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Credit in the Structure of the Market Quotation of Financial Assets in Relation to the Islamic Financial Laws

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Author Info

  • Magomet Yandiev

    ()
    (Department of Economics, Lomonosov Moscow State University)

  • Renat Bekkin

    ()
    (Mardjani Foundation, Moscow State Institute of International Relations (University))

Abstract

The authors analyze the structure of the market quotation of financial assets and come to the conclusion that one of its components is a financial asset identical with a commercial credit. Hence, in terms of the Islamic financial system any financial asset is inappropriate for investment because its quotation contains elements of danism. The authors demonstrate a new approach to the structure of the Islamic infrastructure of exchange trading by financial assets, which would allow excluding elements unacceptable from the point of view of Sharia.

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File URL: http://www.econ.msu.ru/ext/lib/Category/x1a/xb1/6833/file/0008.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by Moscow State University, Faculty of Economics in its series Working Papers with number 0008.

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Length: 11 pages
Date of creation: Dec 2013
Date of revision:
Handle: RePEc:upa:wpaper:0008

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Keywords: Islamic finance; Islamic banking; riba; gharar; maisir;

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