The international emergence and expansion of Islamic finance is an undeniable fact. Significant efforts from all stakeholders including regulatory bodies are currently under way to formulate universal framework, standards and codes of conduct for Islamic finance. This is necessary because of the...

This paper provides a simple, generic introduction to, and survey of, the transactional structures and rudimentary principles applicable to Shari`ah-compliant home purchase financings. The paper summarizes six of the most frequently used home purchase financing structures used by banks and...

Institutional Change is an interactive process that results from the social interactions of economic actors. Several perspectives like ideology, efficiency, or distribution etc. are relevant in studying institutional change. In this paper, the distributive consideration is analyzed and an...

The growth in Islamic Finance in many regions of the world during the last decade has been both significant and rapid, and has provided both individuals and businesses with the possibility of raising capital on a risk-shared basis rather than the more conventional debt finance. The chaotic and...

The Islamic financial system experienced a disproportionately smaller economic hardship in 2008 and 2009 because adherence to Shariʿa tends to encourage conservative investment approaches. Islamic mutual funds were prohibited from investing in the non-Islamic financial sector, highly leveraged...

The mainstream definition of Islamic Finance is problematic; often shallow and missing the point. The mainstream definitions focus on the idiosyncrasies and not the very essence of Islamic Finance. This paper serves to better define Islamic Finance by incorporating concepts such as desires,...