Index
Ahmet Suayb Gundogdu
(Istanbul Zaim University, Turkey)
A Modern Perspective of Islamic Economics and Finance
ISBN: 978-1-78973-140-8, eISBN: 978-1-78973-137-8
Publication date: 5 February 2019
This content is currently only available as a PDF
Citation
Gundogdu, A.S. (2019), "Index", A Modern Perspective of Islamic Economics and Finance, Emerald Publishing Limited, Leeds, pp. 1-10. https://doi.org/10.1108/978-1-78973-137-820191009
Publisher
:Emerald Publishing Limited
Copyright © 2019 Emerald Publishing Limited
INDEX
Note: Page numbers followed by “n” indicate notes.
Account receivables from sales
, 74
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
, 76, 106
Agreement on Trade Facilitation
, 63
Agricultural finance
, 89
Aid for Trade concept
, 64, 69–70, 89
Al-Maqasid Al-Shari’ah
, 21n2
Al-Rumi
, 9
Anti-venom, complementary currency as
, 129–132
aql (intellect)
, 5, 21n2
Arabian Nights (stories)
, 123
Arabian Peninsula
, 40
Arbitrage pricing theory
, 67
Asabiyyah
, 5–7, 9, 108
Asset bubbles
, 46
Asset-backed
financing
, 75, 76
Islamic commodity futures
, 111
murabaha
, 77, 111
structures
, 76
Asset-based financing
, 75, 76
Asset-based two-step murabaha
, 111, 113
Back-to-back murabaha sale
, 82
Bai al-dayn (bill discounting)
, 78–80, 103, 113
Bai al-inah [selling and lease-back structure]
, 11, 102
Bai al-istiglal
, 102, 106
Bai al-wafa
, 102
Balance sheet of company
, 74
Barriers to the market
, 61
Barter company
, 30, 130
chain matching in
, 49
Bay al-dayn
, 15
Bilateral barter
matching
, 46
transactions
, 28, 29
Bill discounting
, 78
Bill of lading (B/L)
, 81
“Binding agency” obligation
, 109
Bona fide transaction
, 75
Bretton Woods system
, 27, 36
British Empire
, 39–40, 61
Brownian motion
, 66
Bursa suq al-sila in Malaysia
, 111
Buyer/importer
, 81
Calculus of probability (Bachelier)
, 66
Capital asset pricing model (CAPM)
, 67
Capital expenditure (CAPEX)
, 19, 69, 74, 87
Cash loans
, 37
Central Asians
, 59
Central banks
, 12, 31
interventions
, 12
Chain matching in barter
, 49
Charity
, 22n12
Commerce
, 123
Commercial enterprises
, 100
Commodity
map of Roman Empire
, 39
sale
, 109
Commodity murabaha
, 94
Commodity murabaha sukuk
, 111
Communist economic system
, 38
Comparative advantage
, 59, 61
theory
, 60
Competition law
, 56–57
Complementary
currency as anti-venom
, 129–132
money
, 128
Contemporary
fiat currency
, 46
finance theory
, 66
Islamic finance
, 57
monetary system
, 40
society
, 34
Contractum trinius
, 27, 65
Conventional banks
, 87
Conventional finance
, 10–11, 15, 79, 89, 95, 98–99
fundamentals of
, 28
valuation concepts developed by
, 67–68
Conventional system
, 113
Cooperative insurance business model
, 19
Corporate sukuk
, 102, 104
Court decisions
, 21
Cowles Commission for Research in Economics
, 67
Cross-border real estate
, 64
Cryptocurrencies
, 46
Current Accounts
, 127
Current assets
, 74
Debt trading
, 106
market
, 79
Deferred sale
, 69
Deposit banking
, 97–98
din (faith)
, 5, 21n2
Dinar (currency)
, 38–39, 53n57
Dirham (currency)
, 38–39
Distorted currency prices
, 62
Dividend discount model
, 68
Divine rules, purpose of
, 5–9
Documentary collection
, 76
Dow theory
, 67
Dubai Multi Commodities Centre (DMCC)
, 111
Dutch East India Company
, 26
E-dinar
, 48–49
Econometricians
, 65
Econometrics
, 67
Economic
growth
, 35
policy
, 100
theories
, 66–67
Education costs
, 36
Electronic trading platform
, 46, 49, 127, 129, 133, 135–136
Islamic
, 110
licensed warehouses connected to
, 128
for microfinance
, 134
Electronic warehouse receipt systems (e-WR systems)
, 50, 111, 125–126
Endogenous variables
, 65
Enlightened philosophers
, 125
Equity
, 74
Escrow/collection account
, 81
Exchange rate
, 62
Exogenous variables
, 65
Export Credit Agency (ECA)
, 80–82
Export-oriented development strategy
, 62
Exporter
, 82
Fair price formation
, 56–57, 61
Fasad
, 11
Fatwa (ruling)
, 19, 79, 87–88, 122
shopping
, 86
Fiat currency system
, 31–33, 40
Financial/finance
, (see also Conventional finance; Islamic finance; Microfinance), 45
agricultural
, 89
Financial products
, 36
inclusion
, 120
institutions
, 11
intermediaries in London
, 94
murabaha
, 76
payable
, 75, 77
project
, 110
public
, 32–33
receivable
, 75, 77
services
, 14
supplier
, 69, 74
system
, 12, 26–27
theories
, 66–67
trade
, 10, 74, 99, 110
Financing in Islam
, 73
financing working capital
, 75–84
liquidity management
, 89–95
regulation
, 84–89
supervision
, 84–89
Financing working capital
, 75–84
Flawed monetary system
, 27
Foreign direct investment (FDI)
, 64
Foreign exchange prices (FX prices)
, 62
Free trade
, 58
side effects of
, 120
Gharar (uncertainty)
, 10, 14, 16, 19–20, 28
in exchange
, 29
Gold
, 31, 41
Governmental debt securities
, 103
Governmental supervision
, 62
Greenfield projects
, 74
Greenfield to Capital Markets Parade
, 97
resolution of dissolution for Islamic capital markets
, 109–114
sukuk for liquidity management
, 106–109
untold story of Sukuk
, 98–105
Gross domestic product (GDP)
, 38
Hadith of Prophet
, 50
Hamilton, Alexander
, 61, 70n70
Hard currency
, 131
Healthcare costs
, 36
History of Interest Rates, A (Homer & Sylla)
, 30
Hokushin-ron
, 40
Hong Kong
, 62–64
House financing
, 16
Housing prices
, 36
Ibni Abidin
, 19, 23n22
Ijara (leasing)
, 74, 87, 89, 99, 103
operations
, 10
Importers
, 15
Inah
, 92
Independent and identically distributed random variables (IID random variables)
, 65
Industry-wide subsidies
, 62
Inequality
, 33
Infant industry
, 60–62
Inflation
, 46
Infrastructure development
, 131
Initial public offering (IPO)
, 26
Insurance business
, 18, 26
Integrated microfinance program
, 125
Interest rate
, 30
risk
, 110
International Islamic Liquidity Management Company
, 94
International Trade Organization of Bretton Woods system
, 63
Investment Accounts
, 127
Investment sukuk
, 112
Islam(ic)
, (see also Zakat), 6–7, 9
approach
, 38, 60, 65
banks
, 12–14, 17, 47, 76, 85, 89, 91, 99–100, 113
commodity futures
, 111
derivatives
, 91
dinar
, 53n57
discounting
, 78
economics
, 45
electronic platform
, 110–111
institution for poverty alleviation
, 122
Islamic capital markets, resolution of dissolution for
, 109–114
jurisprudence
, 8
microfinance structure
, 47, 130–131
monetary system based on Fair Trade
, 133–137
reasoning
, 65–70
working capital finance contracts
, 75
Islamic Development Bank (IDB)
, 48
Islamic Electronic Trading Platform
, 110
Islamic finance
, 10, 14, 74–75, 77, 84, 89, 98, 113
export finance
, 82
financial institutions
, 14–15
industry
, 98
in Maqasid
, 10–14
philosophy
, 130
Islamic Fiqh Academy
, 86–87
resolution
, 91–94
Islamic money
, 25
key issue in
, 41
probable origin of monetary system
, 26–34
scruples of Islamic money creation
, 38–50
Istisna
, 74, 898
Jakarta Futures Exchange
, 111
Khaibar date exchange case
, 29
Late payment charges
, 22n12, 122
Leasing
, (see Ijara (leasing))
Legal systems
, 8
Letter of credit (LC)
, 76
Licensed warehouses
, 127–128
operator
, 126
Life sciences
, 66
Line of financing
, 83
Linear programming (Koopmans)
, 66
Liquidity management
, 89–95, 98, 109
Lloyd’s Coffee House
, 18
Loan defaults
, 122
mal (wealth)
, 5, 19, 21n2
Maqasid Al-Shar’iah
Islamic finance in Maqasid
, 10–14
moral hazard
, 14–21
pillars of Islamic finance product development
, 18
purpose of divine rules
, 5–9
Maritime cargo insurance
, 18
Mark-to-market effect
, 107
Market maker
, 111
Maslaha
, 7, 9, 79, 86, 107–108, 139
Maysir
, 10, 28, 46, 69
Microfinance
for agricultural financing
, 129
business model
, 124–125
provider
, 125
Microfinance institution (MFI)
, 47–48, 126
Mills Frigate case
, 20
Modern finance theory
, 64
Modern portfolio theory
, 65–66
Monetary system
, 45, 46
origin of
, 26–34
Money
, 27, 45, 48
creation
, 30, 32–33, 45
supply
, 45
Moral hazard
, 14–21, 108
“Muamelei sherriye”
, 122
Mudaraba
, 48, 57, 106
Muhammad (founder of Islam)
, 2, 29, 49, 56–57, 140n113
Multilateral liquidity management corporation
, 110
Murabaha
, 12–13, 15–17
asset-based modern
, 11
finance
, 76
transactions with commodity houses
, 106
Musadara
, 7, 11, 57, 98
credit cards
, 11
experience
, 12
Muslim
cross-border caravan business
, 57
jurisdictions
, 94
Mustawriq
, 92
nafs (human self)
, 5, 21n2
protection
, 7, 19
Narragonia
, 6
nasl (posterity)
, 5, 21n2
National grain boards
, 112
Negative interest rates
, 30
Net present value (NPV)
, 107
Non-current assets
, 74
Non-riba financing mechanisms
, 46
Non-shari’ah compliant
, 91
Not-to-do lists
, 4–5, 9–10, 17, 41, 56, 65
Official Development Assistance
, 64
Oil
, 40
On the Principles of Political Economy and Taxation (Ricardo)
, 59
Organisation of Islamic Cooperation
, 79
Organization of Economic Cooperation and Development (OECD)
, 71n74
Organized exchanges
, 26
Organized tawarruq
, 11, 14–15, 17, 91, 94–95, 102
Ottoman Empire
, 40, 122
Ottoman rule
, 122
Payable finance
, 75
of Islamic banks
, 77
Physical commodity-based platforms
, 111
Population growth
, 35
Poverty alleviation
, 123–129
Precious metals
, 29
Price bubbles
, 16
Price formation
, 134–135
Product development
, 17
Profit deprivation
, 86, 122–123
charges
, 12
Project finance
, 110
Protectionism
, 60
Public finance
, 32, 33
Public stock offering
, 26
Public–private partnerships (PPPs)
, 89
projects
, 105, 110
Purported services
, 17
qalb-i selim
, (see Sound heart)
Quantitative easing (QE)
, 12
Random walk
, 65–70
theory
, 66
Receivable finance
, 75, 77
Regulation
, 84–89
Repercussions
, 34, 77
of money
, 31
Report on Manufactures
, 61
Reproduction rates
, 38
Resolution of dissolution for Islamic capital markets
, 109–114
Resource mobilization of Islamic banks
, 100
Riba (interest)
, 10, 28, 69, 93
element
, 34
Riba-based monetary system
, 27
Riba-based treasury bills
, 32
Risk
management deficiency
, 11
mitigation structure
, 81
Savings Accounts
, 127
School of Salamanca
, 27
Scruples of Islamic money creation
, 38–50
Secondary market
, 104–106, 110–111, 113
Seller/exporter
, 81
Share financing
, 108
Shari’ah (Islamic law)
, 92
compliance
, 17, 100
Shari’ah-compliance flaw
, 101
Shari’ah-compliant alternatives
, 109–110
Shari’ah-compliant product
, 13
treatment
, 122
Sharp depreciation
, 128
Ship of Fools (Brant)
, 2
Short selling
, 78
Silk Road
, 58
Silver
, 31, 41
Singapore
, 62–64
Social psychology
, 6
Social responsibility projects
, 86
Social security systems
, 122
Sound heart
, 5
Sovereign sukuk
, 102
Specific export subsidies
, 62
Statistical errors
, 12
Statistical methods
, 65
Steam engines
, 59
Stock investment
, 64
Student loans
, 14, 15, 37
Suflaja (international payment system)
, 57
Sui generis
, 79
Sujuk (dry, spicy sausage)
, 88
Sukuk
, 57, 97, 102–103
for liquidity management
, 106–109
and oil prices
, 101
platform of National Bonds Corporation
, 109
prevalence
, 98
untold story
, 98–105
Supervision
, 84–89
Supplier finance
, 69, 74
Sustenance
, 56
cycle
, 128
Tadawul (share financing)
, 108
Takaful (receivable insurance)
, 15, 19, 77, 80
Tawarruq
, 11, 14–15, 17, 91–95
Tax-free routes
, 58
Theft of money
, 128
Theory of Speculation, The
, 66
To-do lists
, 4–5, 9, 17, 41, 56, 65, 78, 124
Trade
, 26
and competition policy
, 63
facilitation
, 63
finance
, 10, 74, 99, 110
importance in Islam
, 55
infant industry
, 60–62
and investment
, 63
Islamic reasoning
, 65–70
random walk
, 65–70
tale of two cities
, 62–64
Tradeflow platform of DMCC
, 111
Traders
, 69
Trading
, 69
environment
, 49
Traditional resource mobilization tools
, 82
Transaction flow for Islamic export financing
, 80
Transparency in government procurement
, 63
Treasury bills (T-bills)
, 32–33, 45
True Believer, The (Hoffer)
, 5, 21n3
Two-step murabaha
, 82, 83
product development case
, 13
Ummah (community)
, 2, 93
Unjust enrichment
, 62
Unproductive governmental spending
, 32
US Bureau of Labor Statistics
, 23n19
waad (non-shari’ah compliant)
, 91
Wakala framework agreement
, 80, 82
Waqf (charitable endowment)
, 86, 122–124
Wave mechanics experiment (Born)
, 67
Wealth of Nations, The (Smith)
, 66
Western Christianity
, 2
Working capital needs
, 74
World Trade Organization (WTO)
, 63
Hong Kong ministerial declaration
, 64
Youth employment
, 34
Zakat (wealth redistribution mechanism)
, 13, 60, 119–120
complementary currency as anti-venom
, 129–132
Islamic monetary system based on Fair Trade
, 133–137
licensed warehousing and electronic warehouse receipt
, 126
poverty alleviation
, 123–129
return on infrastructure Sukuk
, 132
Zero-sum game
, 69, 74
Zulm (injustice)
, 56