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Development Of Mudarabah Instruments: Understanding Their Profitability, Securitization And Negotiability Aspects

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  • Muhammad Anwar

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    Abstract

    This paper attempts to examine the securitization, negotiability and profitability aspects of three types of muèOErabah instruments; namely, asset-enfaced muèOErabah instruments, currency-enfaced muèOErabah instruments representing monetary contributions and currency-enfaced muèOErabah instruments representing real assets. This paper begins with a distinction between ribOE (usury) and profit and concludes that an exchange of currencyenfaced muèOErabah instruments in varying amounts entails ribOE while an exchange of asset-enfaced muèOErabah instruments will generate legitimate profits. The current practice is to issue currency-enfaced muèOErabah instruments but treat them as asset-enfaced muèOErabah instruments. This position is analyzed and policy implications are drawn for future development of muèOErabah instruments.

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    Bibliographic Info

    Article provided by IIUM Journal of Economis and Management in its journal IIUM Journal of Economics and Management.

    Volume (Year): 9 (2001)
    Issue (Month): 2 (December)
    Pages: 165-186

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    Handle: RePEc:ije:journl:v:9:y:2001:i:2:p:165-186

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    Keywords: MuèOErabah instruments; Islamic finance; Financial instruments;

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