The present paper provides the basis for a novel financial asset pricing model that could avoid the shortcomings of, or even completely replace the traditional DCF model. The model is based on Brownian motion logic and expected future cash flow values.

The authors analyze the structure of the market quotation of financial assets and come to the conclusion that one of its components is a financial asset identical with a commercial credit. Hence, in terms of the Islamic financial system any financial asset is inappropriate for investment because...

The so-called Islamic finance is an intensively developing segment of the world finance. It puts a great amount of not so much practical but complex theoretical questions to the financial regulator and professional participants of financial markets. In search of answers financial analytics have...