BibTex RIS Kaynak Göster
Yıl 2015, Cilt: 2 Sayı: 2, 0 - 0, 29.06.2015

Öz

Kaynakça

  • Akkizidis, I., and S.K. Khandelwal. 2008. Financial Risk Management for Islamic Banking and Finance. New York: Palgrave Macmillan.
  • Balz, K. 2008. “Sharia Risk? How Islamic Finance Has Transformed Islamic Contract Law.” Islamic Legal Studies Program.
  • Bank Negara Malaysia. 2010. Shariah Resolutions Is Islamic Finance. 2nd ed. Kuala Lumpur, Malaysia: Bank Negara Malaysia.
  • Bassens, David, Ewald Engelen, Ben Derudder, and Frank Witlox. 2013. “Securitization across Borders:
  • Organizational Mimicry in Islamic Finance.” Journal of Economic Geography 13: 85–106. Beck, Thorsten, Asli Demirguc-Kunt, and Ouarda Merrouche. 2010. “Islamic vs. Conventional Banking: Business
  • Model, Efficiency, and Stability”. WPS 5446. Development Research Group, Finance and Private Sector
  • Development Team. World Bank. Chapra, M. Umer. 1985. “Money and Banking in an Islamic Economy.” In Monetary and Fiscal Economics of Islam, edited by Mohammad Ariff, 145–76. International Centre for Research in Islamic Economics. Jeddah: King
  • Abdulaziz University Press. Charles Tilly. 1990. Coercion, Capital, and European States, AD 990-1990. Cambridge, Mass: Blackwell.
  • Cihak, Martin, and Heiko Hesse. 2008. “Islamic Banks and Financial Stability: An Empirical Analysis”. Working
  • Paper 08/16. Washington, D.C.: International Monetary Fund. El-Gamal, Mahmoud A. 2006. Islamic Finance: Law, Economics, and Practice. New York: Cambridge University Press.
  • Evans, James A. 2010. “Industry Collaboration, Scientific Sharing, and the Dissemination of Knowledge.” Social
  • Studies of Science 40 (5): 757 –791. doi:10.1177/0306312710379931.
  • Evans, Peter. 1995. Embedded Autonomy States and Industrial Transformation. Princeton, NJ: Princeton University Press.
  • Faridah, Najuna Mismanab, and M. Ishaq Bhatti. 2010. “Risk Exposure in Islamic Banks: A Case Study of Bank
  • Islam Malaysia Berhad.” In Australia Center for Financial Studies. Gomez, Edmund Terence. 2004. State of Malaysia. Routledge.
  • Gomez, Edmund Terence, and Kwame Sundaram Jomo. 1999. Malaysia’s Political Economy: Politics, Patronage and Profits. New York: Cambridge University Press.
  • Gomez, Edmund Terrence, and Johan Saravanamuttu, eds. 2012. The New Economic Policy in Malaysia:
  • Affirmative Action, Ethnic Inequalities, and Social Justice. Singapore: National University of Singapore. Goudreau, Robert E. 1992. “Commercial Bank Profitability Rises as Interest Margins and Securities Sales
  • Increase.” Economic Review, no. May: 33–52. Hasan, Maher, and Jemma Dridi. 2010. “The Effects of the Global Crisis on Islamic and Conventional Banks: A
  • Comparative Study”. Working Paper 10/201. Washington, D.C.: International Monetary Fund. Helleiner, Eric. 2009. “Reregulation and Fragmentation in International Financial Governance.” Global Governance 15 (1): 16–22.
  • Henry, Clement M., and Rodney Wilson. 2004. The Politics of Islamic Finance. Edinburgh University Press.
  • IMF Staff. 2010. “Islamic Banks: More Resilient to Crisis?” IMF Survey Magazine.
  • Islamic Finance News. 2013. “IFN Shariah Scholars Survey: The Results Are In ” Islamic Finance News, September
  • Kahf, Monzer. 1982. “Fiscal and Monetary Policies in an Islamic Economy.” In Monetary and Fiscal Economics of
  • Islam, edited by Mohammad Ariff, 125–37. International Centre for Research in Islamic Economics. Jeddah: King Abdulaziz University Press. Kamali, Mohammad Hashim. 1999. Islamic Commercial Law: An Analysis of Future and Options. Cambridge: Islamic Texts.
  • Khan, Mohammed. 1982. Inflation and Islamic Economy: A Closed Economy Model. International Centre for
  • Research in Islamic Economics. Jeddah: King Abdulaziz University Press. Kohli, Atul. 2004. State-Directed Development : Political Power and Industrialization in the Global Periphery. New
  • York: Cambridge University Press. ———. 2009. “Nationalist Versus Dependent Capitalist Development: Alternate Pathways of Asia and Latin
  • America in a Globalized World.” Studies in Comparative International Development 44 (4): 386–410. doi:1007/s12116-009-9048-x.
  • Krasicka, Olga, and Sylvia Nowak. 2012. “What’s in It for Me? A Primer on Differences between Islamic and Conventional Finance in Malaysia”. Working Paper 12/151. Asia and Pacific Department. Washington, D.C.:
  • International Monetary Fund. Kuran, Timur. 2004. Islam and Mammon : Critical Perspectives on the Economic Agenda of Islamism. Princeton,
  • NJ: Princeton University Press. Laldin, Mohamad Akram. 2008. “Islamic Financial System: The Malaysian Experience and the Way Forward.”
  • Humanomics 24 (3): 217–38. doi:10.1108/08288660810899377.
  • Mohsin, Mohammed. 1982. “A Profile of Riba-Free Banking.” In Monetary and Fiscal Economics of Islam, edited by Mohammad Ariff, 187–203. International Centre for Research in Islamic Economics. Jeddah: King Abdulaziz University Press.
  • Naqvi, Syed Nawab H. 1981. Ethics and Economics: An Islamic Synthesis. Leicester, UK: Islamic Foundation.
  • Pervez, A. Imtiaz. 1990. “International Finance and the Arab World in the 1990s” presented at the International
  • Bar Association Seminar, Paris. Porter, Tony. 2009. “Why International Institutions Matter in the Global Credit Crisis.” Global Governance 15 (1): 3–
  • Qureshi, D.M. 1984. “Capital Financing in Islamic Banking.” Pakistan and Gulf Economist.
  • Rudnyckyj, Daromir. 2014. “Economy in Practice: Islamic Finance and the Problem of Market Reason.” American
  • Ethnologist 41 (1): 110–27. doi:10.1111/amet.12063.
  • Shanmugam, Bala, and Zaha Rina Zahari. 2009. “A Primer on Islamic Finance.” Research Foundation of the CFA
  • Institute. http://kantakji.com/fiqh/Files/Research/K203.pdf. Siddiqi, Mohammed N. 1983. Issues in Islamic Banking: Selected Papers. Leicester, UK: Islamic Foundation.
  • Strange, Susan. 2004. “‘Finance in Politics: An Epilogue to Mad Money,’ 1998.” In International Monetary
  • Relations in the New Global Economy. Volume 2, 429–47. Elgar. Sundararajan, V., and Luca Errico. 2002. “Islamic Financial Institutions and Products in the Global Financial
  • System: Key Issues in Risk Management and Challenges Ahead”. Working Paper 02/192. Washington, D.C.: International Monetary Fund. Tabb, William. 2004. Economic Governance in the Age of Globalization. New York: Columbia University Press.
  • Tooze, Roger, and Christopher May. 2002. “Authority and Markets: Interpreting the Work of Susan Strange.” In
  • Authority and Markets: Susan Strange’s Writings on International Political Economy, 1–16. Palgrave Macmillan. Venardos, Angelo M. 2006. Islamic Banking And Finance in South-East Asia: Its Development And Future. 2 edition. New Jersey: World Scientific Publishing Company.
  • Wade, Robert. 1990. Governing the Market : Economic Theory and the Role of Government in East Asian
  • Industrialization. Princeton N.J.: Princeton University Press. Warde, Ibrahim. 2000. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press.
  • Watts, Michael J. 2004. “Antinomies of Community: Some Thoughts on Geography, Resources and Empire.”
  • Transactions of the Institute of British Geographers 29: 195–216. Wong, Yin Ching, and Sopia Lee. 2014. “Islamic Banking Bulletin”. Press Release. Kuala Lumpur, Malaysia: RAM
  • Rating Services, Berhad. Zarqa, Mohammad A. 1983. “Stability in an Interest-Free Islamic Economy: A Note.” Journal of Applied Economics 2 (2): 181–88.
  • Zawya State of the Global Islamic Economy Report Team. 2014. “Thomson Reuters State of the Global Islamic
  • Economy 2013 Report”. Islamic Finance Gateway.

UNRAVELING RISK AND RETURN IN ISLAMIC BANKING: DOES THE PERCEIVED HIGH RETURN EXIST?

Yıl 2015, Cilt: 2 Sayı: 2, 0 - 0, 29.06.2015

Öz

Using mixed qualitative and quantitative methods, this study analyzes the risk and return results of Islamic banks versus their conventional counterparts in Malaysia in order to evaluate arguments that adherence to shariah based banking principles minimizes risk exposure. Using comparative data from eight Malaysian banks, our empirical investigation provides limited support to theoretical arguments that the Islamic banks minimize risk. Our results show that there is no statistically significant difference in returns and risk between Islamic and conventional banks.  We interpret these results as providing support for theories of convergence between conventional finance and Islamic finance.  Further, we argue that policy makers thus need to take into account conventional models of systemic and structural risk when regulating burgeoning Islamic financial markets.

Kaynakça

  • Akkizidis, I., and S.K. Khandelwal. 2008. Financial Risk Management for Islamic Banking and Finance. New York: Palgrave Macmillan.
  • Balz, K. 2008. “Sharia Risk? How Islamic Finance Has Transformed Islamic Contract Law.” Islamic Legal Studies Program.
  • Bank Negara Malaysia. 2010. Shariah Resolutions Is Islamic Finance. 2nd ed. Kuala Lumpur, Malaysia: Bank Negara Malaysia.
  • Bassens, David, Ewald Engelen, Ben Derudder, and Frank Witlox. 2013. “Securitization across Borders:
  • Organizational Mimicry in Islamic Finance.” Journal of Economic Geography 13: 85–106. Beck, Thorsten, Asli Demirguc-Kunt, and Ouarda Merrouche. 2010. “Islamic vs. Conventional Banking: Business
  • Model, Efficiency, and Stability”. WPS 5446. Development Research Group, Finance and Private Sector
  • Development Team. World Bank. Chapra, M. Umer. 1985. “Money and Banking in an Islamic Economy.” In Monetary and Fiscal Economics of Islam, edited by Mohammad Ariff, 145–76. International Centre for Research in Islamic Economics. Jeddah: King
  • Abdulaziz University Press. Charles Tilly. 1990. Coercion, Capital, and European States, AD 990-1990. Cambridge, Mass: Blackwell.
  • Cihak, Martin, and Heiko Hesse. 2008. “Islamic Banks and Financial Stability: An Empirical Analysis”. Working
  • Paper 08/16. Washington, D.C.: International Monetary Fund. El-Gamal, Mahmoud A. 2006. Islamic Finance: Law, Economics, and Practice. New York: Cambridge University Press.
  • Evans, James A. 2010. “Industry Collaboration, Scientific Sharing, and the Dissemination of Knowledge.” Social
  • Studies of Science 40 (5): 757 –791. doi:10.1177/0306312710379931.
  • Evans, Peter. 1995. Embedded Autonomy States and Industrial Transformation. Princeton, NJ: Princeton University Press.
  • Faridah, Najuna Mismanab, and M. Ishaq Bhatti. 2010. “Risk Exposure in Islamic Banks: A Case Study of Bank
  • Islam Malaysia Berhad.” In Australia Center for Financial Studies. Gomez, Edmund Terence. 2004. State of Malaysia. Routledge.
  • Gomez, Edmund Terence, and Kwame Sundaram Jomo. 1999. Malaysia’s Political Economy: Politics, Patronage and Profits. New York: Cambridge University Press.
  • Gomez, Edmund Terrence, and Johan Saravanamuttu, eds. 2012. The New Economic Policy in Malaysia:
  • Affirmative Action, Ethnic Inequalities, and Social Justice. Singapore: National University of Singapore. Goudreau, Robert E. 1992. “Commercial Bank Profitability Rises as Interest Margins and Securities Sales
  • Increase.” Economic Review, no. May: 33–52. Hasan, Maher, and Jemma Dridi. 2010. “The Effects of the Global Crisis on Islamic and Conventional Banks: A
  • Comparative Study”. Working Paper 10/201. Washington, D.C.: International Monetary Fund. Helleiner, Eric. 2009. “Reregulation and Fragmentation in International Financial Governance.” Global Governance 15 (1): 16–22.
  • Henry, Clement M., and Rodney Wilson. 2004. The Politics of Islamic Finance. Edinburgh University Press.
  • IMF Staff. 2010. “Islamic Banks: More Resilient to Crisis?” IMF Survey Magazine.
  • Islamic Finance News. 2013. “IFN Shariah Scholars Survey: The Results Are In ” Islamic Finance News, September
  • Kahf, Monzer. 1982. “Fiscal and Monetary Policies in an Islamic Economy.” In Monetary and Fiscal Economics of
  • Islam, edited by Mohammad Ariff, 125–37. International Centre for Research in Islamic Economics. Jeddah: King Abdulaziz University Press. Kamali, Mohammad Hashim. 1999. Islamic Commercial Law: An Analysis of Future and Options. Cambridge: Islamic Texts.
  • Khan, Mohammed. 1982. Inflation and Islamic Economy: A Closed Economy Model. International Centre for
  • Research in Islamic Economics. Jeddah: King Abdulaziz University Press. Kohli, Atul. 2004. State-Directed Development : Political Power and Industrialization in the Global Periphery. New
  • York: Cambridge University Press. ———. 2009. “Nationalist Versus Dependent Capitalist Development: Alternate Pathways of Asia and Latin
  • America in a Globalized World.” Studies in Comparative International Development 44 (4): 386–410. doi:1007/s12116-009-9048-x.
  • Krasicka, Olga, and Sylvia Nowak. 2012. “What’s in It for Me? A Primer on Differences between Islamic and Conventional Finance in Malaysia”. Working Paper 12/151. Asia and Pacific Department. Washington, D.C.:
  • International Monetary Fund. Kuran, Timur. 2004. Islam and Mammon : Critical Perspectives on the Economic Agenda of Islamism. Princeton,
  • NJ: Princeton University Press. Laldin, Mohamad Akram. 2008. “Islamic Financial System: The Malaysian Experience and the Way Forward.”
  • Humanomics 24 (3): 217–38. doi:10.1108/08288660810899377.
  • Mohsin, Mohammed. 1982. “A Profile of Riba-Free Banking.” In Monetary and Fiscal Economics of Islam, edited by Mohammad Ariff, 187–203. International Centre for Research in Islamic Economics. Jeddah: King Abdulaziz University Press.
  • Naqvi, Syed Nawab H. 1981. Ethics and Economics: An Islamic Synthesis. Leicester, UK: Islamic Foundation.
  • Pervez, A. Imtiaz. 1990. “International Finance and the Arab World in the 1990s” presented at the International
  • Bar Association Seminar, Paris. Porter, Tony. 2009. “Why International Institutions Matter in the Global Credit Crisis.” Global Governance 15 (1): 3–
  • Qureshi, D.M. 1984. “Capital Financing in Islamic Banking.” Pakistan and Gulf Economist.
  • Rudnyckyj, Daromir. 2014. “Economy in Practice: Islamic Finance and the Problem of Market Reason.” American
  • Ethnologist 41 (1): 110–27. doi:10.1111/amet.12063.
  • Shanmugam, Bala, and Zaha Rina Zahari. 2009. “A Primer on Islamic Finance.” Research Foundation of the CFA
  • Institute. http://kantakji.com/fiqh/Files/Research/K203.pdf. Siddiqi, Mohammed N. 1983. Issues in Islamic Banking: Selected Papers. Leicester, UK: Islamic Foundation.
  • Strange, Susan. 2004. “‘Finance in Politics: An Epilogue to Mad Money,’ 1998.” In International Monetary
  • Relations in the New Global Economy. Volume 2, 429–47. Elgar. Sundararajan, V., and Luca Errico. 2002. “Islamic Financial Institutions and Products in the Global Financial
  • System: Key Issues in Risk Management and Challenges Ahead”. Working Paper 02/192. Washington, D.C.: International Monetary Fund. Tabb, William. 2004. Economic Governance in the Age of Globalization. New York: Columbia University Press.
  • Tooze, Roger, and Christopher May. 2002. “Authority and Markets: Interpreting the Work of Susan Strange.” In
  • Authority and Markets: Susan Strange’s Writings on International Political Economy, 1–16. Palgrave Macmillan. Venardos, Angelo M. 2006. Islamic Banking And Finance in South-East Asia: Its Development And Future. 2 edition. New Jersey: World Scientific Publishing Company.
  • Wade, Robert. 1990. Governing the Market : Economic Theory and the Role of Government in East Asian
  • Industrialization. Princeton N.J.: Princeton University Press. Warde, Ibrahim. 2000. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press.
  • Watts, Michael J. 2004. “Antinomies of Community: Some Thoughts on Geography, Resources and Empire.”
  • Transactions of the Institute of British Geographers 29: 195–216. Wong, Yin Ching, and Sopia Lee. 2014. “Islamic Banking Bulletin”. Press Release. Kuala Lumpur, Malaysia: RAM
  • Rating Services, Berhad. Zarqa, Mohammad A. 1983. “Stability in an Interest-Free Islamic Economy: A Note.” Journal of Applied Economics 2 (2): 181–88.
  • Zawya State of the Global Islamic Economy Report Team. 2014. “Thomson Reuters State of the Global Islamic
  • Economy 2013 Report”. Islamic Finance Gateway.
Toplam 54 adet kaynakça vardır.

Ayrıntılar

Bölüm Articles
Yazarlar

Abrar Fitwi Bu kişi benim

Laura Elder Bu kişi benim

Yayımlanma Tarihi 29 Haziran 2015
Yayımlandığı Sayı Yıl 2015 Cilt: 2 Sayı: 2

Kaynak Göster

APA Fitwi, A., & Elder, L. (2015). UNRAVELING RISK AND RETURN IN ISLAMIC BANKING: DOES THE PERCEIVED HIGH RETURN EXIST?. Journal of Economics Finance and Accounting, 2(2).

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