchange. We select the CAPM market model to test for the impact in variations of stock returns on a sample of Shar??ah-compliant companies on ten years monthly data (2001-10). We first test the basic CAPM (Capital Asset Pricing Model) and its modified form known as the Shar??ah-compliant asset pricing model (SCAPM). We also analyse return differences due to size (market capitalization), book to market (B/M) value, price-earning ratio (PER), and cash-flow yield (CFY). Our results find a strong impact of the market index on stock returns (adj-R2 70%) and confirm the anomalies of size, B/M, CFY, and PER, while SCAPM is slightly better in explaining variations in cross-sectional stock returns.","PeriodicalId":39159,"journal":{"name":"Journal of King Abdulaziz University, Islamic Economics","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84122236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}