Islamic banks face restrictions in refinancing due to the guidelines of the Shari ́ah prohibiting financial contracts and transactions based on interest, gambling and speculation as same as due to the lack of liquidity sources such as an interbank market, a lender of last resort or an asset market. This is the first study with empirical cross-country results focusing on liquidity transformation ...

In the Western world, consumers complain about the soaring of non-interest bank fees during the recent years, the post global financial crisis in particular. Commercial banks charge a variety of non-interest fees for their transactions. This paper empirically tests whether the free charges are significantly different between conventional commercial banks and interest free Islamic banks. The ave...

The rule of law entails government accountability, equal access to justice and the political process, efficient judicial and political systems, clear laws, generally stable laws, and the protection of fundamental human rights. This paper explores whether Islamic law conforms to these principles in theory and in practice. Three conclusions are reached. First, various early Islamic institutions w...

Muslims living in the Indonesian archipelago have long placed considerable importance on their travels to and communications with what they saw as intellectual centers for the study of Islam. I trace some of the effects of these “intellectual pilgrimages” to Mecca, Cairo, and elsewhere on Indonesian deliberations about Islam, particularly concerning Islamic law. I argue that these references to...

Islamic finance is a prohibition-driven industry, aiming to avoid the prohibitions of riba and gharar. It is well accepted in Islamic jurisprudence that riba and gharar do not affect the legal validity of non-commutative financial contracts (e.g. gifts). Jurists have long viewed this as a potential solution to the problem of gharar in commercial insurance, proposing mutual insurance as a non-co...

A. JAFARIAN1, P. GHADERI2, ALIREZA K. GOLMANKHANEH3, D. BALEANU4,5,6 1Department of Mathematics, Uremia Branch, Islamic Azan University, Uremia, Iran E-mail: [email protected] 2Department of Mathematics, Uremia Branch, Islamic Azan University, Uremia, Iran E-mail: [email protected] 3Department of Physics, Uremia Branch, Islamic Azan University, P.O.BOX 969, Uremia, Iran E-mail: alir...

abstract one of the basic assumptions in hub covering problems is considering the covering radius as an exogenous parameter which cannot be controlled by the decision maker. practically and in many real world cases with a negligible increase in costs, to increase the covering radii, it is possible to save the costs of establishing additional hub nodes. change in problem parameters during the pl...

Evidence has shown that Islamic banking is experiencing tremendous development since the last three decades, especially in Malaysia. This study is aimed at investigating factors thatdetermine the Islamic banking performance in Malaysia, particularly in the period of 2006 to 2010. The predictors are loan loss provision to total assets, net loans to total assets, total overhead cost to total asse...

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Al Haram Al Shrif in Makkah is the holiest spot on the earth to Muslims. Every year about 14 million people are visiting the place from around the world, this number is increasing over the coming years. No author so far has been able to offer a fundamental study on its patterns, although there are many studies on Islamic patterns on other Islamic sites like Al Hambra and Al-Andolothia Mosque in...