We argue that although halal certification could potentially reduce the high transaction costs related to buying Islamic financial products, in practice these costs are just replaced by transaction costs relating to the certification itself. It takes considerable time (2–3 months) and money...

The recent financial crises (including the Asian and subprime crises) indicated the need to reinforce corporate governance mechanisms in emerging and developing market economies. Corporate governance refers to all the factors that affect firm processes (including, among others, financing...

This paper investigates Western professional bankers’ perceptions of Islamic finance. Exploiting data from an original survey, we carry out a principal component analysis (PCA) to characterize the main dimensions on which financial agents diverge. The PCA extracts five dimensions—accounting...

Islamic financial institutions provide financial services that abide by the principles and goals of Islamic law (Shari’ah). To ensure the compliance of the operations and products with Islamic law, a Shari’ah governance mechanism must be established. To understand the scope of Shari’ah...

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.

Despite the increasing attention to ethical investments, the empirical studies on Islamic indices are scarce. Our article aims to contribute to the empirical literature by exploring the efficiency of these indices and their potential for diversification in comparison with the conventional...

The Clouds have changed the way services are delivered to the company. Existing systems of Clouds do not support advanced mechanisms for the optimal trade applications across different Clouds. To improve resource management in the Cloud, we integrate the concept of auction Club, which regroups a...