The time value of money is a basic investment concept and a basic element in the conventional theory of finance. The Shari`ah does not rule out this consideration, for it does not prohibit any increment in a loan given to cover the price of a commodity in any sale contract to be paid at a future...

This paper examines whether firm-level political risk predicts compliance violation costs. We find a positive relationship between political risk and the likelihood, quantity, and magnitude of compliance violation fines and settlements. This relationship is robust to various cost measures and...

Muslim entrepreneurs are compelled by religious laws to abstain from engaging in certain economic and financing activities, such as those involving gambling, usury, and speculation. Western entrepreneurs may choose to forgo certain business opportunities due to religious or moral laws as well;...

Islamic banks offer distinct financial services and as such have grown significantly in Bahrain, Bangladesh, Jordan, Kuwait, Malaysia, Qatar, Turkey and U.A.E over the past two decades. They are unique in the sense that they are accountable to fulfil a social and ethical role inherent in their...