Credit in the Structure of the Market Quotation of Financial Assets in Relation to the Islamic Financial Laws
AbstractThe 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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Bibliographic InfoPaper provided by Moscow State University, Faculty of Economics in its series Working Papers with number 0008.
Length: 11 pages
Date of creation: Dec 2013
Date of revision:
Islamic finance; Islamic banking; riba; gharar; maisir;
Find related papers by JEL classification:
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- F29 - International Economics - - International Factor Movements and International Business - - - Other
- F30 - International Economics - - International Finance - - - General
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-18 (All new papers)
- NEP-ARA-2014-04-18 (MENA - Middle East & North Africa)
- NEP-MAC-2014-04-18 (Macroeconomics)
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