This paper is an introductory survey of bankruptcy and insolvency theory and practice relating to the introduction of Shari'ah principles into secular bankruptcy and insolvency regimes in both jurisdictions that incorporate the Shari'ah, to some extent, into the secular law of the jurisdiction...

This article explores the ban on usury under Islamic law, and assesses whether the ban is one of substance or form. Further, it also presents an objective test that will determine whether certain financial transactions — that aim to circumvent the ban on usury — are merely ḥiyal (legal...

The current economic crisis stems from the US sub-prime crisis exacerbated by the practice of Credit Default Swap (CDS) – an insurance against default risk – whereby the buyer of CDS makes a series of payments to the seller in return for compensation if the debt instrument goes into default...

This paper explores whether the impact of economic uncertainty on credit growth differs for Islamic vs. conventional banks. Using a sample of 416 banks (58 Islamic and 358 conventional) in 12 countries, the findings indicate that an increase in economic uncertainty significantly decreases the...

We examine the relationship between Islamic and conventional stock market returns to see if Islamic financial markets provide portfolio diversification benefits and safe havens during turbulent times. Using daily data from January 1996 through September 2020 we consider conventional emerging...

The purpose of this paper is to determine the level of financial inclusion in OIC countries which operate Islamic Banking and the link between financial inclusion and the development of Islamic finance. This study investigates the role of Islamic finance to financial inclusion which included the...

The purpose of this study is to investigate whether religious prohibitions have a significant impact on the propensity to invest in foreign securities. We do this by exploring the effect of the Islamic prohibition of interest, which as we hypothesize, should impact the level of investment in...