Islamic finance and market segmentation: Implications for the cost of capital

Hearn, Bruce; Piesse, Jenifer; Strange, Roger

doi:10.1016/j.ibusrev.2010.11.007

Cited by 39 publications

(49 citation statements)

References 24 publications

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“…There is lack of studies focusing on the cost of equity capital in Islamic capital markets. We have some recent evidence focusing on the Sudan telecommunications company that is listed on the Khartoum (Sudan) market as well as on the Arabian Gulf Stock exchange, suggesting that fully Sharia compliant stock markets are segmented between them as well as from global capital markets (Hearn et al, 2012).…”

Section: Main Islamic Financing Products and Institutionsmentioning

confidence: 99%

The Internationalization of Islamic Banking and Finance: The Co-Evolution of Institutional Changes and Financial Services Integration

Durán¹,

García-López

2012

IJBM

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The basis for Islamic finance lies in the Shariah. In this paper we point out the co-evolution of institutional
change and the banking expansion in Islamic countries; there are certain parallelism between the quantitative and
qualitative developments of the Islamic financing industry and the emergence of supportive institutions. There
are certain convergences of Islamic banking products and institutions towards traditional banking functioning but
keeping their principles. The Islamic financial institutions are effective instruments towards financial and
economic integration at regional and global level. The Islamic economy has also showed a lesser impact of the
global crisis than the western economy.

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Section: Main Islamic Financing Products and Institutionsmentioning

confidence: 99%

The Internationalization of Islamic Banking and Finance: The Co-Evolution of Institutional Changes and Financial Services Integration

Durán¹,

García-López

2012

IJBM

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“…These informal institutions are notable in engendering very different social and economic outcomes from the common and civil law based European systems. In particular classical Islamic shari'ya law is rooted firmly in concepts of partnership and risk-sharing (Hearn et al, 2012). Furthermore the wholesale subsuming of informal institutions in favour of the at least nominal universal adoption of legal, political and governmental systems inherited from European colonial metropoles further underscored the narrowness of political economies often dominated by a handful of social elites.…”

Section: Conceptual Frameworkmentioning

confidence: 99%

Institutional Impact on the Expropriation of Private Benefits of Control in North Africa

Hearn

2011

SSRN Journal

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This paper examines the effectiveness of six institutional quality measures, namely corruption control, effective government, political stability, regulatory quality, rule of law and voice and accountability, in inhibiting self-rewarding behaviour of boards in terms of their compensation as well as in influencing the likelihood of disclosure of individual executive salaries in IPO listings prospectuses. Using a unique and comprehensive dataset of 78 hand-collected IPO firms from across North Africa from 2000 to 2012 I find substantial evidence that government effectiveness and corruption control are important in inhibiting director self-reward and expropriation while political stability is more associated with increased likelihood of transparency in reporting of salaries. In addition firms from poor informational environments are more likely to initiate enhanced self-governance and transparency so as to overcome institutional deficiencies.

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“…Islamic Banking and Finance (IBF) is growing steadily in the Islamic world and the world's leading financial hubs (Nouman, Ullah, & Gul, 2018). Several financial institutions including world's leading banks are offering Islamic financial products around the globe (Hearn, Piesse, & Strange, 2012). Assets of the Islamic finance industry surpass $2 trillion mark across its three main sectors including: banking, capital markets and takaful.…”

Section: Introductionmentioning

confidence: 99%

Maqasid al Shariah and Stakeholders’ Wellbeing in Islamic Banks: A Proposed Framework

Siddiqui¹,

Jan²,

Ullah³

2019

BER

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The extant literature describes and justifies stakeholders' wellbeing as the essence of Islamic Banking and Finance (IBF). This infers the compulsion on Islamic banks to devise their operations based on inclusive wellbeing, and a greater perspective from the Maqasid al Shariah framework, and not merely converging on the compliance rulings. This paper presents a review and analysis of the present literature on Maqasid al Shariah and Stakeholders' wellbeing and synthesizes a framework for gauging the theoretical association between the classical Maqasid al Shariah and Stakeholders' wellbeing. The proposed framework can be used as a dependable framework for policy implication and future research in IBF. Moreover, concentrations of research efforts are identified from the present review and directions for future research are proposed.

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Islamic finance and market segmentation: Implications for the cost of capital

Cited by 39 publications

References 24 publications

The Internationalization of Islamic Banking and Finance: The Co-Evolution of Institutional Changes and Financial Services Integration

The Internationalization of Islamic Banking and Finance: The Co-Evolution of Institutional Changes and Financial Services Integration

Institutional Impact on the Expropriation of Private Benefits of Control in North Africa

Maqasid al Shariah and Stakeholders’ Wellbeing in Islamic Banks: A Proposed Framework

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