The Standardization of Islamic Financial Law: Lawmaking in Modern Financial Markets

Islamic Law, Adaptability and Financial Development

A large literature contends that legal systems that adapt efficiently to meet the contracting needs of the economy foster financial sector development. The paper discusses the adaptability features of Islamic law related to commercial transactions (Islamic commercial law) in light of contemporary financial system. After discussing the nature and way the common and civil law traditions can evolv...

Anomalies: The Law of One Price in Financial Markets

Economics can be distinguished from other social sciences by the belief that most (all?) behavior can be explained by assuming that rational agents with stable, well-de ned preferences interact in markets that (eventually) clear. An empirical result quali es as an anomaly if it is dif cult to rationalize or if implausible assumptions are necessary to explain it within the paradigm. Suggestions ...

Double Power Law Decay of the Persistence in Financial Markets

Abstract The persistence phenomenon is studied in the Japanese financial market by using a novel mapping of the time evolution of the values of shares quoted on the Nikkei Index onto Ising spins. The method is applied to historical end of day data from the Japanese stock market during 2002. By studying the time dependence of the spins, we find clear evidence for a double-power law decay of the ...

Integrating Islamic Finance to Global Financial System: the Role of the Islamic Financial Services Board (IFSB)

A prudential framework is an important element in facilitating the successful integration of Islamic financial services to the global financial system. In recognition of this need, various stakeholders decided to establish the Islamic Financial Services Board (IFSB) to spearhead the development of a uniform set of prudential, supervisory and disclosure standards for the Islamic financial s...

Beyond law enforcement – governing financial markets in Chinaand Russia