This paper argues that a uniform application of the Basle capital adequacy norms to both conventional and Islamic financial institutions may be discriminatory and defeat the very purpose of the regulations, that of ensuring a “level playing field” for banks across the globe. The business of...

In view of the central role which options play in mainstream financial engineering – in design of innovative financial products and management of risk, this paper undertakes an Islamic evaluation of options and its role in the Islamic system of financial contracting. An Islamic assessment of...

The number of players in the Islamic funds industry has already crossed three-digit mark with a variety of funds appearing on the scene, such as, equity funds, lease or ijara funds, real estate funds, commodity funds and the like. Of these, equity funds seem to have caught the fancy of the...

This paper seeks to highlight the need for creativity and innovation in poverty alleviation efforts using Shariah compliant mechanisms. Contemporary mechanisms in use by mainstream Islamic banks and financial institutions may indeed be grossly inappropriate in the context of local economies and...

This study argues that diverse approaches are needed to minimize financial exclusion in Islamic Development Bank (IDB) member countries. It recommends that MFIs must consider the cultural and religious sensitivities of Muslim societies while attempting to build inclusive financial systems. The...