It appears from recent experiences that to-day's governance (Man-Mangement) has been degraded to such an extent that moral bankruptcy has become an integral part of day to day business activities -- as evidenced by experiences -- where righteousness is at a discount (account tampering,...

We use a classic Merton credit risk framework to argue that Islamic Banking Institutions (IBIs) face less incentive to take on risks than Conventional Banking Institutions (CBI). IBIs have less incentive for risk shifting both in and outside of distress situations. We test and confirm this...

This paper explores the effect of country-level religiosity on corruption in bank lending at the firm level. Using data from the World Business Environment Survey, we find strong and robust evidence that firms in more religious countries perceive a higher level of corruption in bank lending than...

We document that a firm's culture — specifically, its religiosity — affects its cost of debt. Firms in higher-religiosity counties have higher credit ratings and lower debt costs. The impact of religiosity is stronger for firms with greater information asymmetry and during recessions....

We examine the impact of religiosity on earnings quality, utilising a global sample of 1,283 listed banks headquartered in 39 countries and covering the period 2002–2018. Using instrumental variables two-stage least squares regressions, we demonstrate that religiosity has a significant...

We use a classic Merton credit risk framework to argue that Islamic Banking Institutions (IBIs) face less incentive to take on risks than Conventional Banking Institutions (CBI). IBIs have less incentive for risk shifting both in and outside of distress situations. We test and confirm this...

This is a textbook on Islamic Economics. The book is divided into four parts namely, Basic Concepts, Islamic Economic Theory, Islamic Economic System, and Islamic Economics: Past and Present. Of these, it is Parts II and III that give extensive coverage of conventional economics along with its...

Islamic economics and finance is a nascent discipline. Since 1976 when the First Conference on Islamic Economics was held under the auspices of King Abdelaziz University at Makkah, it is merely four decades that serious efforts to transform Islamic economic teachings into a social science...