This paper aims to review the factors inducing China's successful economic transformation, so as to find the causes of the subsequent economic slowdown, from the New Institutional Economics (NIE) viewpoint and the Marxian viewpoint, respectively. The former school is primarily concerned about...

Purpose: The skyrocketing rise of Islamic banking is noticeable in not only Islamic countries but also non-Islamic countries during the past few decades. Many conventional banks have started Islamic banking generally by maintaining separate branches/windows and occasionally by pursuing a...

Purpose: This paper aims to explain the “murabaha syndrome” of Islamic banks. It further attempts to offer alternatives for the expansion of profit and loss sharing (PLS)-based financing. Design/methodology/approach: Audited financial statements of 18 Islamic banks in the GCC countries are...

Purpose: This paper aims to propose two benchmarks “Shari’ah-compliant” benchmark and “Shari’ah-based” “raf’ al-haraj” (the removal of hardship) benchmark. The former benchmark can be applied to ensure that a transaction brings “profits on sales” and not “profits on...