At least from the nineteenth century onward, certain observers have viewed Islam as a religion that discourages entrepreneurship by fostering fatalism, conform-ism, and conservatism. 1 Leading Muslim reformers of the nineteenth century, including Jamal al-Din al-Afghani (1839–97), believed that this view confuses a perverted form of Islam, which counsels passive resignation to events, with auth...

The recent global financial crisis once again revealed the harmful effects of interest-based contracts in the conventional financial system. Islamic finance, as an alternative financial system, discourages interest rate and debt financing. This paper investigates the effects of two financial systems, namely the conventional and Islamic systems, on macroeconomic variables. To achieve this goal, ...

In Islamic Finance (IF hereafter), the safety-first rule of investing (hifdh almal) is held to be of utmost importance. According to the honesty principle (amanah), the Islamic portfolio manager (mudharib) is committed to do his best to fulfill this investing rule. This involves the use of the most appropriate management tools. The use of the normal assumption in the financial modeling is growi...

Finansal teknolojiler (k?saca fintech), basitçe dijital teknolojilerin finansal servislerde kullan?lmas? olarak isimlendirilebilir. Özellikle 2008 krizinden sonra fintekler ivme kazanm??t?r. Fintekler, finans endüstrisi için hem y?k?c? de destekleyici durumdad?r. Sektör bu bulu?lardan faydalansa bile birçok uygulama sektör oyun de?i?tirici olmaktad?r. Yar?? kriptoparalar (özellikle bitcoin) ile...

This study compares the hazard of failure in Islamic and conventional commercial banks using survival models. The sample consists of 421 banks from 20 Middle and Far Eastern countries observed during the 1995 to 2010 period. The conditioning variables are of both bank-level and country-level type. The analysis suggests that Islamic banks have lower failure risk and are less interconnected which...

What is Islamic Finance? There are at least three characteristics which makes it different from the conventional debt finance. First, it prohibits riba or interest, or in other words a fixed and pre-determined rate of return to be paid on the deposits or to be received from the borrowers. The rate of return is variable and determined by the profit and loss that the bank makes during a given per...