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Can Islamic Finance Constitute A Solution to Crisis?

Author

Listed:
  • Hatem Derbel

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Taoufik Bouraoui

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique, ESC Rennes School of Business - ESC [Rennes] - ESC Rennes School of Business)

  • Neila Dammak

    (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel)

Abstract

The aim of this paper is to show that the Islamic finance is more stable than the conventional finance constituting, thus, a means to reduce the impact of financial crises. Using a VAR model for the financial indexes of France, United States, Indonesia and Saudi Arabia, we show that the effect of a shock on the American market during the period of crisis is negatively transmitted on all other markets, but with a small extent on the market using the method of Islamic financing.

Suggested Citation

  • Hatem Derbel & Taoufik Bouraoui & Neila Dammak, 2011. "Can Islamic Finance Constitute A Solution to Crisis?," Post-Print hal-04013037, HAL.
    • Handle: RePEc:hal:journl:hal-04013037
    DOI: 10.5539/ijef.v3n3p75
    as

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