Among all topics discussed during the International Conference on Multidimensional Finance, Insurance and Investment (ICMFII' 2013) held at the College of Business Administration of University of Bahrain from 23 to 25 November 2013, Islamic finance generated a lot of interest from conference...

We solve the problem of a social planner who seeks to minimize inequality via transfers with a fixed public budget in a distribution of exogenously given incomes. The appropriate solution method depends on the objective function: If it is convex, as in the case of the absolute mean deviation, it...