In view of the central role which options play in mainstream financial engineering – in design of innovative financial products and management of risk, this paper undertakes an Islamic evaluation of options and its role in the Islamic system of financial contracting. An Islamic assessment of...

The present paper by Zamir Iqbal and Abbas Mirakhor examines the relevance of stakeholder model of corporate governance in an Islamic economic system, which is an active area of research. The paper essentially asserts that a stakeholder oriented theory of corporate governance finds strong roots...

This paper argues that a uniform application of the Basle capital adequacy norms to both conventional and Islamic financial institutions may be discriminatory and defeat the very purpose of the regulations, that of ensuring a “level playing field” for banks across the globe. The business of...

The present paper attempts to study the economic and financial crises of 15th century Egypt, which was ruled by Mamluk dynasty. Two social thinkers of the time – al-Maqrizi at the beginning of the century and al-Asadi at the middle – addressed the situation. To the former, deterioration of...