Welcome to the Islamic Finance Resources blog, a grassroots initiative started by industry professionals and supported by practitioners from around the globe.

We constantly update this site and its overall content, and encourage you to use the various navigation tools available and welcome your feedback and comments.
A few of the resources that you can find in this site:
- Funds@Work: Network Analysis Among Sharia Scholars v 4.0
- ISRA: Islamic Finance Knowledge Repository
- IFSB-IRTI-IDB Islamic Finance and Global Stability Report
- Sukuk Reports: I, II, III, and IV
Much more available under 'Industry Reports' and 'Academic Papers' (right hand side menus)

Islamic Finance in the News

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27.6.11

Islamic Economics: Notes on Definition and Methodology

Islamic Economics: Notes on Definition and Methodology
By Monzer Kahf

"This paper aims at examining the implications of different suggested definitions of Islamic economics, exploring its scope and attempting to outline its methodology."
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24.6.11

Job Opportunities in Islamic Banking & Finance

Job Opportunities in Islamic Banking & Finance
AIMS - Academy for International Modern Studies
June 2011

This is a periodic compilation of job postings and openings from a multitude of sources (all relevant to Islamic banking & finance), which can be found on the AIMS website. Hoping to highlight other similar sources in the future and feedback in this regard is also very welcome.
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21.6.11

The 1997-98 East Asian Financial Crises: an Islamic Perspective

The 1997-98 East Asian Financial Crises: an Islamic Perspective
By Adam B. Elhiraika

Abstract: "This paper examines the causes and policy implications of the 1997-98 financial crises in East Asia from an Islamic perspective. The paper suggests that the crises may be better understood as consequences of internal contradictions in the interest-based financial system as regards risk and return sharing between financiers and entrepreneurs. The analysis challenges orthodox policy prescriptions and concludes that the Islamic principle of partnership in finance, which calls for profit and loss sharing and emphasizes the need for project finance, seems to provide the ingredients for the long-sought solutions."
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18.6.11

Residual Income Models and the Valuation of Conventional and Islamic Banks

Residual Income Models and the Valuation of Conventional and Islamic Banks
Doctoral thesis, University of Surrey
Schoon, Natalie (2005)
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15.6.11

The Stability of Islamic Banks During the Subprime Crisis

The Stability of Islamic Banks During the Subprime Crisis
Aniss Boumediene, Université Paris I Panthéon-Sorbonne - Institut d'Administration des Entreprises de Paris (IAE Paris)
Jerome Caby, ICN Business School
December 2009

Abstract: "This empirical study examines the stability of Islamic banks during the subprime crisis. It covers a sample of fourteen Islamic banks and fourteen conventional banks. The conditional variance (volatility) of returns was used to measure stability. The E-GARCH and GJR-GARCH asymmetric models were used to estimate volatility due to their ability to take into account the leverage effect. The results of this study show that conventional bank returns were highly volatile during the crisis period, while Islamic banks saw their volatility - initially low - increase during the crisis, though to a much more moderate extent. These results corroborate both the hypothesis that Islamic banks were at least partially immune to the subprime crisis and the underlying hypothesis that Islamic banks are not subject to the same risks as conventional banks - although, due to their links with the real economy, they do eventually suffer the consequences of the subprime crisis."
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13.6.11

Problems and Prospects of Islamic Banking: a Case Study of Takaful

Problems and Prospects of Islamic Banking: a Case Study of Takaful
Ahmad, Mohd Izhar; Masood, Tariq and Khan, Mohd Saeed
April 2010

Abstract: "The paper is an attempt to analyse the working of Takaul in the world and its popularity in the insurance sector in the world. Keeping in view of Sharia we have also tried all possible aspects of insurance system popular in the world and tried to look at its possibility to familiarize more amongst Muslims of the world. It is observed that customer awareness remain low, however this is often attributed to a limited understanding of Islamic finance in the banking and insurance world. We wish to have a proper salesmanship and advertisement of Islamic banking system in India and all around the world."
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11.6.11

Exploring the Optimal Method of Penetration into the Saudi Islamic Investment Banking sector

Exploring the Optimal Method of Penetration into the Saudi Islamic Investment Banking sector
Banker Middle East Magazine
By Mohammed Khnifer (MSc,MBA,CIFP)

This research paper highlights the potential which lies within the opportunities offered by the under-developed Saudi Islamic investment banking sector.
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9.6.11

The Importance of Shari’Ah Supervision in Islamic Financial Institutions

The Importance of Shari’Ah Supervision in Islamic Financial Institutions
Hussain Gulzar Rammal
University of South Australia - International Graduate School of Management
Spring 2006

Abstract: "Islamic financing differs from conventional financing in that it prohibits the payment or receipt of interest. The concept of interest-free financing existed prior to the advent of Islam and was embraced in ancient Arabia. The concept was officially launched in the 1970’s by the Organization of Islamic Countries (OIC) and introduced in most Muslim nations and some Non-Muslim nations. But while it has experienced phenomenal growth rate, the Islamic financial system has been criticized for failing to incorporate the true spirit of Shari’ah in their actions. Islamic financial institutions are also divided over the interpretation of which products are considered halal (acceptable under Islamic law). In order to overcome some of these issues, financial institutions dealing with Islamic products are required to utilize the services of a Shari’ah adviser or a Shari’ah Supervisory Board (SSB). The paper recommends a more collaborative effort between the central banks of Muslim nations and regulatory organizations."
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7.6.11

Islamic Finance: Business as Usual

Islamic Finance: Business as Usual
By Monzer Kahf

"The objective of this paper is to define Islamic finance and compare it with conventional finance. This will be done on theoretical and empirical grounds based on practice in the MiddleEast and Southeast Asia.  


As the title indicates, this article argues that Islamic finance is essentially “business as usual” because the requirement of the Islamic law in financing transactions are developed and derived by human rationale and these transactions are set in a way that makes them consistent with the human nature."
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5.6.11

Do Islamic Banks Employ Less Earnings Management?

Do Islamic Banks Employ Less Earnings Management?
Majdi Anwar Quttainah, Laing Song and Qiang Wu

Abstract: "In this paper, we examine 1) whether Islamic banks are less likely to manage their earnings, and 2) how the corporate governance system, especially Shari’ah Supervisory Boards (SSBs), impacts the earnings management behaviors within Islamic banks. Using a sample of Islamic Banks and a matched non-Islamic Banks in the ERF region, we find that first; Islamic Banks are less likely to conduct earnings management as measured by both earnings loss avoidance and abnormal loan loss provisions. Second, there is no significant difference between Islamic Banks with and without SSBs in terms of earnings management. Third, several SSB characteristics and board characteristics, such as SSB size, Auditing Organization for Islamic Financial Intuitions (AAOIFI), and outside board members, are important determinants of the earnings management for Islamic Banks with SSBs."
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3.6.11

Enhancing Transparency and Risk Reporting in Islamic Banks

Enhancing Transparency and Risk Reporting in Islamic Banks
Doctoral thesis, University of Surrey
Noraini Mohd, Ariffin (2005)
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