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Towards An Islamic Stock Exchange In A Transitional Stage

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  • EL-ASHKAR, HMAD ABDEL FATTAH

    (Islamic Research & Training Institute)

Abstract

The paper deals with the structure and operation of an Islamic stock exchange. Several issues have been discussed. The first of these is related to speculation. Though speculation is often blamed for the volatility of share prices, the paper contends that a reasonable degree of speculation is still required in an Islamic stock exchange. To regulate speculation in an Islamic stock exchange, an aim that the paper advocates, several methods have been suggested. The second major question which has been addressed in the paper is related to price mechanism. Although some writers have suggested price ceiling in an Islamic stock exchange, the paper argues that price fixation should be avoided. The paper also discusses the organizational structure of an Islamic stock market and the code of conduct appropriate to it.

Suggested Citation

  • El-Ashkar, Hmad Abdel Fattah, 1995. "Towards An Islamic Stock Exchange In A Transitional Stage," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 3, pages 79-112.
    • Handle: RePEc:ris:isecst:0107
    as

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    References listed on IDEAS

    as
    1. Mokhtar M. Metwally, 1984. "The Role of the Stock Exchange in An Islamic Economy دور البورصة في الاقتصاد الإسلامي," Journal of Research in Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 2(1), pages 19-28, January.
    2. Muhammad Akram Khan, 1988. "Commodity Exchange And Stock Exchange In An Islamic Economy," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 1(2), pages 31-56, July.
    3. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
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    Cited by:

    1. Yochanan Shachmurove, 2001. "Dynamic Co-movements of Stock Indices: The Emerging Middle Eastern and the United States Markets," Penn CARESS Working Papers ddffc4204cf90a8523fb64134, Penn Economics Department.
    2. Md. Mahmudul Alam & Chowdhury Shahed Akbar & Shawon Muhammad Shahriar & Mohammad Monzur Elahi, 2017. "The IslamicShariahprinciples for investment in stock market," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 9(2), pages 132-146, May.

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